Business Lvl 1

Question 1

budget

Answer 1

plan for making and spending money

Question 2

income

Answer 2

money received, especially on a regular basis, for work or through investments.

Question 3

expense

Answer 3

cost required for something; the money spent on something

Question 4

savings

Answer 4

portion of income kept on consumption

Question 5

financial literacy

Answer 5

knowledge and skillset needed to be an informed consumer and manage finances effectively

Question 6

gross income

Answer 6

total amount of income from wages before any payroll deductions

Question 7

net income

Answer 7

one take home pay after taxes and deductions

Question 8

pay stub

Answer 8

piece of paper attached to a pay check showing what’s earned and what deduction is taken

Question 9

Canadian Pension Plan (CPP)

Answer 9

Canadian government system in which you pay a percentage of your earnings to a fund providing income when one retire

Question 10

Employment Insurance (EI)

Answer 10

government program partially protects unemployed worker’ income

Question 11

Canadian Revenue Agency (CRA)

Answer 11

government agency dealing with personal and business tax and collects tax information and processes tax returns

Question 12

Harmonized Sales Tax (HST)

Answer 12

paid on most goods and services, but isn’t applied to basic groceries, drug prescriptions, transporation

Question 13

Statement of Remuneration Paid or T4

Answer 13

information revealing how much money one earned a year and how mcuh was withheld and remitted to the Canada Revenu Agency on the person’s behalf

Question 14

interest

Answer 14

monetary charge for borrowing money, mostly a percentage, like annual percentage rates (APRs). It can be earned by lenders for using their funds/paid by borrowers for the use of the funds

Question 15

chequing account

Answer 15

account serving mainly as medium exchange, paying little/no interest