Podcast
Questions and Answers
What is an apprentice?
What is an apprentice?
A person who has agreed to work for a skilled person for a particular period of time to gain knowledge and skills about a job.
What does a birth certificate provide?
What does a birth certificate provide?
An official copy of birth registration including information such as name and place of birth.
What is a bond in the context of rental properties?
What is a bond in the context of rental properties?
Money lodged with the Rental Bond Board to cover damages or cleaning costs from a rental property.
What is a budget?
What is a budget?
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What does Centrelink provide?
What does Centrelink provide?
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What are community services?
What are community services?
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What is a condition report?
What is a condition report?
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What is a cooling off period?
What is a cooling off period?
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What is a debit card?
What is a debit card?
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What are deductions in taxes?
What are deductions in taxes?
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What are establishment costs?
What are establishment costs?
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What are exclusions in an insurance policy?
What are exclusions in an insurance policy?
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What are fixed expenses?
What are fixed expenses?
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What are inclusions in an insurance policy?
What are inclusions in an insurance policy?
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What is insurance?
What is insurance?
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Who is the insured?
Who is the insured?
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Who is the insurer?
Who is the insurer?
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What does the term 'kitty' refer to?
What does the term 'kitty' refer to?
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What is a lease?
What is a lease?
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What is a Medicare card?
What is a Medicare card?
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What is a Medicare levy?
What is a Medicare levy?
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What is a mortgage?
What is a mortgage?
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What are ongoing costs?
What are ongoing costs?
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What is a payday loan?
What is a payday loan?
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What is a premium in insurance?
What is a premium in insurance?
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What is a refuge?
What is a refuge?
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What is a reservation fee?
What is a reservation fee?
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What is a residential tenancy agreement?
What is a residential tenancy agreement?
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What is the sharing economy?
What is the sharing economy?
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What is superannuation?
What is superannuation?
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What is a tax file number?
What is a tax file number?
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Who is a tenant?
Who is a tenant?
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What is a utility?
What is a utility?
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What are variable expenses?
What are variable expenses?
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Study Notes
Apprentice
- A person who works for a skilled person to gain knowledge and skills in a particular job.
- Apprentices usually work for lower wages than skilled workers.
Birth Certificate
- A formal document that records details of a person's birth.
- Issued by the NSW Registry of Births, Deaths and Marriages.
- Contains information such as name and place of birth.
Bond
- Money deposited with the Rental Bond Board.
- Used to cover damages or cleaning costs if a rented property is left in a bad condition.
Budget
- A plan that outlines income and expected expenses.
Centrelink
- The Australian government's main welfare agency.
- Provides financial assistance, counseling, and social work support to those in need.
Community Services
- Services funded by the community to provide something beneficial but not for profit.
Condition Report
- A detailed document that records the condition of a property when new tenants move in.
Cooling Off Period
- A period after a sale contract is signed during which the buyer can cancel without penalty.
Debit Card
- A plastic card that allows users to buy goods by transferring money from their bank account to the store's account.
- Can also be used to withdraw cash.
Deductions
- Items that reduce a person's assessable income, lowering the amount of tax owed.
Establishment Costs
- One-time expenses associated with starting a new place to live or a business.
Exclusions
- Specific items not covered by an insurance policy.
Fixed Expenses
- Expenses that remain consistent each time, such as monthly rent or a fixed minimum charge for a mobile phone.
Inclusions
- Things that are covered by an insurance policy.
Insurance
- A financial agreement where a person or property is covered in case of loss, damage, or accidents.
- Helps individuals avoid financial hardship in the event of covered incidents.
Insured
- The person or entity covered by an insurance policy.
Insurer
- The company providing insurance coverage.
Kitty
- A shared fund of money contributed by a group of people, such as flatmates.
Landlord
- The person who owns a rented property.
Lease
- A legally binding contract between a tenant and a landlord that allows the tenant to use the landlord's property in exchange for rental payments.
Medicare Card
- A card issued by the Australian government to individuals or families, allowing them to access free healthcare services from doctors and public hospitals.
Medicare Levy
- An additional 2% tax on income used to fund the Medicare system.
Mortgage
- A loan from a financial institution, like a bank, where an asset (e.g., a house) is used as security in case the loan is not repaid.
Ongoing Costs
- Recurring expenses such as rent, mortgage payments, and utility bills.
Payday Loan
- A high-cost, short-term loan for small amounts.
- The borrower agrees to repay the loan when they receive their next paycheck.
Premium
- The amount of money paid to receive insurance coverage.
Progressive Tax System
- A tax system where higher earners pay a larger percentage of their income as tax.
Refuge
- A safe haven providing shelter and protection from unsafe situations, such as a youth refuge.
Reservation Fee
- Usually one week's rent that secures a property for a person while their tenancy application is being reviewed.
Residential Tenancy Agreement
- The standard agreement between tenants and landlords when renting a house or flat.
Sharing Economy
- Also known as collaborative consumption, it involves individuals sharing their possessions for payment.
Superannuation
- Money saved during a person's working life for retirement.
- Commonly referred to as "super".
- Typically contributes 10.5% of income.
Tax File Number
- A unique personal reference number issued by the Australian Taxation Office.
- Used to identify individuals and enforce tax laws.
Tenant
- The person or people renting a property from a landlord.
Utility
- An organization that provides essential services to the community, such as water, gas, or electricity.
Variable Expenses
- Expenses that fluctuate in amount, such as groceries or entertainment costs.
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Description
This quiz covers essential concepts related to community services, welfare, and financial responsibility. Topics include apprenticeships, budget planning, and important documents like birth certificates and bonds. Test your understanding of these foundational elements in community support.