| Methods of Keeping Records | Spreadsheets and Databases |
| Spreadsheet | A spreadsheet is a series of rows and columns displayed on a computer screen. It allows the operator to perform mathematical calculations. |
| Database | Computer data uses a list of credit or debit purchases. |
| Income | Money received on a regular basis |
| Types of income | Wage, Salary, Commission, Royalties, Profit, Dividend, fee, rent. |
| Wage | Income earned by casual employees, earned by the hour. |
| Salary | Income earned by Full time and Part time employees. It is a fixed annual amount that can be paid weekly, fortnightly or monthly. |
| Commission | A percentage of the amount sold by the employee |
| Royalties | Income generated through the production and sale of intellectual property (i.e. books, movies, music). |
| Profit | Income generated for business owners when businesses revenue is higher than their expenses. |
| Dividend | Income earned by shareholders, this is a percentage of business profits to shareholder owners. |
| Fee | Income earned by professionals, they are paid an amount each time they provide their service. |
| Rent | Income earned by leasing out property that is owned by the individual. |
| Tax rates | Australia has a progressive income tax system. |
| Budget | A budget is a statement of a persons income and expenses over a period of time. |
| Factors that affect our spending | Income, Age, Location and Wealth. |
| Purpose of Insurance | To protect goods from being stolen and from the person loosing their money. |
| Health Insurance | Ensures any medical issues that may be faced through my your life. |
| Life Insurance | Ensures any costs after you die. |
| Interest Rates | The cost of borrowing and the return on savings |
| NBIF | Stands for: Non Banking Financial Intermediary. This includes Credit Unions, Aussie Home loans and other non-government backed bank institutions. |
| Banks | Banks are money holding institutions backed by the RBA (Royal Bank of Australia). |
| Benefits of high Interest Rates | Savers and overseas investors, as they earn returns on savings. |
| Benefits of low Interest Rates | Borrowers as they have lower rates to pay if they do not pa their money back on time. |
| Repossession | Goods taken away from consumers if they do not make their repayments to either the banks or NBIFs |
| Bankruptcy | If you are legally bankrupt you must not get a loan for 5 years, you also cannot start a business for 5 years. People declare bankruptcy if they cannot pay back their creditors (who they owe). |
| Defaulted Loan | Defaulting the loan means you have failed to carry out the terms of the contract and legal action can be taken. |
| Investing | Where you put your money into assets to make a profit. |