A premium is the amount paid by the insured person to an insurer in return for providing insurance cover for a particular risk.
What is emergency tax?
A higher-than-normal rate of tax designed to encourage new employees to get their tax affairs in order as quickly as possible
What is VAT?
VAT is a tax on goods and services. Everyone who buys goods and services in Ireland pays VAT
What is net pay?
Gross pay minus all deductions. It is also called take-home pay
What is a pension?
A fund into which payments are made during a person’s working life, and from which payments are later made to support them when they retire from work.
What is indirect tax?
Paid on income as it is spent
What are taxes charged on?
Tax is charged on income or business profits or added to the cost of goods and services.
Is it tax avoidance or tax evasion that is illegal?
Tax evasion
What is insurance?
Insurance offers protection against possible loss and tries to put the insured person back in the same financial position they were in before the loss occurred.
Does every financial decision have negative consequences?
No
Name 2 principles of insurance?
Insurable interest, utmost good faith, indemnity, contribution and subrogation
What is a credit note?
issued to a customer who has returned goods to a shop. It can only be used to buy goods and services up to a specific value in the shop that provided it
Who collects taxes in Ireland?
The Office of the Revenue Commissioners.
What does Caveat Emptor mean
let the buyer beware
What factors impact on your financial planning?
Age, Employment status, Number of dependents and Health status
Name 3 things that are present on a food label.
Name of product – the brand and the item, Name and address of the producer/seller, The weight of the product Price, Best before/sell by
What is Personal Financial Life Cycle
Shows the changing financial needs a person will have at each stage of their life.
Name 3 types of insurance?
Motor insurance, Home insurance - buildings cover, Holiday/travel insurance
What the 3 forms of redress?
Repair, replace and refund
What is a good?
A good is something you can physically touch or see, e.g. a phone, a book, etc.
What is an own-label product?
Own-label products carry the brand of the shop that sells them.
What factors affect the cost of motor insurance?
Age of the driver, Make, model and value of the car, number of penalty points the driver has, type of license the driver has
When is a consumer complaint not valid?
change your mind about the purchase (when goods are purchased in-store) If a fault arises due to your misuse of a product If you were told about the fault
What is a tax credit?
The amount by which a person’s annual tax bill may be reduced
What is utmost good faith?
You must answer all questions truthfully and reveal all relevant information when completing a proposal form or claim form
What is an asset?
Something of value that you own
What does USC stand for?
Universal Social Charge
What is the dependence stage?
Dependent on your parents or guardians for your financial needs
Name the types of motor insurance
Third party, third party fire and theft, comprehensive
What is a guarantee?
A guarantee is a promise by the manufacturer to replace or repair an item that develops a fault within a specified time frame. It is free
What is a will?
legal document containing instructions for what should be done with personal money and property after death
What is Financial Planning
An ongoing process and will need to be reviewed and revised from time to time.
What is a policy excess?
The policy excess is the amount the insured person must pay for any loss or damage to the insured item.
What is life assurance?
A life assurance policy pays out when the insured person dies, not if they die.
What do you think about in the pre-retirement stage?
Savings, updating retirement plans, paying off a mortgage, life assurance, considering estate plans
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