Insurance
CTP stands for
Compulsory Third Party insurance
GST stands for
Goods and Service tax
________________ is a way to save for your retirement or when you are no longer working.
Superannuation
Name two types of insurance
Car, life, home & contents etc.
Wages, dividend payments, bank interest - are all examples of your _____________ income
assessable
Identify 1 difference between Credit and Debit cards
Credit C - borrowed funds from the bank vs. Debit your own money from bank account.
Credit C - interest rates and fees Vs. Debit little to no fees
Credit C - helps your build a credit history Vs. Debit won't help you build credit
List 5 insurance companies
RACQ, suncorp, NRMA, aami, youi
A chocolate bar costs $1.98 (including 10% GST).
How much of of this sale price goes to the government as GST?
$0.18
Identify a minimum employee entitlement
– minimum wage
- Maximum weekly hours
–Requests for flexible working arrangements
–Parental leave and related entitlements
–Annual leave
–Personal carers leave and compassionate leave
–Community service leave
–Long service leave
–Public holidays
–Notice of terminations and redundancy
Identify 1 thing CTP insurance protects you against
It protects drivers against compensation claims made if you were to kill or injure someone in a road traffic accident.
What is PAYG?
Full points: (what does it stand for? when is it paid? who pays it?)
Pay as you go (PAYG) withholding tax
All employee pay this.
Tax is deducted before paying your wages. (found on your income statement of how much tax you pay a week)
Identify a PRO of budgeting
Improves accuracy and efficiency
Encourages innovation
Encourages greater communication and coordination
Ensures all budget expenses are justified
What is a premium?
$ you pay monthly/annually to have an insurance cover.
An NRL player earns $200,000 per year. How much would be paid in tax?
TAX BRACKET: $180,001 and over - so:
$51,667 plus 45c for each $1 over $180,000
$51,667 plus 45c for each $1 over $180,000
= $51,667 + 0.45 x ($200,000 - $180,000)
= $51,667 + 0.45 x $20,000
= $51,667 + 0.45 x $20,000
= $51,667 = $9,000
= $60,667
Identify a CON for budgeting
Resource-intensive
Potentially expensive
requires expertise
Can promote short term thinking