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Money talk

Total questions: 10

Worksheet time: 6mins

Name
Class
Date
1.

What does HMRC stand for?

a)

Her Majesty's royal coinage

b)

Her Majesty's revenue and change

c)

Her Majesty's revenue and customs

2.

At what age are you given a National Insurance number?

a)

16 yrs

b)

18 yrs

c)

21 yrs

3.

The tax year starts and ends in which month of the year?

a)

January

b)

April

c)

September

4.

At the end of the tax year, your employer will give you a form which shows your salary and the tax you have paid. What is the name of this form?

a)

P60

b)

P45

c)

P20

5.

Everyone is allowed to earn some money before they have to pay tax. What is this called?

a)

Basic allowance

b)

Allowed income

c)

Personal Allowance

6.

The tax you pay on the money you earn through your salary or wages, is called ____________ tax

a)

Income

b)

VAT

c)

Stamp Duty

7.

What do the letters PAYE stand for?

a)

Pay a Yearly Earning

b)

Pay as You Earn

8.

What does the National Insurance Contribution pay for? Select all that apply

a)

State pension

b)

Unemployment benefits

c)

Statutory Maternity pay

d)

Statutory sick pay

e)

NHS

9.

On a payslip, the money you take home after you have paid tax and National Insurance is described as what?

a)

Gross Pay

b)

Net Pay

c)

Your Pay

10.

What is the tax code for a personal allowance of £12,570?

a)

1257L

b)

1000L

c)

12570TX