Financial Literacy

Question 1

Who do you contact if there is a mistake on your payslip?

Accepted Answer

HR department OR payroll

Question 2

What does not come out of your monthly pay automatically?

Accepted Answer

Council Tax

Question 3

It takes up to 30 working days to switch your current account to a different bank...

Accepted Answer

False

Question 4

An individual&#x27;s total earnings before tax is called...

Accepted Answer

Personal Gross Income

Question 5

You need a bank account to have a credit score

Accepted Answer

True

Question 6

You do not currently pay income tax if you earn below... per annum

Accepted Answer

£12,570

Question 7

National Insurance contributions go towards the public sector (i.e. NHS, Police, Fire service etc.)

Accepted Answer

False

Question 8

At what age do you start paying National Insurance Contributions?

Accepted Answer

16

Question 9

An excellent credit score is...

Accepted Answer

961-999 points

Question 10

Which of these countries does charge income tax?

Accepted Answer

Ireland

Question 11

It is illegal to not have home insurance...

Accepted Answer

False

Question 12

The maximum amount you can earn on your savings pre-tax (basic rate tax band) is...

Accepted Answer

£1000

Question 13

What is the top reason for people in the UK falling into debt in 2020...

Accepted Answer

Unemployment or redundancy

Questions 13