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Financial Literacy Year 11 Flashcards | StudBud
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Financial Literacy Year 11
Financial Literacy Year 11
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1
What is the current GST Rate in NZ?
17.5%
12.5%
15%
10%
2
You can build wealth by doing the following:
Ask
Buy More
Spend Less
Spend More
3
When you are given money or products without paying, this is called -
Credit
Seven
Cost
Justice
4
If you have caused an accident, which type of car insurance would cover damage to your own car?
Comprehensive
All of the above
Liability
Third Party
5
Which of the following is not typically associated with borrowing?
Debit Card
Mortgage
Vehicle Loan
Credit Card
6
What is the stuff that you own called?
Mine
Liabilities
Assets
Ketchup
7
If these people had the same take home pay,who would need the most life insurance cover?
A youngsingle woman with two young children.
A young single woman without children.
An elderly retired man, with a wife who is also retired.
A young married man without children.
8
What is a bank account where you put money to save, and earn interest on?
Income
Interest
Savings
Withdrawal
9
Savings = _______________ - _______________
Expenses - Income
Income - Profit
Income - Expenses
All the money left
10
The annual interest you would earn on a saving account from a bank:
is typically more than 8%
is typically less than 8%
generates income that is never taxed
may vary from month to month and might be a negative number
11
Same credit card terms: Who will pay the GREATEST dollar amount in finance charges per year?
Jessica, who only pays the minimum amount each month.
Erin, who pays it in full 1 month but the minimum odd months
Megan, whopays the minimum amount each month plus 10%.
Vera, who always pays off her credit card in full.
12
What are the things you don't need for survival, but you want to have if you can buy them?
Credit
Income
Needs
Wants
13
How much more money could you earn with a 4-year uni. degree compared with Level 3 NCEA (Y13)?
About 10 times as much.
No more; I would make about the same either way.
A lot more; about 70% more.
A little more; about 20% more.
14
What does the acronym GST stand for?
Good Savoury Tart
Goods and Services Tax
German Strawberry Tax
Government Sharing Tool
15
What is the name of a plan of your future income and spending called?
Cashflow Statement
Budget
Deposit
Profit
16
What is the amount of money a person earns or is given?
Income
Bank
Credit
Deposit
17
What is the stuff called that you owe?
Tacos
Liabilities
Assets
Stuff
18
Taxes are collected by the
Parents
Homeless
Government
Children
19
What is responsible financial management?
Making the best choices with your limited funds
Never borrowing money
Having an escape plan
Never spending money
20
Which of the following credit cards makes sense for a person that pays his balance every month?
acredit card that offers 1% cashback rewards on purchases
acredit card with 0% interest rate for the first six months
acredit card with a 5% fixed interest rate
None of the above
21
Which of the following instruments is NOT typically associated with spending?
Credit Card
Cash
Debit Card
Certificate of Deposit
22
What type of good can be repossessed? (eg; taken back)
Car
House
Clothing
Canned Beans
23
If you had a savings account at a bank, which is correct about the interest earned?
GST tax may be charged on the interest that you earn
Tax may be charged on interest if your income is high enough
You cannot earn interest until you pass your 18th birthday
Earnings from savings account interest may not be taxed
