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business year 10
| Question | Answer |
|---|---|
| financial literacy | understanding economic factors like interest rates, inflammation and policies eg, interest rates |
| consumer guarantees | the legal promises business must meet when selling goods or services |
| wages | income paid based on number of hours worked eg, casual or part time workers. |
| salary | a fixed annual amount paid to an employee regardless of hours worked eg, full time workers, office employee |
| banks | wide range of financial services to all participants in Aus economy. Offers deposits, credit cards. eg, ANZ Bank |
| credit union | similar offer to banks, but instead of being money focused like banks they are focused on providing best offer for members. eg, Great Southern Bank |
| simple intrest | extra money calculated only on the original amount (principal) |
| scams | A scam is a dishonest scheme to trap you into parting with your money. eg, investment scam |
| term deposit | a fixed term deposit account is good option for storing large sums of money. |
| insurance | insurance is a financial product that protects people from financial people eg, car insurance, health insurance, home insurance. |
| superannuation | invest your money to help it grow. Can choose your own fund and choose what the money gets invested in. eg, industry fund, retail fund |
| what is the PACED model | Problem Alternative Criteria Evaluate Decide |
| why is the PACED model used to help make financial desicions? | helps make smarter more rational financial decisions because it breaks down a decision into certain steps. |
| common types of scams | investment scam, charity scam, psycic and clairvoyant scam and romance scam. |
| how to avoid being scammed | be suspicious, be cautious, be patient, be alert and be wise |
| similarities between credit union and bank | both offer deposits, credit cards, loans and savings accounts. |
| differences between credit union and bank | a bank is money focused whilst a credit union isn't a bank is owned by shareholders whilst a credit union is owned by the people |
| common type of insurances | car insurance., home insurance, health insurance, life insurance |
| advantage and disadvantage of car insurance | advantages: they cover repair or replacement costs and offer policies like towing. disadvantages: expensive especially for young people and excess may be paid when making a claim. |
| advantage and disadvantage of health insurance | advantages: shorter wait times for surgeries, covers big part of medical bill and more choices of doctors or hospitals. disadvantages: can cost more depending on age or health and not used for people without dependants |
| why is a superannuation compulsory in Australia | gives people a safety net to fall back on and it also encourages people to accumulate their savings. rely less on age pension |
| simple interest formula | SI= PRT over 100 simple interest(si) principal(p) interest rate(r) time(t) |
| compound interest formula | A=p[(1+r over m) to the power of nm number of years(n) number of times interest is compounded per year (m) |
| budgeting | the process of planning how to spend or save your money. It tracks income, expenses, saving goals and spending categories. |
| types of income | wages, salary, commission, government payments, profits and rental income. |
Created by:
mrdino