Financial Literacy
Hangman
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Test your Financial Literacy knowledge and have fun doing it!
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CHOOSE A CATEGORY
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CREDIT CARDS
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DEPOSITS
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WITHDRAWALS
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BORROWING
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BUDGETING
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LOANS
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CREDIT-RELATED CARDS
SAVINGS & INVESTMENTS
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What is the name of an electronic deposit into your account using an electronic network that allows deposits to take place between financial institutions?
This is used most often when a business or government agency is giving you money such as your employer depositing your pay cheque into your account or the government depositing your tax refund into your account.
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If you deposit cash or cheques into an ATM, your balance will update immediately but you will not be able to access that money until your deposit has been processed and ______
This 'hold' is placed on your deposit until it has been processed to protect you and the financial institution from loss if the cheque bounces.
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What kind of transfer will allow you send and receive money through text messages and emails?
This is a very safe and convenient way to send and receive money. All you need is the email address or mobile phone number of the person you want to send the money to and they can deposit it right into whatever account they want.
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What is it called when you deposit a cheque to your bank account using your smartphone?
You can deposit the cheque into your account simply by using your financial institution's app to take a photo of the cheque using your smartphone!
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What service allows you to receive money from another country?
These money transfers usually take a few days to process and usually involve some service fees as there is a cost to your financial institution when they offer this service.
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What is the name for a transaction where you take money out of your account?
This kind of transaction is the opposite of a credit transaction where you put money into your account.
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Most financial institutions will allow you to do withdrawals at one of their locations with the assistance of a teller or Member Service Representative. What is this kind of transaction called?
You can do many different types of transactions in this manner. NOTE: Some online financial institutions do not have a physical location where you can do withdrawals this way.
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While this method of withdrawing money is less common now than it used to be, many financial institutions still allow you to withdraw money by writing a ____
These can take a few days to process in the system but they have some benefits over using cash such as they provide verifiable proof of the transaction and are much safer than mailing cash.
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One of the most common ways to withdraw cash from your account whether you are at an ATM or wanting to make a purchase in a store.
This is a very convenient way to withdraw cash and advances such as 'tap' have made it even more convenient. Just be aware of any service fees that you may encounter when using it at an ATM or in a foreign country.
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Similar to Direct Deposit, this is an automatic withdrawal from your account.
Payments are made electronically from your account. This is a great way to ensure you don't miss paying any of your regular bills such as utilities, rent or cell phone bills.
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A great way to send a one-time payment to someone electronically is to send them one of these.
All you need is a the other person's email address or mobile phone number and you can send them money electronically (within Canada). Just be sure you are aware of any fees you may be charged.
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A very convenient way to make a variety of withdrawals is to go online and use your financial institution's ____________.
Whether you use a browser or a mobile app, this will allow you to transfer money between accounts, send e-Transfers, pay bills and much more.
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If you need to send money internationally, you can send one of these:
When sending money this way, be sure you have all the specific information your F.I. needs to ensure it reaches your recipient and make sure you know what fees you may be charged.
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What is an essential difference between saving your money and investing your money?
If you want your money to do this, you will need to invest it somehow rather than just bury it in your backyard or tuck it away under your mattress.
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A very basic, no-risk way of growing your money is to deposit it in a ______ account at your financial institution.
This will allow you easy access to your money at any time and you will likely earn a small amount of interest on your money. There is little or no risk and you are guaranteed growth if you leave the money in this account over time.
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The amount of money you invest is called the _____.
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Most financial institutions will offer some form of ______ investments that provide a little higher interest than a savings account but the money is not quite as accessible as a savings account.
In most cases, the principal (the amount you invested) is protected and the interest (the amount you earn) is often guaranteed. This makes these investments either low-risk or no-risk at all.
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If you would like to discuss investing your money with someone you should ask to talk to a _______ at your financial institution.
These people are very knowledgeable and can help you choose the right investment for you... whether it's something low-risk like a term deposit or something a little riskier like mutual funds, stocks or bonds.
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The basic investment type offered by most financial institutions is often called a Guaranteed Investment Certificate (GIC) or it may be called a ______.
These investments promise a guaranteed return at a fixed interest rate over a specific term or set period of time.
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This kind of term deposit allows you to take your money out before the end of the term, though you may receive a lower interest rate for that convenience.
It's important to understand the terms & conditions of these kinds of investments. Can you take you money out at any time or only on specific dates? If you take the money out early, will you receive a reduced interest rate?
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A non-redeemable term deposit usually offers a slightly higher interest rate but you may be unable to access the funds before the end of the term or you may be charged an early withdrawal ____ if you take your money out early.
Once again, it's important to understand the terms and conditions for your investment.
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Most F.I.s will offer a variety of terms ranging from as short a time frame as 30 days to terms of up to 5 years or more. Generally, the longer the term, the higher the ________.
You should consider how you intend to use the money and pick a term that works with your goal. It may also be wise to factor the general state of the economy into your decision so you can maximize the potential growth of your investment.
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Your financial institution may offer a longer term investment with a _____ interest rate that increases as you move through the term.
eg. You might receive 1% interest for the first year, 1.25% interest for the 2nd year and 1.75% interest for the 3rd year. These are usually redeemable investments but the longer you leave your money in, the more interest you earn.
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Your financial institution may offer a term deposit with an interest rate that is linked to the _______.
Your interest rate will fluctuate throughout the term depending on what this rate does.
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RRSP stands for Registered _______ Savings Plan.
RRSPs are a kind of term deposit where the savings are specifically to be used for this period of your life.
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RRSPs are registered with the Canada Revenue Agency and there is a limit to how much you are allowed to ______ to your RRSP each year.
Unused RRSP investment room is carried over from year to year and, if you're wondering how much room you have, you can refer to your current Notice of Assessment.
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A big advantage of RRSPs is that you don't pay taxes on the money you contribute until you _____ the funds.
In theory, this will allow you to pay lower taxes when your earning potential is highest and you may be in a higher tax bracket. Then, when you retire and take out the money, you have less income and may be in a lower tax bracket.
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RRSPs also help you save because once you put your money into an RRSP it is less _____ than if you had put it into a savings account.
IThis will help to ensure you save the money for retirement rather than spend it on other things.
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If you start saving in an RRSP when you're young, your investment has the _____ for a much higher rate of return than a simple savings account or shorter term investments.
IThe ability of your RRSP investment to grow over time will depend on the RRSP investment vehicle you choose. This is just one of the things a financial planner can help you decide.
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There are also some programs set up by the Government of Canada that allow you to access funds from your RRSP for specific purposes without having to pay the taxes on the money. The first is the LLP (Lifelong ______ Plan).
This program allows you to withdraw money up to a certain amount from your RRSP tax-free to finance full-time training or education for yourself or your spouse or common-law partner. You then have up to 10 years to repay the funds to your RRSP.
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There are also some programs set up by the Government of Canada that allow you to access funds from your RRSP for specific purposes without having to pay the taxes on the money. The second is the ____ Buyer's Plan.
This program allows a first-time buyer to withdraw up to a certain amount of funds from their RRSP tax-free to use to buy or build a qualifying house and they have up to 15 years to repay the funds to their RRSP
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If you're married or have a common-law partner, you could get one of these kinds of RRSPs.
