eQuizShow

Money Matters

Basic Banking

Question: What are all the ways money can be deposited to or put in a bank account?
Answer: - Debit card at an ATM 
- Teller at a branch 
- Online transfer or e-transfer 
- Mobile app on your phone 
- Direct Deposit or Payroll Deposit 


Question: What are all the ways money can be withdrawn or taken out of a bank account?
Answer: - Debit card at an ATM 
- Teller at a branch 
- Online transfer or e-transfer 
- Write a cheque 
- Mobile app on your phone 
- Pre-Authorized payment or Pre-Authorized withdrawal


Question: What are 4 benefits of using a debit card?
Answer: 1) It's safer than carrying cash 
2) Available to use at most businesses 
3) You don't need to show ID to use
4) Easier to get from your bank than a credit card


Question: What is a PIN? 
Should you share it with anyone else?

Answer: PIN stands for Personal Identification Number, it is a 4 digit code. 

You should never share your PIN or tell anyone what your PIN is. 


Question: What does PAP mean? 
Answer: Pre-Authorized Payment. 

This is an automatic transaction you can set up for your account to have money deposited or taken out to pay bills. 


Basic Budgeting

Question: What is a monthly budget? 
Answer: A tool to help manage your money and track what you spend each month.

Question: What is income? 
What are expenses?

Answer: Income: Money that is earned from work or any money to receive on a monthly basis. 

Expenses: Any money that MUST be spent on a regular basis, like rent and groceries. 


Question: True or False: 
Once you have a budget you never need to change it. 

Answer: False: 
If your expenses change or your income changes you'll want to update your budget. 



Question: True or False: 
Only people with regular monthly income should make a budget, if you have irregular income you don't need a budget. 

Answer: False. 
A budget is a good thing for everyone to make!


Question: What is the difference between a "Need" and a "Want"? 
What are some examples of each?

Answer: Need - something you have to spend money on 
Want - something you want to buy, but isn't necessary to have. 

Needs: Groceries, rent, transportation, medical expenses, soap, toothpaste... 
Wants: Coffee at Starbaucks or Tim Hortons, movie tickets, a new t-shirt, make-up, video games, eating out at restaurants...  


Credit Cards

Question: What is a credit card? 
Answer:
- Issued by a credit card company - Visa or Mastercard.
- Allows you to borrow money to pay for a purchase.
- Charged interest on the amount used until you pay the credit card balance. 
- Helps to build a credit history. 



Question: What is a Pre-Paid Credit Card? 
Answer: - Used like a credit card, but you have to put your own money on your card before you can use the card. 
- You can only spend money you've loaded on the card. 
- Does not help to build a credit history. 


Question: If you're trying to build a credit history is it better to apply for a credit card or purchase a prepaid card? 
Why?

Answer: It is better to apply for a credit card since you monthly payments will be reported to the credit bureau.

Question: What are 3 things you might want to know before getting a prepaid credit card?
Answer: - Is there an activation fee?
- Is there a monthly fee?
- Will the card ever expire? 
- Can I cancel the card? 
- Where can the card be used? 
- What if I lose the card?


Question: What is a risk of having a credit card? 
Answer: It's possible to buy things on credit and not be able to pay for them later, which means going into debt and paying interest on the amount you owe. 

*Tip. Only use a credit card for "Needs" and always pay your bill on time. 



ID Theft and Fraud Prevention

Question: What is Identity (ID) Theft? 
Answer: Stealing someone's personal information and using it illegally to take their money. 

Question: What type of personal information might a thief want to steal?
Answer: - Full name
- Address 
- Birth date
- Social Insurance Number (SIN) 
- Bank account numbers 
- Credit Card numbers 


Question: Why could using public wi-fi be dangerous? 
Answer: Because it is often not a secure connection. 

Question: What should you do with bank statements and other documents containing personal info? 
Answer: Store them safely in a file or shred them. 

NEVER throw them in the garbage or recycling or leave them out in the open. 


Question: True or False: 
It's OK to share my banking password with my friend. 

Answer: False. 

You should never share passwords or PINs with anyone.  



Odds and Ends

Question: True or False: 
The best place to have a bank account could be different for everyone?

Answer: True. 

Look for a bank that is in a convenient location, offers services you need and doesn't charge (too many) fees. 


Question: What can you do to protect you PIN when making a debit card purchase? 
Answer: Cover the keypad with your hand when you type it in. 

Question: If you lose your wallet, what should you do right away? 
Answer:
Call your bank and tell them. They can block your cards until you find your wallet or get you new cards. 

Most of us have a lot of personal information in our wallets, keep them safe. 


Question: What type of person might fall for a scam or get tricked into believing a scammer? 
Answer: Anyone! 

Young people, old people, students, parents, men, women... we're all at risk of someone trying to trick us. Always be cautious of emails, phone calls or mail that seems suspicious. 



Question: List 2 differences between a chequing account and savings account. 
Answer: Chequing: 
- Can write cheques. 
- Sometimes have fees.
Savings: 
- Pays interest. 
- Usually lower fees.