Basic financial principles

A budget helps you track your income and expenses.

• True

• False

Credit cards always help you save money.

• True

• False

It’s important to start saving for retirement as soon as you start earning money.

• True

• False

A high credit score means you are good at managing debt.

• True

• False

Borrowing money from payday lenders is a good way to manage short-term expenses.

• True

• False

Interest is money you pay for borrowing money or earn for saving money.

• True

• False

All debts are bad for your financial health.

• True

• False

It’s better to save money in a piggy bank than in a bank account.

• True

• False

Paying the minimum payment on a credit card will help you pay off your debt quickly.

• True

• False

A cheque account is primarily used for daily expenses and transactions.

• True

• False