Applied Arithmetic Flashcards
1
Q
What is gross pay?
A
Pay before any tax is deducted from it
2
Q
What is tax credit?
A
Deduction on the amount of tax you pay
3
Q
What is gross income tax?
A
Tax you are due to pay before applying tax credit
4
Q
What is net/ take-home pay?
A
Gross pay - tax playable
5
Q
What is income tax/ tax playable?
A
Gross tax - tax credit
6
Q
What is compound interest?
A
The interest you earn in interest
7
Q
What is the principal?
A
Money saved at the start
8
Q
How do you get the final amount of compound interest?
A
Principal + interest
9
Q
What is a standing charge?
A
Standard, must pay weather or not you used e.g. electricity