These RRSPs are a way that may help you save money in taxes through income-splitting.
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You can open _____ RRSPs but you do need to be careful because there is a limit to how much you can invest in an RRSP each year.
The limit is per person not per RRSP. If you contribute more than your limit, you will be charged a monthly tax amount on excess contributions until you withdraw the excess amount.
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You can contribute to your RRSP until December 31 of the year you turn _____.
In the case of a spousal RRSP, you can contribute until December 31 of the year that your spouse turns this age.
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You can choose to withdraw the money from your RRSP at any time until the end of the year you turn 71 at which time you will need to convert it to a Registered Retirement _____ Fund.
IThese are more commonly referred to as a RRIF.
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A RRIF is essentially the _____ of an RRSP.
While an RRSP allows you to make regular contributions to save for retirement, a RRIF allows you to receive regular withdrawals to fund your retirement.
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Converting your RRSP to a RRIF allows you to continue to earn _____ on the funds in your plan while allowing you to receive money from your RRIF.
Just like an RRSP, you won't have to pay taxes on the money your earn in your RRIF until you withdraw the money.
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When you withdraw the money from your RRIF, you will have to pay taxes on the money. However, hopefully, you will be in a lower _______ when you're withdrawing the money than when you were contributing to your RRSP.
You only pay taxes on the amounts you withdraw from your RRIF each year and the rest of your money in your RRIF will continue to grow tax-free until you take it out.
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The amount you are required to take out of your RRIF each year is a ______ of the total value of your RRIF plan at the beginning of the year.
This stays low and increases each year as you age. You must withdraw the minimum amount each year but you can withdraw more than the minimum, if you want.
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TFSA stands for ______ ____ Savings Account.
This program was introduced by the Canadian Government in 2009.
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A TFSA allows people who meet the ________ to save money in a registered plan without having to pay taxes on the interest income they earn.
You must be 18 years old or older and a Canadian resident with a Social Insurance Number to have a TFSA.
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Any unused _____ carries forward.
If you don't put all the money you're allowed to into a TFSA one year, the unused amount carries forward and you can put that amount in next year plus the next year's allowable amount.
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Be careful not to over ________ or you will be taxed on the excess amount each month.
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You _______ have to pay taxes on the interest your money earns in your TFSA.
Unlike an RRSP, your withdrawals from a TFSA are tax-free. Because of this, many people find it helpful to save for retirement using both a TFSA and an RRSP as they both have different benefits.
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TFSAs can be used to save for any long or short term goal. Your ability to withdraw the money at any time and for any reason depends on the _____ of the investment vehicle you choose for your TFSA.
When you choose an investment vehicle for your TFSA, consider your savings goal, when you will need access to the money, the interest rate you will earn and whether the specific investment you're looking at will suit your goals.
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While some investments may interfere with your ability to receive income-based benefits from the __________, a TFSA does not interfere with those benefits.
Benefits such as Guaranteed Income Supplement, Old Age Security, Employment Insurance, Child Tax Benefits, etc are not affected by your TFSA.
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A money management tool that is used to help you plan your spending to ensure you don't spend more money than you have is called a _______.
This tool lists in detail your expected income an expenses for a given time period. Typically, it tracks your spending and income for each month but you can use any time period that works best for you.
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One benefit of a budget is that it gives you a clear _____ of your finances.
Without a budget, it's easy to spend indiscriminately and then wonder where all your money went by the end of the month.
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A budget can help you see where you're already spending your money and then you can make _____ about how to adjust your spending to ensure you don't have more money going out than coming in.
You may notice areas where you're spending more money than you thought. And may notice areas where you should plan to spend more.
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A budget can help you avoid _______.
If you aren't able to pay all your bills every month, you begin racking up interest and late payment charges and paying more money than you have to, putting a strain on your limited financial resources.
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Budgets are a great tool to help you plan your saving so you can reach your ______.
You can save to pay down debt, save for large purchases such as a car or house, or even just to have a little extra money in an emergency fund for when unexpected expenses come up.
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Budgets can give you ______.
You can rest easy knowing you are spending your money wisely and making the most of each dollar you earn.
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To create a budget, you will need to identify your _______.
These are the most basic elements to consider when creating a budget.
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Needs are things you can't _____.
Some examples of needs are: food, rent or mortgage, utility bills, insurance, health care and medication, and work expenses such as a uniform or transportation.
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Wants are things that you could live without but that help you to live more _____.
Some examples of wants are: travel, gym memberships, dining out, entertainment, electronics, new clothing, home purchases, and streaming accounts.
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Wants aren't unimportant or bad... they may provide benefits such as helping us keep in touch with others or maintain a _____ on life.
Wants aren't unimportant, they just aren't essential to our survival.
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One way to determine if something is a want or a need is to consider the ________.
eg. a new computer could be a need if you need it for work; if you just want it to play games and surf the internet, then it's probably a want.
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Another way to tell if something is a need or a want comes down to choosing between _______.
eg. having a mobile phone to communicate with family and friends, make appointments, etc. could be considered a need. However, choosing the newest smartphone over the basic model cell phone would push it into the category of a want.
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Saving for retirement or an emergency or to pay off debts can be seen as an investment into paying for your ______.
It's easy to see saving money as an extra expense that isn't required for your immediate survival like food and shelter, and especially when money is tight, it's easy to put off saving for another time. But saving money should be considered to be a need.
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Paying interest on money you've borrowed is a _______ on your finances and can affect your ability to pay for your needs down the road.
While paying off your debt as quickly as possible doesn't seem urgent or necessary for your survival, it does affect your long-term overall quality of life and well being. Paying off debt should be considered a need.
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When making your budget, be sure to budget for your needs first. Then you can go through and ______ your wants and begin to budget your money for the wants that are important to you.
Remember, it's not bad to have wants. But you will need to look at them closely and make some choices. Which ones can you afford and which ones are unaffordable? Which are most important to you and which are less important?
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A popular budgeting concept is called the 50/30/20 ______.
It states that you should budget 50% of your income for your needs, 30% of your income for your wants and 20% of your income for savings and debt repayment.
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Creating a budget is easy but _______ can be much harder.
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If you're going to stick to your budget, it's very important that your budget is ______.
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When making your budget, make sure you have _______ you earn to something even if it's to savings or paying down debt.
This will encourage you to build savings into your budget and stick to that plan. It also means you don't have a buffer zone that will feel like extra money and encourage you to spend more than your budget in some areas.
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You should do this regularly to ensure your budget is realistic.
If you don't know what you're spending, you can't tell if you're on budget or not.
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Use pre-authorized debits and scheduled or ______ to help you stick to your budget.
If you have your monthly bills set up as automatic withdrawals from your account, you won't be tempted to spend that money on something else.
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One of the easiest ways for money to leak out of our wallets is with fees and _____.
Think critically about which of these you actually use and cut out the ones that are just draining your funds without providing a reasonable amount of value for your money.
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Electronic methods of payment are easy and convenient to use but they can also give the _____ that you're not really spending money.
If this is something you struggle with, try paying for things with cash whenever possible.
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Grocery shopping is one area that lends itself to the many perils of _____.
IPlan your meals ahead of time and stick to a list when you grocery shop. If sticking to a list when you're in the store is difficult for you, consider doing your grocery shopping online.
