29 Questions
What is one way that having an income enables individuals to contribute to society?
By paying taxes
What is the primary reason for the difference in income among ethnic groups?
Discrimination in the workplace
What is the purpose of income rules and employment rights?
To ensure fair treatment of employees
What is one way that individuals can participate in the economy?
By spending money
What is the main idea of human rights?
That everyone should be treated fairly and equally
What is the range of salaries mentioned in the text?
£15,000 to £90,000 a year
What is the primary factor that determines the amount of wages earned in a month?
The number of hours worked
What is the purpose of targeted benefits?
To provide financial assistance to specific groups of people in need
What happens to Jacob's cash flow when he stops working on Tuesday nights to study?
It decreases because he earns less due to reduced working hours
What is a characteristic of universal benefits?
They are available to everyone regardless of circumstances
What determines the amount of State Pension received?
National Insurance contributions
What is the primary difference between salary and wages?
Salary is a fixed amount, while wages vary with hours worked
What type of incomes do different members of the families receive?
A mix of earned income and benefits
How does Richard's income differ from that of the family members who work for employers?
Richard gets paid only upon selling goods
Which family member used to work at the docks operating a crane?
Philippe
What was Philippe's current source of income?
State Pension and shipyard pension
What type of income is Ben benefiting from as mentioned in the text?
Child Benefit
Why does Richard mention his income will be less regular after retirement?
Because his goods need time to sell
What is the main reason Marion decides to shop around for cheaper energy suppliers and reduce her expenses?
To save more money each month
Which of the following best defines disposable income?
Income less taxes, pension payments, mortgage payments and expenses
What is the term for all of the money coming in and out over a period of time, such as a week or a month?
Cash flow
What determines the amount of disposable income one has?
Earnings and expenses
What is Marion's monthly disposable income?
£604.18
What is the term for payments that must be made?
Expenses
What is the primary function of money in an economy?
To act as a medium of exchange
What is the main difference between money and income?
Money is a medium of exchange, while income is the amount received
Why does the total money supply in an economy not equal the actual cash in circulation?
Because money moves between people and organisations in the economy
What is the relationship between cash and money in an economy?
Cash is a subset of money
What is an example of how money can be used to facilitate economic activity?
When a person saves money in a bank account
This quiz tests your knowledge on how to calculate disposable income by deducting taxes, pension contributions, mortgage payments, bills, and essential expenses. It also covers strategies like shopping around for cheaper energy suppliers and reducing supermarket and petrol expenses to save more money each month.
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