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business unit 1

QuestionAnswer
Financial literacy know how to mange money ex- Comparing the interest rates and fees of different bank accounts
PACED model Problem, Alternatives, Criteria, Evaluate and Decide prevents implues buying
Consumer guarantees Rights that protect customers when buying goods or services ex- A customer can get a faulty product repaired, replaced or refunded
wages money paid to a worker based on the hours they work ex- 25 per hour and works 10 hours
salary A fixed amount of money paid regularly for a job ex- An employee earns $60,000 per yea
scams Tricks used to steal money or personal information ex- romance scams, investing scam , online scam
simple Interest Interest calculated only on the original amount of money
term depostis Money invested for a fixed period at a set interest rate ex- Putting $5,000 into a 12-month term deposit
Insurance Protection against financial loss if something goes wrong ex- Car insurance health home
Superannuation Money set aside during your working life to provide income when you retire ex- Your employer pays 12% of your ordinary earnings into your super fund
Shares ownership in a company ex- Buying shares in Woolworths means you own a small part of the company
Managed funds Investments where money from many people is combined and managed by professionals ex- Investing money into a managed fund that invests in different companies
Investing Putting money into something with the aim of making more money in the future
Similarities between banks and credit unions Both can provide loans Both allow people to save and manage money
Differences between banks and credit unions banks are Differences between banks and credit unions focused on making profits for shareholders Credit unions Owned by their members Main goal is to benefit members
Created by: samar studys
 

 



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