Money and Markets

Question 1

Define Credit

Answer 1

using money belonging to a lender to buy something now, with the understanding that the lender will be repaid in the future.

Question 2

Advantages of Using a Credit Card

Answer 2

• Build a Credit History
• Emergency Funds
• Convenience
• Reward Programs

Question 3

Disadvantages of Using a Credit Card:

Answer 3

• Accumulating Debt: Interest
• Impulse Buying

Question 4

Things to Consider when getting a credit card:

Answer 4

• What the interest rate is
• Read the Contract
• Don’t pay the minimum balance
• Avoid Impulse Buying

Question 5

Types of Credit Cards

Answer 5

1. Store Card - Myer, David Jones
2. Personal Loan - given by financial institutions
3. Credit Cards - given by financial institutions.

Question 6

What is Super

Answer 6

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

Question 7

What makes a secure website?

Answer 7

1. Has a lock symbol
2. HTTPS - ‘s’ standing for secure
3. Has contact information eg; email address, phone number etc

Question 8

What are scams?

Answer 8

traps to dishonestly take a persons money

Question 9

What is a charity scam?

Answer 9

convinces you to make a donation

Question 10

What is a Computer Malfunction Scam?

Answer 10

says computer is not operating properly and needs to be fixed

Question 11

What is romance scams?

Answer 11

takes advantage of someone looking for romance

Question 12

What is clairvoyant scams?

Answer 12

convinces individuals that bad luck is coming their way and needs to pay for goodluck

Question 13

What is identity theft?

Answer 13

a specific type of fraud that involves stealing money or gaining other benefits by pretending you are someone else.

Question 14

Purpose of a budget

Answer 14

• 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.

Question 15

What imports do AUS get from CHI

Answer 15

computers
telephones
furniture

Question 16

What exports does AUS give CHI

Answer 16

Iron
Petroleum Gas
Gold

Question 17

Define Bilateral Relationship

Answer 17

a relationship between two countries where they exchange goods and services, promoting trade and investment. They reduce/eliminate tariffs, import quotas, and export restraints.

Question 18

What is a tariff

Answer 18

a tax imposed by one country on the goods and services imported from another country

Question 19

Date of the Start of AUS and CHI free trade agreement

Answer 19

20th December, 2010

Question 20

How has AUS supported growth of Chinese tourism

Answer 20

• Made the process for getting a Visa’s very EASY
• targeted marketing campaigns

Question 21

How does the ChAFTA benefit AUS?

Answer 21

• 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

Question 22

3 Reasons why the relationship deteriorated?

Answer 22

1. AUS didn’t allow for Chinese Company, Huawei, to supply technology for our 5G Network.
2. Scott Morrison expresses his willingness to investigate China’s responsibility for COVID-19
3. Australia sided with the USA in saying Taiwan is NOT apart of China. (We agreed with USA for protection).

Question 23

What is the WTO?

Answer 23

The World Trade Organisation enforce rules about international trade, and helps nations trade goods and services with one another.