Financial Literacy Year 13

If you earn between $0 and $14,000 in a financial year, how much does the government take in PAYE tax?

• 10.5%

• 17%

• 25%

• 33%

True or false - if you are in Kiwisaver, the government will give you $521 per year if you put in twice that amount into your account

• True

• False

What is the minimum wage in NZ, and how much would you earn per week (before tax) if you worked a full 40 hour week?

• $25 and $820

• $24.50 and $800

• $23.15 and $767

True or false - you can invest any amount of money ($1 to $1,000,000) in international businesses like Microsoft/Google etc, making you a small shareholder/owner in their company?

• True

• False

If you invest $100 a week in the New Zealand Stock Exchange from today, and it pays its average amount per year (7%), how much will you have when you are 65?

• $700,000

• $1.2million

• $1.5million

• $1.7million

What does gross income and nett income mean?

• Gross means your pay before tax; nett means pay after tax

• Gross means your pay after tax; nett means pay before tax

• Gross income means a small amount, nett means a large amount

If you buy a $5,000 car on a GEM visa card, and make the minimum repayments the bank allows you to, how long will it take to pay off?

• 2 years

• 8 years

• 12 years

• 18 years

Houses in New Zealand go up an average of 5.5% every year in price. If a house costs $600,000 now, how much will it be worth in 10 years?

• $1,020,000

• $780,000

• $850,000

• $1,575,000

A handy tip for how to manage your money is the 50/30/20 rule, in terms of how you use your earnings. How much does this recommend you save?

• 50%

• 30%

• 20%

There are plenty of 'buy now, pay later' companies such as Afterpay in NZ. Does this mean they are free for you to use?

• Yes

• No

• Maybe

• All of the above