Personal finance quiz 1

Receiving money in is called

• Income

• Taxes

• Spending

Match up these meanings to the correct description

• Your payment before deductions

• Net pay

• Yearly amount of pay

• Salary

• Your payment after deductions

• Gross pay

• Legal minimum payment for work

• National minimum wage

Why do salaries vary, what factors could provide different salaries?

• The location of the work

• If you need experience or qualifications

• If the person is likeable

• Gender

Why do people receive benefits?

• They need help finding a job

• Support needs

• Facilitate independence

Income tax is deducted from your

• Wages

• Benefits

• Bank account

Income tax is only deducted from your wage when when you earn more than...

• £12,000

• £1,200

• £15,000

• £12,570

You start paying National Insurance when you

• Are 16 and earn more than £242 weekly

• You are 16

• When you earn any amount

• You are 18

Match up the income tax rates

• 40%

• Earn over £150,000

• 0%

• Earn between £50,271 and £150,000

• 20%

• Earn between £12,571 and £50,270

• 45%

• Earn up to £12,570

Which is of these are correct names of benefit payments

• Job seekers allowance

• Personal independence payment

• Universal Credit

• Support income benefit

Draw a picture of how you feel you have done in this quiz!