WorksheetsBanking Basics & Financial Literacy
Total questions: 21
Worksheet time: 1hrs 3mins
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
When you hear people talking about a Visa, Mastercard, or American Express card, they are most likely talking about a ____________
debit card
cash
credit card
cheque
What is the average annual salary in Canada?
$1,000,000.00 per year
$150,000.00 per year
$55,000 per year
$25,000 per year
What is an average cost of living per month for one person in Canda (NOT including rent/housing costs)?
$1075.00
$550.00
$100.00
$2020.00
If you make about $55,000 a year in Ontario, you will need to pay income tax on that salary. After you pay income tax, what will your net pay (the money you actually get to have) be?
$53,000.00
$42,200.00
$25,700.00
$50,100.00
What is a loan?
when you take money out of your bank account
when someone gives you money and not expecting anything back
when someone passes away and leaves you money
an amount of money borrowed and expected to be paid back with interest
What is a budget?
the money you make
the money you have in your bank account
the way you make your money
a plan on how you will spend the money you earn
What is interest?
the bank that looks the most interesting
the money the bank pays you for letting them look after your money
the fees you pay for using your debit card
the money you put in your bank account
Deposit and withdrawal mean the same as...
the money you put in and the money you take out of your bank account
the money you put in and the interest you receive in your bank account
the money you take out and the interest you receive in your bank account
your budget and the money you spend
Discount is ____________ from the price.
added
divided
subtracted
multiplied
An example of a need is:
A Florida vacation
a car
a place to live
a laptop
It’s ok to skip payments on your bills some months, as long as you pay the next month.
True
False
How does a bank make money?
Keep some of the money you deposit in a savings account
Charge interest on loans
Charge a tax for depositing money
Selling lollipops
A mortgage is a loan for
a car
a university education
real estate (houses, buildings, property)
a business plan
