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- 1. Multiple Choice
Which of the following are the two most common types of bank accounts?
Savings
Piggy banks
Chequings
Mortgage loan
- 2. Multiple Choice
What is an expense that is constant no matter the quantity of goods or services provided?
Variable
Credit
Bills
Fixed
- 3. Multiple Choice
What is the formula for simple interest?
I = Credit - Savings / Rate
I = Principal x Rate x Time
I = Principal x Rate / Time
I = Savings - Expenses x Amount
- 4. Multiple Choice
What can you open with a bank that allows to borrow in increments, repay, and borrow again?
Hint: you pay interest while it is open for borrowing.
A line of credit
A home insurance plan
A loan
A RESP (Registered Education Savings Plan)
- 5. Multiple Choice
Calculate simple interest on $2000 at a rate of 5% over 8 years
Lose 20%
I = $1600
I = $800
I = 24%
- 6. Multiple Choice
Which of the following are the three most common sources of income?
Dividends
Running a lemonade stand
Wages
Waitressing
Interest
- 7. Multiple Choice
Income - Expenses = Savings is the equation of a _________?
Rent bill
Savings plan
Tax bill
Budget
- 8. Multiple Choice
What is an expense that changes with the level of production output?
Electricity bill
Entertainment
Fixed
Variable
House insurance
- 9. Multiple Choice
What is an amount of money borrowed or loaned called?
A Loan
Dollars
A liability
Principal
Capacity
- 10. Multiple Choice
What refers to the applicant's ability to repay a loan?
Capacity
Capital
Interest
Character
- 11. Multiple Choice
Select 3 examples of investments
Real estate
RRSPs
Loans
Stock market shares
- 12. Multiple Choice
True or False: A credit card allows customers to withdraw funds they have deposited at the bank.
True
False
- 13. Multiple Choice
What type of card allows customers to borrow money from the card issuer?
Debit card
Gift card
Rewards card
Credit card
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