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Financial Literacy > Income & Spending > Flashcards

Income & Spending Flashcards

1
Q

Direct Credit

A

An electronic transfer of funds, initiated by the payer, which sends funds directly into the bank account of the payee

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2
Q

Direct Debit

A

An arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates, typically in order to pay bills

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3
Q

Debit Card

A

A card allowing the holder to transfer money electronically from their bank account when making a purchase

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4
Q

Credit Card

A

A small plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit

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5
Q

Automatic Payment

A

An automatic payment is a regular payment that is set up and controlled by you. The payment is always the same amount

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6
Q

E-Commerce

A

Commercial transactions conducted electronically on the internet

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7
Q

Gross Pay

A

The amount before any deductions. (pay rate x hours worked)

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8
Q

Net Pay

A

Gross Pay - All deductions. Actual amount you would receive as worker

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9
Q

Superannuation

A

Savings scheme workers contribute towards retirement funds. (gross pay x employee contribution % - gross pay x employer contribution %)

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10
Q

PAYE

A

Pay As You Earn - Income tax based on the amount you earn

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11
Q

Union Fee

A

Fees you pay to belong to the union. Workers belong to the union the protects their working conditions and rights

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12
Q

YTD

A

Year To Date - shows amount up to a point in time

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13
Q

Taxable Allowance

A

Extra income that you receive which will be subject to tax

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14
Q

Non-Taxable Allowance

A

Extra income that you receive which will not be taxed

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15
Q

Meal Allowance

A

Extra income given to workers when they work overtime through a meal break

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16
Q

Ordinary Time

A

8 hour day or 40 hour week

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17
Q

Overtime

A

Hours above ordinary time

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18
Q

Time and a half

A

1.5 x hourly wage rate

19
Q

Double Time

A

Pay rate x 2

20
Q

Triple Time

A

Pay rate x 3

21
Q

Days In Lieu

A

Extra day/holiday is given for working a public holiday

22
Q

EFTPOS

A

Electronic Funds Transfer at Point of Sale

23
Q

PIN

A

Personal Identification Number

24
Q

Barter

A

Barter is the exchange of goods and services without using money

25
Q

Commodity Money

A

Commodity money is where the object has value itself as well as value in buying goods

26
Q

Problems with Barter?

A

Lack of common measure

27
Q

Problems with Commodity Money?

A

Fluctuation

28
Q

Batercard

A

A bartercard is a ‘trade exchange’ system in which businesses can trade their goods and services with other businesses around the world. Bartercard operates in 8 countries including New Zealand.

29
Q

Legal Tender

A

Coins or banknotes that must be accepted if offered in payment

30
Q

Cheque is considered legal tender. True or False?

A

FALSE. A cheque is not considered legal tender because it is not mandatory to accept in offer of payment.

31
Q

Reserve Bank of New Zealand

A

Manages New Zealand’s foriegn exchange reserves.

32
Q

Money Qualities

A

durability, portability, divisibility

33
Q

Defaced

A

when banknotes contain words, drawings, symbols and signs written or inscribed deliberatatly in the surface.

34
Q

Demonetised

A

stripping a currency unit of its legal tender status

35
Q

NZ Banknote Features

A
  • Puzzle number
  • Serial number
  • Colour-changing bird
  • Raised ink
  • Metallic numbers and bird
  • Metallic ferns and map
  • Metallic 3D number
  • Embossed number
  • Large transparent window with an intricate border
  • Fern window
36
Q

Wages

A

usually paid by the hour e.g. $11/hour. A fixed regular payment earned for work or services, typically paid on a daily or weekly basis.

37
Q

Wages - Advantages

A
  • overtime pay is guaranteed

- typically short term or on an open contract (easy to switch jobs)

38
Q

Wages - Disadvantages

A
  • typically short term or on an open contract (not necessarily secured)
  • generally earn significantly less than those with a salary
39
Q

Salary

A

a fixed regular payment often expressed as a yearly sum but paid monthly.

40
Q

Salary - Advantages

A
  • people paid by salary often have more flexibility and can usually leave work occasionally if needed for medical appointments or family obligations
41
Q

Salary - Disadvantages

A
  • don’t generally get paid more for overtime work.
42
Q

Earned Incomes

A

wages, salaries, tips

43
Q

Unearned Incomes

A

birthday/gifted money, inheritance, financial prize won

44
Q

May affect level of income

A

your skill, your education, economic trends

Financial Literacy (2 decks)

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