Budgeting Basics
A plan that outlines how to allocate your income to cover expenses, savings, and investments over a specific period.
What is a Budget?
An example of a low-risk investment option.
What is Government Bonds or Savings Accounts?
The amount you can earn before you pay tax
What is 18,200?
What is 38 hours or more?
Name three banks.
What is CBA, NAB, ANZ?
The 50 in the 50/30/20 rule stands for allocating 50% of your income to [WHAT] based purchases.
What is Need?
What is Compound Interest?
The purpose of income tax
What is funding government services?
Two reasons people work.
What is (earn money, self-esteem, status, personal interest, social reasons)?
An account where you deposit money to earn interest over time, with easy access to your funds.
What is a Savings Account?
Total earning before taxes and deductions
What is Gross Income?
A portfolio that includes a variety of asset types to spread risk and reduce the impact of poor performance in any single investment.
What is a Diversified Investment Portfolio?
Higher income earners paying a higher percentage of their income in taxes is known as a [WHAT] system.
What is Progressive?
Define 'work-life balance'
Balancing work responsibilities with personal life, allowing time for relaxation and family.
An investment where money is locked in for a set period at a fixed interest rate, offering a guaranteed return.
What is a Fixed Term Deposit?
Expenses that stay the same
What is Fixed Expense?
A disadvantage and an advantage of investing in the share market?
What are e.g. higher returns or higher risk of loss?
The term for the amount of income below which no income tax is paid?
Tax-free threshold.
2 types of leave full-time employees are entitled to.
Sick leave/Casual leave.
Some accounts have [WHAT] interest to encourage people to keep more money with them.
What is Bonus Interest?
Expenses that change.
What is Variable?
Explain investment.
Answers may vary.
What is 45c for each $1
What is Superannuation?
How can a young person apply to open a bank account?
1. Visit the banks website or branch
2. Provide identification and proof of age
3. Complete the application process.