NEW
Font size
WorksheetsPersonal Finance Review
Total questions: 36
Worksheet time: 36mins
A financial institution, owned by its members, that offers financial services, especially savings and mortgage lending.
Bank
Building Society
Credit Union
Broker
What is a default notice?
A notice that one has outstanding debt on their credit card that must be resolved immediately
A notice from the council about housing eviction
A document from a lender stating that a person has failed to carry out the terms of the contract
A document from a lender stating that a loan needs to be paid.
A non-profit making cooperative whose members can borrow from pooled deposits at low interest rates.
Bank
Building Society
Credit Union
Mortgage House
A financial institution licensed to receive deposits and make loans. May also provide financial services, such as wealth management, currency exchange and safe deposit boxes.
Bank
Credit Union
Mortgage Broker
Building Society
Which of the following is not a favorable option for dealing with debt?
Pay the amount owing
Negotiate a change in you payments
Refinance you loan
Apply for bankruptcy
What is the first thing you should do if you cannot repay your loan?
Contact a lender about your situation
Tell your friends
Go to the Ombudsman
Seek advice from a lawyer
Which of the following is not an example of how a financial planner can help you maximise your net worth?
Interpreting and explaining complex financial issues including appropriate tax structures.
Identifying your short and long-term goals.
Preparing a financial plan customised to your specific needs
Contacting a Bank and asking for a loan
A payment, based on a percentage of proceeds, to musicians, artists and authors.
Wage
Royalties
Fees
Commission
Payment to a salesperson, based on the percentage of the sales price.
Commission
Fee
Royalties
Wage
A salary is ...
A fixed amount of money paid on a regular basis (usually fortnightly or monthly) to a permanent employee of an organisation
Money received by workers, usually on a weekly basis, for services they provide to an employer
A wage is ...
A fixed amount of money paid on a regular basis (usually fortnightly or monthly) to a permanent employee of an organisation.
Money received by workers, usually on a weekly basis, for services they provide to an employer
What is the name of the organisation that keeps on file the credit records of consumers.
ASIC
Royal Commission into Banking
Credit Bureau
Future of Financial Advice (FoFA)
A sum payable as profit for shares; part of a firms profit that is divided among shareholders.
Rent
Commission
Royalties
Dividend
Which of these is not an example of Fixed Income?
Car Repayments
Gym Fee
Groceries
Mortgage
Which of these is not an example of a variable expense?
Movie Tickets
Car Registration
Haircuts
Electricity Bill
The annual cost of borrowing credit or the annual return on invested savings.
Fee Structure
Interest Rate
Commission Variability
Foreign Exchange Rate
Type of loan used to purchase items such as cars, furniture or travel.
Mortgage
Personal Loan
Lay-By
Overdraft
Something pledged as security for the repayment of a loan, to be forfeited in the event of a default.
Collateral
Mortgage
Personal Loan
Insurance
Individual or firm that specialises in buying and selling shares.
Mortgage Broker
Financial Advisor
Creditor
Stock Broker
Facility that provides business loans and other credit facilities specifically for large businesses.
Credit Union
Finance Comapny
Merchant Bank
Building Society
Which of the following is NOT a factors used to determine your credit rating
Capacity
Character
Collateral
Contract
Someone who guarantees to pay back the money if the borrower does not
Guarantor
Co-Signatory
Executive
Mortgagee
The amount of money to be paid to receive insurance cover.
Commission
Fee
Premium
Interest
The lender in a mortgage, typically a bank, building society or savings and loan association.
Capital Creditor
Creditor
Financier
Mortgagee
ASIC stands for ...
Australian Stock Insurance Corporation
Australian Securities Investment Commission
Australasian Savings Instability Commission
Australian Securities Insurance Coalition
One of the equal parts into which a company's capital is divided, entitling the holder to a proportion of the profits.
Commission
Share
Capital
Fee
An investment fund run on behalf of an investor by and agent.
Managed Fund
Portfolio
Superannuation Fund
Property Portfolio
Compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement.
Portfolio
Hedge Fund
Income Tax
Superannuation
Buying something without giving much thought as to whether you really need it is called ...
Purchase Immediacy
Impulse Buying
Short-Term Acquisition
Caveat Emptor
The amount of income an employee has left after income tax is deducted is called ...
Salary
Gross Income
Wage
Net Income
Tom suffered serious injuries in a motor vehicle accident. He cannot work for six months according to his doctor as a result of his injuries.
What type of insurance will pay Tom an income until her recommences work?
Life Insurance
Health Insurance
Comprehensive Insurance
Income Protection Insurance
Issy had borrowed $400,000 to purchase a house. Her parents have promised to pay the bank should Issy be unable to.
What have Issy's parents agreed to be for her?
A Financier
A Guarantor
A Guardian Agent
A Repossessing Agent
Malcolm owes money to a finance company who helped him buy a mobile phone. Consequently, the finance company has a legal order to take a certain amount of money our if his weekly wage.
This process is called ...
Direct Debiting
Salary Sacrificing
Garnishing Wages
Budgeting of Wages
Commission, dividends and royalties are all ...
Types of Income
Types of Insurance
Types of Investments
Types of Financial Advice
Which of the following is a disadvantage of paying with credit cards?
Having easy access to finance could lead to overspending
An item may be able to be obtained instantly and paid for later
Money remains in the bank earning interest until a bill is paid
Bill can be paid for conveniently over the phone or the internet
Mick had a car accident and contacts his insurance company. If he makes a claim, which of the following expenses for future insurance policies may increase for him?
Exit Fee
Joining Fee
Interest Rate
Premium Rate
