Key Words For Preperation For Working Life GCSE

Key words and discriptions for PWL GCSE

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Name: Georgia Sowden
Keyword Definition
Tax code A tax code is used by your employer or pension provider to calculate the amou
deduct from your pay or pension. If you have the wrong tax code you could en
much or too little tax.
Net Pay The net pay is the amount you are allowed to receive once you deposit the pay
This is less the deductions from the gross pay.
Gross Pay The total gross pay is the nice amount you see you have earned for the payche
from the previous paycheck to this paycheck. It is normally in a column which
amount for each and every paycheck you receive
Redundant When you are made redundant you are excused from your job and made joble
P60 In the UK, the P60 form is issued by employers to each of their employees to d
employees' taxable income and deductions made by PAYE (both for income ta
Insurance contributions) for that year.
P45 A P45 is issued by the employer when an employee leaves. It is a multipart for
PAYE Pay as you earn or PAYE refers to a system of withholding of income tax from p
Superannuation The terms retirement plan or superannuation refer to a pension granted upon
Retirement plans may be set up by employers, insurance companies and a few
National Insurance You pay National Insurance contributions if you're an employee or self-employ
aged 16 and over, as long as your earnings are more than a certain level.
Rebate (linked with tax) A rebate is when a mistake is made and you pay to much or not enough tax so
rebate and have some paid back to you or you have to may more tax.
Commission a committee or advisory body created by Royal Warrant to conduct a special e
United States, a committee, advisory board, or governmental department.
Non-Compulsory a voluntary contribution from one's income tax for a specific purpose, as the p
Deduction election campaigns, made by checking off the appropriate box on a tax return.
Compulsory Deduction Compulsory deductions include Employment Insurance, Canada Pension Plan,
Bonus The word Bonus refers to extra pay due to good performance.
Pension A pension is simply a form of saving for retirement that has generous tax bene
you save in a pension builds up into a pot which is invested and when you elec
benefits the pot is used to pay a regular taxable income for life. You can also ch
sum payment and a reduced pension if you wish.
Minerals Minerals are in lots of foods but are especially in fresh fruit and vegetables.
You find them in dairy products, red meats, some poultry and fish.

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Name: Georgia Sowden
Vitamin A helps with Vitamins are good for keeping your body healthy. They are good for your skin,
Vitamin C helps with Vitamins are good for keeping your body healthy. They are good for your skin,
Carbohydrate You find them in sugary and starchy foods like potatoes, rice, cereals, pasta, br
fruit and vegetables.
Fibre You find fibre in lots of food like cereals, fruit, bread and vegetables.…read more

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Name: Georgia Sowden
season, for example, during the summer to pick fruit, but the emplo
expected to go back and work for that employer each year during th
Part-time working Working part time can be a good way of balancing your w
personal commitments. If you work part time, you have t
be treated fairly in comparison to your full-time colleague
Side stepping To dodge an issue or a responsibility.…read more

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Name: Georgia Sowden
employers An employer is a person or institution that hires employees or workers. Employers offer
wages or a salary to the workers in exchange for the worker's work or labor
Human Resources The personnel of a business or organization, esp. when regarded as a
Dept significant asset.
Finance Dept Keeping records of the purchases and sales made by a business as well as capital
spending.…read more

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Name: Georgia Sowden
3. Crossing legs
Essential spending 3 Food
examples Heat
Non-essential Sweets
spending 3 examples Entertainment
Nights out
Credit card A card that you loan money from the bank to be paid off at a later da
Debit card A card that pays straight out of your bank account
Minimum wage The wage that you cannot recieve less than by law.…read more

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Name: Georgia Sowden
Job Centre Where you can hand in your CV and you can find jobs or they can loo
on your behalf.
Relate Then you can relate to someone you have something in common.
What does being Enterprising is when a business person faces a challenge in everyda
enterprising mean, takes a risk by starting an business or line.
use the words risk
and challenge to help
you.…read more


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