Planning 10 Finance Jeopardy

InsuranceTaxesIncomeSavings

Insurance $100 Question: Question: Buying insurance is a way to protect yourself from risk. Buying insurance is a way to protect yourself from risk. True or False. True or False.

Insurance $100 Answer Answer True. True.

Insurance $200 Question: Question: Who sells basic car insurance in BC? Who sells basic car insurance in BC?

Insurance $200 Answer: Answer: ICBC ICBC

Insurance $300 Question: Question: What is the difference between house insurance and content insurance? What is the difference between house insurance and content insurance?

Insurance $300 Answer: Answer: House insurance covers the building and the contents House insurance covers the building and the contents Content insurance only covers what is inside the building Content insurance only covers what is inside the building

Insurance $400 Are you required to insure YOUR vehicle to drive on public roads in BC? Are you required to insure YOUR vehicle to drive on public roads in BC?

Insurance $400 No. You only are required to have liability coverage. No. You only are required to have liability coverage.

Insurance $500 What happens if you get caught making a false insurance claim? What happens if you get caught making a false insurance claim?

Insurance $500 You can get charged with insurance fraud and possibly face jail time! You can get charged with insurance fraud and possibly face jail time!

Taxes $100 Question: Question: Contributing to an RRSP is a legal way to reduce the amount you pay in taxes. Contributing to an RRSP is a legal way to reduce the amount you pay in taxes. True or False. True or False.

Taxes $100 Answers: Answers: True. True.

Taxes $200 Question: Question: If you have a savings account you may have to pay taxes on the interest you make. If you have a savings account you may have to pay taxes on the interest you make.

Taxes $200 Answer: Answer: True: It is capital gains (income) and the Canadian Government is able to tax you on it. True: It is capital gains (income) and the Canadian Government is able to tax you on it.

Taxes $300 Question: Question: Name one type of tax credit that is available to students. Name one type of tax credit that is available to students.

Taxes $300 Answer: Answer: Tuition credit Tuition credit Living expenses credit ($400 per month) while in full time enrollment. Living expenses credit ($400 per month) while in full time enrollment. Moving costs Moving costs

Taxes $400 Question: Question: Name two things that could happen if a person doesn’t report their income, or if they file a false T1? Name two things that could happen if a person doesn’t report their income, or if they file a false T1?

Taxes $400 Answer Answer Tax inspector have the right to access personal information regarding income (banking, loan and other information) Tax inspector have the right to access personal information regarding income (banking, loan and other information) Pay back missing taxes plus interest as well as penalties Pay back missing taxes plus interest as well as penalties Charged with tax evasion and could go to jail. Charged with tax evasion and could go to jail.

Taxes $500 Who is the governing body for taxation purposes in Canada? Who is the governing body for taxation purposes in Canada?

Taxes $500 CRA (Canada Revenue Agency) CRA (Canada Revenue Agency)

Income $100 Question: Question: Name 3 things that could be deducted off your pay cheque? Name 3 things that could be deducted off your pay cheque?

Income $100 Answer Answer Canadian Pension Plan (CPP) Canadian Pension Plan (CPP) EI EI Income Tax Income Tax Medical Insurance Medical Insurance Investment (RRSP, share and stocks) Investment (RRSP, share and stocks)

Income $200 Question: What is meant by the terms net income and gross income? Question: What is meant by the terms net income and gross income?

Income $200 Gross Income is the total amount you make. Gross Income is the total amount you make. Net Income is the amount that is left after deductions Net Income is the amount that is left after deductions

Income $300 Question: Question: How many pay cheques do you get in one year if you are paid bi-weekly? How many pay cheques do you get in one year if you are paid bi-weekly?

Income $300 Answer: Answer: 26 pay periods/year 26 pay periods/year

Income $400 Question: Question: A budget is used to maximise your ability to save and invest your income. What is a budget? (definition) A budget is used to maximise your ability to save and invest your income. What is a budget? (definition)

Income $400 An estimate of income and expenditure for a set period of time An estimate of income and expenditure for a set period of time

Income $500 Question Question Why are income tax deductions taken off each pay period? What is it used for? Why are income tax deductions taken off each pay period? What is it used for?

Income $500 Answer Answer The government needs to have money to operate the country and this is what they use it for. The government needs to have money to operate the country and this is what they use it for.

Savings $100 Question Question Paying your credit card bill late can make it more difficult to take out a loan. Paying your credit card bill late can make it more difficult to take out a loan. True or False? True or False?

Savings $100 Answer: Answer: True. Paying late can lead to a lower credit rating. True. Paying late can lead to a lower credit rating.

Savings $200 Question: Question: What are expenses that generally stay the same from month to month called? What are expenses that generally stay the same from month to month called?

Savings $200 Answer: Answer: Fixed expenses Fixed expenses

Savings $300 Question: Question: When you are researching which type of savings account to open, what are two things that you should look for? When you are researching which type of savings account to open, what are two things that you should look for?

Savings $300 Answer Answer The highest interest rate The highest interest rate The lowest service fees (think about your lifestyle) The lowest service fees (think about your lifestyle)

Savings $400 Question Question Name three types of financial institutions that offer banking services in BC. Name three types of financial institutions that offer banking services in BC.

Saving $400 Answer Answer Any banks Any banks

Saving $500 Question: Question: Explain the difference between simple interest and compound interest. Explain the difference between simple interest and compound interest.

Saving $500 Answer Answer Simple Interest is interest earned only on principle Simple Interest is interest earned only on principle Compound interest is interest earned on principle and previously earned interest Compound interest is interest earned on principle and previously earned interest

Investing $100 Question Question

Investing $100 Answer Answer

Investing $200 Question Question

Investing $200 Answer Answer

Investing $300 Question Question

Investing $300 Answer Answer

Investing $400 Question Question

Investing $400 Answer Answer

Investing $500 Question Question

Investing $500 Answer Answer

Final Jeopardy