Tax
Which Government Department looks after taxation?
Australian Taxation Office
What is debt?
Money that is owed to another party
What is a driver's licence?
An official permit issued by the state government allowing you to drive a motor vehicle.
What are savings?
The money a person has conserved through a bank or other investments.
What is the card that is connected to your own personal bank account?
What is the name of the tax most Australian workers pay on the money they earn from their jobs?
Income tax
What is credit?
A promise to pay for goods and services purchased today.
What is the Hazards Perception Test?
A computer-based or online evaluation required for learner drivers to check their ability to spot and respond to dangerous situations on the road before they can progress to a provisional (P-plate) licence.
How much do Australians approximately spend every day on items?
$820 Million
Why does someone who has a credit card need to monitor their spending on it?
It is not their money and it belongs to the bank.
What document does an employer provide that shows how much income tax has been taken out of a worker's pay?
A payslip
Give 3 advantages of good debt.
Immediate Possession
Flexibility
Emergency Funds
How many hours must you complete to get your P Plates?
50 hours
What is the 50-30-20 Budget rule?
50% Needs: housing, food, transport.
30% Wants: entertainment and hobbies.
20% Savings and debt repayment.
What is a buy now pay later scheme?
You purchase the products now and pay back the money in instalments. Missed payments may attract fees.
What number do Australian workers need to provide to an employer so the correct amount of tax can be deducted from their pay?
A Tax File Number
What is a Payday loan?
A small, short-term, high-cost loan designed to give you quick cash.
What does a learner driver's Blood Alcohol Content need to be?
0.00%
What is Delayed Gratification?
Where we resist the temptation of an immediate reward in preference for a later (often better) reward.
This method allows you to pay using your smartphone or smartwatch by tapping at a payment terminal.
Digital wallet (e.g., Apple Pay or Google Pay)
Why does the Australian Government collect taxes from individuals and businesses?
To pay for public services such as schools, hospitals, roads, police, and public transport.
What is a mortgage?
A mortgage (or home loan) is a type of credit contract where a bank or financial institution lends you money to buy a property
How much does the Australian Passport cost?
$422
If Miss Lenowry had saved $300,000, what should she do with the money?
Buy all the tickets to Avengers Doomsday for Chris Hemsworth.
This payment method involves transferring money electronically from one bank account directly to another.
Bank transfer (electronic funds transfer/EFT)