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How can you build your credit score in Canada?
Pay your bills on time, take out loans (and pay them back)
Give an example of a 'reward' you might get for using your credit card.
Various answers. Cash-back, travel rewards, merchandise (products), etc
If you owe a lot of money to the bank, you are in ________.
in debt
What is the past tense of the verb 'lend'?
lent
What is collateral?
An asset that a lender (bank) accepts as security that you will pay back a loan.
What is an asset?
something you have that is valuable
What is a synonym for installment?
payment
What is it called when you borrow money from a bank or a friend?
Loan
In regards to bank accounts and credit cards, explain what a balance is.
Balance = the total amount you have in an account, or the total amount you owe on a credit card
When you use a credit card, are you using money that you have? Or money that you are borrowing?
Borrowing
What is the difference between retail and wholesale?
Retail = sales to individual customers, Wholesale = sales in bigger quantities, usually to businesses
If something is 'booming', it is ______.
doing very well, successful, popular
Is a refrigerator an example of a want or a need?
Need
What type of bank account is most commonly used for everyday transactions?
Checking account
What is a mortgage?
A loan used to buy a house or property
When you choose to buy something at the expense of buying something else, it is called an _______ cost
Opportunity
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