planning 10 finance jeopardy insurancetaxesincomesavings 100100100100 200200200200 300300300300...

Planning 10Planning 10

Finance JeopardyFinance Jeopardy

InsuranceInsurance TaxesTaxes IncomeIncome SavingsSavings

100100 100100 100100 100100

200200 200200 200200 200200

300300 300300 300300 300300

400400 400400 400400 400400

500500 500500 500500 500500

Insurance $100Insurance $100

Question:Question:Buying insurance is a way to protect yourself Buying insurance is a way to protect yourself

from risk.from risk.True or False.True or False.

Insurance $100Insurance $100

AnswerAnswerTrue.True.

Insurance $200Insurance $200

Question:Question:Who sells basic car insurance in BC?Who sells basic car insurance in BC?

Insurance $200Insurance $200

Answer: Answer: ICBC ICBC

Insurance $300Insurance $300

Question:Question:What is the difference between house insurance What is the difference between house insurance

and content insurance?and content insurance?

Insurance $300Insurance $300

Answer:Answer:House insurance covers the building and the House insurance covers the building and the

contentscontentsContent insurance only covers what is inside Content insurance only covers what is inside

the buildingthe building

Insurance $400Insurance $400

Are you required to insure YOUR vehicle Are you required to insure YOUR vehicle to drive on public roads in BC?to drive on public roads in BC?

Insurance $400Insurance $400

No. You only are required to have liability No. You only are required to have liability coverage.coverage.

Insurance $500Insurance $500

What happens if you get caught making a What happens if you get caught making a false insurance claim?false insurance claim?

Insurance $500Insurance $500

You can get charged with insurance fraud You can get charged with insurance fraud and possibly face jail time!and possibly face jail time!

Taxes $100Taxes $100

Question:Question:Contributing to an RRSP is a legal way to Contributing to an RRSP is a legal way to

reduce the amount you pay in taxes.reduce the amount you pay in taxes.True or False.True or False.

Taxes $100Taxes $100

Answers:Answers:True.True.

Taxes $200Taxes $200

Question:Question: If you have a savings account you may have If you have a savings account you may have

to pay taxes on the interest you make. to pay taxes on the interest you make.

Taxes $200Taxes $200

Answer:Answer:True: It is capital gains (income) and the True: It is capital gains (income) and the

Canadian Government is able to tax you on it. Canadian Government is able to tax you on it.

Taxes $300Taxes $300

Question:Question:Name one type of tax Name one type of tax credit credit that is available that is available

to students.to students.

Taxes $300Taxes $300

Answer:Answer:Tuition creditTuition creditLiving expenses credit ($400 per month) while Living expenses credit ($400 per month) while

in full time enrollment.in full time enrollment.Moving costsMoving costs

Taxes $400Taxes $400

Question:Question:Name two things that could happen if a Name two things that could happen if a

person doesn’t report their income, or if they person doesn’t report their income, or if they file a false T1?file a false T1?

Taxes $400Taxes $400

AnswerAnswerTax inspector have the right to access Tax inspector have the right to access

personal information regarding income personal information regarding income (banking, loan and other information)(banking, loan and other information)

Pay back missing taxes plus interest as well Pay back missing taxes plus interest as well as penaltiesas penalties

Charged with tax evasion and could go to jail.Charged with tax evasion and could go to jail.

Taxes $500Taxes $500

Who is the governing body for taxation Who is the governing body for taxation purposes in Canada?purposes in Canada?

Taxes $500Taxes $500

CRA (Canada Revenue Agency)CRA (Canada Revenue Agency)

Income $100Income $100

Question:Question:Name 3 things that could be deducted off your Name 3 things that could be deducted off your

pay cheque?pay cheque?

Income $100Income $100

AnswerAnswerCanadian Pension Plan (CPP)Canadian Pension Plan (CPP)EI EI Income TaxIncome TaxMedical InsuranceMedical Insurance Investment (RRSP, share and stocks)Investment (RRSP, share and stocks)

Income $200Income $200

Question: What is meant by the terms net Question: What is meant by the terms net income and gross income?income and gross income?

Income $200Income $200

Gross Income is the total amount you Gross Income is the total amount you make.make.

Net Income is the amount that is left after Net Income is the amount that is left after deductionsdeductions

Income $300Income $300

Question:Question:How many pay cheques do you get in one How many pay cheques do you get in one

year if you are paid bi-weekly?year if you are paid bi-weekly?

Income $300Income $300

Answer:Answer:26 pay periods/year26 pay periods/year

Income $400Income $400

Question:Question:A budget is used to maximise your ability to A budget is used to maximise your ability to

save and invest your income. What is a save and invest your income. What is a budget? (definition) budget? (definition)

Income $400Income $400

An estimate of income and expenditure for An estimate of income and expenditure for a set period of timea set period of time

Income $500Income $500

QuestionQuestionWhy are income tax deductions taken off each pay Why are income tax deductions taken off each pay

period? What is it used for?period? What is it used for?

Income $500Income $500

AnswerAnswerThe government needs to have money to operate The government needs to have money to operate

the country and this is what they use it for. the country and this is what they use it for.

Savings $100Savings $100

QuestionQuestionPaying your credit card bill late can make it Paying your credit card bill late can make it

more difficult to take out a loan. more difficult to take out a loan. True or False?True or False?

Savings $100Savings $100

Answer:Answer:True. Paying late can lead to a lower credit True. Paying late can lead to a lower credit

rating.rating.

Savings $200Savings $200

Question:Question:What are expenses that generally stay the same What are expenses that generally stay the same

from month to month called?from month to month called?

Savings $200Savings $200

Answer:Answer:Fixed expensesFixed expenses

Savings $300Savings $300

Question:Question:When you are researching which type of savings When you are researching which type of savings

account to open, what are two things that you account to open, what are two things that you should look for?should look for?

Savings $300Savings $300

AnswerAnswerThe highest interest rate The highest interest rate The lowest service fees (think about your lifestyle)The lowest service fees (think about your lifestyle)

Savings $400Savings $400

QuestionQuestionName three types of financial institutions that offer Name three types of financial institutions that offer

banking services in BC.banking services in BC.

Saving $400Saving $400

AnswerAnswerAny banksAny banks

Saving $500Saving $500

Question:Question:Explain the difference between simple interest and Explain the difference between simple interest and

compound interest. compound interest.

Saving $500Saving $500

AnswerAnswerSimple Interest is interest earned only on Simple Interest is interest earned only on

principleprincipleCompound interest is interest earned on Compound interest is interest earned on

principle and previously earned interestprinciple and previously earned interest

Investing $100Investing $100

QuestionQuestion

Investing $100Investing $100

AnswerAnswer

Investing $200Investing $200

QuestionQuestion

Investing $200Investing $200

AnswerAnswer

Investing $300Investing $300

Question Question

Investing $300Investing $300

AnswerAnswer

Investing $400Investing $400

QuestionQuestion

Investing $400Investing $400

AnswerAnswer

Investing $500Investing $500

QuestionQuestion

Investing $500Investing $500

AnswerAnswer

Final JeopardyFinal Jeopardy