Strand 1 Revision

What do the letters PAYE stand for?

What type of tax is PAYE?

• Direct Taxation

• Indirect Taxation

USC stands for Universal _______ ________

Which of the following 2 are an example of short term sources of finance?

• Hire Purchase

• Bank Overdraft

• Personal Loan

• Credit Card

Medium Term sources of finance last for how many years?

• 1-2

• 5-6

• 1-4

• 1-5

Why do people borrow money?

Can you name any acts that protect consumer rights?

Which of the following are rights of the consumer under the Sale of Goods act?

• Goods must be of merchantable quality

• Fit for purpose

• As described

• Match sample

Home insurance and life assurance are 2 types of insurance people take out. Name one other insurance a person might take out.

Fixed interest means the rate of interest

• changes over time

• stays the same