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Total questions: 10
Worksheet time: 5mins
A legal agreement by which a bank or other creditor lends money at interest in exchange for taking the title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Mortgage
Cohabited
High Impact condition
Basic Financial Commitment
A broad and vague condition that inhibits a person from working usually from 3-12 months
High Impact condition
Incapacity
Mortgage
Premature death
An insurance policy available to people who are incapacitated and hence unable to work due to illness or accident. It helps policy holders protect their income and entitle them to income continuation.
Income protection
Incapacity protection
Insurance
Life cover
Is someone who works under a company contract
Company sick pay
Statutory sick pay
Employed
Self-employed
Is total taxable income less certain tax reliefs.
Council Tax
Basic Financial Commitment
Net Income
Gross Income
A contributory benefit. Normally, this means you may be able to get it if you’ve paid or been credited with enough National Insurance contributions in the 2 full tax years before the year you’re claiming in.
Tax council
Gross income
Net Income tax
Employment and Support allowance
John asked you what a Universal Credit is, what would you advise him?
It can help you with your housing and childcare cost
You may be able to get it if you're on low income, out of work or you cannot work
You may get it if you are under State Pension age
All of the above
Which is not correct about CSP?
Also called as a Company sick pay
Employers are legally obliged to pay to qualifying employees
It's employers' own scheme and more generous than the legal minimum.
Your company's sick pay cannot be less than SSP
Which does NOT describe SSP?
This is the minimum amount an employer must pay to their employees when they are off sick.
An employee can earn an average of at least £100 to £115 per week.
You can get £96.35 per week and paid by your employer for 28 weeks
Can help an employee when their ability to work is limited due to an illness.
John was advised by his doctor that he wouldn’t be able to work and needs to rest for 3 months. He has consumed all his 4 weeks CSP benefits. Which of the following can he do to pay his basic financial commitments?
Pay from his savings
Apply for SSP
Check eligibility for ESA
Only A and B
