Topic 2 Flashcards
attendance allowance
payable to those people who are over the state pension age who have a long term illness or disability that means they cannot peform basic daily living activites or have limited mobility
benefits cap
limit to the total amount in some benefits that working -age people can recieve, even if full investment would otherwise be higher
carers allowance
paid to anyone over 6 who spends 35hours + per week looking after someone who has substantial care needs
child benefit
money paid to parents or others who are responsible for bringing up a child
child tax credit
benefit paid to people who are in low-paid work, to help with costs of raising a child. - being replaced by universal credit, so is closed to new applicants unless they are already claiming working tax credit
consumer prices index
one means the gov uses to measure inflation. calculated by checking the price of a representative sample of goods on monthly basis- enables statisticians to measure how much prices are rising/falling
contributory benefits
benefits paid to eligible claimants providing they have paid required number of national insurance contributions
employment and support allowance
provides income directly from the state when sickness/disability prevents you from working
gross domestic product
value of goods and services produced within a country over a year
housing benefit
older benefit that was paid to people with low incomes to help with housing costs - being replaced by universal credit so only people who fulfill certain criteria can make new claim for this
income support
An older benefit designed to provide a ‘safety net’ for those not
eligible for other unemployment and sickness allowances, to provide
money to pay for basic needs. It has now been replaced by Universal
Credit.
Jobseeker’s
Allowance (‘new
style’)
The main benefit for those of working age who are not working full
time but are able to work
Means testing
Means-tested benefits are reduced if your household income is above a
certain level or you have more than £6,000 in savings.
Non-contributory
benefits
Benefits paid to eligible claimants who have either not paid enough
NICs to claim contributory benefits or need a ‘top-up’ payment because
the contributory benefits they receive do not meet their income needs.
Personal
Independence
Payment
Payable to those aged between 16 and state pension age who have a
long-term illness or disability that means they are unable to perform
basic daily living activities or have limited mobility
Recession
A period of at least six months in which the amount of goods and
services the country is producing is shrinking
State pension
A benefit that people receive from the state once they reach a certain
age, providing they have paid or been credited with enough National
Insurance contributions.
Statutory Maternity
Pay
A benefit paid to mothers while they are not working before and after
their baby is born
Statutory Paternity
Pay
A benefit payable to fathers to enable them to take time off to support
their partner when a baby is born
Statutory Sick Pay
A benefit that provides an income, via the employer, when sickness or
disability prevents an individual from working
Universal Credit
The state provision of healthcare and education, low-cost social
housing and a comprehensive system of contributory and
non-contributory pensions and social security benefits
Working Tax Credit
A payment made to people who have a job but earn less than the
minimum level considered to be enough to live on. This benefit is
being replaced by Universal Credit, so it is closed to new applicants
unless they are already claiming Child Tax Credit
Under the terms of the ‘triple lock guarantee’ if national average earnings stand at 1.8% and the Consumer Prices Index at 3%, by what amount will the basic state pension increase?
3%
What state benefit is payable to those aged 16 to state pension age who have a long-term illness or disability that means they are unable to perform basic daily living activities or have limited mobility?
personal independance payment
The main benefit for those of working age who are not working full time, but are able to work is:
‘new style’ Jobseeker’s Allowance
An additional tax charge will be payable by those in receipt of Child Benefit whose earnings exceed
£50,000
The benefits cap applies to
claimants of working age only
Which government-funded organisation provides the generic information and advice people need to enable them to make broad financial decisions?
Money-Helper
Payplan is funded by
lender donations
Which national charity ‘helps people across the UK to tackle their debts and manage their money wisely’?
the money advice trust
Which organisation offers educational personal finance information, advice and guidance through its website, publications and training workshops?
The Money Charity
The UK’s system of benefits payable to people who are temporarily or permanently in need of financial help is designed to be a financial ‘safety net’. TRUE OR FALSE
TRUE
Housing Benefit will always cover a claimant’s full monthly rent. TRUE OR FALSE
FALSE