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When you shop, it is also a good idea to ______.
Often it costs a considerable amount more to get a brand name item over a generic brand item and often they are exactly the same.
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Try not to jump into ______.
Take some time to sleep on it and think it over. Be sure this purchase will not cause you unnecessary financial stress.
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Keep _____ limits low.
If you can keep a lower limit and pay it off regularly, you will be able to build your credit and pay for purchases with little to no interest.
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Don't spend money you don't have. The reality is that _____.
If you can wait a little while and save up for something rather than buy it on credit and pay it off over time, you can potentially save a lot of money in the long run.
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Another trick to change how you think about spending is to connect your _____.
Do the math and determine how much time you have to work to be able to afford an item you want to buy. Is that amount of work worth the value you will get for this item?
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Consider using some _____ to help you stick to your budget.
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Try an _______ to keep you motivated, encourage you, give you advice and help you stick to your budget.
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If you're a competitive person, you may find it helpful to try a _____.
This can be helpful, not only to curb your spending during the set time frame, but it can also help to re-wire your mindset about your spending habits.
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Sometimes a little _____ will help you stick to your budget.
Promise yourself a small reward when you successfully stick to your budget to help motivate you to stay on track.
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The first step in creating a budget is to figure out your _____.
To start your budget, it's important to know exactly how much money you have coming in each month after all the income deductions are taken off.
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The second step in creating a budget is to figure out your _____.
Start by going through your monthly credit card and bank statements and write down each item in a category that makes sense to you (eg. entertainment, utilities, rent, dining out, etc.)
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The third step in creating a budget is to _____ between your income and your expenses.
This will let you know if you are over-spending or how much you have left over to put into savings, use to pay off debt or spend on a want.
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Once you figure out how you have been spending your money and how you would like to spend your money, make a _____ of tracking your spending each month.
This will give you a good idea of whether you are sticking to your budget or not and whether there are any areas of your budget that you need to adjust.
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Once you've done the initial set up for your budget, you may identify some _____ you'd like to work on.
Maybe you want to save money for a vacation or a special item you've been wanting for a long time, or maybe you want to pay off your debt by a certain date.
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A budget that is made and then ______ is not effective.
It's important that you re-evaluate your budget regularly. As you move through life your income will change and so will your expenses. You will need to take a look at your budget and adjust it.
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Making a budget doesn't have to be difficult and there are a lot of online ______ you can use.
You can find these on the Government of Canada website, in your app store and your financial institution may offer some too.
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This card looks and acts a lot like a credit card except for the fact that it doesn't access any credit.
You pre-load money onto the card and then use the card to spend that money in stores, online or over the phone.
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Some prepaid credit cards allow you to _____ the card as many times as you like until it expires.
But not all will allow this so be sure you understand the terms and conditions of the card before you sign up for a prepaid credit card.
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You may need to pay fees for _______ your prepaid credit card, making purchases, checking your balance, withdrawing money from an ATM or replacing your card.
Once again, it's important that you understand the terms and conditions of the card before you sign up for a prepaid credit card.
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Prepaid credit cards are available through many financial institutions, retailers and even _____.
Do your homework and make sure you get a prepaid credit card that suits your needs.
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This kind of card is a debit card that is also connected to a credit card company.
These cards differ from a credit card in that they are not connected to any credit so your activity will not show on your credit report.
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While a credit debit card functions like a debit card, they do provide the added benefit of allowing you to use your credit debit card in situations where you can use the ______ company's credit cards.
So you may be able to use it when shopping online, to pay for recurring payments like subscription services and even to make hotel reservations at participating locations.
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A credit debit card is also accepted at _______ participating retailers, usually wherever the company's credit cards are accepted.
When you travel or shop online on sites outside of Canada, you can still use your credit debit card wherever the associated credit card company's cards are accepted.
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Credit-related cards don't actually access any credit and so they won't help you _____ your credit score.
But they can still be useful in some situations whether you use them in place of a credit card or as a supplementary card in addition to your credit card.
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A credit card is a card that gives you access to a _____ line of credit.
Your credit limit is the maximum amount that you can spend and as you pay down the balance on your card, you receive access to that credit again.
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Credit cards allow you to _____ so you don't need to wait to purchase items you need.
The trick to this is being sure you use your credit card responsibly.
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Credit cards are also _____.
You don't have to worry about taking out cash and carrying it with you. You can easily use a credit card to make purchases online or almost anywhere you go in Canada and internationally.
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Credit cards are a reliable form of _____.
Your credit card statement will show your credit card spending for the past month. This can be very helpful in budgeting and also in checking to ensure no fraudulent transactions have been made.
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Credit cards are _____.
You can use a credit card in places and situations that you can't use cash or debit cards such as making online purchases, booking hotel rooms and making international purchases online or when traveling.
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Credit cards are secure and they provide purchase protection. They have a ______.
This means that if a your card is lost or stolen or someone uses it to make unauthorized purchases, you will be reimbursed for those purchases.
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Credit cards are allow for ______.
But keep in mind that these may have a higher interest rate and are not usually included in your credit card's grace period so you will begin paying interest on that money immediately.
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Credit cards also come with some ______.
These often come in the form of a rewards system for using your card, such as points or cash back. They may also come in the form of free insurance for travel or purchase protection.
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Credit cards, when used responsibly, can help you build a _____.
When you use your credit card and pay it off on time, that will show on your credit report and will help you build a good credit score.
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Credit cards don't really have any inherent disadvantages. The disadvantages come from poor credit card _____.
If you don't use your card wisely, you may pay a lot of extra money in interest charges and fees. They cost money and their convenience may lead to overspending.
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Credit cards have many effective security features but _____ still target credit cards.
This means that you should be diligent to check your credit card statement regularly to be sure it doesn't contain any fraudulent transactions. If you find some, report them immediately.
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There are a variety of different credit card options so it can be hard to choose one. Start by considering the _____ for the different card options.
It's important that you choose a card you can afford. You should also be sure you are aware of any other fees associated with the card you choose.
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Most financial institutions offer a wide variety of credit cards for you to choose from and they each have their own ______.
Choose the card that will suit you and your lifestyle best.
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Many _____ and companies offer their own credit card that allows you to capitalize on rewards for shopping at their locations.
These are usually fairly easy to get but be sure your understand all the terms and conditions of the card and that you shop at that location enough to make the annual fee worth it.
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You will also need to consider how much of a _____ you will need.
You don't want one so high that you will be tempted to overspend but you also don't want it to be so low that you can't make the purchases you need to make.
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You need to have a high enough credit limit that you can make the purchases you need to and still keep your _______ rate low enough that it doesn't negatively affect your credit score.
It is recommended that you try to keep this rate below 30% of your available credit.
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This is the amount of time during which you won't be charged interest on your credit card purchases.
This is generally the time frame between the last day of your monthly billing cycle and the payment due date.
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This is the amount of money you need to pay on your credit card balance in order to keep your credit card account in good standing.
It is usually a very low percentage of the amount of money you've spent and it is highly recommended that you pay more than this amount.
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It can be tempting to think of a credit card as free money or an _____ of borrowed money.
Don't spend money you don't have. Credit cards are far from free and using that credit comes with a cost. You still have to pay back everything you you spent as well as the interest if you carry a balance on your card.
