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Money Week 2021 Quiz Flashcards | StudBud
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Money Week 2021 Quiz
Money Week 2021 Quiz
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Questions
35
Answers
1
Which of the following would not be included in a budget?
Your income
Insurance
The value of your car
Groceries
2
An interest-only mortgage will help you pay off your mortgage earlier
True
False
3
You're eligible for fees free in your first year of university, if...
You have done less than half a year of tertiary study
Both of the above
You're a New Zealander
4
People who are self-employed or not working can't join or belong to a KiwiSaver scheme
True
False
5
Who is New Zealand's Minister of Finance?
Megan Woods
Andrew Little
Chris Hipkins
Grant Robertson
6
Why is having emergency savings important?
To get a job
To help when unexpected life events happen
To earn compound interest
To grow your KiwiSaver account
7
In NZ, is there an age where it is compulsory to retire?
No
Yes, at 90
Yes, at 65
Yes, at 70
8
Which fund management style involves tracking a market-weighted index or portfolio?
Assertive
Agressive
Passive
Active
9
What colour is the NZ $50 note?
Blue
Green
Red
Purple
10
What is the minimum amount an employer contributes to an employee’s KiwiSaver?
4%
1%
10%
3%
11
If interest rates rise bond prices fall
True
False
12
What is the rate of GST in New Zealand?
15%
17%
10%
12%
13
When were 5c coins phased out?
2009
2010
2000
2006
14
What’s it called when prices go up and the same amount of money buys less?
Deflation
Inflation
Interest
Demand
15
What are bonds?
A loan to an international institution
A loan to a government or company
A loan to an investment fund
16
An investment with a higher than average return is likely to also have higher than average risk
False
True
17
Which of the following is an example of good debt?
Credit card debt
A mortgage
A car loan
Hire Purchase
18
Who holds your KiwiSaver money?
Your employer
The government
Private KiwiSaver companies
The individual
19
All New Zealanders living in the country (or with residency) under 65 can join KiwiSaver
False
True
20
How much per week is NZ Super for an individual living alone as of 1 April 2021?
$437
$411
$397
$511
21
You have $120 in your bank account and your interest rate is 1% p.a. How much interest will you get p.a.?
$0.12
$1.20
$12
$121
22
What is the Māori word for money?
Mana
Moni
Mahi
Mahia
23
When should you start financially preparing for retirement?
When you are 18
When you are 30
As soon as possible
When you are 65
24
KiwiSaver is compulsory for all working kiwis
True
False
25
What time period is covered by the expression ‘per annum’?
1 year
5 years
1 month
10 years
26
What’s your income called before paying taxes and deductions?
Gross
Full
Inherited
Net
27
People can choose their own KiwiSaver provider
False
True
28
In 2008 film Mamma Mia, the musical, who sang “Money, Money, Money”?
Christine Baranski
Meryl Steep
Nicole Kidman
Julie Walters
29
What does FIRE stand for?
Financial Income, Residual Earnings
Fixed Independent Rate Excess
Financial Independence, Retire Early
30
What is the current minimum wage in NZ?
$18.90
$21.90
$20.00
$19.00
31
You lend $25 to a friend and the next day they give you the $25 back. How much interest have they paid on this loan?
10%
0%
100%
1%
32
The way to avoid paying interest on your credit card is to...
Pay it off in full every month
Don't look at the bill
To pay what the minimum payment is
Pay it off in full every year
33
What is earning interest on interest called?
Cumulative interest
Collective interest
Snowballing interest
Compounding Interest
34
How many years is 36 months interest free?
6
4
2
3
35
If someone ‘diversifies’ their investments they will reduce the risk of losing all their money
False
True
