INCOME TAX Tax quiz Money Works: Level 2 Topic 4

Income Tax

Tax quiz Money Works: Level 2 Topic 4

1. At what age to do you receive your national insurance number?

A. 18

B. 21

C. 16

Tax quiz Money Works: Level 2 Topic 4

2

2. What percentage of your gross pay above the contribution threshold goes towards

National Insurance?

A. 10 %

B. 11 %

C. 12 %

Tax quiz Money Works: Level 2 Topic 4

3

3. What does your Tax Code tell you?

A. How much you have earned that year

B. How much you can earn before tax

C. How much tax you have paid

Tax quiz Money Works: Level 2 Topic 4

4

4. What does BACS stand for?

A. Bankers Automated Clearing System

B. Bankers Automated Calling System

C. Bankers Automated Clearing Scenario

Tax quiz Money Works: Level 2 Topic 4

5

5. What is the name of the largest Tax that is taken off your pay?

A. Council tax

B. Income tax

C. National Insurance

Tax quiz Money Works: Level 2 Topic 4

6

6. Which is biggest?

A. Gross pay

B. Net pay

Tax quiz Money Works: Level 2 Topic 4

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7. What does PAYE stand for?

A. Pay All You Earn

B. Pay At Your Economy

C. Pay As You Earn

Tax quiz Money Works: Level 2 Topic 4

8

8. What form do you receive when you stop working for someone?

A. P11D

B. P45

C. B12

Tax quiz Money Works: Level 2 Topic 4

9

9. What form should you receive at the end of the financial year?

A. P11D

B. P45

C. P60

Tax quiz Money Works: Level 2 Topic 4

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10. What is another name for a Pension contribution?

A. Supertax

B. National Insurance

C. Superannuation

Tax quiz Money Works: Level 2 Topic 4

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ANSWERS

Tax quiz Money Works: Level 2 Topic 4

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1. At what age to do you receive your national insurance number?

A. 18

B. 21

C. 16

Tax quiz Money Works: Level 2 Topic 4

13

2. What percentage of your gross pay goes towards National Insurance?

A. 10 %

B. 11 %

C. 12 %

Tax quiz Money Works: Level 2 Topic 4

14

3. What does your Tax Code tell you?

A. How much you have earned that year

B. How much you can earn before tax

C. How much tax you have paid

Tax quiz Money Works: Level 2 Topic 4

15

4. What does BACS stand for?

A. Bankers Automated Clearing System

B. Bankers Automated Calling System

C. Bankers Automated Clearing Scenario

Tax quiz Money Works: Level 2 Topic 4

16

5. What is the name of the largest Tax that is taken off your pay?

A. Council tax

B. Income tax

C. National Insurance

Tax quiz Money Works: Level 2 Topic 4

17

6. Which is biggest?

A. Gross pay

B. Net pay

Tax quiz Money Works: Level 2 Topic 4

18

7. What does PAYE stand for?

A. Pay All You earn

B. Pay At Your economy

C. Pay As You earn

Tax quiz Money Works: Level 2 Topic 4

19

8. What form do you receive when you stop working for someone?

A. P11D

B. P45

C. B12

Tax quiz Money Works: Level 2 Topic 4

20

9. What form should you receive at the end of the financial year?

A. P11D

B. P45

C. P60

Tax quiz Money Works: Level 2 Topic 4

21

10. What is another name for a Pension contribution?

A. Supertax

B. National Insurance

C. Superannuation

Tax quiz Money Works: Level 2 Topic 4

22