How to use this quiz
A 15-question assessment quiz designed for the end of the KS3 Personal Tax Foundations unit. Total time: 40-50 minutes. Each question has a marking note for teacher use. Use after completing all 6 lessons in the KS3 Personal Tax Foundations unit.
Total marks available: 34. Progression note: A pupil scoring 25+ /34 is ready to begin the KS4 Financial Decisions unit.
Quiz questions + teacher answer key
Click "Teacher answer + marking note" on each question to reveal the model answer. Print this page (with details expanded) for a paper-based mark scheme, or use on-screen for live marking.
Question 1 (1 mark)
What is the UK Personal Allowance for 2026/27?
Teacher answer + marking note
Model answer: £12,570
Question 2 (3 marks)
A worker earns £25,000 per year. Calculate their income tax (England 2026/27).
Teacher answer + marking note
Model answer: £25,000 − £12,570 = £12,430 taxable × 20% = £2,486
Question 3 (4 marks)
A worker earns £55,000 per year. Calculate their income tax.
Teacher answer + marking note
Model answer: Basic: (£50,270 − £12,570) × 20% = £37,700 × 20% = £7,540. Higher: (£55,000 − £50,270) × 40% = £4,730 × 40% = £1,892. Total: £9,432.
Question 4 (4 marks)
Name the 4 UK income tax bands (2026/27).
Teacher answer + marking note
Model answer: Personal Allowance (0%, up to £12,570), Basic Rate (20%, £12,571–£50,270), Higher Rate (40%, £50,271–£125,140), Additional Rate (45%, above £125,140). 4 marks.
Question 5 (1 mark)
What rate of NI does an employee pay on income £12,570–£50,270 in 2026/27?
Teacher answer + marking note
Model answer: 8%
Question 6 (1 mark)
How many qualifying years of National Insurance do you need for the FULL new State Pension?
Teacher answer + marking note
Model answer: 35 years
Question 7 (2 marks)
What does the tax code "1257L" mean?
Teacher answer + marking note
Model answer: Standard tax code: 1257 indicates £12,570 Personal Allowance; L is the most common suffix. 2 marks.
Question 8 (2 marks)
What does the tax code "BR" mean?
Teacher answer + marking note
Model answer: Basic Rate — all income taxed at 20% with no Personal Allowance applied (often used for second jobs).
Question 9 (2 marks)
What is "emergency tax"?
Teacher answer + marking note
Model answer: Tax codes used when HMRC lacks full info (e.g. no P45). Often code 1257L W1/M1 or BR. Results in over-taxation that's usually corrected later.
Question 10 (3 marks)
Name 3 things you can find on a UK payslip.
Teacher answer + marking note
Model answer: Gross pay, net pay, tax code, income tax, NI, pension contribution, year-to-date totals, employer name, etc. Any 3.
Question 11 (2 marks)
Define "Gross pay" and "Net pay".
Teacher answer + marking note
Model answer: Gross: pay before deductions. Net: take-home pay after tax, NI, pension, student loan, etc.
Question 12 (2 marks)
Use the Rule of 72: at 6% interest, how many years to double money?
Teacher answer + marking note
Model answer: 72 ÷ 6 = 12 years
Question 13 (2 marks)
A 13-year-old wants to open their first bank account. Name 2 things they should compare across UK teen accounts.
Teacher answer + marking note
Model answer: Minimum age, debit card type, mobile app, interest rate, parental controls, ATM access, etc. Any 2 sensible features.
Question 14 (2 marks)
£100 invested at 5% compound interest for 10 years grows to about how much? (Use 100 × 1.05¹⁰)
Teacher answer + marking note
Model answer: About £163 (precisely £162.89)
Question 15 (3 marks)
A worker earns £30,000. Their employer pays them but accidentally uses code "BR". Will they pay MORE or LESS tax than with code 1257L? Why?
Teacher answer + marking note
Model answer: MORE tax. With BR, no Personal Allowance applies, so the first £12,570 is taxed at 20% rather than 0%. They overpay £12,570 × 20% = £2,514 per year (or for the portion of the year on BR).
Follow-up homework
After the quiz, set 2 reflection tasks: (1) Pupils write 200 words explaining the question they got most wrong and why. (2) Pupils select one topic from the unit they want to learn more about and find one external source (gov.uk, BBC Bitesize, Money Saving Expert) to extend their knowledge.