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What do you already know about consumer and financial literacy? Flashcards | StudBud
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What do you already know about consumer and financial literacy?
What do you already know about consumer and financial literacy?
40 terms
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StudBud Administration
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210 plays
Banking, work, mortgages, tax and other money related topics in simple terms.
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What is a mortgage?
a small loan
A large loan used to buy a house/apartment/land
A name of a person
a type of car
2
What is the benefit of using a debit card instead of a credit card?
you can only use your own money so you won't rack up debt
if your card is stolen they can't use it over and over
no benefits
3
How many weeks
of holidays does full time employee receive every year? (on average)
3
1
4
2
4
Why do we pay tax?
so the prime minister can get rich
because the government are greedy
so the government can pay for services for the country
for no reason
5
Does everyone pay tax in Australia if they earn an income?
no
yes
6
What is the main way we can earn money?
by working
by stealing it
by finding it under the couch
from mum and dad
7
How do we access our money we store in the bank?
through internet banking
using bank cards
at an atm
we cannot access our money in bank
8
What is the
average
house price in Australia?
$300,000
$400,000
$550,000
$350,000
9
What is a negative about taking out a loan?
its only a positive thing
its easy to pay back
nothing!
you will need to pay INTEREST ontop of your loan repayments
10
Where can we safely store
large
amounts of money?
under my bed
my pocket
under my pillow
in a bank
11
True or False
- Banks make profit by borrowing you
money
and charging you
interest
on the
loan
true
false
12
What is paypass?
a game
I am not sure
an instant way of paying for items using a card or phone
similar to paypal
13
What is a personal loan?
free money
a small personal loan from the bank
a huge loan to buy a house
I dont know
14
What is the average wage in Australia for a full time worker? (2015)
$50,000
$60,000
$40,000
$70,000
15
What is an EFTPOS card/bank card?
a card we use at an atm to get money out
a birthday card
a card we use to pay for items at the shops
a card we use in poker
16
When does a “financial year” start and end?
June to July
January to December
July 21st to June 29
July 1st to June 30 (in the next year)
17
What is part time work?
fixed work hours of atleast 10 hours a week
casual hours
18
How many hours in a full time work week?
20
50
30
38
19
What is
debt?
not owing money
a car
a sum of money that is owed or due
the state of owing money.
20
What is the purpose of a bank?
to safely store your money
superannuations, insurances and investments
to help you buy a house
to give out loans
21
How long can you take out a mortgage for?
40 years
30 years
1 year
100 years
22
What is a tax file number?
a random number
a number the ATO uses to record the tax you pay
23
Where can we safely store small amounts of money?
wallet in your pocket
in an unlocked locker
a safe at home
loose in a pocket
24
This Quiz will teach us some real life knowledge about everything money! Are you ready?
I was born ready
nope
yes!
25
What is a debit card?
a normal bank card
a safe way to shop online
a card you buy things with borrowed money
a card you can use to buy items using YOUR OWN money
26
How many weeks
of holidays does a
high school student
receive every year?
12
2
4
6
27
What is a credit card?
a card you can use to buy items using YOUR OWN MONEY
a card you can use to buy items using BORROWED MONEY
a poker card
a normal bank card
28
What is INTEREST you pay on a loan?
extra money you pay back to the bank so they can make profit
im not sure
29
What is a financial year?
a year recognised for taxing or accounting purposes
a good year
a normal year
a bad year
30
What can you use a personal loan for?
a car
anything really
a fridge
a boat
31
What is a mortgage?
A large loan to buy a house
A large loan over 30 years with lower interest
a small loan
32
What is a salary?
a fixed regular payment
I don't know
free money
random pay
33
How many hours a week do you go to school for?
35
50
2
20
34
Can you name a big bank in Australia?
NAB
Nando's
ANZ
Commonwealth
35
What is casual work?
any hours of work any time
flexible work hours
fixed work hours
36
What is
tax?
money paid to the government from earnings
money stolen from your salary
money paid to the prime minister
I don't know
37
What organization is in charge of tax in Australia?
the BFG
the ATO
ANZ
the BTO
38
What is the interest rate in Australia now? (2022)
10%
0%
4%
2.35%
39
What would be the weekly
minimum repayments
on an average house
mortgage
in Australia?
$2000 a week
$650 a week
$500 a week
$1000 a week
40
What is the danger of using a credit card?
you will pay INTEREST on borrowed money
people can steal your card details and buy things
no dangers
completely safe
