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Personal Finance
Personal Finance
20 terms
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StudBud Administration
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A quiz to recap the main concepts learnt in personal finance
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Risk and return is...
a collection of all investments
including different risk levels in your investment portfolio
the balance you accept between losing and making money
the profit you will get
2
What is a secured loan?
a loan with a fixed interest rate
a loan that requires a character reference
nothing is listed to guarantee the loan
the loan has something of value listed to guarantee the loan
3
which of the following is a reason
FOR
borrowing money?
false sense of security
Interest rates
additional costs
convenience
4
What does the
Future of Financial Advice Legislation 2012
state?
licensing of financial planners
enforces responsible lending practices
your financial planner must act in your best interest
you must receive a product disclosure statement
5
Which of the following is a
FINANCIAL
consequence of poor financial management?
reputation damage
going to court
being declared bankrupt
having your wages garnisheed
6
Which of the following is a
LEGAL
consequence of poor financial management?
being declared bankrupt
poor credit rating
reputation damage
having your wages garnisheed
7
Responsible financial management...
putting a lot of money aside in the bank each month
using your money so as to obtain the greatest return
spending as little as possible
means living simply without any luxuries.
8
What type of loan is best suited for this item?
Mortgage
Store credit
Payday Loan
Bank Overdraft
9
which of the following is a
SOCIAL
consequence of poor financial management?
poor credit rating
being taken to court
having your wages garnisheed
reputation damage
10
Which type of loan would be best suited for this item?
Personal Loan- secured
Mortgage
Personal loan- unsecured
Credit Card
11
An insurance premium is...
a statement of what is included in your insurance
interest paid to you from an insurance company
the amount of money to be paid to receive cover
a cost that is charged to claim on your insurance
12
What does the
Financial Services Reform Act 2001
state?
your financial planner must act in your best interest
enforces responsible lending
limits types of products a financial planner can recommend
a product disclosure statement (PDS) must be given
13
What does the
National Consumer Protection Act 2009
state?
types of financial products that can be recommended
your financial planner must act in your best interest
you must receive a product disclosure statement
enforces responsible lending practices
14
When you paypass or tap your card, what type of finance are you using
Cash
Credit
Debit
Cheque
15
A guarantor...
gives you a character reference
gives you a loan
co-signs the loan and agrees to repay if you can't
a type of financial adviser
16
Company stocks are traded...
on the ASX (Australian Stock exchange)
at banks
between companies
in the classifieds
17
Wages are...
paid according to volume of sales.
paid on a per year basis. Includes sick leave.
paid by the government due to personal circumstances
paid on a per hour basis.
18
Which of the following are fixed expenses?
rent
clothes
savings
entertainment
19
Superannuation..
is a loan for your retirement
is an investment to save for your retirement
is a type of insurance
is budgeting for your retirement
20
Diversification is...
a portion of ownership in a company
a collection of all your investments
the balance you accept between losing and making money
including different risk levels within your portfolio