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Try to pay off your _____ in full every month.
It's best to only spend what you can afford so you can avoid late payment fees and interest charges.
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If you miss a payment, you may be charged a late payment fee and will begin to accrue interest charges on the balance you're carrying on your card which can make your credit card costs _____ quickly.
Always make your payments on time. This will also affect your credit score which can affect you in significant ways if you ever need to borrow money.
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If you don't qualify for a credit card and need help improving your credit score, talk to someone at your financial institution or to a reputable credit _____.
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This is a collection of financial information about you that shows how you handle your money and your debt.
This is kind of like your financial report card.
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The information for your credit history is gathered by credit _____ from financial institutions, retailers and lenders.
eg. Equifax and TransUnion
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Your credit history gives lenders the _____they need to determine your creditworthiness.
In essence, this helps lenders determine whether they can lend you money and expect you to repay it. Because of this your credit history impacts your credit future.
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A bad credit history can impact your ability to ______ or get a credit card.
IIt can also affect your ability to purchase some services such as signing up for with a cell phone or internet provider and may even affect your ability to qualify for some jobs or rent a home.
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If you have a good credit history, you will be more likely to _____ for a higher loan amount or may be able to get a lower interest rate when you do borrow money.
It can also allow you to pay lower premiums on your insurance, cellphone and internet service providers will look to see if you're a good customer and potential landlords will also look to see if they can rely on you to pay your rent on time.
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When you borrow money or apply for credit for the first time, your _____ will be created.
Financial Institutions, retailers and lenders will send information about your credit accounts to the credit bureaus and as this happens, your credit history will be summarized here.
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Your credit report will contain a list of all the inquiries you or others have made. These are called:
These are done for a variety of reasons by a number of different people. Car dealers, cell phone providers, landlords, credit card companies, financial institutions and even potential employers will look at your credit report.
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Your credit report will contain things such as any ______ funds (NSF) payments you've made or any bad cheques you've written.
It will also show any bank accounts closed due to money owing or fraud, any credit you use, any bankruptcy or court decisions against you that relate to your credit, inquiries from lenders who have requested your credit report in the last 3 years.
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You should check your credit report ______.
It's free to get your credit report once a year but you will have to pay a fee if you want to see your credit score. Carefully, check it for any errors and report them immediately to the credit bureaus and contact your financial institution.
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This is a 3-digit number that is created using the information from your credit report.
In general, you get more points if you use credit responsibly and lose points if you don't manage your credit well.
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Your credit score is determined by many factors. The first factor is your
Be sure you pay your debts on time and absolutely avoid having your accounts sent to a collection agency, as that will seriously affect your credit score.
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Your credit score is determined by many factors. The second factor is your used credit in relation to your _____ credit.
Ideally, you should use your credit and pay it down to zero each month.
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Your credit score is determined by many factors. The third factor is your credit _____.
It looks at how many credit accounts you have and how long they've been in existence. It's good to have at least 2 kinds of credit that you've had for at least 2 years.
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Your credit score is determined by many factors. The fourth factor is your _____.
This includes any prior history of bankruptcy, consumer proposals, or collections that will make you a risky borrower.
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Your credit score is determined by many factors. The fifth factor is the number of _____ on your credit report.
A soft check is done when you are not applying for credit and a hard check is done when you are applying for credit.
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The ______ you have a credit account, the better it is for your score.
Be careful when transferring an older account to a new one as credit bureaus consider the new account as new credit which could lower your score.
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Always make your payments on time and make at least the _____ payment if you can't pay the full amount that you owe.
Don't skip a payment, even if a bill is in dispute. Pay the bill first and then dispute with the creditor. If your bill goes into collection, it could negatively affect your credit score.
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Don't go over your ______.
Try to use less than 30% of your available credit. It is better to have a higher amount of available credit and use less of it each month than to use a lot of your available credit and pay it off on time each month.
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Try to keep your credit ______ and credit checks to a minimum.
Be careful when shopping around for things such as a credit card, a new car or a mortgage as each quote will likely involve a credit check and too many credit checks will negatively impact your credit score.
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Try to ______ your credit.
Your credit score may be lower if you only have one type of credit product, such as a credit card. If you have a mix of different types of credit (such as a credit card, a loan and a line of credit) it may improve your credit score.
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While you should be careful with all kinds of credit, some types of credit are a little _____ or come with some potential pitfalls that can cause more harm than good.
Some types of credit to handle cautiously are: store credit cards, lease-to-own credit, buy now and pay later purchases and event though they aren't a credit product, be careful with cell phone contracts.
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A credit _____ will help you come up for a plan for managing your debt and bills if you find you are overwhelmed with your debt.
Go to one of these people if your financial institution is not able to help you. Be sure you know what services they offer and what they charge. Ask about their qualifications and experience.
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This is a formal, legally binding process in which you offer to pay creditors a percentage of what is owed them, or extend the time you have to pay off your debts or both.
Filing one of these is serious and it does damage your credit rating but it's not as damaging as filing for bankruptcy.
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If you are considering bankruptcy, you should consult with a _____ in bankruptcy who can assess your financial situation and explain your options.
When you declare bankruptcy, you will be declared in law, as unable to pay your debts. This should always be a last resort. It will negatively impact your credit rating for 6-7 years.
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This kind of loan allows you to borrow money up to a pre-determined maximum amount.
It is revolving credit that allows you to borrow money as you need it. Once you repay the money, you can borrow it again, if you need it.
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This kind of loan allows you to borrow a set amount of money and pay it back over a pre-determined term.
These are typically used to purchase something specific such as a car or furniture or to do home renovations.
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This kind of loan allows you to purchase real estate.
This applies whether you are purchasing the home as your primary residence or as a rental property.
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This kind of loan allows you to borrow money to pay for post-secondary education.
Many students get this kind of loan from the federal or provincial goverment. It is also common to get them from a financial institution.
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This kind of loan is a short-term loan with high fees. They are usually for smaller amounts and must be repaid in a short time frame once you are paid.
These are a little different from other loans in that you don't need to pass a credit check or qualify for the loan. You will pay a flat fee rather than interest if you repay your loan on time.
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This kind of loan allows you to borrow money to pay for post-secondary education.
Many students get this kind of loan from the federal or provincial goverment. It is also common to get them from a financial institution.
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This kind of loan is a short-term, secured loan where you use some item of value as collateral to guarantee the loan.
The collateral may be a piece of jewelry, an appliance or cell phone, etc.
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This kind of loan is a short-term loan where you use your car (or another type of registered vehicle) as a guarantee that you'll pay back the money you borrow.
Generally offered by alternative lenders (not banks or credit unions). They typically have high interest rates and fees.
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This kind of loan allows you to purchase a product or service and only pay a portion of the amount up front. You then pay off your purchase in a set number of installment payments over a set period of time.
These loans are an agreement between you and the retailer of the product and service and the financial service provider who is financing the loan.
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Most of us need to borrow money at some point during our lives. The key is to ensure that you _____ from the advantages and keep the disadvantages to a minimum.
Next
Do a category for all the lessons in the course
clue
Use this text to provide information about the word to guess. (Genially)
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clue
What do cats do...
