Quiz by Lauren Mcguane, created more than 1 year ago

Quiz on Income

12

1

0

	Created by Lauren Mcguane about 7 years ago

Close

Income

Question 1 of 28

1

What is income?

Select one of the following:

Money you receive
Money you spend

Explanation

Question 2 of 28

1

What is a benefit in kind?

Select one of the following:

Money income (cash)
non money income eg a company car

Explanation

Question 3 of 28

1

What is regular income?

Select one of the following:

It is changeable income (it can differ)
It is income you are sure of receiving

Explanation

Question 4 of 28

1

What it additional income?

Select one of the following:

income you are not sure you will receive.
fixed income, it never changes

Explanation

Question 5 of 28

1

What is pocket money?

Select one of the following:

additional income
A small weekly sum of money given to children as an allowance.

Explanation

Question 6 of 28

1

Wjhat are wages?

Select one of the following:

money received as a bonus
Is regular income for hours worked or number of goods produced.

Explanation

Question 7 of 28

1

What is a salary?

Select one of the following:

Is regular income received for doing a job no matter how many hours you spend at it.
income that changes with the amount of hours spent at it

Explanation

Question 8 of 28

1

What is a Tax refund?

Select one of the following:

Money back from the government when too much tax has been paid.
money you have to pay to the government (statutory deductions)

Explanation

Question 9 of 28

1

Family income support (FIS) is given to families on high income

Select one of the following:

True
False

Explanation

Question 10 of 28

1

What is child benefit?

Select one of the following:

Regular income received once a month from the government if you have children under the age of 16.
Regular income received from the government or a pension fund when you retire.

Explanation

Question 11 of 28

1

What is Social Welfare?

Select one of the following:

Regular income receive weekly from the government if you are unable to work.
Addition income received when you invest money in the bank.

Explanation

Question 12 of 28

1

What is a Pension?

Select one of the following:

Regular income received when you let out your house or a room in your house.
Regular income received from the government or a pension fund when you retire.

Explanation

Question 13 of 28

1

what is Interest on savings?

Select one of the following:

money paid to the government.
Addition income received when you invest money in the bank.

Explanation

Question 14 of 28

1

What is inheritance?

Select one of the following:

Additional income received from a relative or friend when they die.
Additional income calculated as a percentage of sales.

Explanation

Question 15 of 28

1

what is a gift?

Select one of the following:

Additional income received when you have own part of a company and you receive a share of the profits.
Additional income received from a relative, friend or employer.

Explanation

Question 16 of 28

1

what are dividends on shares?

Select one of the following:

Additional income received when you have own part of a company and you receive a share of the profits.
Additional income given for reaching certain targets.

Explanation

Question 17 of 28

1

Time rate is money per hours worked

Select one of the following:

True
False

Explanation

Question 18 of 28

1

Getting paid per number of hours worked

Select one of the following:

True
False

Explanation

Question 19 of 28

1

What is commission?

Select one of the following:

Additional income calculated as a percentage of sales.
Regular weekly payment for normal hours worked.

Explanation

Question 20 of 28

1

What is a bonus?

Select one of the following:

You have a choice if you want to take these out of your wages
Additional income given for reaching certain targets.

Explanation

Question 21 of 28

1

What is Basic pay?

Select one of the following:

Additional payment for working over your normal hours.
Regular weekly payment for normal hours worked.

Explanation

Question 22 of 28

1

What is overtime?

Select one of the following:

Basic pay + overtime
after deductions
Additional payment for working over your normal hours.

Explanation

Question 23 of 28

1

What is Net wage? (take home pay)

Select one of the following:

Basic pay + overtime
after deductions
Basic Wage + Overtime
before deductions

Explanation

Question 24 of 28

1

What is gross wage?

Select one of the following:

Basic Wage + Overtime
before deductions
wages after deductions (take home pay)

Explanation

Question 25 of 28

1

what are voluntary deductions?

Select one of the following:

You do not have a choice these must be taken from your wages.
You have a choice if you want to take these out of your wages.

Explanation

Question 26 of 28

1

what are statutory deductions?

Select one of the following:

You do not have a choice these must be taken from your wages.
money made from investing in a bank (Interest)

Explanation

Question 27 of 28

1

What are the consequential benefits of PAYE

Select one or more of the following:

Old Age Pension
Use of national roads
Education in schools
Use of a public ward in the hospital

Explanation

Question 28 of 28

1

What are the consequential benefits of paying PRSI

Select one or more of the following:

Old Age Pension
Unemployment Benefit
Use of national roads
Maternity Benefit
Sickness Benefit
Education in schools

Explanation