WorksheetsPennyDrops Lessons 1-6
Total questions: 30
Worksheet time: 30mins
The "20" in the 20-30-50 framework represents:
Wants
Needs
Savings
Investments
The "30" in the 20-30-50 framework represents:
Wants
Needs
Savings
Investments
The "50" in the 20-30-50 framework represents:
Wants
Needs
Savings
Investments
If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much should she put into savings?
(a)
If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much can she spend on her wants?
(a)
If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much can she spend on her needs?
(a)
This bank account is used to facilitate everyday purchases:
Savings
Chequing
Purchasing
This card allows you to spend money directly from your bank account:
Credit
Debit
Pre-Paid
What is the primary purpose of a credit card?
To earn interest
To borrow money
To store money
What is one of the ways credit card providers make money from cardholders?
What are some of the benefits of paying with a credit card?
You can take advantage of reward programs
There are no benefits
You can start building your credit score
You can delay paying for purchases
RRSP stands for (a) (b) (c) (d)
RESP stands for (a) (b) (c) (d)
TFSA stands for (a) (b) (c) (d)
What is the main advantage of a Tax-Free Savings Account (TFSA) in Canada?
Contributions are tax-deductible
It is only available to high-income earners
It offers higher interest rates than other accounts
Withdrawals are tax-free
In Canada, what kind of income tax do we have?
Flat
Progressive
Fixed
Dynamic
In Canada, our federal sales tax is called the:
HST
PST
GST
Income Tax
In Canada, provincial sales tax is called:
HST
PST
GST
Income Tax
Tax Credits:
Reduce the amount of tax you have to pay
Reduce your taxable income
Tax Deductions:
Reduce the amount of tax you have to pay
Reduce your taxable income
What is one reason a person might choose to invest their money instead of putting it into a savings account?
If you put $3000 in a savings account at 3.5% interest annually, how much would the account hold in total at the end of the year?
(a)
If you put $3000 in a savings account at 3.5% interest annually, how much would the account hold in total after 5 years? (Round to the nearest dollar)
(a)
Match the investment types with their definitions
Stocks
Partial ownership of a company
Bonds
A debt security
GIC
A locked deposit that will gain interest
Real Assets
Physical items like gold or property
Investments with higher returns also possess (a) risk
Investments with lower returns also possess (a) risk
What is the difference between private and public companies?
You can purchase stock in a private company but not a public one
Public companies pay more corporate tax than private ones
A public company's securities are traded on the stock exchange
Private companies become public after 20 years of operation
Reorder from lowest risk to highest
Bond/ GIC
Mutual Fund/ ETF
Stock
If you invest $1000 at $20/ share, how many can you buy?
(a)
If you invest all of your $1000 at $20/ share, how much should you sell them for if you want a 35% return?
(a)
