Budgets
Bank Statements
Money
Pay slips
Taxes
100

What is a budget used for?

To plan and track income expenses.

100

If you notice a problem with, your bank statement what should you do?

Contact your bank.

100

What is the official currency unit of New Zealand?

New Zealand Dollar.

100

Does Surplus mean Negative or Positive?

Positive.

100

What is tax?

a compulsory payment to the government.

200

What does the term "fixed expenses" mean in a budget?

Costs the same each payment.

200
Name one reason why you should regularly check your bank statement.

To spot errors or unauthorized transactions.

200

Is winning the lottery earned or unearned income?

Unearned income.

200

When should you receive your payslip?

On the agreed pay day 

200

Name one type of tax collected.

GST or income tax 

300

What do you call the extra money you have when you earn more than you spend?

Surplus. 

300

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

300

What's the definition of earned income?

Monet received in exchange for work or services.

300

What does "gross pay" mean?

total earnings before deductions.

300

Why do we pay income tax?

To fund public services (health, education, infrastructure).

400

What is it called if your expenses are more than your income?

 A Deficit.
400

What type of account shows deposits and withdrawals?

A transaction account.

400

What do you call money you place in a savings account that earns interest?

Deposit. 

400

Name two types of deductions you might see on a pay slip.

Charity donations, savings bank account.

400

what does PAYE stand for 

Pay As You Earn.
500

What type of budget automatically adjusts planned revenues and expenses based on actual activity levels?

Flexible.

500

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

500

What is it called when prices go up and your money buys less? 

Inflation

500

On a payslip, what does “YTD” stand for?

Year to Date.
500

What is the highest individual income tax rate in New Zealand?

39%.