I am having trouble paying off my debts. What should I do?

Speak to your lender eg the bank

If a worker is provided payment without a payslip they run the risk of

not having workers’ compensation

Why is the interest rate on an unsecured personal loan normally higher than a secured loan?

Lender accepts a higher risk that you might not repay loan

What happens if you don not pay off your credit card by the due date?

Interest will be charged on the outstanding amount

Gross Pay is defined as:

Total amount earned before deductions

When can you access your superannuation?

At the age determined by the federal government

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MONEY MANAGEMENT

20 termsStudBud Administration87 plays

A quiz about earning, saving, spending and investing

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Questions 20

Answers

1
Local governments are responsible for
Main roads
Trains
Schools
Libraries
2
GST stands for:
General Sales Tax
General Services Tax
Goods and Services Tax
Goods and Sales Tax
3
I am thinking of starting a budget. How much should I aim to save?
10%
50%
20%
5%
4
I earn $18000 a year. How much tax should I pay?
32.5 cents for every dollar earned
19c for every dollar earned
$0
37c for every dollar earned
5
Standard of living can be defined as:
A material standard
All of the above
The ability to earn an income
Goods and services available
6
By law, employees are entitled to receive their pay slip within:
1 day
one week
before the next pay day
2 days
7
I am having trouble paying off my debts. What should I do?
Get a loan from Mum and Dad
Speak to your lender eg the bank
Ignore it. It will go away
Sell something to make money so you can pay off the loan
8
Casual employees are not entitled to:
Both A & B
Annual Leave
Sick Leave
Penalty rates
9
What are the consequences of being declared bankrupt?
May have to sell assets to pay off the debt
Cannot get a loan
All of the above
May not be able to leave the country
10
What is the amount of GST paid on goods and services?
12%
15%
5%
10%
11
If a worker is provided payment without a payslip they run the risk of
Being charged a large tax bill
All of the Above
not having workers’ compensation
Not having a TFN
12
Why is the interest rate on an unsecured personal loan normally higher than a secured loan?
Lender accepts a lower risk that you might not repay loan
It has better features than a secured personal loan
Lender accepts a higher risk that you might not repay loan
Because the bank wants more money
13
Which investment opportunity has the lowest risk?
Shares
Artwork
Fixed term deposits
Property
14
If the income on a budget is $320 and the expenses are $230, how much have your saved?
$100
$110
$80
$90
15
What happens if you don not pay off your credit card by the due date?
You will not be able to use it until you pay it off
Interest will be charged on the outstanding amount
You will lose your credit card
The bank will lock it until next month
16
Gross Pay is defined as:
Amount put aside from each week's pay for retirement
The amount stated on the pay slip
Total amount earned before deductions
The amount you actually get in your bank account
17
When can you access your superannuation?
Never. It is for your family after you die
At the age determined by the federal government
When you retire
As soon as you start earning it
18
Public hospitals are run by which government?
Federal
State
Local
19
The minimum number of hours in a shift for a casual worker is:
4 hours
3 hours
there is no minimum
2 hours
20
What is income called when earnt from a share?
A dividend
Cash
Interest
Capital Growth

MONEY MANAGEMENT Flashcards | StudBud