Interview Questions

Interviewee: Mum [Anna Cooper]

Cash receipts: questions and answers

What are the major sources of income in this household?
We have two main salaries, one from me and the other from Dad.

How is the income paid to your household/how do you receive and bank the income?
The income is automatically deposited into our bank accounts online.

Do you have any other sources of income, if yes how do you receive and bank that income?
Shares and interest from savings and it’s automatically deposited into our accounts

How is this method of receiving income better than other methods?

I don’t have to do anything, whereas with other methods you’d have to bank them yourself.

How do you manage your cash on hand, including its safety?

By keeping it on me, in a secure place and if any more loose money is in the household we have a place for it.

Do you keep any financial documents relating to your income or cash received, if yes why are they
kept?
Only online, in email. Kept for tax reasons.

Cash Payments: questions and answers

What method/s of cash payment do you use the most?
Credit card and Online banking

Can you explain each method and why/when you’d use them? [refer to table below for help]
Method of payment Yes/No Used for Why?

Cash No - -

EFTPOS/debit card Yes At Dairies Charged for using credit

card

Credit card Yes All general expenses The more I use and pay
off the more cash back
reward

Direct debit No - -

Automatic payment Yes Rent, After-school Because ongoing

activities payment- always the
same, Don’t have to think
about it

Telephone banking No - -
 Online banking Yes Relocate money in make sure that there is
accounts enough money in each
account to pay for bills

Other (please state) No - -

Do you keep any financial documents relating to your cash paid, if yes why?
Yes, we keep the documents for big purchases for warranty and insurance purposes

Do you keep up to date with your balances [bank, credit, etc], if yes how and why?
Yes, fortnightly after being paid, by looking at our online banking. To keep track of our accounts.

How do you prevent overspending?

Using a credit card helps keep track of the amount spent and you only spend as much as you can pay off.

How do you make sure you pay bills on time, and that you’ll have enough money to pay them?
Online banking/Automatic payments helps us keep track, as they pay them for us. We also have multiple
accounts where money is divided up into certain bills.

Section A:
Report on a household’s management of cash received and cash on hand

Describe the cash control procedure used Explain how and why these procedures manager and
by the household safeguard the household’s cash

Banknotes in phone case My mum will keep a couple of extra banknotes in her
phone case for temporary safekeeping and as back up
money. She does this because she prefers to use her
cards. She takes her phone with her everywhere outside
of the house, this is how she knows the banknotes will be
kept safe

Money kept in house We keep any extra coins and banknotes in a special place
at home. We do this because we prefer to have a place
that's known to us and easily accessible but is hidden from
others. Because it’s hidden and unknown to others it
provides a safe place to put loose cash.

Everyone has savings accounts
In my household we all have our own savings account,
giving us each our own interest and a safe place to store
our individual money, without feeling tempted to spend it.
We do this because we like to have our own separate
accounts, and this is a way to keep our money safe as it’s
safer in a bank than in the house.

Kids deposit money Me and my brother both have our own bank accounts in
which we will deposit the money from our piggy banks into
 every so often [once a certain weight is reached]. We do
this because we know it’s safer to keep money at the bank
than at home and it’s also easier for us to use and keep
track of our debit cards than to carry around loose money.

Large amounts of cash are kept in bank
As a household we keep the vast majority of our money in
our respective bank accounts. We do this because it’s
safer to keep our money in the bank than to leave it in the
house or on hand. It’s also less of a hassle to carry around
and to pay with. We keep our cards hidden on our person
when we are planning to buy something, this is how we
know that it’s safe.

Section B:
Report on a household’s management of cash payments

Describe the cash control procedure used Explain how and why these procedures manage and
by the household safeguard the household’s cash

Automatic Payment My parents use automatic payments to pay for the rent
and after school activities, they also use it to give me and
my brother pocket money. This is done by having money
taken out of their accounts and transferred to the
respective accounts that are to be paid repeatedly [for
example: every fortnight transfer $40]. This is safe as only
my parents can change the automatic payments, as it’s
controlled by their accounts.

EFTPOS My household uses EFTPOS to pay for things, my parents

use it only where you're charged for using a credit card
whereas me and my brother use it the majority of the time.
This works by having money taken out of the bank
account that the card is connected to and transferred to
the merchant's account. Only those in possession of the
card can use it, and my family is very careful about
keeping our cards safe.

Cash My household uses cash only when necessary, as we find

it more of a hassle to use, and is mostly used at dairies
and bakeries. The transaction is made when you pass
over the correct amount of cash to the merchant and the
merchant will give you any change if necessary. Only
those in possession of the cash can use it, so it’s
important to keep it safe when we are using cash, which
my family is very mindful of.

