unit f282 - sample scheme of work and lesson plan booklet

Sample Schemes of Work and Lesson Plans

Business, Administration and Finance

Level 3OCR Business, Administration and Finance Level 3: H844

Unit F282: Managing Personal Finances

This Support Material booklet is designed to accompany the OCR Business, Administration and Finance Diploma specification for teaching from September 2008.

© OCR 2009

Contents

Contents 2

Sample Scheme of Work: OCR Business, Administration and Finance Diploma Level 3 Unit F282: Managing Personal Finances 3

Sample Lesson Plan: OCR Business, Administration and Finance Diploma Level 3 Unit F282: Managing Personal Finances 16

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Sample Diploma Scheme of Work

OCR BUSINESS, ADMINISTRATION AND FINANCE DIPLOMA

LEVEL 3 UNIT F282: MANAGING PERSONAL FINANCES

SUGGESTED TEACHING TIME

21 HOURS TOPIC FEATURES OF FINANCIAL SERVICES MARKET (LEARNING OUTCOME 1: AC 1.1, 1.2, 1.3)

TOPIC OUTLINESUGGESTED TEACHING AND HOMEWORK ACTIVITIES

SUGGESTED RESOURCES POINTS TO NOTE

Features of money in all its forms Create mind maps of the types and (legal) sources of money

Group discussion developing an understanding of the different types of money (ie when would you use travellers cheques? Why would you use these in preference to foreign currency, or using credit card abroad? What is the difference between a credit card and a debit card?) Useful to draw on learners personal experiences as appropriate

Talk from teacher about the characteristics and attributes of money, and the purposes that money serves in society

In small groups, learners prepare material for level 1 or 2 diploma learners to introduce them to types, sources, characteristics and purposes of money.

An internet search will provide numerous resources to guide learners through the different methods of taking money abroad

Level 3 learners could teach the lesson for level 1 and 2 learners, making use of a quiz to evaluate the impact of their delivery/the quality of their materials

Could have groups working on one or the other then feeding back using their mind map to support

Business, Administration and Finance Diploma 3 of 23









(AL)

Identifying the providers With the aid of stimulus material such as recorded TV adverts, adverts from newspapers or financial publications, learners to make 2 lists – one of providers of financial products/services and the other of providers of advice/information about financial products/services. (AL)

Matching activity to link providers with their key role, and where appropriate named examples of such providers

Focus on organisations providing advice and information for customers

Financial advisers (independent, tied

and multi tied)

Citizens Advice Bureau

National Debtline

Talk from financial providers about what they offer could be included here or in a later section. (EE)

This task could be extended to add detailed consideration of the type of advice given by these organisations thus covering some of assessment criteria 3.1










Consumer Credit Counselling Service

Financial Ombudsman

Financial Services Authority

Moneysavingexpert.com

Financial sections in broadsheets

In groups, learners to research a particular organisation, then produce a display and information leaflet to inform people of the help available when making financial decisions, and when in financial difficulty. (AL)

Learners to share understanding through exchange and discussion of leaflets or through presentations to each other allowing all learners to take note of all sources of info/advice available

Display material could be evident at parents evenings if appropriate, offering support to the local community

Learners could also produce ‘podcasts’ of question and answer sessions, typical phone in discussions or basic information broadcasts which could be made available within school and to the wider community










Descriptions of the products or services

Starter activity such as anagrams, word search or key word bingo to introduce financial products and services. Discuss understanding of each type of product, correcting misunderstandings/filling in gaps in knowledge as required

Questionnaire to determine attitude towards risk. Use examples of financial products to demonstrate the correlation between risk and reward. (AL)

Complete worksheet to develop basic understanding of returns on investment (including interest rates). Discuss reasons for differences in interest rates on current accounts, savings accounts and longer term investments such as length of time money is invested for, limitations on withdrawals, risk to customer of needing funds in mean time

Representatives of local financial institutions could give a talk to young people on the role of their organisation and financial products/services offered. (EE)

Attitude to risk questionnaire/review of view towards risk in everyday life. Examples of risky jobs which command high wages, high risk investments which, if successful, earn a high reward

Worksheet – short answer questions making use of product literature

Financial products/services to be covered are those listed in the amplification of assessment criteria 1.3

This activity could be extended to consider also the benefits of the financial product or service and the advice offered by the provider. This would therefore cover part of assessment criteria 3.1 and 3.2










Provide each group with material produced by financial providers giving key information on products or services. In groups, learners to produce a game which enables people to gain understanding of:

Financial product or service

Providers

Risks

Rewards (AL)

Game could simply be replaced by fact cards produced on each financial product or service being considered. Scenario could be to issue to all young people to help develop their awareness of the features of the range of financial products and services available







10 HOURS TOPICFACTORS AFFECTING PERSONAL FINANCE AND FINANCIAL PLANNING (LEARNING OUTCOME 2: AC 2.1, 2.2)



Factors affecting personal finance and financial planning

Write on to a time line (provided) the financial needs/events at different stages of a person’s life. (AL)

