Personal Finance

What is finance?

• The management of large amounts of money

• management, creation, and study of money and investments

• Buy and sell

• Import and export

Finance includes

• earning money

• spending money

• saving money

• all of the above

You should get a bank account when

• never- under your mattress is the best place to keep money

• whenever you start saving money

• when you are 18

• when you want to buy a something you cannot afford

A good habit is to (choose two answers)

• "Pay yourself first" - save 10% from each pay cheque

• Fulfill your wants first

• Spend all your money, YOLO!

• Think twice before you spend money

When you choose your bank you should think about (choose all answers that apply)

• what they are giving away as a free gift

• asking your parents and friends for advice

• comparing fees and terms of acceptance

• convenience, hours and online banking options

A Budget is

• Tells you how much you can spend

• Is plan for spending and saving

• Something you make when you are an adult

• A good idea but not necessary

Credit is

• the ability to borrow money

• when someone owes you money

• limitless

• what comes after the movie is over

You really want a bigger TV but do not have the money for it. You should

• Buy it with a credit card

• Wait until you have money to buy it

• Get a store credit card

• Borrow money from a friend

A credit card

• lets you spend money one month but you need to pay it back the next month to avoid interest costs

• is free money

• charges low interest if you cannot pay it back on time

• is the best way to borrow money long term

Interest is (two correct answers)

• when you like something

• taxes

• money earned on money

• the cost for borrowing money