You go to the Xbox shop and pay $79.00 for the items. Were you charged the correct amount?

No, the amount deducted is different to the price stated.

You've got a job and are going to borrow money to buy a car to get to work. What option is best

Bank overdraft at 13.95% interest per annum

You can't find your visa card. What should you do.

Ring the bank and cancel the card

You buy a cheap car for $500.00 for work. What insurance option should you choose?

Third party cover only, my car is not worth the extra cost

You have been paid $100.00 and have these expenses. What do you do?

Pay the food and power costs which are needs that can't wait

What is the difference between a visa debit card and a visa credit card

A visa debit card accesses money in your bank account

You worked on Sunday but the hours are not showing on your payslip. What should you do?

Talk to your boss to advise that your payslip is not correct

What can you do regarding the incorrect charge?

Go back to the shop and ask for a refund for the difference

You bank with Westpac and you receive this email. What should you do?

Call Westpac and talk to them about this email.

Checking your bank statement you see you have been charged overdraft fees and interest. Why?

Because you spent more money than what was in the account

You decided to order some Xbox gear online . Why have you received this invoice?

You owe Xbox $79.00 if you want to purchase the items

You invite friends over to your new flat and one of them damages the carpet. Who is responsible

You and anybody else who is noted on the tenancy agreement

You want to go flatting and see this advert. How much do you have to pay to move in?

$300.00 for one week's rent and two weeks bond

You let your friend drive who is 20 years old and they crash. What is the excess you will pay?

They were unnamed and under 25, you have no insurance cover

When updating your insurance you are asked if you got any tickets. You did. Do you tell them?

Tell them, your insurance can be cancelled if you don't

You move into the flat but your job changes and you can't afford it anymore. What can you do?

Check your tenancy agreement and provide notice as required

After using the phone for a week you find the wifi connection is not working. What will you do?

Take it back to the shop you purchased it from to resolve

How much money was paid into your Kiwisaver account that week?

$5.45 that was deducted plus $5.45 paid in from PaknSave

What is the difference between a eft-pos card and a credit card?

Credit cards access money that you are lending from the bank

You are at a mates place and it is 10.10pm. You are driving home on a restricted licence.

You wont be covered by insurance so don't drive

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Financial Literacy Camp Test 1

