Fortunity Quiz - St Nicholas

Tax Allowance refers to the amount of income that an individual can earn before they are required to pay taxes. It is a specific threshold set by the government, and any income earned below this threshold is exempt from taxation. This allows individuals to keep a certain portion of their earnings without being subject to tax.

RPI stands for Retail Price Index. It is a measure of the average change in prices of goods and services over time in the retail sector. The word "Price" in the answer refers to the singular form of the term, while "prices" refers to the plural form. Both are correct interpretations of the abbreviation RPI.

VAT stands for Value Added Tax. This tax is levied on the value added at each stage of production and distribution of goods and services. It is an indirect tax that is included in the price of a product or service. VAT is commonly used by governments to generate revenue and is calculated as a percentage of the final selling price.

PIN stands for Personal Identification Number. It is a unique numeric password used to authenticate a person's identity in various systems and services. It is commonly used in banking, credit card transactions, and accessing secure accounts.

The correct answer is "percentage" because the question is asking for the term that is short for "Annual Percentage Rate" (APR). The term "percentage" refers to the rate of interest or cost of borrowing expressed as a percentage per year. The explanation clarifies that APR is a legal requirement for products where money is borrowed and it allows for easier and fairer comparisons between different borrowing options.

The correct answer is "loan, payment, bill, invoice". Default refers to the failure to pay a debt obligation, which can include various types of financial obligations such as loans, payments, bills, or invoices. When a person or entity fails to fulfill their payment responsibilities within the agreed terms, they are considered to be in default. This can have legal and financial consequences, including penalties, interest charges, or even legal actions to recover the outstanding debt.

The given correct answer consists of three terms: discount, voucher, and reduced. A discount is a reduction in price or cost applied to a full priced good or service. A voucher is a document that entitles the holder to a discount or reduced price on a particular product or service. Reduced refers to the act of decreasing the original price or value of something. Therefore, all three terms are related to the concept of reducing the price or cost of a good or service.

Stamp duty is a tax paid when you buy a house or property. This tax is imposed by the government on the transfer of ownership of a property. It is typically calculated as a percentage of the purchase price or the market value of the property, whichever is higher. The purpose of stamp duty is to generate revenue for the government and regulate property transactions.

Tax is a compulsory contribution to the government, taken from workers' income and business profits, or added to the cost of some goods, services, and transactions. This means that individuals and businesses are required to pay a portion of their earnings to the government, which is then used to fund public services and infrastructure. The government uses taxes to finance various programs and initiatives that benefit the citizens and the overall functioning of the state.

ATM is the correct answer because it stands for Automated Teller Machine, which is a self-service banking machine that allows customers to withdraw cash, make deposits, check account balances, and perform other banking transactions at any time of the day or night, 24 hours a day.

A standing order is an instruction given by an account holder to their bank to make regular fixed payments to a specific person or organization. This arrangement allows for automatic and consistent transfers of funds, ensuring that the designated recipient receives the payments on time and in the specified amount. Standing orders are often used for recurring expenses such as rent, mortgage payments, or monthly subscriptions. They provide convenience and peace of mind by eliminating the need for manual payment instructions each time a payment is due.

Assets refer to anything owned by a company that has a monetary value. This can include buildings, plant and machinery, vehicles, and other tangible or intangible items that can generate future economic benefits. Assets are an important component of a company's balance sheet and can be used to generate revenue or be sold to generate cash flow.

Salary is the correct answer because it refers to the amount of money that an individual receives for their work on a regular basis, typically paid on a monthly basis. It is a fixed amount agreed upon between the employer and the employee for the services rendered. Salary is a common form of compensation for employment and is usually paid in exchange for the time and skills contributed by the employee.

Utilities are public or private sector enterprises that provide essential public services such as gas, electricity, and water. These services are critical for the functioning of society and are often regulated to ensure fair and reliable access for all. Utilities play a vital role in meeting the basic needs of individuals and businesses, and their efficient operation is crucial for the overall well-being of a community.

EMA payments are aimed at helping students who continue their education after the age of 16. This indicates that the payments are specifically targeted towards students who choose to stay in education beyond compulsory schooling.

Student loans typically cover tuition fees, which are the costs associated with attending college or university. This includes expenses such as enrollment fees, course materials, and access to academic resources. However, student loans generally do not cover living costs, accommodation, or other personal expenses like car tax and insurance, nights out, or computers to assist with essays and coursework. These additional expenses often need to be covered by the student through other means, such as part-time jobs or personal savings.

Capital gains tax is a tax imposed on the profit made from selling an asset at a price higher than its original purchase price. This tax is applicable to various types of assets such as stocks, real estate, and valuable possessions. It is a way for the government to generate revenue from the increase in value of assets and is typically calculated based on the difference between the selling price and the original purchase price of the asset.

Jobseeker's Allowance is commonly known as "The Dole." This term originated in the early 20th century and refers to the government-provided financial support given to unemployed individuals who are actively seeking employment. The term "The Dole" has become synonymous with this type of benefit, making it a widely recognized term for Jobseeker's Allowance.

An annuity refers to a fixed sum of money that is paid to an individual on a yearly basis, usually for the duration of their life. This regular payment provides financial stability and can be used as a source of income during retirement. Annuities are commonly used as a form of long-term investment or insurance product, ensuring a steady stream of income for the annuitant.