Understanding Money Management Basics

What is the main purpose of creating a budget?

• To keep track of your favourite movies

• To plan how to spend and save your money

• To increase your internet speed

• To memorise your friends’ birthdays

Which of the following is considered an expense?

• Your monthly bus pass

• Your weekly allowance

• Your birthday gift money

• Your summer job paycheque

What does “net pay” mean?

• The total amount you earn before deductions

• The amount you take home after deductions

• The amount you pay in taxes

• The amount you spend on groceries

Which of the following is NOT a typical deduction on a Canadian pay statement?

• Canada Pension Plan (CPP)

• Employment Insurance (EI)

• GST/HST rebate

• Income tax

• \$600

• \$400

• \$100

• \$500

Which of the following is a benefit of working while you are young?

• Learning time management skills

• Having less free time

• Spending more money on video games

• Avoiding responsibility

On a pay statement, what does “YTD” stand for?

• Yearly Tax Deducted

• Year-To-Date

• Your Total Deductions

• Youth Training Division

Which of the following is an example of income?

• Buying a new phone

• Receiving a scholarship

• Paying for lunch

• Donating to charity

If you want to save \$200 in 4 months, how much should you save each month?

• \$25

• \$50

• \$100

• \$200

Which deduction helps fund retirement income for Canadians?

• Employment Insurance (EI)

• Canada Pension Plan (CPP)

• Provincial Sales Tax (PST)

• Goods and Services Tax (GST)