25 termsStudBud Administration44 plays

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Questions 25

Answers

1
You go to the Xbox shop and pay $79.00 for the items. Were you charged the correct amount?
No, the amount deducted is different to the price stated.
I must have not understood what the full price was.
Yes, because I paid by eft-pos and they said it was $79.00
I'm not sure, how do you check?
2
You've got a job and are going to borrow money to buy a car to get to work. What option is best
Bank overdraft at 13.95% interest per annum
Credit card at 20.95% interest per annum for a cash advance
Save my bacon loan at 9% interest per month
Personal loan at 17.95% interest per annum
3
You can't find your visa card. What should you do.
Borrow someone elses card until you find yours
Ring the bank and cancel the card
Keep looking, it will turn up eventually
Don't worry about it, you don't need it
4
You buy a cheap car for $500.00 for work. What insurance option should you choose?
I'm a good driver and so don't need insurance
My parents already have insurance so I will just use theirs.
Third party cover only, my car is not worth the extra cost
Comprehensive full cover for if I crash or my car is stolen
5
You have been paid $100.00 and have these expenses. What do you do?
Pay the food and movie costs and hope the power will stay on
Pay the food and power costs which are needs that can't wait
Borrow money so you can pay for everything
Pay the movie and phone top up costs as these are important
6
What is the difference between a visa debit card and a visa credit card
A Visa debit card spends money borrowed from the bank
A visa debit card can't be used for buying things online
A visa debit card accesses money in your bank account
Nothing they are both exactly the same.
7
You worked on Sunday but the hours are not showing on your payslip. What should you do?
Talk to your boss to advise that your payslip is not correct
Do nothing - they saw you at work so you must have been paid
Wait until next week to see if it shows up then.
Quit your job, you are not interested in working for free
8
What can you do regarding the incorrect charge?
Ring the bank as the bank has taken the wrong amount out
Nothing, I must have misunderstood what the full price was
Nothing, it is too late now that I have left the shop.
Go back to the shop and ask for a refund for the difference
9
You bank with Westpac and you receive this email. What should you do?
Forward the email to your friends and ask them what to do.
Click on the link and follow the instructions.
Check that the email looks real and then click on the link.
Call Westpac and talk to them about this email.
10
Checking your bank statement you see you have been charged overdraft fees and interest. Why?
Because you used your eftpos card
Because you spent money online.
Because you used your credit card
Because you spent more money than what was in the account
11
You decided to order some Xbox gear online . Why have you received this invoice?
It is a receipt for buying these items
You owe Xbox $79.00 if you want to purchase the items
It is a brochure telling you what Xbox sells
Xbox owes you $79.00 for selling these items
12
You are looking to buy a new Vodaphone Smart Mini 7. What shop will you buy this from?
The Warehouse
Smiths City
PB Tech
100% Extreme
13
You sign up for an eft-pos card and have set up a PIN for it. How are you going to remember it?
Write it on the back of the eft-pos card.
Tell your family the PIN number so they can remind you.
Write it down on a piece of paper and put it in your wallet.
Memorise it.
14
You invite friends over to your new flat and one of them damages the carpet. Who is responsible
You and anybody else who is noted on the tenancy agreement
No one is, it was an accident
You are, it was your friend who caused the damage
Your friend is, they caused the damage
15
You want to go flatting and see this advert. How much do you have to pay to move in?
Nothing, you only have to pay rent once you live there
$300.00 for one week's rent and two weeks bond
$100.00 for one week's rent
$400.00 for two week's rent and two weeks bond
16
Oh no! You've had a crash. How much excess do you have to pay for your insurance claim?
$500.00
$400.00
$250.00
$900.00
17
You let your friend drive who is 20 years old and they crash. What is the excess you will pay?
$250.00
$400.00
$900.00
They were unnamed and under 25, you have no insurance cover
18
When updating your insurance you are asked if you got any tickets. You did. Do you tell them?
Tell them but lie about how fast you were going
Don't tell them as it was in your old car so doesn't matter
Tell them, your insurance can be cancelled if you don't
Don't tell them, it was ages ago, how will they find out?
19
You've got a job and received your first pay. How much did PaknSave deposit into your account?
$33.00
$181.50
$119.68
$5.45
20
You move into the flat but your job changes and you can't afford it anymore. What can you do?
Move out whenever you want, it is not your house
Stay living there but don't pay your rent
Ask your friend to move in with you and pay your rent
Check your tenancy agreement and provide notice as required
21
After using the phone for a week you find the wifi connection is not working. What will you do?
Sell the phone on Trademe and buy a new one.
Take it back to the shop you purchased it from to resolve
Keep using the phone and don't worry about wifi connection
Buy a more expensive phone, maybe it was too cheap for wifi
22
How much money was paid into your Kiwisaver account that week?
Nothing, you have not signed up for Kiwisaver
$119.68
$5.45 that was deducted plus $5.45 paid in from PaknSave
$5.45 that was deducted from your pay
23
How much postage are you being charged to have the items delivered to you?
$10.00
$25.00
Delivery is free
$79.00
24
What is the difference between a eft-pos card and a credit card?
A credit card accesses money that is in your savings account
Nothing, they are both exactly the same thing
Credit cards access money that you are lending from the bank
Eft-pos accesses money that you are borrowing from the bank
25
You are at a mates place and it is 10.10pm. You are driving home on a restricted licence.
You wont be covered by insurance so don't drive
Let your mate drive so they're the ones that get in trouble
Drive home but drive the back roads to avoid the police
Drive home - it's only a few minutes after the cut off time

Financial Literacy Camp Test 1 Flashcards | StudBud