Case studies to prompt discussion about attitudes towards money and financial services. Questionnaire to investigate personal attitude towards money

Learners plan and carry out research with own family/friends into attitudes towards financial products/services. (AL)

Small group activity – Recommend appropriate financial products or services to 2 given customers, based on information provided about their personal circumstances and attitude towards money. Justify products services selected. (AL)

Explain decisions to rest of class and discuss

A range of industry produced resources link financial products and services to stages in life – these could be used as the basis for discussion

Attitude to money questionnaire

Case studies giving information regarding personal circumstances, information on selected financial products and services from which the learner can select and recommend

Depending on delivery pattern, planning and/or research may need to be done at end of previous session, enabling feedback of findings to be presented to the group

Customer personas created should draw on the factors affecting attitude to money and financial services listed in amplification for 2.1

This activity could be extended to include an in depth assessment of how specific products could meet the needs of each client. The assessment criteria to be used are those listed within the amplification of assessment criteria 3.3







10 HOURS TOPICFACTORS AFFECTING PERSONAL FINANCE AND FINANCIAL PLANNING (LEARNING OUTCOME 2: AC 2.1, 2.2)



Economic issues Discuss headlines presenting snapshot situations for exchange rates, interest rates and inflation

Presentation by teacher explaining the impact of changes in each variable on a range of products and services

Issue scenarios to visualise impact of specific changes on loans, savings/investments and currency exchange thus developing understanding of the mechanics of each

Identify products or services most affected by changes in each variable

Analyse impact of uncertainty in each area on decision making process, focussing on specific case studies. (AL)

Diverse headlines from newspapers or internet stories

Presentation and any accompanying notes. Commercially produced information

Practical challenges

Case studies/”people off the street” to interview about views on uncertainty







10 HOURS TOPIC FACTORS INFORMING DECISION MAKING (LEARNING OUTCOME 3: AC 3.1, 3.2, 3.3)



Types of advice available Provide words which could describe advice (honest, reliable, informed, accurate, problem solving, biased, etc). Rank words in order of importance when considering sources of advice regarding finances

Learners rank possible sources of advice – friends, family member who is employee of a financial provider, expert in stocks and shares, Citizens Advice Bureau, Customer service advisor at Bank, financial advice website. Consider impartiality, reliability, practical support and knowledge

Review providers of financial products and services covered in learning outcome 1. Use information provided in leaflets/websites, alongside speakers/online mentors from local financial providers to produce a “Where to seek help” information leaflet explaining the

Leaflets, internet, speakers from local financial providers, newspaper/magazine advice. (EE)










type of advice available from each provider. (AL)










Benefits of financial products and services

Review existing level of knowledge of financial products and services, providers and relative risk and reward (as covered in AC 1.3) in a quiz

Provide information about a range of products from a wide range of providers, supported by best buy information from newspapers and financial magazines. Using the list of benefits given in the amplification of 3.2, identify which products/services would offer these benefits. Discuss the extent to which each might meet them. Produce display work identifying the benefits to be gained. (AL)

Information could be in leaflet form or from the website but should be real in order to introduce the complexities of financial information










Meeting needs with financial products and services – learners as financial advisors

Pair activity – use literature provided to identify detail in the agreements for a range of financial products and services. Raise awareness of issues such as arrangement fees for mortgages, penalties for withdrawal from long term investments, special offer interest rates for a short periods of time, availability of payment protection insurance, opportunities for online monitoring/changing of accounts, security/identification needed when setting up accounts, legal features of financial contracts – ‘the small print’. Short answer questions requiring careful use of the literature will enhance familiarity with the more technical issues required at level 3. (AL) Could be supported by talk from local providers. (EE)

As well as literature direct from financial providers, advice from money management websites or from the financial press can alert learners to limitations of financial products and services

Short answer questions forcing reading of the ‘small print’

This task should draw together all work done previously in this unit. Information pack containing details of a range of products and services to be used, ensuring that all factors listed in amplification of assessment criteria 3.3 can be discussed. Several types of each product or service should be included thus encouraging learners to make a positive selection of the product which will meet the specified needs. Same literature as in the previous task could be used allowing learners to make use of familiarity already developed. To make more challenging, learners could be presented with new information (perhaps from alternative providers) thus having to apply the knowledge/understanding previously gained to identify key information










Main activity – Adults unknown to learners to outline their financial situation and their needs. Use questioning to gather further information about attitudes, and benefits required. Time could then be given for learners to re examine financial information provided in order to explain the extent to which a number of similar financial products match the exact requirements. Full justification to be given, drawing on all previous info covered

In addition by this point the pre release material for the case study will be in school so should be discussed with students







9 HOURS TOPIC PLANNING FOR THE FUTURE (LEARNING OUTCOME 4: AC 4.1)



Plan how to manage financial needs in the short and medium term, supporting conclusions

