Money and Markets Flashcards
Define Credit
using money belonging to a lender to buy something now, with the understanding that the lender will be repaid in the future.
Advantages of Using a Credit Card
- Build a Credit History
- Emergency Funds
- Convenience
- Reward Programs
Disadvantages of Using a Credit Card:
- Accumulating Debt: Interest
- Impulse Buying
Things to Consider when getting a credit card:
- What the interest rate is
- Read the Contract
- Don’t pay the minimum balance
- Avoid Impulse Buying
Types of Credit Cards
- Store Card - Myer, David Jones
- Personal Loan - given by financial institutions
- Credit Cards - given by financial institutions.
What is Super
Super is money put away over your working life for retirement
- a long-term investment that grows over time
- the employer starts paying a percentage of your salary/wages into a superfund account (11%)
- can make extra contributions
What makes a secure website?
- Has a lock symbol
- HTTPS - ‘s’ standing for secure
- Has contact information eg; email address, phone number etc
What are scams?
traps to dishonestly take a persons money
What is a charity scam?
convinces you to make a donation
What is a Computer Malfunction Scam?
says computer is not operating properly and needs to be fixed
What is romance scams?
takes advantage of someone looking for romance
What is clairvoyant scams?
convinces individuals that bad luck is coming their way and needs to pay for goodluck
What is identity theft?
a specific type of fraud that involves stealing money or gaining other benefits by pretending you are someone else.
Purpose of a budget
- manage your money so you can purchase goods and services without being put into financial situations
- manage your money so you have cash available to make a desired purchase.
- reflect on spending habits and find areas where you might be spending too much.
What imports do AUS get from CHI
computers
telephones
furniture
What exports does AUS give CHI
Iron
Petroleum Gas
Gold
Define Bilateral Relationship
a relationship between two countries where they exchange goods and services, promoting trade and investment. They reduce/eliminate tariffs, import quotas, and export restraints.
What is a tariff
a tax imposed by one country on the goods and services imported from another country
Date of the Start of AUS and CHI free trade agreement
20th December, 2010
How has AUS supported growth of Chinese tourism
- Made the process for getting a Visa’s very EASY
- targeted marketing campaigns
How does the ChAFTA benefit AUS?
- reduces tariffs on Australian exports to China, boost trade volumes
- better access to the large China consumer market for AUS goods and services
- stimulates economic growth by expanding exporting opportunities
3 Reasons why the relationship deteriorated?
- AUS didn’t allow for Chinese Company, Huawei, to supply technology for our 5G Network.
- Scott Morrison expresses his willingness to investigate China’s responsibility for COVID-19
- Australia sided with the USA in saying Taiwan is NOT apart of China. (We agreed with USA for protection).
What is the WTO?
The World Trade Organisation enforce rules about international trade, and helps nations trade goods and services with one another.
