financial literacy scheme
DESCRIPTION
www.thebeeprogramme.com. Session 2: Introducing the World of Work. Financial Literacy Scheme. LO1 : Work well in groups to complete the Money Quiz LO2 : Understand what taxes are and calculate the amount of tax paid LO3 : Recall key words and negotiate your own contract. Money Quiz!. - PowerPoint PPT PresentationTRANSCRIPT
LO1: Work well in groups to complete the Money Quiz
LO2: Understand what taxes are and calculate the amount of tax paid
LO3: Recall key words and negotiate your own contract
www.thebeeprogramme.com Session 2: Introducing the World of Work
Financial Literacy Scheme
Money Quiz!
Each team is to complete the quiz with the help of their volunteer.
This is a general knowledge quiz about the history of money, economics and the world of work.
Money Quiz!1. Which of these are featured on the
most recent UK coins?
2. What is the largest UK note that you can get from a bank? £20 £100 £50
3. What are the four most traded currencies?
Dollar, Yen, Pounds Sterling and Euro
A: Shield of the royal arms
B: UK Flag
C: Parliament
4. Which of the following was an old English coin?
Shilling Dollar Cent
5. How much does our government spend on education each year?
£7,000 £30 million £89 billion
£50
Shilling
£89 billion
Money Quiz!6. How much money does the average
child get in pocket money each week?
£2.50 £6.25 £8.75£6.25
7. Who is the Chancellor of the Exchequer? (Bonus point for explaining what they do!)
A: George Osbourne
B: David Cameron
C: Boris Johnson
8. Who is the richest and how did they make their money?
A: Richard Branson
B: Queen Elizabeth
C: David Beckham
Unscramble the money words
undoperepitclasaryciperreuoxatntereist
nenpyfiprotsolsbyullionimnkabsibusens
ANSWERSpoundreceiptsalarypriceeurotaxinterest
pennyprofitlossbuymillionbankbusiness
GROUP WORK: Can you come up with
definitions for words highlighted in red?
Tax
Where do taxes go?
Jim works as a manager in a cinema.
He earns £30,000 a year and has to pay 20% income tax on his salary.
How much income tax does he pay each year?
Calculating Tax
Extension: Jim gets a promotion and now earns £34,000 a year. He
still pays 20% income tax. How much does he pays now? How
much better off is he than before his promotion?
In pairs, discuss the answers to the
following questions.1. What is a contract.
2. Who might have a contract?
3. Where might contracts be used?
Contracts
Understanding a contract
Terms The parts of the contract that must be followed by
both parties if the agreement is to be kept.
A contract is an agreement between individuals or groups of people, supported by law. The content of a contract is made up of ‘terms’. The terms determine the points on which both ‘parties’ are in agreement.
For example, the terms of a mobile phone contract state the amount of money the user must pay, and the services the company will
provide in return.
Parties The groups, companies or individuals entering
into the contract.
For example, the user of the mobile phone, the network provider, and the
company who manufactures the mobile phone.
Negotiating a contract
Later in the year, each team will be designing and making cards to sell at a fair. The aim is to raise money for a charity of your choice.
Imagine that your head teacher has asked you to draw up a contract about the project, in particular the fair, before he/she will agree to let you hold the charity sale in school.
• Who will the parties be?• What terms will you ask for from your teacher and
volunteers? • What terms will your head teacher want included?• What is a compromise, and how will you reach it if needed?
Summary• Tax is a percentage of our earnings that goes to the
government for them to spend on services we use• When two or more people want to agree on something,
they often write and sign a contract, which details the terms.
• Parties are the groups who agree to the terms of the contract
• Find out what the volunteers do at work and see their offices
Next session we will be visiting the Bank of England to find out all about money, savings and interest!