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Enterprise Studies Flashcards | StudBud
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Enterprise Studies
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StudBud Administration
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A quiz about financial literacy and personal budgeting
Flashcards
33 cards
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Practice quiz
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Host live
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Questions
33
Answers
1
The average tax paid on each dollar that you earn
Average Tax Rate
Marginal Tax Rate
2
Movies are an essential expense
True
False
3
When planned income is greater than planned expenditure
Deficit
Break-even
Surplus
4
What currency was initially adopted in colonised New Zealand?
British
American
Australian
5
An elephant would not be an effective form of money as it does not meet which characteristic?
Portable
Durable
Recognisable
6
Gambling produces which type of income?
Income from Working
Income from Owning
Income from Transfers
7
Rent is an essential expense
True
False
8
What can you avoid by preparing a budget?
A Surplus
Fun
Getting into Debt
9
How many different notes and coins are there in NZ currency?
12
10
9
8
10
When planned income is less than planned expenditure
Surplus
Deficit
Break-even
11
What is the tax rate for the 14,001-48,000 tax bracket?
19.5%
19%
16%
17.5%
12
Commission is which type of income?
Income from owning
Income from trasnsfers
Income from working
13
What holiday is Miss Stuart saving for?
America
Rarotonga
Fiji
14
When planned income is equal to planned expenditure
Deficit
Break-even
Surplus
15
A plan of expected income and expenditure for a set period of time
Budget
Money management plan
Surplus
16
What is the tax rate for the highest tax bracket? (70,001+)
43%
36%
33%
40%
17
What is the name for Income Tax in NZ?
PAYE
ACC
GST
18
If I had one of every note and coin in New Zealand how much money would I have in total?
$188.80
$199.90
$177.70
$100.00
19
A regressive tax that is paid on all goods and services bought in New Zealand
GST
ACC
PAYE
20
A contingency fund is an essential expense
False
True
21
What is the tax rate for the 0-14,000 tax bracket?
10%
11%
10.5%
11.5%
22
Savings are a non-essential expense
True
False
23
Which ancient society was the first to develop and use coins?
Mayans
Sumerians
Aztecs
24
Food would not be an effective form of money because it does not meet which characteristic?
Easily Produced
Divisible
Durable
Portable
25
What did people use to do to trade goods and services before money?
Barter
Trade
Steal
26
What is the amount of GST paid in New Zealand?
12.5%
15%
7%
27
Which of these is NOT a function of money
Standard of value
Store of value
Exchange of goods and services
Means of deferred payment
28
What is the problem with bartering?
Triple Coincidence of Wants
Double Coincidence of Wants
Triple Coincidence of Needs
Double Coincidence of Needs
29
Profits is which type of income?
Income from owning
Income from working
Income from transfers
30
The tax rate paid on the next dollar that you earn
Marginal Tax Rate
Average Tax Rate
31
A budget is set in concrete. It cannot be changed and adjusted over time
True
False
32
How many security features are there on New Zealand bank notes?
8
4
10
7
33
What is the tax rate for the 48,001-70,000 tax bracket?
30%
25%
20%
