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Maths > Unit 2 : Personal Finance > Flashcards

Unit 2 : Personal Finance Flashcards

1
Q

What does BAC stand for?

A

Bankers automated cleaning services

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2
Q

What does CHQ stand for?

A

Cheque payment

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3
Q

What does POS stand for?

A

Point of sale/ Debit card Transaction

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4
Q

What does D|D stand for?

A

Direct debit

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5
Q

What does ATM stand for?

A

Automated Teller Machine

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6
Q

What does S/O stand for?

A

Standing order

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7
Q

What does DPC stand for?

A

Direct baking by PC

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8
Q

How much is personal allowance?

A

12,570

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9
Q

Basic rate (20%) equal how much taxable income?

A

Up to 37,700
Meaning when working out income tax you times by 0.2

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10
Q

Higher tax rate (40%) equal how much taxable income?

A

Above £37,700 to £150,000
- this means when working out income tax you times the 37,700 by 0.2 and then rest by 0.4

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11
Q

Additional tax rate (45%) equals how much taxable income?

A

Over £150,000

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12
Q

National insurance tax percentage for anything below 37,700?

A

12%
This means times the amount by 0.12 to figure out national insurance

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13
Q

National insurance percentage of income above 50,270?

A

2%
Times by 0.2 after 0.12

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14
Q

How to figure out an increase multipliers?

A

Time 1.—-
E.g an increase of 34% times by 1.34

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15
Q

How to figure out a decrease multiplier?

A

100% - ?% = ?
Then 0.66

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16
Q

What is the yearly threshold?

A

The minimum amount you need to earn to start paying back student loans

17
Q

Student loans are…

A

Tuition fee and living costs which is based of parents income/lifestyle

18
Q

What percentage do you pay back of your income over the threshold

A

9% only allowed to pay back yearly

19
Q

How many plans of students loans are there?

A

5

20
Q

Plan 1 interest?

A

4.3%

21
Q

Plan 2 interest?

A

4.3% to 7.3%

22
Q

Plan 4 interest

A

4.3%

23
Q

Plan 5 interest?

A

4.3%

Maths (2 decks)

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