Income and money

How are wages different to a salary?

• Only a salary is paid regularly

• A wage can change from week to week

• Wages come from an hourly pay rate

• Salary is a fixed amount throughout the year

How does bartering work

• we swap one item for something of equal worth

• we sell something to another person

• we give money for goods

• we offer our services for something we want

What is the highest denomination of coin in the UK?

• 50p

• £1

• £2

• 20p

Which of these are a feature of money

• Durable

• Divisible

• Worth a consistent amount

• Recognized by everyone

Which way makes £2.66 as change

• two fifty pence pieces a ten pence piece and a five pence piece

• a two pound coin a fifty pence coin and a five pence coin

• a two pound coin a fifty pence coin a ten pence coin, five pence coin and a one pence coin

• two one pound coins three twenty pence coins and three two pence coins

People under the age of 13 cannot work in the UK unless they are actors?

• True

• False

To calculate our net income we

• deduct from our gross income

• we take away tax and national insurance from gross pay

• we add out bonus pay

• we multiply our hourly rate by how many hours we have worked

National Insurance payments pay for

• the NHS

• welfare, such as benefits

• national defense

• foreign aid e.g. charity

A person earns £4 per hour and works for 7 hours. What is their gross pay for the shift?

• £11

• £21

• £24

• £28

The £10 note has lots of security features. Which of these are security features?

• Hologram under UV light

• Feather that changes colour

• Detailed picture of the queen

• Raised bumps in the corner (braille)