• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

17 Cards in this Set

  • Front
  • Back

defintion of money

a current medium of exchange in the form of coins and banknotes

functions of money

store of value - money that will stay the same and never change and you can access it at anytime.

medium of exchange - used to help with sales, trading, bartering and goods between different people and must be accepted as a means of payment.

standard unit of account - used to value goods and services and any economic item

forms of money

credit card, debit card, gold, cheques, coins and notes,

credit cards vs debit cards

a credit card is used to allow you to buy goods and services on credit i.e. buy now pay later

a debit card allows us to pay for goods and services with our own money e.g. the money we receive from work and jobs are put onto that card so you pay no interest

advantages and disadvantages of a credit card

advantages include 24/7 use, easier than carrying cash and safer than carrying cash

disadvantages include you can be put into a lot of debt, your account can be hacked and can attract very high interest rates

foreign currencies - how to calculate them

aus to other country = aus dollar x exchage rate

other country to aus = other country dollar divided by exchange rate

who borrows money

individuals for mortgages, businesses, uni loans, holidays, car repayments, phone repayments

who lends money

family, banks and credit unions

types of loans

home loans, car loans, business loans, personal loans

factors to consider when borrowing money

interest rate, application fee, how much the bank will lend you, term of the loan, ongoing fees

principal vs interest repayments

principal - when your money goes towards repaying back the original amount

interest - when your money goes towards repaying the interest on a loan which is calculated as a percentage of the principal loan

fixed vs variable rate loans

fixed rate loan is when the interest rate stays the same in your term of the loan

variable rate loan is where the interest rate can drop or raise at any moment

types of scams

phising scams, internet scams, credit card scams, identity theft, text messages scams, lottery scams, dating and romance scams

protecting yourself from scams

never open suspicious links in emails, never give anyone any personal details, have a security software updated and on your computer and make sure that in the url there is a https in it to be safe

exchange rate

means the value of one currency in comparison to another

PIN stands for



the number of days you go without paying any credit