Andy's Financial Recap Quiz

If your expenses is greater than your income, the first thing you should do is...

• Reduce your fixed expenses

• Reduce your variable expenses

• Increase your income

• Borrow money

What are SMART goals?

• Simple, Meaningful, Attainable, Relevant, Timely
• Specific, Measurable, Achievable, Realistic, Timeless
• Structured, Measurable, Attainable, Relevant, Timely
• Specific, Measurable, Achievable, Relevant, Time-based

Paying tax is important because

• To fund public services, ensure fair distribution of resources, and maintain economic stability.
• To limit public services
• To cause economic instability
• To make people unhappy

It is important to file a tax return at the end of each financial year because (multiple choice)

• You might have paid too much in taxes

• You might have paid too little in taxes

• You might have deductions you can claim to reduce your taxable income

• ATO loves paperwork

What should you consider when choosing a superfund?

• Past performance

• 'AA' rating

• Fees

• APRA certified

Salary sacrificing is when you

• Reduce your salary in order to work less hours.

• Reduce their working hours but keeping the same salary.

• Receive additional cash payments
• Agree to give up part of your salary in exchange for non-cash benefits

When buying and selling on Gumtree, Facebook, etc, what are some steps you can take to avoid being scammed?

• Cash in person only.

• Avoid sending money online

• Never pay for a 'deposit' or 'holding' fee.

• Make sure that the money has cleared in your account before handing over the items.

A phishing scam is designed to

• scam you out of your money

• make you think you can 'get rich quick'

• trick you into giving out personal information

• commit financial fraud

Which one of the following is NOT a benefit of using credit card?

• Convenience

• Purchase protection

• Insurance

• Fees and surcharges

Which one of the following is NOT a secured loan?

• Credit card

• Margin loan (for stocks)

• Home loan

• Car loan