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Unit : Personal finance

Topic 1 : Income

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Chapter: Concept of income

Image 1 - Not so long ago most Australians were payed their wage weekly by cash, though probably not as much as this
Image 2 - Builders collecting their wages
Image 3 - Professional landscapers and gardeners usually charge by the hour

Chapter: Voluntary and involuntary expenditure

Image 1 - GST is 10% of the sale price. If the milk cost $4, then the GST is 40c
Image 2 - Education is a necessity and here at Skwirk, we do our best to make education fun.

Chapter: Considerations affecting savings

Image 1 - If you want to form a band then you will need instruments.
Image 2 - The money you earn from your band (on top of your normal wage) would be your supplementary income.
Image 3 - Most people keep their money in banks or credit unions.

Topic 2 : Borrowing

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Chapter: What is borrowing?

Image 1 - Credit cards are a convenient way of borrowing although they charge more interest than a loan
Image 2 - A couple being interviewed for a bank loan
Image 3 - It is now possible to pay credit card bills online and over the telephone

Chapter: Types and suppliers of loans

Image 1 - A housing loan usually has a lower rate of interest and is repaid over a number of years
Image 2 - Some people borrow money from friends or family

Chapter: Factors considered by a lender

Image 1 - The lender will assess the risks involved with loaning the money.
Image 2 - Your personal circumstances play a large role in a lender's decision to accept your loan application. Would you lend money to this man?
Image 3 - Lenders prefer that you have a reliable income so that you can meet the repayments on your loan.

Topic 3 : Financial responsibility

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Chapter: Budgeting

Image 1 - It is important to plan your expenditure when trying to save
Image 2 - Budgeting is about balancing your income with your expenditure, especially when starting a business

Chapter: Insurance

Image 1 - Insurance is a type of risk management plan.
Image 2 - Home and contents insurance protects a consumer against damage to their property.
Image 3 - Some types of health insurance cover only basic preventative treatment, such as dental checks, while others cover hospitals stays and operations.

Chapter: Other effects of debt

Image 1 - Stress is a common response to financial pressure
Image 2 - Some individuals start gambling to try to win the money they need to escape debt but this can create even more financial problems.
Image 3 - Debt can affect interpersonal reltionships and can cause the breakdown of the family unit.

Topic 4 : Finance and investing

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Chapter: Reasons for investing money

Image 1 - The New York Stock Exchange, where billions of dollars of shares are bought and sold every day.
Image 2 - As an investor, the amount you receive in return depends on the risk you took.
Image 3 - Inflation is the decline in the value of money.

Chapter: Evaluating investment options

Image 1 - High-risk investment has been compared to gambling as it can be a very easy way to lose money.
Image 2 - Most newspapers print the previous day's stock exchange trading figures.
Image 3 - Investment is a form of taxable income.

Chapter: Types of investments

Image 1 - Banks vary in interest rates and charges.
Image 2 - The fluctuation of the share market makes short-term investment risky.
Image 3 - An investor can earn an income by buying a property and renting it out.

Chapter: Sources and responsibilities of advice

Image 1 - The Corportions Act deals with false and misleading advertising of productions. To call a burger healthy with a free can of soft drink, for example, is misleading.

Study guides

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