Income
Name two common sources of income.
Wages, Salary, investments, government payment (centrelink etc), business earning, sale/comissions and gifts.
What is a budget?
A budget is a set amount of money to achieve within a set period of time.
What is investment?
Investment means using money to make more money.
What is insurance?
Something people can buy to protect themselves from losing money.
What is tax?
Is an amount of money needed to be paid to the government, which is used to pay for essential services such as building roads, hospitals, schools etc.
What is a salary?
Why is budgeting helpful?
Budgetting helps to create financial stability by tracking expenses and following a plan.
What are two investment ideas?
Property, shares or putting money in a high interest bank account.
What are three different types of insurance?
Car, home, business, pet, travel etc.
How much money do you have to make a year to have to pay income tax?
$18,200 per year
What is the difference between part time jobs and casual jobs?
Casual workers work irregular hours during the week where as part time workers have set hours and shifts.
What is the 80/20 rule?
The 80/20 rule involves saving 20% of your budget and limiting you spending to 80%.
What are the different kinds of property investment?
Commercial, residential and vacant land.
What are two terms to do with insurance?
Policy, Premium, Claim and Excess.
What is GST?
Goods and Services tax is a broad-based tax of 10% on most goods and services.
Who is the richest person as of currently and what has he made to become so rich?
Elon Musk, he is the CEO and co-founder of tesla.
What is the best budgeting method?
The balanced money formula or 50-20-30 method, involves spending 50% of you pay check on your needs, 20% on saving and 30% on your wants.
Why should you invest?
Investing is an effective way to put your money to work to potentially build wealth.
What does home and contents insurance cover?
It covers both the building with its fixtures and your personal belongings.
What makes you entitled to a tax-free threshold?
You earn an income and are an Australian resident for income tax purposes.
What is the best passive income source?
Dividend Stocks.
Who popularized the best budgeting method?
Elizabeth Warren and Amelia Tyagi.
What is the best investment?
The best investment is a high-yield savings account which involves an extrmely competitive interest rate to help your savings grow.
What are some examples of non-life insurance?
Fire, Marine, Motor, Health insurance, home, factory, shop, travel and liability insurance.
What happens when you are unwilling to pay tax?
There will be a final notice issued and failure to comply results in prosecution action.