Start
Take a moment to think about it and whenever you want...
try again
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Financial Literacy Hangman
Vision Credit Union
Created on March 19, 2026
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Transcript
Financial Literacy
Hangman
________
Test your Financial Literacy knowledge and have fun doing it!
Start
CHOOSE A CATEGORY
________
CREDIT CARDS
________
DEPOSITS
________
WITHDRAWALS
________
BORROWING
________
BUDGETING
________
LOANS
________
________
CREDIT-RELATED CARDS
SAVINGS & INVESTMENTS
________
________
LEARN MORE
What is the name of an electronic deposit into your account using an electronic network that allows deposits to take place between financial institutions?
This is used most often when a business or government agency is giving you money such as your employer depositing your pay cheque into your account or the government depositing your tax refund into your account.
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If you deposit cash or cheques into an ATM, your balance will update immediately but you will not be able to access that money until your deposit has been processed and ______
This 'hold' is placed on your deposit until it has been processed to protect you and the financial institution from loss if the cheque bounces.
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What kind of transfer will allow you send and receive money through text messages and emails?
This is a very safe and convenient way to send and receive money. All you need is the email address or mobile phone number of the person you want to send the money to and they can deposit it right into whatever account they want.
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What is it called when you deposit a cheque to your bank account using your smartphone?
You can deposit the cheque into your account simply by using your financial institution's app to take a photo of the cheque using your smartphone!
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What service allows you to receive money from another country?
These money transfers usually take a few days to process and usually involve some service fees as there is a cost to your financial institution when they offer this service.
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What is the name for a transaction where you take money out of your account?
This kind of transaction is the opposite of a credit transaction where you put money into your account.
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Most financial institutions will allow you to do withdrawals at one of their locations with the assistance of a teller or Member Service Representative. What is this kind of transaction called?
You can do many different types of transactions in this manner. NOTE: Some online financial institutions do not have a physical location where you can do withdrawals this way.
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While this method of withdrawing money is less common now than it used to be, many financial institutions still allow you to withdraw money by writing a ____
These can take a few days to process in the system but they have some benefits over using cash such as they provide verifiable proof of the transaction and are much safer than mailing cash.
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One of the most common ways to withdraw cash from your account whether you are at an ATM or wanting to make a purchase in a store.
This is a very convenient way to withdraw cash and advances such as 'tap' have made it even more convenient. Just be aware of any service fees that you may encounter when using it at an ATM or in a foreign country.
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Similar to Direct Deposit, this is an automatic withdrawal from your account.
Payments are made electronically from your account. This is a great way to ensure you don't miss paying any of your regular bills such as utilities, rent or cell phone bills.
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A great way to send a one-time payment to someone electronically is to send them one of these.
All you need is a the other person's email address or mobile phone number and you can send them money electronically (within Canada). Just be sure you are aware of any fees you may be charged.
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A very convenient way to make a variety of withdrawals is to go online and use your financial institution's ____________.
Whether you use a browser or a mobile app, this will allow you to transfer money between accounts, send e-Transfers, pay bills and much more.
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If you need to send money internationally, you can send one of these:
When sending money this way, be sure you have all the specific information your F.I. needs to ensure it reaches your recipient and make sure you know what fees you may be charged.
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What is an essential difference between saving your money and investing your money?
If you want your money to do this, you will need to invest it somehow rather than just bury it in your backyard or tuck it away under your mattress.
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A very basic, no-risk way of growing your money is to deposit it in a ______ account at your financial institution.
This will allow you easy access to your money at any time and you will likely earn a small amount of interest on your money. There is little or no risk and you are guaranteed growth if you leave the money in this account over time.
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The amount of money you invest is called the _____.
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Most financial institutions will offer some form of ______ investments that provide a little higher interest than a savings account but the money is not quite as accessible as a savings account.
In most cases, the principal (the amount you invested) is protected and the interest (the amount you earn) is often guaranteed. This makes these investments either low-risk or no-risk at all.
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If you would like to discuss investing your money with someone you should ask to talk to a _______ at your financial institution.
These people are very knowledgeable and can help you choose the right investment for you... whether it's something low-risk like a term deposit or something a little riskier like mutual funds, stocks or bonds.
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The basic investment type offered by most financial institutions is often called a Guaranteed Investment Certificate (GIC) or it may be called a ______.
These investments promise a guaranteed return at a fixed interest rate over a specific term or set period of time.
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This kind of term deposit allows you to take your money out before the end of the term, though you may receive a lower interest rate for that convenience.
It's important to understand the terms & conditions of these kinds of investments. Can you take you money out at any time or only on specific dates? If you take the money out early, will you receive a reduced interest rate?
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A non-redeemable term deposit usually offers a slightly higher interest rate but you may be unable to access the funds before the end of the term or you may be charged an early withdrawal ____ if you take your money out early.
Once again, it's important to understand the terms and conditions for your investment.
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Most F.I.s will offer a variety of terms ranging from as short a time frame as 30 days to terms of up to 5 years or more. Generally, the longer the term, the higher the ________.
You should consider how you intend to use the money and pick a term that works with your goal. It may also be wise to factor the general state of the economy into your decision so you can maximize the potential growth of your investment.
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Your financial institution may offer a longer term investment with a _____ interest rate that increases as you move through the term.
eg. You might receive 1% interest for the first year, 1.25% interest for the 2nd year and 1.75% interest for the 3rd year. These are usually redeemable investments but the longer you leave your money in, the more interest you earn.
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Your financial institution may offer a term deposit with an interest rate that is linked to the _______.
Your interest rate will fluctuate throughout the term depending on what this rate does.
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RRSP stands for Registered _______ Savings Plan.
RRSPs are a kind of term deposit where the savings are specifically to be used for this period of your life.
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RRSPs are registered with the Canada Revenue Agency and there is a limit to how much you are allowed to ______ to your RRSP each year.
Unused RRSP investment room is carried over from year to year and, if you're wondering how much room you have, you can refer to your current Notice of Assessment.
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A big advantage of RRSPs is that you don't pay taxes on the money you contribute until you _____ the funds.
In theory, this will allow you to pay lower taxes when your earning potential is highest and you may be in a higher tax bracket. Then, when you retire and take out the money, you have less income and may be in a lower tax bracket.
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RRSPs also help you save because once you put your money into an RRSP it is less _____ than if you had put it into a savings account.
IThis will help to ensure you save the money for retirement rather than spend it on other things.
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If you start saving in an RRSP when you're young, your investment has the _____ for a much higher rate of return than a simple savings account or shorter term investments.
IThe ability of your RRSP investment to grow over time will depend on the RRSP investment vehicle you choose. This is just one of the things a financial planner can help you decide.
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There are also some programs set up by the Government of Canada that allow you to access funds from your RRSP for specific purposes without having to pay the taxes on the money. The first is the LLP (Lifelong ______ Plan).
This program allows you to withdraw money up to a certain amount from your RRSP tax-free to finance full-time training or education for yourself or your spouse or common-law partner. You then have up to 10 years to repay the funds to your RRSP.
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There are also some programs set up by the Government of Canada that allow you to access funds from your RRSP for specific purposes without having to pay the taxes on the money. The second is the ____ Buyer's Plan.
This program allows a first-time buyer to withdraw up to a certain amount of funds from their RRSP tax-free to use to buy or build a qualifying house and they have up to 15 years to repay the funds to their RRSP
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If you're married or have a common-law partner, you could get one of these kinds of RRSPs.
