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Financial Literacy Quiz Flashcards | StudBud
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Financial Literacy Quiz
Financial Literacy Quiz
26 terms
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A quiz on aspects of the financial literacy topic
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
What is the name of the income when you are paid at an hourly rate?
Commission
Salary
Dividend
Wages
2
A commission is
tax on your income
GST
the cost of an item
a percentage of the sale received by the salesperson
3
An overdraft lets you
Temporarily overspend in an everyday account
Charge someone interest
Pay back a credit card
Pay off a car
4
Why do we pay taxes?
Ensure the rich pay less
Make sure no one is too rich
Redistribute wealth and make society fairer
To pay politicians
5
Tax paid on cigarettes, alcohol and petrol is known as
profit tax
excise tax
personal tax
income tax
6
A credit card lets you
Transfer money to a friend
Spend money overseas
Borrow up to a certain amount and repay with interest
Give to charity
7
Car loans with high interest rates are
Bad debt
Good debt
8
A mortgage is a loan used to buy a car
True
False
9
An assumed advantage of investing in property is
poor security
no cost
high liquidity
high yield
10
Poor liquidity can be a disadvantage of investing in property
False
True
11
Resident Witholding Tax (RWT) is
GST
money given away
paid on petrol
tax on interest from savings
12
Two reasons why someone might earn more in their job are:
Over supply of workers and lack of skills
Bigger business and more workers
Level of education and skill shortages
New business and a new boss
13
Income tax is paid on
money earned
fees
services
profits
14
What are examples of services offered by banks?
Overseas travel and tax
Professional development and employment
Tax evasion and to hide money
Lending, insurance, term deposits and financial advice
15
Regressive tax means:
Pay more if you are rich
Don't have to pay tax
pay the same percentage despite income
Pay nothing if you earn less
16
What is the name of the income when you are paid a set amount each week, fortnight, etc?
Dividend
Salary
Wages
Fee
17
Payments from shares owned is called a dividend
True
False
18
Getting a mortgage to buy a property is:
Bad debt
Good debt
19
People who sell services charge
fees
costs
tax
commissions
20
Progressive tax means the more you earn the higher the amount of tax you pay
False
True
21
Passive income is income you earn without giving your labour for it?
False
True
22
GST is a tax paid on goods and services we buy
True
False
23
Which of the following are examples of what tax is spent on?
Hospitals
All three of these
Welfare system
Roading
24
A reason to save money with a bank is
you receive interest
you have to pay tax
they can loan your money to others
there is no reason to
25
A student loan would be an example of
Good debt
Bad debt
26
Borrowing for a holiday you can't afford is good debt
False
True
