Topic 1 and 2 recap

What is the term that means to receive money or possessions from a person who has died?

• Inheritance

• Income

• Incompetence

• Incapability

Which of the following best describes the money you get paid for doing a job?

• Income
• Earnings
• Pay As You Earn
• Benefits

If Elly earns £6.35 an hour, she is likely to be earning:

• A benefit
• A salary
• A wage

Employers do not need to give employees a payslip with their salary or wages

• false
• true

If you deposit money into your account at the bank, this is a

• Debit
• Credit

For what purpose does the government use some of the money collected via National Insurance contributions?

• Armed Forces
• PAYE
• Pensions
• Holidays

Workers can earn up to £12,500 before they have to pay any income tax.

• true
• false

The government organisation that deducts tax from workers is called:

• The Whitstable School
• Kent County Council
• Austerity Tax
• Her Majesty's Revenue and Customs

Income made from investing in shares is called

• Interest
• Dividends
• Rent
• Winnings

A tax on your earnings is called

• Income tax
• Capital Gains Tax
• Inheritance tax
• Insurance tax