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| Question | Answer |
| give 2 eg of statutory deductions | paye prsi |
| list 3 reasons why a person may keep a record of planned income | 1:to see how much money they have let over for discretionary items 2:how much they need 3:to ensure they don't spend more than they earn |
| what is gross pay | the total money after deductions are made |
| what is child benefit who revived it and how pays it | child benefit is money parents get to help for there child |
| what is over | over time is when you work more hours than normal for more money |
| what is paye | pay as you earn |
| what does the letters prsi stand for | pay related social insurance |
| explain job seekers benefit | money for people who are out of the job payed by the government |
| what is a student grant | ? |
| give two examples of non statutory deductions | pension and health care |
| what is benefit in kind/perk and list 3 examples | benefit in kind is known as a non cash form of income eg company car, company phone free flight |
| what is a pension | a pension is money you recive every week after u retire to help you pay for food care ect |
| what is income | income is money received |
| what is the difference between regular and irregular income | regular: is money received every day,month or week irregular: money received now and again |
| what is net pay | net pay is take home pay |