1) Which of the following is a type of electronic payment? a) Cash b) Cheque c) Credit Card d) Postal Order 2) What is deducted from gross pay to calculate net pay? a) Bonuses b) Income Tax c) Overtime d) Commission 3) Which payment type is considered the most secure? a) Cash b) Bank Transfer c) Cheque d) Gift Card 4) What does NI stand for in Accounting? a) Net Income b) National Insurance c) New Investment d) Nominal Interest 5) Which of these is a deduction from gross pay? a) Holiday Pay b) National Insurance c) Travel Allowance d) Meal Vouchers 6) What is the final amount received after all deductions? a) Gross Pay b) Net Pay c) Basic Pay d) Total Earnings 7) What is gross pay? a) Total earnings b) Net earnings c) Deductions d) Taxable income 8) Which payment system requires writing on paper? a) Cash b) Cheque c) Barter d) Credit 9) What is deducted to get Net Pay? Income Tax and _______. a) National Insurance b) VAT c) Council Tax d) Pension 10) How to calculate net pay? a) Gross - Deductions b) Gross + Income Tax c) Gross - Tax - National Insurance d) Gross + National Insurance

S2 Accounting: Payment Types

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