personal finances quiz. your hypothesis 1. girls are better at managing their personal finances 2....

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PERSONAL FINANCES QUIZ

PERSONAL FINANCES QUIZ

YOUR HYPOTHESISGirls are better at managing their personal financesBoys are better at managing their personal financesThere is no difference between girls and boys in personal finances

Question 1What is the National Minimum Wage for 16- 17 year olds ?

3.68 per hour2.68 per hour4.98 per hour

Question 2The amount you are paid for a job after Income Tax and National Insurance Contribution is taken from your salary/wages is called:

Gross payNet payTotal pay

Question 3Every 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 earnThe first 7500 per year that you earnThe first 75,000 per year that you earn

Question 4The average UK salary in 2012 was :

19,000 per year21,000 per year27,000 per year

Question 5Benefits 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, arent students and are looking for work. How much is JSA for 18 -25 year olds?5.34 per week53.45 per week53.45 per month.

Question 6Budgeting a budget compares what money you have coming in (income) and going out (expenditure). Balancing the budget means:

Making sure that you arent spending more than you earn and getting into debt.Borrowing money to pay off debts if you spend more than you earnSpending what you like and not worrying if you dont have enough to buy the really necessary things it will be OK.

Question 7For 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 purchaseCredit cardMortgage

Question 8If 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% annually420% annually4214% annually.

Question 9Do you budget your money e.g. pocket money (income) v. snacks and clothes (expenditure)?

YesNo

Question 10Do you get taught about personal finance at school/college?

YesNo

Which school/college do you attend?

Question 11Do you think it would help you, when you are an adult, to be taught personal finance in school?

YesNoDont know/Not sure

JOIN S W YOUNG RESEARCHERS PROJECTMeet fortnightly in TauntonWork on a nationally important piece of researchGain level 2 accreditationLearn new skills which will help you at schoolGo on a FREE residential weekend in June 2013Next steps ask your parent/carer to sign the consent form

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