assesment 2

Question 1

What is superannuation?

Answer 1

superannuation is money put aside by your employer over your working life for you to live on when you retire from work

Question 2

when was superannuation made compulsory

Answer 2

1992

Question 3

What is the superannuation guarantee

Answer 3

from july 1st 2024, the rate is 11.5%

Question 4

requirements for how you can access your super

Answer 4

turn 60 years old
be retired
compassionate grounds
financial hardship
medical condition
incapacitation
first home super saver scheme
temporary resident departing australia

Question 5

how to calculate super guarantee

Answer 5

earnings X super rate = super amount

Question 6

What is a super fund

Answer 6

A super fund is a business that looks after your superannuation and invests your contributions on your behalf

Question 7

3 types of super funds

Answer 7

1. retail funds
2. industry funds
3. self managed super fund

Question 8

retail funds

Answer 8

offered by financial institutions. profits are returned to the corporation

Question 9

industry funds

Answer 9

owned by members. Profits are returned to members

Question 10

smfs

Answer 10

you choose how to invest your super funds

Question 11

What is tax

Answer 11

Tax is a compulsory payment made to the government generally paid when someone earns or spends money

Question 12

four types of tax

Answer 12

1. personal tax
2. business tax
3. property tax
4. consumption tax

Question 13

personal tax

Answer 13

tax paid on income and investments.

Question 14

business tax

Answer 14

tax on business profits

Question 15

property tax

Answer 15

stamp duty and land tax paid by property owners

Question 16

consumption tax

Answer 16

GST when you buy something or pay for a service, as well as extra taxes such as those on alcohol and petrol.

Question 17

what is the purpose of tax

Answer 17

to ensure a healthy economy and a reasonable standard of living is achieved for australian citizens

Question 18

what does the government spend tax revenue on?

Answer 18

“any of the three”
1. public transport
2. healthcare
3. education
4. unemployement benefits
5. infrastructure
6. age pension
7. welfare support

Question 19

different types of government

Answer 19

1. federal
2. state
3. local

Question 20

What is a progressive tax system

Answer 20

tax in where the tax rate increases as the taxable amount increases

Question 21

2 types of bank accounts

Answer 21

transaction account
savings accountq

Question 22

What is credit

Answer 22

money coming in

Question 23

what is debit

Answer 23

money going out

Question 24

What does BSB stand for

Answer 24

bank state balance and is a 6 digit special number

Question 25

expand on SMART goals

Answer 25

S. specific M. measurable A. achieveable R. relevancy T. time bound