All workbooks revision

What is PAYE?

• Pay as on earth

• Pay as you eat

• Pay as you emerge

• Pay as you earn

If I earn $2,000 per fortnight and my partners income is $1,500 per month, combined we earn

• $3,500 per week

• $1,575 per week

• $1,375 per week

• $1,175 per week

How can anyone increase their surplus cash (income over expenses)

• Increase spending and decrease income

• Decrease spending and increase income

• Reduce non-essential expenditure

• Increase essential expenses

Change 3.45% into a decimal

• 0.0354

• 0.0345

• 0.345

• 0.00345

Calculate the compound interest earned over two years if you put $1,000 in the bank at an interest rate of 5% p.a.?

• $1,100

• $1,102.5

• $1,010

• $1,201.5

If I invested $2,000 at an interest rate of 3.45% over 1 year, I would have

• $2,069

• $2,000

• $6,900

• $2,170

If I invested this same $2,000 at 3.45% and took into account inflation of 2%, I would have (after 1 year)

• $2,029

• $2021

• $2,025

• $2,033

What is kiwisaver

• A compulsory saving scheme for your retirement

• A savings bank

• A state-owned bank

• A voluntary saving scheme for your retirement

What are the kiwisaver contribution amounts you can choose to come out of your pay?

• 3%

• 3% or 4%

• 3%, 4%, 6%, 8% or 10%

• 3%, 4% or 8%

I have a salary of $80,000 p.a. This means

• My wage is $1,400 per week

• My salary is $1,538 gross per week

• My wage is $1,538 per week

• My salary is $1,538 net per week