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Revision
| Question | Answer |
|---|---|
| Define Consumer | A person why buys goods or services for personal use |
| Define Financial literacy | The ability to understand and use financial skills such as budgeting, investing, and money management effectively |
| What are Wages | Income paid base of the number of hours worked |
| What is a Salary | Fixed annual amount paid regardless of hours worked |
| What is Commission | Income earned as a percentage of sales or proformence |
| Government payments | Income provided by the Australian government to support eligible individuals |
| Profit | Income left over after subtracting all business expenses from total revenue |
| Rental income | Money earned from leasing property or assets to another person |
| What is the PACED Model | P-Problem A-Alternative C-Criteria E-Evaluate D-Decide |
| Consumer Law | Provides automatic protections when purchasing goods and services |
| Scams | A dishonest scheme to trap you into parting with your money |
| Personal Budgeting | The process of planning how you will spend and save your money |
| Interest | The cost of borrowing money or the reward for saving money. Interest is the extra money added to the original amount |
| Super Fund | A financial institution that invests your money to help it grow |
| Insurance | A financial company that protects people from financial loss |
| Types of Insurance | Car Insurance Home Insurance Health Insurance Life Insurance |
| Banks | A financial organization that accepts deposits, loans, and provide other services. |
| Credit Unions | A non-profit financial organisation owned and controlled by its members |
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