Name: ___________________________________________________________ Date: ____________ Period: _______
Spring Final Exam Study Guide
1. Who are the native peoples of Australia? Aborigines
2. What type of economic system did the Aborigines have? (Hint: hunter-gathers) Traditional
3. What was the religion of the Aborigines called? Dreamtime
4. Who were the first people to colonize Australia? British
5. Who was the captain that claimed Australia? Captain James Cook
6. What was Australia used for after it was colonized? Prison Colony
7. What part of Australia did the British settle in? What happened to the Aborigines that were there?
New South Wales (Along the coastlines, especially the southeastern coast). The Aborigines were forced from
their homelands along the coasts towards the interior of Australia (the outback), especially the Northern
Territory.
8. What kind of weapons did the Aborigines have? What kinds of weapons did the Europeans have?
Boomerangs and small weapons like spears. Europeans had guns.
9. What main problem did the Aborigines have after the encountered the Europeans? Diseases like smallpox
decimated many of the indigenous peoples
10. Many Aborigines lived in the in the outback or the Northern Territory of Australia.
11. Which 3 oceans surround Australia? Indian, Southern and Pacific
12. Which 2 regions of Australia have the highest population? Why? The north and south eastern coasts (New
South Wales and Queensland) because that is where many of the cities are and where the British first colonized
13. What type of government does Australia have? Federal
14. Are Australians required to vote? If so, how old do they have to be? Yes, 18.
15. Who is the head of state in Australia, with little say in the government? The Monarch- Queen of England
16. What is income? Money earned by a person most often by having a job. Can also include salaries, wages,
interests and dividends
17. What are wants(things people don’t need) also called? Luxuries
18. Why should you create and follow a budget? Helps- to spend money more wisely. Also helps you understand
how much money you make and how much money you spend so you won’t go in debt and so you can save
money.
19. What is the number one reason for saving over a long period of time? Retirement as well as to buy something in
the future than you cannot currently afford
20. What is credit? What are some examples? Borrowed Money-Borrowing money to purchase goods or services in
return for your promise to pay later .Buy Now, Pay Later. Examples- loan on your home(mortgage), car loan,
credit card
21. What is Annual Percentage Rate (APR)? The interest charged for borrowing money on a credit card
22. What are some ways to save money? Savings account, retirement funds (401K, IRA, etc),
23. Define investing. to spend money in the hopes of making more money than you spent. When you use money to
make money! Examples: homes, stocks, bonds, mutual funds, real estate
24. What is personal finance? Learning to manage your money- the key is to never borrow more money than you can
pay off in a reasonable amount of time
25. Why is it important to understand your own personal finance? So you can manage and understand personal
finance- never borrow more than you can pay off
26. How is interest a good thing? How is it a bad thing?
good- when a bank pays you interest for
Bad- when you use credit cards- banks charge you a fee for borrowing money from them
27. What are short term goals? What about long-term goals?
short term(months)- Goals the require short term savings- Examples: going to the movies, buying a TV, a trip
Long term(years)- Goals that require long term saving- Examples: retirement
28. What type of account draws directly from a person’s bank account? Debit/ Checking account
**Please note, there are more than 28 questions on the final. You need to study Australia and Personal Finance
thoroughly for your Spring Semester Final Exam. Study all of your notes!!!!