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PERSONAL FINANCES QUIZ

PERSONAL FINANCES QUIZ. YOUR HYPOTHESIS. Girls are better at managing their personal finances Boys are better at managing their personal finances There is no difference between girls and boys in personal finances. Question 1. What is the National Minimum Wage for 16- 17 year olds ?

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PERSONAL FINANCES QUIZ

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  1. PERSONAL FINANCES QUIZ

  2. YOUR HYPOTHESIS • Girls are better at managing their personal finances • Boys are better at managing their personal finances • There is no difference between girls and boys in personal finances

  3. Question 1 What is the National Minimum Wage for 16- 17 year olds ? • £3.68 per hour • £2.68 per hour • £4.98 per hour

  4. Question 2 The amount you are paid for a job after Income Tax and National Insurance Contribution is taken from your salary/wages is called: • Gross pay • Net pay • Total pay

  5. Question 3 Every employed person has to pay tax on what they earn, to be used to run the country e.g. NHS, the police, roads, transport etc. However, you are entitled to an amount before tax called a Personal Allowance. This amount is: • The first £750 per year that you earn • The first £7500 per year that you earn • The first £75,000 per year that you earn

  6. Question 4 The average UK salary in 2012 was : • £19,000 per year • £21,000 per year • £27,000 per year

  7. Question 5 Benefits are paid to people who are unable to work for a variety of reasons. Job Seekers Allowance (JSA) is paid to people aged from 18 years who work less than 16 hours per week, aren’t students and are looking for work. How much is JSA for 18 -25 year olds? • £5.34 per week • £53.45 per week • £53.45 per month.

  8. Question 6 Budgeting – a budget compares what money you have coming in (income) and going out (expenditure). Balancing the budget means: • Making sure that you aren’t spending more than you earn and getting into debt. • Borrowing money to pay off debts if you spend more than you earn • Spending what you like and not worrying if you don’t have enough to buy the really necessary things – it will be OK.

  9. Question 7 For most people, a house or flat is the most expensive purchase they make in their lives. Mostly, property is bought with borrowed money and paid back monthly over time. This is called: • Hire purchase • Credit card • Mortgage

  10. Question 8 If you borrow money ( a loan) then you will pay an extra amount back, called interest. Short term loans (called Pay Day loans) have very high interest rates so should be paid back on time. In 2012 one loan company had the highest interest rates, these were: • 4.2% annually • 420% annually • 4214% annually.

  11. Question 9 Do you budget your money e.g. pocket money (income) v. snacks and clothes (expenditure)? • Yes • No

  12. Question 10 Do you get taught about personal finance at school/college? • Yes • No Which school/college do you attend?

  13. Question 11 Do you think it would help you, when you are an adult, to be taught personal finance in school? • Yes • No • Don’t know/Not sure

  14. JOIN S W YOUNG RESEARCHERS PROJECT • Meet fortnightly in Taunton • Work on a nationally important piece of research • Gain level 2 accreditation • Learn new skills which will help you at school • Go on a FREE residential weekend in June 2013 • Next steps – ask your parent/carer to sign the consent form

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