Font size
WorksheetsFinance for Students UK
Total questions: 15
Worksheet time: 9mins
Where is the Bank of England
Threadneedle St, London
City Street, London
Peoples Square, West London
Westminster, London
What does HMRC do?
Takes money from the Government and gives it to the people
Takes money from the People and gives it to the Government
Speculates on international money markets
It helps banks save our money
What is Interest when considering your finances
It is how much money the HMRC deducts from your salary
It is the money you save buy purchasing online
It is the money you make when winning the lottery
It is what you earn when you save or what you pay if you borrow
Which one of these is a criminal offence
Not doing what your teacher asks you to do
Trying to use tax laws to reduce what you pay in tax
Trying to evade legislation which governs tax
Not paying tax from your Saturday job
Which of these are examples of tax avoidance (select all correct answers please!)
Paying the decorator in cash for doing up your house
Saving money in an ISA (Independent Savings Account)
Not declaring all your earnings to the HMRC
Paying lower tax offshore (in another country)
Which of these are examples of tax evasion (select all correct answers please!)
Paying the decorator in cash for doing up your house
Saving money in an ISA (Independent Savings Account)
Not declaring all your earnings to the HMRC
Paying lower tax offshore (in another country)
What is Compound Interest
It is what what a Bank charges you when you save money with them and keep your savings and interest with them year after year
It is what what a Bank charges you when you borrow money from them and and do not pay them back
It is what what a Bank pays you when you save money with them and keep your savings and interest with them year after year
It is what what a Bank pays you when you make payments using a debit card
What are tax free earnings
It is the allowance of your salary which is not taxed
It is savings been paid net of interest
It is the amount large companies keep in tax havens
It is the amount earned after the basic tax is deducted
What does HMRC stand for
Higher Main Revenue Contribution
His Masters Revenue and Customs
Her Majesty's Revenue and Customs
Her Ministers Revenue and Customs
If the Employee Personal Allowance is £11,850 per year and the Basic tax rate up to £34,500 is 20% which of these is correct (you have 60 seconds to answer!)
An annual salary of £11,500 will have tax of £1,150 per year
An annual salary of £32,850 will have tax of £4,200 per year
An annual salary of £31,850 will have tax of £4,200 per year
An annual salary of £15,350 will have no tax in a year
What is progressive taxation
Penalties for paying tax late
Decreasing tax rates for higher earners
Tax rates which deduct more tax as you earn more money
Tax rates which deduct more tax as you earn less money
What is Tax we pay used for (select all correct answers)
Overseas Aid to poorer countries
To build roads and bridges and other projects
To help collect rubbish and pay for police and other services
To pay the teachers very small salary
What would be the best place to save £100
The Bank of England
In a Bank giving 2% interest a year compounded
In a Bank giving tax free savings
At the Post Office in a zero interest account
What is a surcharge on something you buy
Extra money you get paid for saving with a bank
Extra money you have to pay for something because of special conditions
Discount which you have to pay for buying extra
It is VAT
What is National Insurance
It is a tax system paid by the Government for funding state benefits
It is a private insurance policy for Healthcare
It is another form of sales tax like VAT
It is a tax system paid by workers and employers for funding state benefits like the NHS
