What is income? Unit 4

The total amount you earn? Gross pay, net pay or disposable income What is income? The total amount you earn? Gross pay, net pay or disposable income The total amount you earn minus deductions such as pension deductions & tax? Gross pay, net pay or disposable income The total amount you earn minus deductions such as pension deductions, tax and mortgage? Gross pay, net pay or disposable income Which of these are usually paid weekly and which monthly? Wage, Salary, Pocket Money, Mortgage Money coming in and out of a business or persons accounts is known as? Break even or Cash Flow Winning the lottery and inheriting money is known as? Income, windfall, cash, punt What type of benefits are Jobseeker’s Allowance and Disability Living Allowance? Universal benefit or Targeted benefit What type of benefit is the state pension? Universal benefit or Targeted benefit Are the following people’s cash & bank balances, loans from banks, profits made by businesses, funds held by the government, foreign currencies, banknotes and coins, and anything used as a medium of exchange money or income? What is defined as ‘a medium of exchange, a unit of measure and a store of value’? Money, cash or wealth Which of the following are financial assets? House, land, savings, shares The main form of income in the UK comes from? Paid employment (wage/salary), self employed income, benefits, pensions There is no record kept of casual work paid for in cash e.g. babysitting, this is known as the grey or informal economy? Contributing to the economy by paying tax out of your income is known as your right or responsibility to society? Everyone who earns a wage/salary must receive a payslip by law. Which 3 of these must appear on a payslip by law? Gross pay, tax deductions (National insurance & income tax), mortgage deductions, pension deductions, disposable income Which 3 of the following are not entitled to the minimum wage? self-employed people, members of the armed forces, MPs voluntary workers, teachers, 17 year McDonald’s worker, part time worker If you are in paid employment which 3 of these are your rights? Maternity leave, Paternity leave, holiday leave, pay rises The law that guarantees everyone has equal rights and pay is known as? Right’s Law, Guarantor Act, Taught Law, Equality Act Weekly Monthly Weekly Monthly

When we speak of ‘income’, we mean all of the money that we receive When we speak of ‘income’, we mean all of the money that we receive. Income is literally money coming in , including: pocket money gifts of money pay from a job state benefits interest paid on savings pensions Having an income enables us to play an active role in the economy. For example, it involves us: paying taxes (which are used to pay for benefits and other government services) spending (helping businesses to make profits and so to employ other people) saving (giving money to banks, which can then lend it to other people)

What is income? The total amount you earn? Gross pay, net pay or disposable income The total amount you earn minus deductions such as pension deductions & tax? Gross pay, net pay or disposable income The total amount you earn minus deductions such as pension deductions, tax and mortgage? Gross pay, net pay or disposable income Which of these are usually paid weekly and which monthly? Wage, Salary, Pocket Money, Mortgage Money coming in and out of a business or persons accounts is known as? Break even or Cash Flow Winning the lottery and inheriting money is known as? Income, windfall, cash, punt What type of benefits are Jobseeker’s Allowance and Disability Living Allowance? Universal benefit or Targeted benefit What type of benefit is the state pension? Universal benefit or Targeted benefit Are the following people’s cash & bank balances, loans from banks, profits made by businesses, funds held by the government, foreign currencies, banknotes and coins, and anything used as a medium of exchange money or income? What is defined as ‘a medium of exchange, a unit of measure and a store of value’? Money, cash or wealth Which of the following are financial assets? House, land, savings, shares The main form of income in the UK comes from? Paid employment (wage/salary), self employed income, benefits, pensions There is no record kept of casual work paid for in cash e.g. babysitting, this is known as the grey or informal economy? Contributing to the economy by paying tax out of your income is known as your right or responsibility to society? Everyone who earns a wage/salary must receive a payslip by law. Which 3 of these must appear on a payslip by law? Gross pay, tax deductions (National insurance & income tax), mortgage deductions, pension deductions, disposable income Which 3 of the following are not entitled to the minimum wage? self-employed people, members of the armed forces, MPs voluntary workers, teachers, 17 year McDonald’s worker, part time worker If you are in paid employment which 3 of these are your rights? Maternity leave, Paternity leave, holiday leave, pay rises The law that guarantees everyone has equal rights and pay is known as? Right’s Law, Guarantor Act, Taught Law, Equality Act