stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Money Matters Commerce Revision Flashcards | StudBud
Explore
/
Money Matters Commerce Revision
Money Matters Commerce Revision
30 terms
·
StudBud Administration
·
120 plays
financial literacy
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
A written plan for how you intend to spend your money over a certain time.
Budget
Cash Flow
Income
Spending
2
True or False? Before you make a budget you need to track your expenses.
FALSE
TRUE
3
Identify the disadvantages of casual work
Paid a loading to compensate for not having leave entitlements
Less job security
No leave entitlements e.g. paid annual or sick leave
You are your own boss
4
Money saved by an employee to used in retirement.
Superannuation
Savings
Income
Budget
5
Things we would like to have but are not necessary for our survival...
Basic Needs
Wants
6
When your income is more than your expenses, you have...
Budget
Savings
Debt
Needs
7
True or False? To save money your expenses should be more than your income.
TRUE
FALSE
8
Things we require to survive are ...
Basic Needs
Wants
9
Why do people work?
to build savings for future living
to purchase goods and services for day to day living
10
Identify the direct taxes Australians pay.
Company tax
Personal Income Tax
Duties on luxury goods i.e. luxury cars
GST (Goods and Services Tax)
11
% of sale price received by a salesperson for their services.
Commission
Rent
Fee
Profit
12
Profit from shares.
Fee
Commission
Royalty
Dividend
13
Expenses that are the same amount each time.
Fixed Expenses
Variable Expenses
14
When your expenses equal your income, your budget is ...
In Debit
In Credit
Balanced
15
Identify the advantages of full time work
Leave entitlements i.e. sick leave
Possibility of fringe benefits such as profit-sharing, bonuses
long working hours
job security
16
Amount paid to artists, musicians, authors etc as a percentage of the sales of their work.
Royalty
Commission
Profit
Fee
17
Services in Australia that are funded through taxation...
travel agencies
health
education
clothing manufacturer
18
What remains after all business expenses are deducted from business sales...
Commission
Royalty
Fee
Profit
19
Type of financial goal? saving to buy a new TV in a few months.
Short Term Goal
Medium Term Goal
Long Term Goal
20
Identify the indirect taxes Australians pay ...
Personal Income tax
GST (Goods and Services Tax)
Duties on luxury goods i.e. alcohol, petrol, luxury cars.
Company Tax
21
Type of financial goal? Saving for a deposit on a house.
Short Term Goal
Long Term Goal
Medium Term Goal
22
A social enterprise ...
Improve communities
help the environment
Tackle social problems
Provide people with access to employment and training
23
A fixed amount of money paid on a regular basis (monthlty/fortnightly) to a permanent employee.
Salary
Fee
Commission
Wage
24
The nature of the relationships between work and people's quality of life is influenced by factors such as:
superannuation savings
effectiveness of household financial management
disposable income
a person;s health
25
An example of a social enterprise business is ...
Nike
Subaru
Telstra
Thankyou Group
26
Which of these is not a basic need?
Shelter
Car
Food
Water
27
Want or Need? Fesh Vegetables
Need
Want
28
Expenses that change week to week.
Fixed Expenses
Variable Expenses
29
Want or Need? Vanilla-Scented Rom Spray
Need
Want
30
Type of financial goal? Saving money for holiday to Europe in 3 years time?
Short Term Goal
Medium Term Goal
Long Term Goal
