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Money, money, money Flashcards | StudBud
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Money, money, money
Money, money, money
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Basics of Economics - Year 9
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Who makes the most money out of hire purchase deals?
The consumer/customer
The government
The shop you brought the item at
The Finance company
2
An advantage of hire purchase is?
buying now and paying for it later
having your items repossessed
Paying interest on your purchase price
having the dog eat your new sofa and still paying for it.
3
What is a disadvantage of Hire Purchase?
You can get into too much debt
All of these answers
You pay extra for your goods as you pay interest
If you miss payments, your goods get repossessed
4
Why do Finance companies charge monthly fees?
Because it covers their paperwork costs
Because they want to
Because it is taking you so long to pay it back
To make more money for them
5
EFTPOS stands for .....
Electronic Funds Transfer at Point of Service
Electronic Funds Transfer Point of Salary
Electronic Funds Transfer at Point of Sale
Electric Fans Transmit Power of Sail
6
Interest free deal for 12 months means ...
buy your item now, pay within 12 months = no interest
buy now, pay now.
take your item home in 12 months and pay no interest
buy now, pay back half in 12 months then 30% interest
7
What is barter?
Swapping coins for paper money
Exchanging goods and services
Using coins to buy goods and services
Using money to buy goods and services
8
The definition of interest is ...
income from lending or borrowing money
watching a great movie
income from working
income from gambling
9
Why is joining Kiwi Saver a good idea?
So you can save for your retirement
So you can buy a Lamborghini when you are 65
All of these answers
So you can save to buy your first house
10
Salary is ....
when you get paid in salt
$$$ per hour of work
A set amount a person is paid for a whole year's work
income gained from selling your house
11
Which of these is a need?
Vegetables
Cat
Table
Car
12
Why do you NOT want a bad credit rating?
It follows you for years
Makes it difficult to get a loan or credit
Makes getting a mortgage more difficult
You will get charged a higher rate of interest
13
Which of these is a want?
Water
Food
House
A private jet
14
What kind of income does Lorde make?
A salary
Commission
She gets paid in cute puppies
Royalties
15
What is a Credit Rating?
How much money you can borrow
Your number of NCEA credits
How good you are at rating credit
Your record with borrowing and paying back money
16
Getting paid a set amount per hour of working is...
Wages
Commission
Interest
Salary
17
Why is money useful?
You can buy a diamond ring for your girlfriend
You can buy food
It gives you choices
It looks great in the bank
18
Hire Purchase is......
pay cash and take home item
buy now, pay later with interest
buy now, pay later with no interest
buy now, pay nothing ever
19
Real Estate Agents and salespeople get paid
Fees
Wages
Royalties
Commission
20
Why must you be over 18 to use hire purchase?
You are officially an adult
Because you are old enough to vote
You are no longer 17
You can join the army
