WorksheetsFinancial Literacy Revision
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
Consumers are important in the economic system because...
a)
The more they purchase, the more produced, employment increases, the economy expands.
b)
The decisions they make impacts directly on the goods and services produced.
c)
The more they save, the more there is available for investment.
d)
All of the answers provided.
2.
True or False.
Only external factors and not internal factors influence consumer decision making.
Only external factors and not internal factors influence consumer decision making.
a)
True
b)
False
3.
External factors that influence consumer decision making include
a)
Price,beliefs, marketing, income.
b)
Income, marketing, price.
c)
Age, gender,
personality, life-cycle stage, style, occupation and economic circumstances
d)
Values, beliefs,
nationality, religion, racial background.
4.
A salary is...
a)
Payment
for services provided or goods sold.
Payments are calculated on a percentage of the goods sold.
b)
Payment
for labour or
services to a worker, generally paid on an hourly, daily, or weekly basis or by
the piece.
c)
Compulsory
payments to governments by households and businesses.
d)
Fixed
compensation for services, paid to a person on a regular basis
5.
Tax is.
a)
The money paid by individuals and
businesses to government: federal, state or territory, and local.
b)
All of the answers provided.
c)
Used to
provide public goods and services needed by the community.
d)
Collected by local, state and federal governments.
6.
Australia has a
a)
Progressive income tax system.
b)
Degressive income tax system.
c)
Voluntary system of tax.
d)
Depressive tax system.
7.
What is a tax return?
a)
The amount of money the government returns to you from the tax you have paid.
b)
Expenses you are deducting from your income.
c)
The document used to inform the ATO how much income you earned and any tax deductions or tax offsets you are claiming for the financial year.
d)
The amount of tax that your employer has deducted from your gross pay and paid to the ATO for the pay period.
8.
Superannuation (super) is..
a)
Money you set aside during your working life to provide an income to live on when you retire from work.
b)
Calculated at 9.5% of your salary, this is called the Super Guarantee. The Super Guarantee will gradually increase to 12% in coming years.
c)
Compulsory
d)
All of the answers provided.
9.
Why do we need Superannuation?
a)
We don't the government just takes it.
b)
To pay for community wants.
c)
All of the answers.
d)
None of the answers.
10.
The most important step in controlling your money is
a)
Never working and letting mum and dad pay for everything forever.
b)
Hiding it under the bed.
c)
Preparing a budget.
d)
Getting a loan.
11.
Benefits of credit include
a)
Safety
b)
Access to cash in an emergency.
c)
Convenience.
d)
All of the answers provided.
12.
True or False. If the consumer changes their mind they can always get a refund.
a)
True
b)
False
100 %
