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Financial Literacy Quiz Flashcards | StudBud
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Financial Literacy Quiz
Financial Literacy Quiz
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Personal Finances Knowledge Test
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
A birth certificate is one form of ID you can use to open a bank account.
False
True
2
Money saved in a special fund for retirement is known as
Superannuation
Wages
Credit
Savings
3
The tax-free threshold is
$18200
$18000
$6200
$6000
4
What is gross pay?
The amount of money earned minus any taxes.
The amount earned before any deductions have been taken out.
Money earned in addition to base salary.
A disgusting amount of money earned.
5
If given the GST exclusive price, you can calculate the GST inclusive price by...
Dividing by 11
Dividing by 10
Multiplying by 1.1
Multiplying by 11
6
An employee who does not provide a TFN will be taxed at what rate?
15%
33%
47%
50%
7
How often must you complete a tax return?
Whenever you feel like it.
Every 2 years
Every year
Every 6 months
8
John is $20 short when balancing the cash register. Can his boss take this from John's wages?
Yes
No
9
Which of these would you NOT find on a fortnightly payslip?
tax file number
deductions
hourly rate
sick leave
10
Which would you NOT expect to get from a transaction account.
Access to online banking
Low fees
A debit card
A cheque book
11
FIxed-term deposit accounts offer higher interest rates than regular transaction accounts.
False
True
12
How much money do Australians lose to scams and fraud every year?
About $50 million
About $850 million
Over $2 billion
About $1.4 billion
13
TFN stands for
Treasury Fund Net
Taxation Fund Number
Tax File Number
Tax Free Number
14
GST in Australia is calculated at?
5%
11%
8%
10%
15
True or False: You must nominate a superannuation fund.
True
False
