1) What is meant by 'salary'? a) Wages that are below the minimum wage. b) Tax you pay on goods and services. c) Earnings per year. 2) Which of these is NOT typically a deduction from your pay each month? a) Tax b) Direct debits c) National Insurance 3) David earns £6.83 per hour parking cars at an airport car park. If he works for 38 hours per week, how much is his weekly gross pay? a) £250 b) £255.45 c) £259.54 4) Debbie earns £1980 per month as a customer reviewer for a supermarket chain. She pays income tax at a rate of 20%. How much tax does Debbie pay per month? a) £396 b) £1584 c) £367 5) What is net pay? a) 'Take home wages - the money you earn after all deductions have been made. b) Wages before deductions have been made. c) An average projection of wages per year for people who work shifts and irregular hours. 6) Sam earns £14,664 per year as a restaurant manager and works for an average of 40 hours per week. What is his hourly wage? a) £7.64 b) £7.05 c) £7.99 7) What is national insurance? a) Health insurance for private medical care. b) Tax paid on goods and services. c) Contributions by all workers to pay for schools, the NHS and state pensions. 8) What is VAT? a) Health insurance for private medical care. b) A tax paid on goods and services. c) Contributions by all workers to pay for schools, the NHS and state pensions 9) Work out the total amount in a bank account if £250 is invested and earns simple interest of 2% for 2 years. a) £260 b) £10 c) £5 10) Work out the amount of interest earned on £400 at 5% compound interest for 3 years. a) £55.99 b) £60 c) £463.05

Financial Maths Quiz

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