These RRSPs are a way that may help you save money in taxes through income-splitting.
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You can open _____ RRSPs but you do need to be careful because there is a limit to how much you can invest in an RRSP each year.
The limit is per person not per RRSP. If you contribute more than your limit, you will be charged a monthly tax amount on excess contributions until you withdraw the excess amount.
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You can contribute to your RRSP until December 31 of the year you turn _____.
In the case of a spousal RRSP, you can contribute until December 31 of the year that your spouse turns this age.
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You can choose to withdraw the money from your RRSP at any time until the end of the year you turn 71 at which time you will need to convert it to a Registered Retirement _____ Fund.
IThese are more commonly referred to as a RRIF.
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A RRIF is essentially the _____ of an RRSP.
While an RRSP allows you to make regular contributions to save for retirement, a RRIF allows you to receive regular withdrawals to fund your retirement.
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Converting your RRSP to a RRIF allows you to continue to earn _____ on the funds in your plan while allowing you to receive money from your RRIF.
Just like an RRSP, you won't have to pay taxes on the money your earn in your RRIF until you withdraw the money.
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When you withdraw the money from your RRIF, you will have to pay taxes on the money. However, hopefully, you will be in a lower _______ when you're withdrawing the money than when you were contributing to your RRSP.
You only pay taxes on the amounts you withdraw from your RRIF each year and the rest of your money in your RRIF will continue to grow tax-free until you take it out.
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The amount you are required to take out of your RRIF each year is a ______ of the total value of your RRIF plan at the beginning of the year.
This stays low and increases each year as you age. You must withdraw the minimum amount each year but you can withdraw more than the minimum, if you want.
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TFSA stands for ______ ____ Savings Account.
This program was introduced by the Canadian Government in 2009.
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A TFSA allows people who meet the ________ to save money in a registered plan without having to pay taxes on the interest income they earn.
You must be 18 years old or older and a Canadian resident with a Social Insurance Number to have a TFSA.
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Any unused _____ carries forward.
If you don't put all the money you're allowed to into a TFSA one year, the unused amount carries forward and you can put that amount in next year plus the next year's allowable amount.
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Be careful not to over ________ or you will be taxed on the excess amount each month.
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You _______ have to pay taxes on the interest your money earns in your TFSA.
Unlike an RRSP, your withdrawals from a TFSA are tax-free. Because of this, many people find it helpful to save for retirement using both a TFSA and an RRSP as they both have different benefits.
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TFSAs can be used to save for any long or short term goal. Your ability to withdraw the money at any time and for any reason depends on the _____ of the investment vehicle you choose for your TFSA.
When you choose an investment vehicle for your TFSA, consider your savings goal, when you will need access to the money, the interest rate you will earn and whether the specific investment you're looking at will suit your goals.
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While some investments may interfere with your ability to receive income-based benefits from the __________, a TFSA does not interfere with those benefits.
Benefits such as Guaranteed Income Supplement, Old Age Security, Employment Insurance, Child Tax Benefits, etc are not affected by your TFSA.
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A money management tool that is used to help you plan your spending to ensure you don't spend more money than you have is called a _______.
This tool lists in detail your expected income an expenses for a given time period. Typically, it tracks your spending and income for each month but you can use any time period that works best for you.
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One benefit of a budget is that it gives you a clear _____ of your finances.
Without a budget, it's easy to spend indiscriminately and then wonder where all your money went by the end of the month.
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A budget can help you see where you're already spending your money and then you can make _____ about how to adjust your spending to ensure you don't have more money going out than coming in.
You may notice areas where you're spending more money than you thought. And may notice areas where you should plan to spend more.
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A budget can help you avoid _______.
If you aren't able to pay all your bills every month, you begin racking up interest and late payment charges and paying more money than you have to, putting a strain on your limited financial resources.
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Budgets are a great tool to help you plan your saving so you can reach your ______.
You can save to pay down debt, save for large purchases such as a car or house, or even just to have a little extra money in an emergency fund for when unexpected expenses come up.
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Budgets can give you ______.
You can rest easy knowing you are spending your money wisely and making the most of each dollar you earn.
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To create a budget, you will need to identify your _______.
These are the most basic elements to consider when creating a budget.
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Needs are things you can't _____.
Some examples of needs are: food, rent or mortgage, utility bills, insurance, health care and medication, and work expenses such as a uniform or transportation.
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Wants are things that you could live without but that help you to live more _____.
Some examples of wants are: travel, gym memberships, dining out, entertainment, electronics, new clothing, home purchases, and streaming accounts.
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Wants aren't unimportant or bad... they may provide benefits such as helping us keep in touch with others or maintain a _____ on life.
Wants aren't unimportant, they just aren't essential to our survival.
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One way to determine if something is a want or a need is to consider the ________.
eg. a new computer could be a need if you need it for work; if you just want it to play games and surf the internet, then it's probably a want.
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Another way to tell if something is a need or a want comes down to choosing between _______.
eg. having a mobile phone to communicate with family and friends, make appointments, etc. could be considered a need. However, choosing the newest smartphone over the basic model cell phone would push it into the category of a want.
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Saving for retirement or an emergency or to pay off debts can be seen as an investment into paying for your ______.
It's easy to see saving money as an extra expense that isn't required for your immediate survival like food and shelter, and especially when money is tight, it's easy to put off saving for another time. But saving money should be considered to be a need.
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Paying interest on money you've borrowed is a _______ on your finances and can affect your ability to pay for your needs down the road.
While paying off your debt as quickly as possible doesn't seem urgent or necessary for your survival, it does affect your long-term overall quality of life and well being. Paying off debt should be considered a need.
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When making your budget, be sure to budget for your needs first. Then you can go through and ______ your wants and begin to budget your money for the wants that are important to you.
Remember, it's not bad to have wants. But you will need to look at them closely and make some choices. Which ones can you afford and which ones are unaffordable? Which are most important to you and which are less important?
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A popular budgeting concept is called the 50/30/20 ______.
It states that you should budget 50% of your income for your needs, 30% of your income for your wants and 20% of your income for savings and debt repayment.
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Creating a budget is easy but _______ can be much harder.
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If you're going to stick to your budget, it's very important that your budget is ______.
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When making your budget, make sure you have _______ you earn to something even if it's to savings or paying down debt.
This will encourage you to build savings into your budget and stick to that plan. It also means you don't have a buffer zone that will feel like extra money and encourage you to spend more than your budget in some areas.
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You should do this regularly to ensure your budget is realistic.
If you don't know what you're spending, you can't tell if you're on budget or not.
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Use pre-authorized debits and scheduled or ______ to help you stick to your budget.
If you have your monthly bills set up as automatic withdrawals from your account, you won't be tempted to spend that money on something else.
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One of the easiest ways for money to leak out of our wallets is with fees and _____.
Think critically about which of these you actually use and cut out the ones that are just draining your funds without providing a reasonable amount of value for your money.
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Electronic methods of payment are easy and convenient to use but they can also give the _____ that you're not really spending money.
If this is something you struggle with, try paying for things with cash whenever possible.
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Grocery shopping is one area that lends itself to the many perils of _____.
