stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Year 11 Flashcards | StudBud
Explore
/
Financial Literacy Year 11
Financial Literacy Year 11
23 terms
·
StudBud Administration
·
66 plays
Imported from external platform
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
Taxes are collected by the
Government
Homeless
Children
Parents
2
You can build wealth by doing the following:
Spend Less
Ask
Buy More
Spend More
3
Savings = _______________ - _______________
Expenses - Income
Income - Profit
Income - Expenses
All the money left
4
What is the current GST Rate in NZ?
12.5%
15%
10%
17.5%
5
What are the things you don't need for survival, but you want to have if you can buy them?
Credit
Needs
Wants
Income
6
What is a bank account where you put money to save, and earn interest on?
Income
Interest
Savings
Withdrawal
7
If you had a savings account at a bank, which is correct about the interest earned?
GST tax may be charged on the interest that you earn
You cannot earn interest until you pass your 18th birthday
Tax may be charged on interest if your income is high enough
Earnings from savings account interest may not be taxed
8
When you are given money or products without paying, this is called -
Credit
Seven
Cost
Justice
9
If you have caused an accident, which type of car insurance would cover damage to your own car?
Liability
Comprehensive
Third Party
All of the above
10
What type of good can be repossessed? (eg; taken back)
House
Car
Canned Beans
Clothing
11
How much more money could you earn with a 4-year uni. degree compared with Level 3 NCEA (Y13)?
No more; I would make about the same either way.
A little more; about 20% more.
A lot more; about 70% more.
About 10 times as much.
12
Which of the following is not typically associated with borrowing?
Credit Card
Debit Card
Mortgage
Vehicle Loan
13
Same credit card terms: Who will pay the GREATEST dollar amount in finance charges per year?
Megan, whopays the minimum amount each month plus 10%.
Vera, who always pays off her credit card in full.
Jessica, who only pays the minimum amount each month.
Erin, who pays it in full 1 month but the minimum odd months
14
What does the acronym GST stand for?
Good Savoury Tart
Government Sharing Tool
German Strawberry Tax
Goods and Services Tax
15
Which of the following instruments is NOT typically associated with spending?
Debit Card
Credit Card
Certificate of Deposit
Cash
16
What is responsible financial management?
Making the best choices with your limited funds
Never borrowing money
Never spending money
Having an escape plan
17
What is the stuff called that you owe?
Liabilities
Assets
Tacos
Stuff
18
Which of the following credit cards makes sense for a person that pays his balance every month?
acredit card that offers 1% cashback rewards on purchases
None of the above
acredit card with 0% interest rate for the first six months
acredit card with a 5% fixed interest rate
19
What is the amount of money a person earns or is given?
Deposit
Income
Credit
Bank
20
What is the stuff that you own called?
Mine
Ketchup
Assets
Liabilities
21
What is the name of a plan of your future income and spending called?
Budget
Profit
Cashflow Statement
Deposit
22
If these people had the same take home pay,who would need the most life insurance cover?
A youngsingle woman with two young children.
An elderly retired man, with a wife who is also retired.
A young single woman without children.
A young married man without children.
23
The annual interest you would earn on a saving account from a bank:
is typically less than 8%
generates income that is never taxed
is typically more than 8%
may vary from month to month and might be a negative number
