Skip to primary navigation
Skip to main content
Skip to primary sidebar
Skip to footer

SuperGuide

Superannuation and retirement planning information

Search this website

Join SuperGuide Premium
Account
Log In

Search this website

Join SuperGuide Premium
Account
Log In

How super works
Super funds
SMSFs
Plan your retirement
In retirement

Home / How super works / Super for beginners / Quiz: Super for beginners

Quiz: Super for beginners

August 12, 2019 by SuperGuide Leave a Comment

Reading time: 1 minute

Take the following 10-question quiz to test your knowledge on the fundamentals of superannuation.

Don’t worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article.

If your answer is correct, you will see a green tick. If your answer is incorrect you will see a X and the correct answer will be in bold.

Click here to see our other super quizzes.

1. Which of the following statements is correct?
- The Superannuation Guarantee must be paid by employers to employees who are aged over 18 who earn more than $450 in a month
- You can only access your super once you have met a condition of release
- Concessional contributions that you make to super are generally taxed at 15%
- All of the above
2. What is the easiest way to consolidate multiple super accounts to avoid paying multiple fees?
- Creating a myGov account, linking it to the Australian Taxation Office, and consolidating your accounts
- There is no easy way
- You cannot consolidate multiple super accounts
- None of the above
3. Which of the following statements is correct?
- All super funds charge the same fees
- Super funds are required to disclose their total fees and charges in their product disclosure statement (PDS) and in your annual member statement
- Super funds do not charge fees
- None of the above
4. Which of the following is a benefit of super?
- Everyone who contributes to super is eligible for a government co-contribution of the same amount
- Once you retire on or after your 60th birthday, you can generally withdraw your super funds tax-free
- Both of the above
- None of the above
5. Which of the following statements is correct?
- Concessional contributions are after-tax contributions
- Non-concessional contributions are before-tax contributions
- There are caps that limit the amount of concessional and non-concessional contributions that you can make to super in any year
- All of the above
6. How much tax do you generally pay when you rollover super benefits from one fund to another?
- 15%
- 47%
- Nil
- None of the above
7. Which of the following statements about SMSFs is correct?
- All of the members of an SMSF must also be its trustees
- Trustees are responsible for ensuring an SMSF’s legal compliance with superannuation and taxation legislation
- SMSFs are regulated by the Australian Taxation Office
- All of the above
8. Which of the following conditions of release allows super to be accessed?
- The First Home Super Saver Scheme
- Severe financial hardship
- Retirement after reaching your preservation age
- All of the above
9. Which of the following statements is correct?
- Balanced super funds generally have 50% invested in growth assets and 50% invested in defensive assets
- It's best for most people to be in a Balanced super fund
- There is a clear correlation between super fund fees and fund performance
- None of the above
10. Which of the following statements is correct?
- A transition-to-retirement pension may allow you to reduce your working hours while using income from your super to maintain your lifestyle
- You cannot purchase income protection insurance coverage through your super fund
- Voluntary super contributions are not tax-deductible
- None of the above

Related features

Super quizzes

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

Reader Interactions

Primary Sidebar

How super works

Super for beginners

Super rules

Employers guide to super

Super tips and strategies

How-to guides

Super quizzes

Superannuation Q&As

Superannuation glossary

Super funds

Best performing super funds

Super fund rankings

Best performing pension funds

Pension fund rankings

Super fund average returns

Super investing strategies

Comparing super funds

Choosing a super fund

Choosing an investment option

Retirement planning for beginners

When should I retire?

How long will I live?

How much super do I need?

Will I get the Age Pension?

How much will I spend in retirement?

Financial advice

Retiring overseas

Preparing for retirement

Retirement planning strategies

Retirement calculators and reckoners

Working in retirement

Life in retirement

Senior concessions and services

Search this website

Footer

Important: Disclaimer

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Learn more

About SuperGuide

SuperGuide is Australia’s leading superannuation and retirement planning website. Learn more

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629

Contact us
Advertise on SuperGuide
Careers

Before using this website

New to SuperGuide?
Terms and Conditions of Use
Financial Services Guide
Privacy Policy and Privacy Collection
Copyright Policy
Editorial Policy and Complaints
Disclaimer

SuperGuide Premium
Subscriber feedback
Sitemap

Related topics

Related features

Reader Interactions

Leave a Reply Cancel reply

Footer

Important: Disclaimer

About SuperGuide

Before using this website