Financial Literacy Final Review PDF
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Uploaded by ProperHeliotrope7383
Harvard Junior High
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Summary
This document is a financial literacy review, covering topics like needs vs. wants, economics, financial systems, and sensitive information. The document appears to be a set of review notes or practice questions organized by unit.
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**Unit 1(98% done)** ==================== **We are afraid to talk about money. Here is how to break a taboo! (just review no memorize)** ============================================================================================== **How to start talking about money:** - - - - - **7 S...
**Unit 1(98% done)** ==================== **We are afraid to talk about money. Here is how to break a taboo! (just review no memorize)** ============================================================================================== **How to start talking about money:** - - - - - **7 Steps To Getting Better At Talking Abt Money: (just review)** 1. 2. 3. 4. 5. 6. 7. **Money stories and what they are? (memorize it)** - - **4 Things That Affect Your Money Story As A Child (read over)** - - - - **Needs Vs Wants (read over)** **Trade-off** is when you must decide between fulfilling a need or a want based on available resources. - - **6 step decision making process(explain then done) (MEMORIZE)** 1. 2. 3. 4. 5. 6. **Economics: (read over)** **What is economics:** The study of production, consumption, transfer of wealth, and money, and how humans use it. **Scarcity:** when there is limited resources, and limited supply. (The more scare = more valuable) **Demand:** how much of something is desired by buyers at different prices. **Supply:** How much of a good or service is offered/made/produced. **Economic Systems:** 1. 2. 3. 4. **Opportunity Cost:** Choosing 1 option or another based on what you want to give up. **Complementary:** The extras that come with purchase **Substitutes:** Things that replace your purchase **Demand law:** higher price of good, less ppl will demand that good **Supply Law:** Price increases quantity increases, Price decreases quantity decreases. **Unit 2 ( 30% done) (memorize)** **Sensitive information Section** **Types of sensitive information** - - - - - - - - - - - - - - - - **Documents that contain Sensitive Information** - - - - - - - - - - - - - - - - - - - - **Purpose of SIN \#** - - - - - - **What To Do When Sensitive Information Comprimised** - **Confidentaility:** **Unit 3(0% done need to start soon) (memorize)** - **Unit 4 (99% done, info to 3Cs) (Memorize)** **Definitions:** 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. **Important Information** ------------------------- **5 Tips for maintaining good credit:** 1. 2. 3. 4. 5. **5 Signs that you may be in debt trouble:** 1. 2. 3. 4. 5. **5 Solutions if u have debt problem:** 1. 2. 3. 4. 5. **3 C's** - - - **Unit 5 (80% done needs fixing/edits) (memorize)** **What is income tax:** **Income tax** is a form of taxation imposed by governments on individuals earning income. - - - - **How do they tax you:** They tax you based on your income and they divide them into **Tax Brackets**: - - - - - - - - - - - - - **Benefits Of filing tax return** - - - - **What is Gst and Pst** - - - **What is a TD1 form** - - - - - - - **What\'s on the T4 slip?** - - - - - - **To do your taxes you need.** - - - - - - - **Different ways to do taxes.** - - - - - - - - - **Important Dates** - - - - - - - - **The 6 steps explained.** **1.Step 1** Identification and other info. **2.Step 2** Total income- report all income from all sources **3.Step 3** total Income - minus deductions = Net income (how much \$ after certain deductions) **4.Step 4** Taxable income. = Net income - deductions. (after deductions from net income to see how much \$ is taxable) **5.Step 5** Federal tax. Taxable income x federal tax rate - federal non refundable tax cred = fed tax also provincial tax as well **6.Step 6** Refund or balance owing. Total payable - total credits = refund balance/owing Submit your report to the CRA **Notice of assessment:** **Notice of Assessment:** Is an official statement from a tax authority (like the IRS or CRA). - - - - - **Unit 6 (Not done as she\'s still teaching)**