Electronic bank transfer Electronic bank transfers are used in the vast majority in
my household as they encompass online and point of sale

Credit Card
Section c
Document 1: Countdown receipt
Time and Date of transaction
Description of goods or services
brought
Total price and total GST
Store Address and phone
Method of Payment
purchases. This is done by moving money from the
buyer's account to the merchant's account electronically.
Only those in possession of the cards and bank account
details can use them.
My parents use credit cards whenever they can, for most
payments. Credit cards work by having a pre-set limit in
which you can spend as much money but you need to pay
it off by the end of the month or else you get billed. Only
those in possession of the credit cards can use them.
This is important because it lets you know if this receipt is yours
because you would hopefully remember. It also allows for you to
file it in chronological [time] order.
The goods and services that are purchased and the details of them
[such as price] are important so that it’s clear to the receipt receiver
what was purchased and what each item costs. This also allows for
them to understand how the total amounts [with and without GST]
was reached. They can also check if they were double charged or
were charged for something that they didn’t buy. The receipt also
allows for them to be reimbursed if an item is faulty.
The total price is important because it tells you how much you have
paid from using cash or card to pay for the goods or services that
you bought. The total GST is important because it shows how
much GST you paid in that transaction. You can also potentially
claim back GST so it’s important to know the amounts and stores.
The Store address is important because it tells you the location of
the store, which can help determine if you went there or not, which
is also the place that you would return any faulty items to. The
phone number is important for contact reasons, if you have
inquiries, were charged wrongly or have a faulty item you’d be able
to call the phone number and sort out the problem.
This is important because it shows you which card/s you have used
to pay for the product, in this case a gift card and a visa card. It
also tells you how much was charged to each card, letting you
know how much less money you have in your account, which you
can then account for future purposes.
Document 2:Printing ink tax invoice
Date
Company phone, address, and email
Receiver Address, name and phone
Description of goods or services
brought
Total price
GST paid and GST number
Document 3: Water tax invoice and statement
Date
Company phone, and email
Receiver Address, name and phone
This is important because it lets you know if this invoice is yours
because you would hopefully remember ordering the ink. It also
allows for you to file it in chronological [time] order.
The Store address is important because it tells you the location of
the store, which can help determine if you went there or not, which
is also the place that you would return any faulty items to. The
phone number is important for contact reasons, if you have
inquiries, were charged wrongly or have a faulty item you’d be able
to call the phone number and sort out the problem. And the
company's email is important so that if you are unable to call them
you have a second contact to send questions and complaints to.
This is important so that you know who made the purchase and
who the invoice is directed to. If the invoice is wrongly sent to you,
you’d be able to call them and send the invoice to them. This also
ensures the legality of the document.
The goods and services that are purchased and the details of them
[such as price] are important so that it’s clear to the receipt receiver
what was purchased and what each item costs. This also allows for
them to understand how the total amounts [with and without GST]
was reached. They can also check if they were double charged or
were charged for something that they didn’t buy.
The total price is important because it tells you how much you have
paid from using cash or card to pay for the goods or services that
you bought.
The GST amount paid and GST number is important because it
lets customers know and document how much they have paid to
the IRS and it’s important to have the information readily available
as they may want to claim some of the GST money back.
This is important because it lets you know when the invoice and
statement was sent. It also allows for you to file it in chronological
[time] order.
The phone number is important for contact reasons, if you have
inquiries, were charged wrongly or have a water problem you’d be
able to call the phone number and sort out the problem. And the
company's email is important so that if you are unable to call them
you have a second contact to send questions and complaints to.
This is important so that you know who the invoice and statement
is directed to. If the invoice is wrongly sent to you, you’d be able to
call them and send the invoice to them. This also ensures the
legality of the document.
Description of goods or services
brought
The goods and services that are purchased and the details of them
[such as price] are important so that it’s clear to the receipt receiver
what they are being charged for and what each item costs. This
also allows for them to understand how the total amounts [with and
without GST] was reached. They can also check if they were
mischargerd.

Total price The total price is important because it tells you how much you need
to pay by using cash or card to pay for the goods or services that
you used.

GST number The GST amount paid is important because it lets customers know
and document how much they have paid to the IRS and it’s
important to have the information readily available as they may
want to claim some of the GST money back.

Document 4: Credit statement and bank statement

Receiver's name and address This is important so that you know who the invoice and statement
is directed to. If the invoice is wrongly sent to you, you’d be able to
call them and send the invoice to them. This also ensures the
legality of the document.

Company phone, and email
The phone number is important for contact reasons, if you have
inquiries, were charged wrongly or have a faulty item you’d be able
to call the phone number and sort out the problem. And the
company's email is important so that if you are unable to call them
you have a second contact to send questions and complaints to.

Date This is important because it lets you know when the statement was
sent. It also allows for you to file it in chronological [time] order.

Statement period The statement period is important because it states clearly the time
period which the document covers. It can also be helpful for filing in
chronological [time] order.

Transactions description It’s important that the goods and services that were purchased and
the prices of them are clearly labeled so that you can see what you
brought and if it’s all correct [you can match them up to receipts],
this also helps you understand the total amount.

Balance totals The balance totals are important because they tell you how much
you have in your accounts as of when the statement was sent.
They also sum up how much you have spent which you can
compare to your past statements to see if your spending habits
have changed.