Budgets
What is a budget used for?
To plan and track income expenses.
If you notice a problem with, your bank statement what should you do?
Contact your bank.
What is the official currency unit of New Zealand?
New Zealand Dollar.
Does Surplus mean Negative or Positive?
Positive.
What is tax?
a compulsory payment to the government.
What does the term "fixed expenses" mean in a budget?
Costs the same each payment.
To spot errors or unauthorized transactions.
Is winning the lottery earned or unearned income?
Unearned income.
When should you receive your payslip?
On the agreed pay day
Name one type of tax collected.
GST or income tax
What do you call the extra money you have when you earn more than you spend?
Surplus.
Which term describes a transaction that appears on your statement but hasn’t cleared yet?
A) Reversed transaction
B) Pending transaction
C) Accrued interest
D) Scheduled payment
B) Pending transaction
What's the definition of earned income?
Monet received in exchange for work or services.
What does "gross pay" mean?
total earnings before deductions.
Why do we pay income tax?
To fund public services (health, education, infrastructure).
What is it called if your expenses are more than your income?
What type of account shows deposits and withdrawals?
A transaction account.
What do you call money you place in a savings account that earns interest?
Deposit.
Name two types of deductions you might see on a pay slip.
Charity donations, savings bank account.
what does PAYE stand for
What type of budget automatically adjusts planned revenues and expenses based on actual activity levels?
Flexible.
Which fee do you incur when you withdraw more than your available balance?
A) Maintenance fee
B) Overdraft fee
C) Transaction fee
D) NSF (non-sufficient funds) fee
B) Overdraft fee
What is it called when prices go up and your money buys less?
Inflation
On a payslip, what does “YTD” stand for?
What is the highest individual income tax rate in New Zealand?