Test Your Financial Knowledge

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* 1. When a person dies, who receives their superannuation?

Their children

It is dealt by their Will

It depends if there is a Death Benefit Nomination

The ATO receives it by default

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* 2. One of the basic principles of investing is to:

Invest in companies whose share price has risen the most in the past 12 months

Invest in expensive, complicated financial investments that promise high returns

Sell any investment that goes down in price

Diversify your investments for a smoother investment experience

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* 3. What is 'BitCoin'?

A new financial software program

A new payment system accepted by banks

A new type of digital currency

An investment listed on the stock exchange

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* 4. Which of the following best describes what it means to 'consolidate your super'?

To calculate what the total amount of your super is

To calculate how you can maximise your super

To bring together all your super accounts into one

None of the above

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* 5. Which of the following is a particular feature of a Self-Managed Super Fund?

You have a high level of control over investments, costs, cashflow and estate planning

You can access your money at any time as you are the manager

You have to invest at least 30% in the Australian sharemarket

You have to invest in business property

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* 6. What are 'Bonds'?

Loans to governments and organisations where the lender receives interest

An American word for Term Deposits

The relationship between two companies

A famous underwear brand

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* 7. What is the maximum number of members in a Self Managed Super Fund?

4, but only if they are related

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* 8. If you give money away it is taxable...

To the recipient

To the person giving it away

Gifting is not a taxable event

Only if the amount is over $10,000

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* 9. An Enduring Power of Attorney is a legal document that gives authority for another person, while you’re still alive, to:

Manage and make decisions about your lifestyle and health

Manage and make decisions about your finances

Manage and make decisions about your lifestyle, health and finances

None of the above

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* 10. 'Compound Interest' refers to:

Interest that applies to several different accounts

Interest that you pay according to the market rate

Interest that you earn according to the market rate

Interest that you earn on a 'rolling balance' and not on the initial principal amount