Finances

What is a mortgage?

• A mortgage is a type of insurance policy.
• A mortgage is a form of investment in the stock market.
• A mortgage is a government grant for homebuyers.
• A mortgage is a loan provided to finance the purchase of a home.

What is a budget?

• A budget focusses entirely on the income of a family.

• A budget is a financial plan that outlines expected income and expenses over a specific period.
• A budget is a savings account used by most banks.

• A budget is a type of loan used to secure a home.

What does financial independence mean?

• Having no savings or investments
• Relying solely on a traditional job for income
• Managing your own finances without the support of others

• Living paycheck to paycheck

What is debt?

• Debt is a form of investment in the stock market
• Debt is a type of currency used in certain countries
• Debt is a legal document that grants ownership of property
• Debt is a sum of money that is owed or due

What does income mean?

• Money or earnings received in exchange for your services.

• Income is the total money that you spend each month.

• Income is a type of mortgage.

• The interest paid on a loan.

Which of the following are types of mortgages?

• Fixed Rate

• Variable Rate

• Interest only

• Income and Expenses

• Budget

Savings are...

• Your entire income each month.

• Money set aside for future use or emergencies.
• Money borrowed from friends
• Money spent on unnecessary items

What are the benefit of a fixed rate mortgage?

• Higher interest rates
• Unpredictable monthly payments
• Consistent monthly payments & protection against rising interest rates.

What are the benefits of saving?

What are the benefits of an interest only mortgage?

• Lower initial monthly payments, and the ability to invest the difference in payments elsewhere.

• Higher initial monthly payments, and the inability to invest the difference in payments elsewhere.

• No initial monthly payments, and the ability to invest the difference in payments elsewhere.