LIBF UNIT 1 TOPIC 4

Which of the following types of income is a 12-year-old most likely to receive?

• Pocket money

• A pension income

• An income from earnings

Disposable income is often defined as income that:

• you have prior to tax being deducted

• you have after tax and National Insurance are deducted

• you have left after having paid all of your expenses

An example of a universal benefit is:

• Universal Credit

• Personal Independence Payment

• State Pension

Which of the following would be entitled to the National Minimum Wage?

• A self-employed hairdresser, age 25

• An employed admin assistant, age 21

• A paper delivery boy, age 15

Employers must provide payslips because they are a:

• legal right

• civil right

• human right

The amount of cash in the economy is equal to the amount of money in the economy.

• True

• False

The Equality Act 2010 states that employees should receive equal money for equal work.

• True

• False