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Financial Literacy Test
Terms in this set (25)
the actual rate of interest charged on a loan each year. APR is calculated using standardized rules to help borrowers compare rates. APR may be different from an advertised rate.
things you own that have a financial value
a budget in which income and expenses are equal
every two weeks
the federal government agency that collects taxes and administers Canada's tax laws
the money originally invested or lent to earn interest or other income
a Canadian government system in which you pay a percentage of your earnings to a fund that provides income when you retire
a rating that summarizes your financial reputation and credit history, used by financial institutions when considering loan applications to decide whether to lend you money and how much you may borrow
money earned from work or investment; profits
a Canadian government system in which you pay a percentage of
your earnings to a fund that provides income for a limited time if you lose your job
money you pay; costs
expenses that do not change much from month to month, such as rent and utilities
(1) an amount you owe to a creditor (someone who has loaned you money) (2) in insurance, liability is your obligation to pay for harm you cause (see third-party liability)
total income before any taxes or other costs are deducted
money that you have borrowed, which you normally have to repay on a specified schedule, with interest
when someone obtains your personal information and uses it without your knowledge to make purchases and commit crimes, such as fraud
the status of a checking account that does not have enough money to cover transactions
a percentage of the income you earn each year that must be paid to the federal and provincial governments to pay for government services
a loan (usually for buying a home) in which the lender can take possession of the property if the loan is not repaid on time
see payroll deduction, tax deduction
a regular payment made to a retired or disabled employee, usually from a fund that the employer and employee have contributed to in prior years
the amount paid by a borrower to a lender for the use of money
a special type of savings plan registered with the government that allows you to reduce the income tax you pay on money you save within the plan for retirement
Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. Net pay is the amount of money your employees take home after all deductions have been taken out.
What's the difference between gross pay and net pay?
Student loans, mortgage, small business loans
What are three types of loans?
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