Finance
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Week One Lessons 1-2 |
Week Two Lesson 3-4 |
Week Three Lessons 5-6 |
Week Four Lessons 7-8 |
Week Five Lessons 9-10 |
Week Six Lessons 11-12 |
Week Seven Lessons 13-14 |
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TERM 1 Unit 2 Practices of Managing Money
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Understand the concept of financial planning. (LO1) The importance of budgeting; income and expenditure; avoiding unnecessary debt |
Understand the concept of financial planning. (LO1) Dealing with emergencies; insurance; financial advice and where to go |
Understand the concept of financial planning. (LO1) Personal factors that affect financial planning; financial life cycle; risk and reward |
Understand the key features of, and behaviours associated with, a balanced personal budget. (LO2) Short term and long term planning; needs and wants |
Understand the key features of, and behaviours associated with, a balanced personal budget. (LO2) Consequences of not budgeting: overspending; living beyond means; impact on society. |
Understand the key features of, and behaviours associated with, a balanced personal budget. (LO2) Keeping track of savings, surplus/ deficit and adjusting for next time |
Understand the key features of, and behaviours associated with, a balanced personal budget. (LO2) Fluctuations in savings and repayments; interest rates and the impact of foreign exchange rates |
TERM 2 Unit 2 Practices of Managing Money |
Understand the link between personal financial budgets and spending choices. (LO3) Spending choices including buy now pay later and unplanned purchases REVISION 1/3 |
Understand the link between personal financial budgets and spending choices. (LO3) Fluidity of planning, short and long term; moving through stages of life |
Understand the key features of, and behaviours associated with, a balanced personal budget.(LO2) Tools - bank statements; balances; online and telephone banking REVISION 2/3 |
Understand the key features of, and behaviours associated with, a balanced personal budget.(LO2) Inflation - how will it affect savers/ borrowers? Mind map of five problems inflation causes the UK economy |
Understand the tools used in managing money. (LO4) ATMs; Faster Payments; cheques; direct debit; standing order; CHAPS; Bacs; PayPal; mobile apps. REVISION 3/3 |
Understand documentation for pay and pay calculations. (LO5) Common tax documents and deductions; income tax re-cap ASSESSMENT PRACTISE |
Unit 2 Practices of Managing Money ASSESSMENT |
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Week One Lessons 1-2 |
Week Two Lesson 3-4 |
Week Three Lessons 5-6 |
Week Four Lessons 7-8 |
Week Five Lessons 9-10 |
Week Six Lessons 11-12 |
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TERM 3 Unit 1 Finance, the individual and society |
Understand the role of the citizen in the UK. (LO1) The legal rights and responsibilities of citizens. Political systems and local/national government |
Understand the role of the citizen in the UK. (LO1) How personal values affect financial decisions, including budgeting, financial planning, employment and debt. Including recession and growth |
Understand the difference between money and income. (LO2) The Bank of England and what money is: cash and electronic balances; purpose of money to transfer value; making coins and banknotes |
Understand the difference between money and income. (LO2) Earnings: wages; pocket money; gifts; benefits. Features: payslips; gross / net pay; working hours; minimum wage |
Understand tax. (LO3) Re-cap unit 2 tax facts. Impact of changes in tax rates on government, citizens and business REVISION 1/3 |
Understand the contribution of individuals and organisations to the economy of a country. (LO4) UK economy increases / decreases in spending linked to increases or decreases in employment and earnings |
TERM 4 Unit 1 Finance, the individual and society |
Understand the contribution of individuals and organisations to the economy of a country. (LO4) Inflation - influences interest rates, affects the level of state pensions and benefits; effects of higher/lower inflation and the value of money. |
Understand the external factors that can impact on personal financial plans. (LO5) Impact of higher and lower interest rates and higher and lower inflation rates. Display work involving flow charts. REVISION 2/3
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Understand the concept of foreign exchange. (LO6) The impact of foreign trade on society: fluctuation of costs of imported goods; economic hardship in countries unable to sell their goods; impact on trade and thus businesses, employment and income. |
Understand the external factors that can impact on personal financial plans. (LO5) The impact of demographic changes on personal finance, such as increased population resulting in higher living costs and increased travel costs. REVISION 3/3 |
Understand the concept of the personal life cycle. (LO7) Identify changes in attitude towards risk and responsibility throughout the personal life cycle.
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Unit 1 Finance, the individual and society ASSESSMENT |
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Week One Lessons 1-2 |
Week Two Lesson 3-4 |
Week Three Lessons 5-6 |
Week Four Lessons 7-8 |
Week Five Lessons 9-10 |
Week Six Lessons 11-12 |
Week Seven Lessons 13-14 |
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TERM 5 Unit 3 Financial capability, work and enterprise |
Understand key factors in business success. (LO1) Business objectives and types; reasons for starting businesses; types including charities. |
Understand key factors in business success. (LO1) USPs; customer service; marketing; competitive advantage; employees – innovation and invention.
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Understand key factors in business success. (LO1) What makes a new business successful? How can it stand out from the rest? |
Recognise the characteristics of a successful entrepreneur. (LO2) Avoiding stagnation through developing new products and opportunities; financial effects of innovation and change |
Understand how a business manages its money. (LO3) Keeping track of finances; flexibility; external factors (e.g. government), income, investments, unforeseen circumstances. |
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TERM 6 Unit 3 Financial capability, work and enterprise |
Understand how a business manages its money. (LO3) Cash flow forecasts; Money available for expansion/investment in goods, employees or training REVISION 1/3 |
Understand how a business manages its money. (LO3) Impact of costs passed on to customer or taxpayer; economising in the business (e.g. redundancies, benefit changes |
Understand the impact of an individual on a business. (LO4) Understand the impact of a business on an individual. (LO5) work ethics; productivity; progression; income |
Understand how business decisions have an impact on society. (LO6) The impact of ethical and unethical business actions on society REVISION 2/3 |
The impact of an individual’s employment and consumer choices on society. (LO7) How Entrepreneurship and employment contribute to the economy and employment |
REVISION 3/3 |
Unit 3 Financial Capability, work and enterprise ASSESSMENT |