EE

Question 1

Transaction Account

Answer 1

An account with a financial institution that is in the name of more than one person.

Question 2

Tax File Number (TFN)

Answer 2

A unique number assigned to taxpayers by the Australian Taxation Office for tax administration.

Question 3

Interest

Answer 3

Payment for the use of money over time. You earn it by lending your money

Question 4

Marginal Tax Rate

Answer 4

The highest rate of tax a taxpayer will pay on their income.

Question 5

BSB

Answer 5

A Bank State Branch is the name used in Australia for a bank code, which is a branch identifier.

Question 6

PIN

Answer 6

Personal Identification Number

Question 7

Store card

Answer 7

A payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution.

Question 8

Broker

Answer 8

A person who buys and sells goods or assets for others

Question 9

Transaction Fee

Answer 9

A transaction fee charges the account holder for a transaction they conduct. (withdrawals, deposits or transfers.

Question 10

ATM

Answer 10

Automatic Teller Machine

Question 11

Dishonor fee

Answer 11

A dishonor fee applies if there is insufficient funds available to make the scheduled payment.

Question 12

Account Service fee

Answer 12

An amount paid to a service provider such as an accountant, adviser or lawyer, for specific work, completed at your request, for your benefit.

Question 13

Joint Account

Answer 13

A joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it.

Question 14

Savings Account

Answer 14

A deposit account held at a bank or other financial institution that offers a higher interest rate than most basic transaction accounts. Account holders can usually access their account at any time.

Question 15

EFTPOS

Answer 15

Electronic funds transfer at point of sale