IPlan your meals ahead of time and stick to a list when you grocery shop. If sticking to a list when you're in the store is difficult for you, consider doing your grocery shopping online.
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When you shop, it is also a good idea to ______.
Often it costs a considerable amount more to get a brand name item over a generic brand item and often they are exactly the same.
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Try not to jump into ______.
Take some time to sleep on it and think it over. Be sure this purchase will not cause you unnecessary financial stress.
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Keep _____ limits low.
If you can keep a lower limit and pay it off regularly, you will be able to build your credit and pay for purchases with little to no interest.
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Don't spend money you don't have. The reality is that _____.
If you can wait a little while and save up for something rather than buy it on credit and pay it off over time, you can potentially save a lot of money in the long run.
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Another trick to change how you think about spending is to connect your _____.
Do the math and determine how much time you have to work to be able to afford an item you want to buy. Is that amount of work worth the value you will get for this item?
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Consider using some _____ to help you stick to your budget.
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Try an _______ to keep you motivated, encourage you, give you advice and help you stick to your budget.
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If you're a competitive person, you may find it helpful to try a _____.
This can be helpful, not only to curb your spending during the set time frame, but it can also help to re-wire your mindset about your spending habits.
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Sometimes a little _____ will help you stick to your budget.
Promise yourself a small reward when you successfully stick to your budget to help motivate you to stay on track.
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The first step in creating a budget is to figure out your _____.
To start your budget, it's important to know exactly how much money you have coming in each month after all the income deductions are taken off.
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The second step in creating a budget is to figure out your _____.
Start by going through your monthly credit card and bank statements and write down each item in a category that makes sense to you (eg. entertainment, utilities, rent, dining out, etc.)
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The third step in creating a budget is to _____ between your income and your expenses.
This will let you know if you are over-spending or how much you have left over to put into savings, use to pay off debt or spend on a want.
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Once you figure out how you have been spending your money and how you would like to spend your money, make a _____ of tracking your spending each month.
This will give you a good idea of whether you are sticking to your budget or not and whether there are any areas of your budget that you need to adjust.
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Once you've done the initial set up for your budget, you may identify some _____ you'd like to work on.
Maybe you want to save money for a vacation or a special item you've been wanting for a long time, or maybe you want to pay off your debt by a certain date.
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A budget that is made and then ______ is not effective.
It's important that you re-evaluate your budget regularly. As you move through life your income will change and so will your expenses. You will need to take a look at your budget and adjust it.
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Making a budget doesn't have to be difficult and there are a lot of online ______ you can use.
You can find these on the Government of Canada website, in your app store and your financial institution may offer some too.
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This card looks and acts a lot like a credit card except for the fact that it doesn't access any credit.
You pre-load money onto the card and then use the card to spend that money in stores, online or over the phone.
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Some prepaid credit cards allow you to _____ the card as many times as you like until it expires.
But not all will allow this so be sure you understand the terms and conditions of the card before you sign up for a prepaid credit card.
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You may need to pay fees for _______ your prepaid credit card, making purchases, checking your balance, withdrawing money from an ATM or replacing your card.
Once again, it's important that you understand the terms and conditions of the card before you sign up for a prepaid credit card.
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Prepaid credit cards are available through many financial institutions, retailers and even _____.
Do your homework and make sure you get a prepaid credit card that suits your needs.
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This kind of card is a debit card that is also connected to a credit card company.
These cards differ from a credit card in that they are not connected to any credit so your activity will not show on your credit report.
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While a credit debit card functions like a debit card, they do provide the added benefit of allowing you to use your credit debit card in situations where you can use the ______ company's credit cards.
So you may be able to use it when shopping online, to pay for recurring payments like subscription services and even to make hotel reservations at participating locations.
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A credit debit card is also accepted at _______ participating retailers, usually wherever the company's credit cards are accepted.
When you travel or shop online on sites outside of Canada, you can still use your credit debit card wherever the associated credit card company's cards are accepted.
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Credit-related cards don't actually access any credit and so they won't help you _____ your credit score.
But they can still be useful in some situations whether you use them in place of a credit card or as a supplementary card in addition to your credit card.
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A credit card is a card that gives you access to a _____ line of credit.
Your credit limit is the maximum amount that you can spend and as you pay down the balance on your card, you receive access to that credit again.
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Credit cards allow you to _____ so you don't need to wait to purchase items you need.
The trick to this is being sure you use your credit card responsibly.
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Credit cards are also _____.
You don't have to worry about taking out cash and carrying it with you. You can easily use a credit card to make purchases online or almost anywhere you go in Canada and internationally.
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Credit cards are a reliable form of _____.
Your credit card statement will show your credit card spending for the past month. This can be very helpful in budgeting and also in checking to ensure no fraudulent transactions have been made.
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Credit cards are _____.
You can use a credit card in places and situations that you can't use cash or debit cards such as making online purchases, booking hotel rooms and making international purchases online or when traveling.
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Credit cards are secure and they provide purchase protection. They have a ______.
This means that if a your card is lost or stolen or someone uses it to make unauthorized purchases, you will be reimbursed for those purchases.
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Credit cards are allow for ______.
But keep in mind that these may have a higher interest rate and are not usually included in your credit card's grace period so you will begin paying interest on that money immediately.
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Credit cards also come with some ______.
These often come in the form of a rewards system for using your card, such as points or cash back. They may also come in the form of free insurance for travel or purchase protection.
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Credit cards, when used responsibly, can help you build a _____.
When you use your credit card and pay it off on time, that will show on your credit report and will help you build a good credit score.
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Credit cards don't really have any inherent disadvantages. The disadvantages come from poor credit card _____.
If you don't use your card wisely, you may pay a lot of extra money in interest charges and fees. They cost money and their convenience may lead to overspending.
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Credit cards have many effective security features but _____ still target credit cards.
This means that you should be diligent to check your credit card statement regularly to be sure it doesn't contain any fraudulent transactions. If you find some, report them immediately.
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There are a variety of different credit card options so it can be hard to choose one. Start by considering the _____ for the different card options.
It's important that you choose a card you can afford. You should also be sure you are aware of any other fees associated with the card you choose.
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Most financial institutions offer a wide variety of credit cards for you to choose from and they each have their own ______.
Choose the card that will suit you and your lifestyle best.
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Many _____ and companies offer their own credit card that allows you to capitalize on rewards for shopping at their locations.
These are usually fairly easy to get but be sure your understand all the terms and conditions of the card and that you shop at that location enough to make the annual fee worth it.
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You will also need to consider how much of a _____ you will need.
You don't want one so high that you will be tempted to overspend but you also don't want it to be so low that you can't make the purchases you need to make.
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You need to have a high enough credit limit that you can make the purchases you need to and still keep your _______ rate low enough that it doesn't negatively affect your credit score.
It is recommended that you try to keep this rate below 30% of your available credit.
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This is the amount of time during which you won't be charged interest on your credit card purchases.
This is generally the time frame between the last day of your monthly billing cycle and the payment due date.
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This is the amount of money you need to pay on your credit card balance in order to keep your credit card account in good standing.
It is usually a very low percentage of the amount of money you've spent and it is highly recommended that you pay more than this amount.
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It can be tempting to think of a credit card as free money or an _____ of borrowed money.
