Taxes
Which of the following is NOT a type of tax? a) sales tax b) income tax c) food tax d) property tax
c) food tax?
What is one thing you should check for when buying a used car?
engine noise, tyre wear, rust, aircon
How old do you have to be to get your own credit card?
18
What is minimum wage?
the lowest amount per hour that your employer is legally required to pay you
For 16 year olds, it is ~$13/hour
For adults, it is $19.84/hour
If you are trade qualified, your minimum wage is the same as an adult.
What is an example of property tax?
tax you pay on your house or car or boat
Where do you get a car loan from?
the bank
What is the term for money added to an original amount when you repay your debt after the due date?
interest
Which of the following is the least important thing to consider before taking a job? a) salary or pay rate b) number of hours of work available c) location d) age of coworkers
age of coworkers
How often do you have to pay income tax?
every pay cycle, usually fortnight
What is one advantage to buying a new car?
cleaner, less wear and tear, better gas mileage, warranty
What is the difference between a debit card and a credit card?
debit card is your money, credit card is money you are borrowing and will repay
What is the difference between salary and hourly wages?
salary is yearly sum of money paid regardless of exact time worked; hourly wages are paid per hour
Who receives the taxes you pay on your income and things you buy or own?
the government
What is an advantage to buying a used car?
much cheaper, potentially less depreciation
If you pay the minimum monthly payment each month, will your account accumulate interest?
yes
Name two benefits that you might receive as part of a job?
healthcare, paid time off, disability insurance, stocks
What is an example of something the government spends tax money on?
defense, social security, healthcare, parks, etc
What are 3 other expenses to owning a car besides purchase price?
insurance, fuel, maintenance/repairs, rego
What number represents a good credit score?
700 or above
Do you have to pay taxes on your tips?
yes