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WorksheetsYear 9 Assessment Autumn 1
Total questions: 45
Worksheet time: 28mins
What is the difference between wages and salaries?
Wages are paid on a monthly basis, while salaries are paid on an hourly basis.
Wages and salaries are the same thing.
Wages are paid to employees, while salaries are paid to contractors.
Wages are paid on an hourly basis, while salaries are a fixed amount paid on a monthly or annual basis.
What are some common methods of wage payment?
direct deposit, paper check, cash, electronic payment platforms
credit card, barter system, gift cards
What is a loan?
A loan is a gift that does not need to be paid back.
A loan is a sum of money that is borrowed and expected to be paid back with interest.
A loan is a type of investment where you give money to someone else.
A loan is a financial transaction where you lend money to a bank.
What are the different types of loans?
mortgage loans, payday loans, credit card loans, medical loans
personal loans, home loans, car loans, student loans, and business loans
personal loans, home loans, car loans, student loans, and business loans
auto loans, payday loans, credit card loans, medical loans
What is the difference between secured and unsecured loans?
Secured loans are backed by collateral, while unsecured loans are not.
Secured loans have shorter repayment terms than unsecured loans.
Secured loans have lower interest rates than unsecured loans.
Secured loans require a higher credit score than unsecured loans.
What is the importance of credit history in loan approval?
Credit history is important in loan approval.
Credit history is only important for certain types of loans.
Loan approval is solely based on income.
Credit history has no impact on loan approval.
What is the concept of interest in loans?
Repayment
Interest
Collateral
Principal
What are some common methods of loan repayment?
annual payments, lump sum payment, and no payments
monthly installments, balloon payments, and interest-only payments
What are the advantages of using electronic payment methods?
Inconvenience, slow processing, lack of security, and expensive.
Limited acceptance, slow processing, lack of security, and high fees.
Difficulty in tracking transactions, slow processing, lack of security, and high costs.
Convenience, speed, security, and cost-effectiveness.
What are the disadvantages of using cash as a method of payment?
Risk of loss or theft, inconvenience of carrying large amounts of cash, lack of a paper trail for tracking expenses.
Cash is easily counterfeited, limited acceptance at certain businesses, difficulty in making online purchases.
What are the advantages of using electronic payment methods?
Inconvenience, slow processing, lack of security, and expensive.
Limited acceptance, slow processing, lack of security, and high fees.
Difficulty in tracking transactions, slow processing, lack of security, and high costs.
Convenience, speed, security, and cost-effectiveness.
What is a loan?
A loan is a gift that does not need to be paid back.
A loan is a sum of money that is borrowed and expected to be paid back with interest.
A loan is a type of investment where you give money to someone else.
A loan is a financial transaction where you lend money to a bank.
What is gross pay?
a pay period of every 2-weeks with 26 pay periods per year
the amount of money earned before any deductions are subtracted
the amount of money left in a worker’s paycheck after deductions are taken out
the amount of money subtracted from a worker’s pay
Multiplying a worker’s hourly wage amount and hours worked per pay period equals?
pay period
salary
gross pay
net pay
A fixed amount of money per year paid to an employee to do a job is known as a _____?
hourly rate
deduction
overtime pay
salary
Which of these is the amount of money that remains after taxes have been deducted that a person can save or spend as he or she wishes?
semi-monthly paycheck
gross pay
residents
disposable income
What is a deduction?
the total income for a pay period
net pay
the amount of money subtracted from your paycheck
overtime pay
Overtime...
explains how much money was earned and the types of deductions and amounts withheld from a worker’s paycheck.
is time worked beyond an employee’s regular hours.
he amount of money remaining after taxes have been deducted that a person can spend as he/she wishes.
is the amount of money you earn after deductions are subtracted.
National insurance pays for:
Health care
Education
Pensions
Food
Alex is paid £8 per hour and works for five hours. Their gross pay is:
£45
£42
£35
£40
The two main ways you would expect to be paid by your employer would be
Gold bars
Credit transfer
Cash
Investments
Sally's gross pay is £451. Her total dedcutions are £150.
Work out Sally's Net Pay
(Write your answers with a pound sign and no spaces)
(a)
Gary's weekly gross pay is £247. His total weekly deductions are £58.
Work out Gary's Net Pay
(Give your answers with a pound sign and no spaces)
(a)
An employee in the industry is....
A general helper working on an adhoc basis
A trainee working in a hotel as well as studying
Someone who works and has an employment contract
A volunteer worker
The correct definition of an employer is...
a person who doesn't pay you
a person or establishment that hires employees
an organisation only
a person that sells food
Part time staff... (select 3)
Have a permanent contract
Do NOT get holiday pay
GET holiday pay
work 4-16 hours per week
Full time staff work
4-16hours/per week
35+ hours/week
2 hours per week
21 hours per week
Casual staff usually...
Work via an agency
work during busy times of the year
work all year
work for specific functions
Which of the following jobs would work on a zero hours contract?
Estate Agent
McDonalds Manager
Uber Driver
Customer Service Rep
Some people have negative views on zero hours contracts because... (Select all that apply)
The pay is better than part time
Its not fair on full-time workers
There's no job security
They tend to pay minimum wage
Budgeting is...
saving for emergencies and other important things.
writing a list of personal and financial goals
managing day-to-day money to pay bills, buy food, save and pay for other essential spending.
saving for an expensive holiday abroad.
A Mortgage is...
the yearly official meeting of morticians in the UK.
a loan to help people buy houses or flats. They are offered mainly by banks and building societies and can last for up to 30 years
an investment that allows one to increase their net worth.
a savings account for a house or flat. You can start saving in it as soon as you are an 16.
A personal loan is...
offered by banks, building societies and some specialist firms. It is usually paid back over a much shorter term than a mortgage.
a savings account for personal use, where you can save for personal objectives such as going on a holiday.
a bank account
a personal objective.
What would a gas company use to take a payment from a customer's bank account each month?
Standing Order
Direct Debit
An Express Transfer
An automated sweep.
Internet banking enables you to:
have access to your account 24 hours a day
help your credit score
cancel direct debit
make purchases online
Standing orders provide a flexible way to pay regular bills or make regular payments.
False
True
Saving for:
