GST & Stamp Duty
Credit Cards & Banking Interest
WSC & Mr B
Income Tax & Medicare
Loans, Hire Purchase & Superannuation
100
What does GST stand for in Australia?
Goods and Services Tax
100
What does APR stand for on a credit card?
Annual Percentage Rate
100
What time is lunch on a Wednesday? (exact time)
1:30 PM
100
What percentage Medicare levy do most Australians pay?
2%
100
What is the minimum percentage employers must pay into superannuation in Australia (2025)?
11%
200
If an item costs $110 including GST, what is the pre-GST price?
$100 (GST = $10).
200
If you borrow $1,000 on a credit card with 20% annual interest, how much interest is charged after 1 year (ignoring compounding)?
$200.
200
Name 2 Associate Principals
Mr. Carlino, Mr. Davies, Mrs. Guard, Mrs. McFarland, Mrs. Mongan
200
If your taxable income is $40,000, and the Medicare levy is 2%, how much is paid?
$800
200
If you take a $10,000 loan with 5% annual interest, how much interest after 1 year?
$500
300
Stamp duty is usually paid when purchasing what type of asset?
Property/real estate (also applies to some vehicles).
300
Daily interest is calculated using what formula?
Interest = Principal × Rate ÷ 365.
300
How many siblings does Mr. B have?
7
300
Income tax in Australia is based on what type of system?
Progressive tax system.
300
What is a “hire purchase” agreement?
Buying goods by paying in instalments, ownership transferred after final payment
400
Calculate the GST on a $550 item.
$50 (10% of $550 ÷ 11 × 10).
400
A savings account earns 4% annual interest. How much interest in 1 year on $2,500?
$100
400
What time does the bell go for the start of school on a Monday?
8:53 AM
400
If someone earns $60,000, and the marginal tax rate for that bracket is 32.5%, how much tax is paid just on the income in that bracket (above $45,000)?
$4,875
400
A 30-year home loan of $400,000 has monthly repayments of $2,000. Approximately how much is repaid in total?
$720,000
500
A house costs $480,000. If stamp duty is 3%, how much is owed?
$14,400
500
A credit card balance of $3,000 is not paid for 6 months at 18% interest p.a. (simple interest). How much interest is charged?
$270
500
Who is the Principal?
Mrs McNaught-Conroy
500
A person earns $80,000. Medicare levy is 2%. How much do they pay in Medicare levy?
$1,600
500
A car worth $25,000 is bought on hire purchase with $5,000 deposit and the balance repaid over 5 years with 6% annual interest. What is the principal amount borrowed?
$20,000