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Wrap up Financial Literacy Quiz Flashcards | StudBud
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Wrap up Financial Literacy Quiz
What will not help you with impulse buying?
What is a flatmate?
Wrap up Financial Literacy Quiz
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Answers
1
What is a flatmate?
A person who shares a house with others, typically renting a room
A person who owns the apartment and rents it out to others
A person who lives next door to the apartment
A person who manages the apartment building for the owner
2
What will not help you with impulse buying?
Asking yourself if it is a need or a want
Telling yourself you deserve it
Walking away and going back tomorrow
Checking out other shops online
3
What is the definition of gross pay?
The amount an employer pays for employee benefits
The amount of money an employee takes home after deductions
The total amount of money an employee contributes to kiwisaver
The total salary an employee earns before any deductions
4
What is rent?
A payment made to the government for property ownership
A tax paid by property owners
A regular fee paid to a landlord for the use of their property
The price paid to purchase a property
5
What is Financial Identity?
your beliefs, knowledge and behaviour about money
All of the above
the choices you make about saving and spending
the things you learn from your family and community
6
What is a landlord?
A person who rents property from someone else
A company that manages rental properties
A person who provides financial loans for property purchases
A person who owns property and rents it out to others
7
What is not an example of a deduction?
Kiwisaver Payments
Income Tax
Bonus
Student Loan Payments
8
What is not a benefit of having a bank account?
Access to loans and credit
The ability to avoid paying any fees
Safe storage of money
Earning interest on savings
9
A budget includes analysing both your income and your expenses
False
True
10
Financial goals can be short, medium and long-term
False
True
11
Creating a financial plan does not include
Spending aimlessly
Creating a budget
Putting the plan into action
Setting financial goals
12
Which of these is typically used for everyday transactions in New Zealand?
Current Account
Loan Account
Term Deposit Account
Joint Account
13
Which of the following is an example of a "want" rather than a "need"?
A designer handbag
A car for commuting to work
A warm winter coat for protection against cold weather
A basic mobile phone for emergency use
14
What is the definition of net pay?
The amount an employer pays for employee benefits
The amount of money an employee receives in bonuses or overtime pay
The total amount of money an employee earns before any deductions
The amount of money an employee takes home after deductions
15
What is the most common way people get paid for work?
Bonuses
Wage and Salary
Self employed income
Commissions
16
Simple interest is....
paid only at the end of the loan term
calculated on the total amount, including both principal and interest
calculated on the initial amount of money only
added to the principal amount regularly
17
Compound interest is...
calculated on the new total (principal + interest)
paid at regular intervals but not added to the principal
calculated on the initial amount of money borrowed
charged on loans but not on savings
18
You need these three things to create a budget (your spending, savings and income)
False
True
19
Expenses can only be analysed monthly?
False
True
20
What is a tenant?
A person responsible for maintaining the property they rent
A person who owns property and rents it out to others
Person who rents a property
A company that manages real estate properties
21
What is the tenancy tribunal?
Organisation where landlords and tenants can resolve problems
A place that decides rental prices
A place where you register your rental property
A place where you buy rental properties
22
This is a major bank in NZ
ANZ
All of the above
Westpac
BNZ
23
What is one benefit of flatting?
You can live alone without sharing space
You get to share living costs with others, making it more affordable
You have more privacy than renting a house
You don’t need to sign a lease agreement
