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WorksheetsFinancial Maths terminology quiz
Total questions: 16
Worksheet time: 16mins
Taxable income
= Gross - deductions
= taxable - deductions
= net - deductions
Gross income =
The total of all income
The total of all deductions
The total of all bonuses
Net income =
Gross income + deductions
Gross income - deductions (tax, union fees)
Gross income + interest
Taxable income =
Total of donations to charity
Gross income - work related expenses or donations to charity
Gross income + work related expenses or donations to charity.
Income tax =
Amount paid to the government by people on a pension.
Amount paid to government by people earning an income of a certain amount.
Amount paid to government by part time workers
Why do we pay tax ?
To pay Mr Turnbull
To pay the Queen
To pay for health, defence, education, railways and centrelink
Identify which of the following is an example of income.
Commission from the sale of a car.
Interest earned on a savings account
Cost of safety glasses for working in the Lab.
Identify a deduction from the list
Interest earned on an investment
Cost of driving to Canberra each week for work related meetings
Cost of buying a new Jacket
Tax table is...........
The table used to determine your gross pay
Something accountants use to eat off
The table used to decide the amount of income tax you will pay
P.a is short for which term?
Personally accountable
Per annual leave
Per annum
This is an extra payment given to permanent employees when they take holidays/ leave.
Holiday loading
Holiday roaming
Holiday super
Holiday leave loading is calculated at what % ?
17.5 %
17.2 %
1.2 %
Name the payment given to employees that work additional hours.
Commision
Superanuation
Over time
Name the over time rate that is calculated by multiplying your hourly rate by 1.5
Double time
Time and a half
Double time and a half
Jo is paid $22 per hour except on public holidays when he is paid $44 per hour. What is the rate of over time being paid?
Double time and a half
Double time and a quarter
Double time
Identify the term to describe the wage advertised in this job.
Net income (what is paid into your account)
Taxable income
Gross income
