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WorksheetsCEFE - Unit 1 - Topic 5 - Understanding Tax
Total questions: 15
Worksheet time: 8mins
What is Tax?
Total Amount Exchanged
Compulsory payments to the Government
Benefits paid from the government
Paid only by people who work
Taxes pay for...
Pensions
NHS
Education
All of the above
What is direct tax?
It comes direct out of your bank account
It is directed at a specific service
It comes directly off your wages or salary (income)
It comes directly off your benefits
What is a personal allowance?
Pocket money from the Government
How much an individual can earn before paying tax.
The amount you are paid in Benefits
The amount of paid holidays you get
What does VAT stand for?
Value aided tax
Very annoying tax
Voluntary added tax
Value added tax
What is VAT paid on?
Income
Profit
Goods and services
losses
The rate of VAT paid on most items in the uk is what?
15%
17.5%
20%
33%
Which of these are the 3 tax rates we pay in the UK?
10%, 30%, 50%
20%, 30%, 40%
20%, 40%, 45%
20%, 40%, 50%
Basic rate tax is payable at
20%
40%
45%
Higher rate tax is payable at
20%
40%
45%
Additional rate tax is payable at
20%
40%
45%
50%
What is stamp duty
Tax paid on the purchase of stamps
Tax paid on the purchase of a car
Tax paid when you die
Tax paid on the purchase of a property
What is Capital Gains Tax?
Tax on extra money earned on the increase in value of assets
Tax on business profits
Tax on your salary or wage
All of the above
What is inheritance Tax?
Tax paid on buying a house
Tax paid on money or assets left to you after a death.
Tax paid from selling assets
It isn't a real tax
What are income tax and national insurance?
Direct taxes
Taxes taken straight off your pay
Taxes paid by working citizens
All of the above
