What’s a payslip and how do people earn money?

Listen to the episode below!

Values, Money and Me helps you explore the world of money, and the choices we all have to make to look after the money we have.

Listen to the story below, then try each Consequence Challenge to see how your choices work out.

In this episode, Roger finds out more about mum’s payslip and how the money she’s earned has to be spent in lots of ways before he can buy new clothes!

What are earnings?
A Jewellery for your ears
B Deep feelings of wanting something
C Money you make for doing work

If you selected jewellery, you’re thinking about earrings! The right answer is C. Your earnings are money you make from doing work

When talking about wages – what are deductions?
A Money you pay out on household bills
B Money taken out of wages, for example tax for the government
C Working out how much you are going to be paid

It’s B. When talking about wages, ‘deductions’ means money taken away from wages, usually, even before you’ve received them

What is a profit?
A A person who can see into the future
B A person who works in a bank
C Money left over after all the money spent doing a job (expenses) is taken away

Did you pick C? Well done! Profit is the money left over after all the money spent doing a job (expenses) is taken away.

Where does the money for state pensions come from?
A National service wages
B National insurance payments
C National Savings Certificates

It’s B. National insurance is paid by people who earn money. This money is made available for older people who have retired and get a state pension

What pays for the local roads and street lighting in Roger’s road?
A Road tax
B Council tax
C Income tax

C is likely to be the right answer here. Road tax pays for main motorways and other things the government needs to spend money on.
Council tax pays for all the smaller local roads in a town (among other things).

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Values, Money and Me is supported by Experian



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