Yr 10 Money, debt and credit

Credit means you ________now and ________ it back later.

• Borrow, Pay

• Pay, Borrow

• Pay, Pay

Types of credit include: Credit card, Installments, Mortgage and

• debit card

• rewards card

• Student Loans

Having bad credit can affect what for a person?

(a)  

What is a mortgage?

• Car loan

• business loan

• Home loan

The least amount that must be paid on a credit card each month is

• Minimum Payment
• Late Fee
• Credit Limit
• money time

Only making the minimum payment on a credit card every month will:

• lower the amount total paid for the purchase
• take longer to pay off which will result in paying more interest, more money!
• pay off the credit card faster

A credit card is

• Pre-approved credit which can be used for the purchase of goods and services now and payment of them later
• Credit which must be repaid in a series of equal payments
• A plastic card that is electronically connected to the cardholder's bank account
• None of the above

A financial institution which accepts deposits from public and provide loans to them.

• Share Market
• Insurance Company
• Banks
• All of these

Select the following INCORRECT statement concerning Australia’s currency:

• A. Australian money consists of both coins and banknotes
• B. Because the prices of different goods and services for sale differ, notes are supplemented by a range of coins in Australia
• C. Australia is moving toward a notes only currency within the next 12–18 months
• D. In Australia our currency is used and accepted across the entire nation

To avoid the inconvenience of many different currencies when countries were so close geographically, 12 European countries agreed to introduce a uniform currency – this has become known as:

• A. Bitcoin
• B. The euro
• C. Cryptocurrency
• D. The deutschmark