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Planning 10Planning 10
Finance JeopardyFinance Jeopardy
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InsuranceInsurance TaxesTaxes IncomeIncome SavingsSavings
100100 100100 100100 100100
200200 200200 200200 200200
300300 300300 300300 300300
400400 400400 400400 400400
500500 500500 500500 500500
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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.
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Insurance $100Insurance $100
AnswerAnswerTrue.True.
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Insurance $200Insurance $200
Question:Question:Who sells basic car insurance in BC?Who sells basic car insurance in BC?
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Insurance $200Insurance $200
Answer: Answer: ICBC ICBC
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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?
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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
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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?
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Insurance $400Insurance $400
No. You only are required to have liability No. You only are required to have liability coverage.coverage.
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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?
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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!
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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.
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Taxes $100Taxes $100
Answers:Answers:True.True.
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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.
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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.
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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.
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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
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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?
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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.
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Taxes $500Taxes $500
Who is the governing body for taxation Who is the governing body for taxation purposes in Canada?purposes in Canada?
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Taxes $500Taxes $500
CRA (Canada Revenue Agency)CRA (Canada Revenue Agency)
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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?
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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)
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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?
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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
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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?
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Income $300Income $300
Answer:Answer:26 pay periods/year26 pay periods/year
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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)
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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
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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?
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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.
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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?
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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.
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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?
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Savings $200Savings $200
Answer:Answer:Fixed expensesFixed expenses
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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?
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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)
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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.
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Saving $400Saving $400
AnswerAnswerAny banksAny banks
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Saving $500Saving $500
Question:Question:Explain the difference between simple interest and Explain the difference between simple interest and
compound interest. compound interest.
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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
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Investing $100Investing $100
QuestionQuestion
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Investing $100Investing $100
AnswerAnswer
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Investing $200Investing $200
QuestionQuestion
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Investing $200Investing $200
AnswerAnswer
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Investing $300Investing $300
Question Question
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Investing $300Investing $300
AnswerAnswer
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Investing $400Investing $400
QuestionQuestion
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Investing $400Investing $400
AnswerAnswer
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Investing $500Investing $500
QuestionQuestion
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Investing $500Investing $500
AnswerAnswer
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Final JeopardyFinal Jeopardy