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Finance

 

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

TERM 1

Unit 2

Practices of Managing Money

 

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

 

 

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

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

 

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.

 

Unit 1

Finance, the individual and society

ASSESSMENT

 

 

 

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

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.

 

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.

X

X

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