Penny Saver
Financial literacy is important because it gives you the ability to make informed decisions about your money. It helps you to understand how to manage your finances and make choices that are in your best interests.
Without financial literacy, it can be easy to fall into debt or make other financial mistakes that can have long-term consequences. Financial literacy can help you avoid these pitfalls and set yourself up for success in life.
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Question of
Which bank account type pays a higher return
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Chequing Account
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Savings Account
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RRSP account
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Question of
What balance should you pay on your credit card to not accrue interest?
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The minimum statement balance
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The whole balance
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Half of the balance
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Question of
To get the lowest mortgage, you should choose
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Longest amortization period (30 vs 25)
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Higher interest rate
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Lower interest rate
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Question of
When you charge your debit card
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You can pay the balance off the next month
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The amount is removed from your account immediately
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Question of
You pay taxes on your 401K
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When you add money to it
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When you take money out of it
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Every year the money is in it
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Question of
Every how many years does your investment account double?
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Every 3 years
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Every 7 years
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Every 10 years
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Every 15 years
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Question of
A good investment strategy is
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To choose one stock you like
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To put your money in multiple investments
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To keep your money in a savings account
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Question of
Buying a Single Stock is Better than a Mutual Fund
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True
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False
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Question of
Requesting a credit score every month lowers your credit rating
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True
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False
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Question of
If you want to purchase a home, you should not,
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Pay down existing debt
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Open a new credit card
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Question of
Which of the following is not a type of insurance?
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Health insurance
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Homeowners insurance
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Life insurance
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Credit insurance
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Question of
Which of the following is NOT a factor that lenders take into consideration when considering a loan application?
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Your credit score
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Your rental history
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The amount of money you have in savings
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Your current debts
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Question of
What is the name for the legal document that states who will manage your finances if you become incapacitated?
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A Will
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A Trust
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A Power of Attorney
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A Living Will
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