SADDLE: LO5 NI, PAYE, and Business Insurance D2

SADDLE: LO5 NI, PAYE, and Business Insurance D2

12th Grade

15 Qs

quiz-placeholder

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SADDLE: LO5 NI, PAYE, and Business Insurance D2

SADDLE: LO5 NI, PAYE, and Business Insurance D2

Assessment

Quiz

Business

12th Grade

Easy

Created by

Nico Smit

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is liable to pay National Insurance Contributions (NICs)?

Only employees

Only self-employed workers

Both employees and self-employed workers

Only employers

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are Class 2 National Insurance Contributions (NICs) for the current tax year?

£3.45 per week

£12,570 or more

9% on all earnings between £12,570 and £50,270

2% on any earnings above £50,270

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of PAYE?

To collect income tax and National Insurance from employees

To provide free healthcare

To fund the State Pension

To deduct employee benefits and student loan repayments

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is legally obliged to operate PAYE?

All self-employed individuals

All employers

All employees

All business owners

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of Public Liability Insurance?

To cover compensation and legal fees if an employee gets hurt

To cover legal costs and compensation if you cause an accident at work

To protect against loss if your premises and contents are affected by damage

To cover potential claims by unhappy clients

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does Professional Indemnity Insurance protect against?

Loss of documents or data

Negligence and breach of duty of care

Accidental infringement of intellectual property

All of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When do you need Business Vehicle Insurance?

If you own a car

If you use your car for business-related activities

If you have colleagues on board with you

If you regularly drive to different locations for work

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