Don't spend money you don't have. Credit cards are far from free and using that credit comes with a cost. You still have to pay back everything you you spent as well as the interest if you carry a balance on your card.
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Try to pay off your _____ in full every month.
It's best to only spend what you can afford so you can avoid late payment fees and interest charges.
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If you miss a payment, you may be charged a late payment fee and will begin to accrue interest charges on the balance you're carrying on your card which can make your credit card costs _____ quickly.
Always make your payments on time. This will also affect your credit score which can affect you in significant ways if you ever need to borrow money.
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If you don't qualify for a credit card and need help improving your credit score, talk to someone at your financial institution or to a reputable credit _____.
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This is a collection of financial information about you that shows how you handle your money and your debt.
This is kind of like your financial report card.
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The information for your credit history is gathered by credit _____ from financial institutions, retailers and lenders.
eg. Equifax and TransUnion
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Your credit history gives lenders the _____they need to determine your creditworthiness.
In essence, this helps lenders determine whether they can lend you money and expect you to repay it. Because of this your credit history impacts your credit future.
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A bad credit history can impact your ability to ______ or get a credit card.
IIt can also affect your ability to purchase some services such as signing up for with a cell phone or internet provider and may even affect your ability to qualify for some jobs or rent a home.
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If you have a good credit history, you will be more likely to _____ for a higher loan amount or may be able to get a lower interest rate when you do borrow money.
It can also allow you to pay lower premiums on your insurance, cellphone and internet service providers will look to see if you're a good customer and potential landlords will also look to see if they can rely on you to pay your rent on time.
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When you borrow money or apply for credit for the first time, your _____ will be created.
Financial Institutions, retailers and lenders will send information about your credit accounts to the credit bureaus and as this happens, your credit history will be summarized here.
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Your credit report will contain a list of all the inquiries you or others have made. These are called:
These are done for a variety of reasons by a number of different people. Car dealers, cell phone providers, landlords, credit card companies, financial institutions and even potential employers will look at your credit report.
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Your credit report will contain things such as any ______ funds (NSF) payments you've made or any bad cheques you've written.
It will also show any bank accounts closed due to money owing or fraud, any credit you use, any bankruptcy or court decisions against you that relate to your credit, inquiries from lenders who have requested your credit report in the last 3 years.
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You should check your credit report ______.
It's free to get your credit report once a year but you will have to pay a fee if you want to see your credit score. Carefully, check it for any errors and report them immediately to the credit bureaus and contact your financial institution.
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This is a 3-digit number that is created using the information from your credit report.
In general, you get more points if you use credit responsibly and lose points if you don't manage your credit well.
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Your credit score is determined by many factors. The first factor is your
Be sure you pay your debts on time and absolutely avoid having your accounts sent to a collection agency, as that will seriously affect your credit score.
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Your credit score is determined by many factors. The second factor is your used credit in relation to your _____ credit.
Ideally, you should use your credit and pay it down to zero each month.
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Your credit score is determined by many factors. The third factor is your credit _____.
It looks at how many credit accounts you have and how long they've been in existence. It's good to have at least 2 kinds of credit that you've had for at least 2 years.
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Your credit score is determined by many factors. The fourth factor is your _____.
This includes any prior history of bankruptcy, consumer proposals, or collections that will make you a risky borrower.
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Your credit score is determined by many factors. The fifth factor is the number of _____ on your credit report.
A soft check is done when you are not applying for credit and a hard check is done when you are applying for credit.
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The ______ you have a credit account, the better it is for your score.
Be careful when transferring an older account to a new one as credit bureaus consider the new account as new credit which could lower your score.
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Always make your payments on time and make at least the _____ payment if you can't pay the full amount that you owe.
Don't skip a payment, even if a bill is in dispute. Pay the bill first and then dispute with the creditor. If your bill goes into collection, it could negatively affect your credit score.
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Don't go over your ______.
Try to use less than 30% of your available credit. It is better to have a higher amount of available credit and use less of it each month than to use a lot of your available credit and pay it off on time each month.
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Try to keep your credit ______ and credit checks to a minimum.
Be careful when shopping around for things such as a credit card, a new car or a mortgage as each quote will likely involve a credit check and too many credit checks will negatively impact your credit score.
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Try to ______ your credit.
Your credit score may be lower if you only have one type of credit product, such as a credit card. If you have a mix of different types of credit (such as a credit card, a loan and a line of credit) it may improve your credit score.
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While you should be careful with all kinds of credit, some types of credit are a little _____ or come with some potential pitfalls that can cause more harm than good.
Some types of credit to handle cautiously are: store credit cards, lease-to-own credit, buy now and pay later purchases and event though they aren't a credit product, be careful with cell phone contracts.
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A credit _____ will help you come up for a plan for managing your debt and bills if you find you are overwhelmed with your debt.
Go to one of these people if your financial institution is not able to help you. Be sure you know what services they offer and what they charge. Ask about their qualifications and experience.
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This is a formal, legally binding process in which you offer to pay creditors a percentage of what is owed them, or extend the time you have to pay off your debts or both.
Filing one of these is serious and it does damage your credit rating but it's not as damaging as filing for bankruptcy.
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If you are considering bankruptcy, you should consult with a _____ in bankruptcy who can assess your financial situation and explain your options.
When you declare bankruptcy, you will be declared in law, as unable to pay your debts. This should always be a last resort. It will negatively impact your credit rating for 6-7 years.
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This kind of loan allows you to borrow money up to a pre-determined maximum amount.
It is revolving credit that allows you to borrow money as you need it. Once you repay the money, you can borrow it again, if you need it.
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This kind of loan allows you to borrow a set amount of money and pay it back over a pre-determined term.
These are typically used to purchase something specific such as a car or furniture or to do home renovations.
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This kind of loan allows you to purchase real estate.
This applies whether you are purchasing the home as your primary residence or as a rental property.
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This kind of loan allows you to borrow money to pay for post-secondary education.
Many students get this kind of loan from the federal or provincial goverment. It is also common to get them from a financial institution.
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This kind of loan is a short-term loan with high fees. They are usually for smaller amounts and must be repaid in a short time frame once you are paid.
These are a little different from other loans in that you don't need to pass a credit check or qualify for the loan. You will pay a flat fee rather than interest if you repay your loan on time.
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This kind of loan allows you to borrow money to pay for post-secondary education.
Many students get this kind of loan from the federal or provincial goverment. It is also common to get them from a financial institution.
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This kind of loan is a short-term, secured loan where you use some item of value as collateral to guarantee the loan.
The collateral may be a piece of jewelry, an appliance or cell phone, etc.
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This kind of loan is a short-term loan where you use your car (or another type of registered vehicle) as a guarantee that you'll pay back the money you borrow.
Generally offered by alternative lenders (not banks or credit unions). They typically have high interest rates and fees.
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This kind of loan allows you to purchase a product or service and only pay a portion of the amount up front. You then pay off your purchase in a set number of installment payments over a set period of time.
These loans are an agreement between you and the retailer of the product and service and the financial service provider who is financing the loan.
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Most of us need to borrow money at some point during our lives. The key is to ensure that you _____ from the advantages and keep the disadvantages to a minimum.
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Do a category for all the lessons in the course
clue
Use this text to provide information about the word to guess. (Genially)
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What do cats do...
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Take a moment to think about it and whenever you want...
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