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Financial Literacy with Ms Mapp Flashcards | StudBud
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Financial Literacy with Ms Mapp
Financial Literacy with Ms Mapp
20 terms
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Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of these type of tax is deducted from wages before you recieve your pay?
Provisional Tax
GST
ACC Levies
PAYE
2
What is the name of the organisation responsible for collecting taxes in NZ?
Inland Revenue Department
Work and Income NZ
Ministry of Finance
NZ Treasury
3
What happens if you do not pay your taxes on time?
Your employer pays it for you
You might have to pay penalties and interest
You get a refund
The government ignores it
4
Who is on the $50 note?
Apirana Ngata
The Queen
Kate Shepard
Sir Edmond Hillary
5
What does GST stand for?
Government Standard Tarriff
Gross Salary Tax
General Spending Tax
Goods and Services Tax
6
Which of these is NOT a tax paid by individuals in NZ?
Provisional tax
ACC Levies
Capital Gains Tax
PAYE
7
What is Interest?
Both B and C
Additional money that you are paid when you save money
Additional money that you pay when you borrow money
A fun fact that you find iteresting
8
What is the current rate for GST?
17.5%
15%
12.5%
10%
9
If you earn income from a part time job, what tax code should you usually use?
M
SL
ND
SB
10
Approximately what is the median annual income in NZ?
$41,000
$93,000
$70,000
$46,000
11
At what annual income does the highest personal tax rate of 39% apply in NZ?
70,000
100,000
250,000
180,000
12
Who controls the printing of money in NZ?
The Reserve Bank
Parliament
IDR
Treasury
13
What is "income tax" based on?
How much you earn
The value of your property
Your total assets
How much you spend
14
What is the minimum amount you can contribute to Kiwisaver once you have signed up?
2%
1%
3%
4%
15
What is the name of the form that you complete to check if you are using the right tax code?
PAYE2
IRD101
IR3
IR330
16
What is Kiwisaver?
A kiwi shaped piggy bank
A special bank account that pays interest
A special bank account that can win you money
A retirement scheme set up by the Government
17
What does PAYE stand for?
Pay annual yearly earnings
Pay after year end
Pay as you earn
Pay as you enter
18
What is a tax refund?
A discount on future taxes
A fine for incorrect tax payments
Money you get back from the government if you have paid too much tax
A penalty for underpaying tax
19
If your tax code is incorrect, what should you do?
Wait until tax time
Ignore it
Contact Inland Revenue or your employer
Change it yourself without contacting anyone
20
How much does it cost to make one $20 note?
$1.08
10.8 cents
1.08 cents
$10.80
