Starter quiz
- Fill in blank: Financial ______ involves making informed decisions about budgeting, saving and avoiding debt.
- 'responsibility' ✓
- What is the purpose of a savings account?
- to spend money quickly
- to store money for future use ✓
- to pay off credit card bills
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- What is a budget?
- a list of all the things you want to buy
- a type of bank account
- a plan for spending money ✓
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- Fill in the blank: A debit card allows you to spend directly from your bank account, while a ______ card lets you repay money later.
- credit ✓
- business
- loyalty
- prepaid
-
- Match the word to the correct definition.
- ethical⇔doing what is morally right, fair and good ✓
- borrow⇔taking money from a lender with the intention of paying it back ✓
- overdraft⇔when you spend more money than you have from your bank account ✓
- invest⇔putting money into something with the aim of making a profit ✓
- Fill in the blank: ______ is deception for financial gain, often through scams that steal money or personal information.
- 'fraud' ✓
Exit quiz
- Match each word to its correct definition.
- Income Tax⇔charges on employment earnings collected for public services ✓
- tax⇔charges imposed by the Government on citizens and corporations ✓
- National Insurance⇔contributions paid for people to qualify for certain benefits ✓
- Fill in the blank: All deductions, such as taxes, are taken from your ______ before you are paid.
- 'salary' ✓
- Which is not included on a payslip aside?
- gross pay
- net pay
- partial pay ✓
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- National Insurance is calculated on earning above what amount?
- £5,520
- £12,570 ✓
- £35,620
- £50,270
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- Fill in the blank: A ______ is a long-term savings plan that provides you with an income after you retire.
- 'pension' ✓
- What kind of taxation system does the UK operate, according to the Government's band system?
- aggregated
- progressive ✓
- universal
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Worksheet
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Lesson Details
Key learning points
- A portion of our earnings is deducted by the Government for taxes like Income Tax and National Insurance.
- The amount of government deductions is shown to us on our payslip. This will show other deducations too such as pension.
- Income Tax is a progressive tax whereas National Insurance is a regressive tax.
Common misconception
Everyone pays the same rate of tax regardless of their salary.
The UK operates a progressive taxation system so people pay more if they earn more, according to the Government's band system.
Keywords
Tax - the charges imposed by the Government on citizens and corporations to finance some of its spending
Income tax - a compulsory tax on earnings from employment collected by the Government to fund public services
National insurance - contributions paid from money earned to enable individuals to qualify for certain benefits and the State Pension
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