Payslips, tax and interest
Financial documents make more sense when you separate gross pay, deductions, net pay, principal and interest.
Lesson overview
What you'll learn in this lesson
Explain pay, tax, interest and credit
Key learning points
- • Read a payslip
- • Understand credit
This lesson at a glance
- 25 minutes
- 13 parts to scroll through
- 3 quick checks
- Marked quiz at the end
- Gentle pace: short sittings with pauses
Words to know
Scroll down — the lesson carries on below
Watch & discover
Part 1 of 13
Visual introductionPicture this
Payslips, tax and interest
Financial documents make more sense when you separate gross pay, deductions, net pay, principal and interest.
In a nutshell
Explain pay, tax, interest and credit
Explore the idea
Part 2 of 13
Learn
Read a payslip
Gross pay is before deductions. Income tax, National Insurance, pension and other deductions lead to net pay.
Explore the idea
Part 3 of 13
Learn
Understand credit
APR helps compare annual borrowing cost, but fees and repayment timing matter. Compound interest charges interest on previous interest when debt remains.
Reset break
Part 4 of 13
Pause
That's sitting 1 of 3 done
Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.
Quick check
Part 5 of 13
Quick check
Part 6 of 13
Quick check
Part 7 of 13
Reset break
Part 8 of 13
Pause
That's sitting 2 of 3 done
Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.
Challenge round
Part 9 of 13
Game · Sort it
Which of these are true?
Drag each card into the right column. Tap a card first if dragging is fiddly.
True
Not true
Challenge round
Part 10 of 13
Game · Fill the gaps
Finish the sentences
Choose the word that belongs in each gap.
Compound ____ charges interest on previous interest when debt remains.
Challenge round
Part 11 of 13
Game · Recall cards
What is net pay?
Card 1 of 3
Mastery quiz
Part 12 of 13
Marked quiz
End of lesson quiz: Payslips, tax and interest
3 questions, marked with the reasoning shown. No timer.
1. What is net pay?
2. What does APR help compare?
3. Compound interest is interest on…
Lesson round-up
Part 13 of 13
Lesson round-up
Ready when you are
Quiz score
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Games
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Points this lesson
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Best run
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Luna: 0 out of 3 on the practice checks. Only if you feel up to it — one more?
Ask LunaPart 1 of 13 · Watch & discover