LIBF LiFE Quiz 1 - Money

A gold bar is not money. Which one of the three options below is the best reason for this?

• A. A gold bar is too shiny

• B. A gold bar is easy to steal

• C. A gold bar is too heavy to carry around

Why are coins and banknotes available in different denominations?

• A. So that we can buy items for different amounts and receive change

• B. To make them easier to carry

• C. So that people and shops will recognise them

Which of the following is money?

• A. A debit card

• B. A book token

• C. Savings in an account

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

• A. Earnings

• B. Income

• C. PAYE

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

• A. a wage

• B. a salary

The minimum wage only applies to employees in the UK aged 18 and over.

• True

• False

People only pay income tax once they have earned more than their personal allowance.

• True

• False

In addition to income tax, what contributions do people have to pay depending on how much they earn?

• A. EMA

• B. NI

• C. PAYE

The amount that an employed person earns before tax and other deductions is their:

• A. gross income

• B. net income

The national minimum wage applies to all UK employees:

• A. aged 16–24

• B. aged 25 and over

• C. whatever their age