Unit One, Topic 2

Question 1

Define employer and employee.

Answer 1

The person who hires, and the person who is hired.

Question 2

What are standard working hours?

Answer 2

9am to 5pm, for five or six days a week.

Question 3

What is considered a standard working week?

Answer 3

40 hours.

Question 4

Who needs to sign a will?

Answer 4

The will-maker, and two witnesses.

Question 5

What are shifts?

Answer 5

Shifts are a way for a company to operate on a 24 hour basis.

Question 6

What is it called when someone dies without a will?

Answer 6

The person will be ‘inestate’

Question 7

What is a part time worker officially classified as?

Answer 7

Either “few working hours a day,” or “fewer days in a working week,” or “several months in a year.”

Question 8

What is a will?

Answer 8

A will is a document written and signed by an individual that gives instructions about what should happen to all of the things they own after they’ve died.

Question 9

What are the main differences between employed and self-employed people?

Answer 9

• If you’re self employed, you can choose your hours.

- Self employed people do not receive sick-leave.

Question 10

What are the people called that carry out the instructions in the will?

Answer 10

Executors. Lol.

Question 11

What is a zero hours contract?

Answer 11

A contract between an employer and a worker, where the employer does not have to provide any minimum working hours, and the worker doesn’t have to accept any work.

Question 12

What is the tax on goods passed between the dead and their bretheren? owo

Answer 12

Inheretance tax (IT).

Question 13

Which countries in the UK is the education maintenance allowance (EMA) available?

Answer 13

Wales, Scotland, and Northern Ireland. Dave closed the English scheme on January 1st, 2011.

Question 14

What is the EMA allowance?

Answer 14

It is £30 a week, for those in education, who are over the age of 16.

Question 15

What are the conditions for the EMA in Wales?

Answer 15

Available to households with less than £20817 annual income.

Question 16

In 2009, how many UK employees were members of their employers’ pension scheme?

Answer 16

50%

Question 17

What is the job seekers’ allowance (JSA)?

Answer 17

In order to get the allowance, you must be:

• In England, Scotland, or Wales.
• Available to those actively seeking work.
• Over 18, and under state pension age.
• Working less than 16 hours a week (average).

Question 18

What are the JSA provisions for 2021?

Answer 18

£58.90 for those aged 18-24, and £74.35 aged 25 and over, per week.

Question 19

What is the child benefit allowance for 2021?

Answer 19

£21.05 for the eldest and only child.

£13.95 for each of the other children.

Question 20

What is the new flat rate pension?

Answer 20

£175.20

Question 21

What is the state pension age?

Answer 21

65, but rising to 68 by 2039

Question 22

Who is eligible for the flat rate state pension?

Answer 22

People who have payed the necessary NICs for 35 years of their working life, and anyone who has paid less than 10 years worth does not earn the state pension at all.

Question 23

What is a NEST?

Answer 23

The National Employment Savings Trust.

Question 24

What are the most common forms of investment?

Answer 24

• Shares
• Property
• Bank or building society saving accounts.

Question 25

What is the term for money made from shares?

Answer 25

“Dividends.”

Question 26

What is the term for money made in property?

Answer 26

“Rent.”

Question 27

What is the term for money made in banking?

Answer 27

“Interest.”

Question 28

What is a gift?

Answer 28

A gift is a sum of money or object given to another person without expectation of an exchange.

Question 29

Do you pay tax on gifts?

Answer 29

You’re supposed to for large donations.