GCSE OCR Business Studies A292 - Money & Pay related questions Flashcards
1
Q
Money paid out to employees to pay them back for any money that they have spent doing work for the business
A
Expenses
2
Q
Pay before any deductions
A
Gross Pay
3
Q
Pay after dedications (e.g. Tax, National Insurance)
A
Net Pay
4
Q
Tax paid out of a person’s income
A
Income Tax
5
Q
Money paid out of a person’s wage to pay for things such as: State pension.
A
National Insurance
6
Q
Money paid out of a person’s wage to provide a pension when they retire
A
Pension contributions
7
Q
The money awarded to workers
A
Pay