In pairs, make a list of all categories of income and expenditure as a student at university. Prioritise expenditures

Investigate what the financial position is likely to be – fees, loans, potential for earnings for part time job. Estimate amount to be allocated to each area of spending thus creating a weekly budget. (AL)

Introduce changing circumstances necessitating a revision of the plan, eg fees go up, you recruit an extra house mate so rental costs fall, an emergency occurs

Carry out a similar activity for different life stages, identifying financial goals, necessary contingencies, changing priorities and necessary revisions of plan. (AL)

Note in learning log the immediate actions

Student guides/information from banks (leaflets or talks) could support this consideration. (EE)

Resources to support investigation of differing financial needs throughout the stages of life are widely available. Much greater flexibility here for changing circumstances

Various resources are available to support budgeting both generally and at specific life stages; these could be used in this section of work










to be taken in order to begin preparation for university or employment. (EL)










8 hours remain unallocated to be used for focussed interrogation of pre release case study. These could happen in a block, or be spread across related areas of study within the unit. Students should be encouraged to familiarise themselves with the case study, using their knowledge to consider a range of products and providers before making an informed decision.External assessment – 2 hoursCase study material should be incorporated into lessons as appropriate on its arrival in school.


Sample Diploma Lesson Plan

OCR Business, Administration and Finance

Diploma Level 3 Unit F282: Managing

Personal Finances

Effect of Economic Influences on Personal Finance and Financial Planning

OCR recognises that the teaching of this qualification will vary greatly from school to school and from teacher to teacher. With that in mind, this lesson plan is offered as a possible approach but will be subject to modifications by the individual teacher.

These activities take a block of 4 hours. This could be completed in one day (split by breaks) or over a series of days as timetable dictates.

Learning Objectives for the Lesson

Objective 1 Learners understand what is meant by exchange rates, interest rates and the stock market.

Objective 2 An explanation can be given of the impact of a change in each of these variables.

Objective 3 Learners can analyse the impact that uncertainty regarding these variables can have on personal finance and financial planning.

Recap of Previous Experience and Prior Knowledge

Learners have been introduced to factors affecting attitudes to financial products and services:

examples of financial products and services

providers of financial products and services

attitudes towards money, and other financial products and services.

Content

Time Content

10 minutes Show a range of current headlines regarding changes in these variables. Learners to share first impressions and begin discussion of the potential impact of such factors.


Sample Diploma Lesson Plan15 minutes Presentation demonstrating the impact of fluctuations in foreign currency

exchange. Consider also sources of information and variations according to provider.

35 minutes Practical challenges to investigate the impact of exchange rate fluctuations.

Investigate different rates offered by different providers located in different places (eg the high street, the airport).


Sample Diploma Lesson PlanTime Content

Use currency converter to practice changing one currency into another; by converting sterling to different currencies the impact of different exchange rates can be demonstrated.

Compare costs of holidays and things bought on holiday before and after a change in the exchange rate.

10 minutes Group discussion of answers.

15 minutes Presentation demonstrating the impact of fluctuations in interest rates. Discuss different types of exchange rate. Compare exchange rates on different products (current accounts, savings accounts, long term investments, short term loans, long term loans, credit cards, store cards etc).

35 minutes Practical challenges to investigate the impact of interest rate fluctuations.

Use loan calculators to investigate the impact of different interest rates; ensure that size and length of loan are kept constant to isolate the impact of interest rate changes.

Calculate the interest earned during the first month on ₤100 placed in (a) a current account and (b) an investment account/savings account.

Compare interest rates across different payment methods – credit cards, loans, store cards. Explain how differences in the exchange rate would contribute to your choice of financing methods. Consider other factors that would also contribute to the decision.


15 minutes Presentation demonstrating share price fluctuations. Compare fluctuations for a range of companies with the progress of the FTSE 100. Identify methods of holding shares (in individual companies or as part of a portfolio of investment).

35 minutes Practical challenges to investigate the impact of share price fluctuations.

Provide share price information for the same company shares over a period of time. On issue of starting price learners to purchase their portfolio. Compare value of portfolio as individual share prices change.

Identify range of products available which include stocks and shares.


10 minutes Learners to identify the financial products and services likely to be affected by changes in each of these variables – Have all financial products/services written on small pieces of paper. Learners to fix around exchange rates, interest rates or stock market valuation to identify the factor they perceive to be most significant. They should be able to explain the reasons for each placing.

20 minutes Learners to develop rigour of analysis – introduce three “people off the street”. Individuals should be diverse in terms of age, employment status, level of income/wealth and attitude towards risk. Each should be considering a specific financial product/service likely to be affected by changing interest rates, exchange rates or stock market values.


Sample Diploma Lesson PlanTime Content

20 minutes After reading case study information/discussing with individuals their situation learners should sum up the impact that a change in the appropriate variable would have and identify the likely impact on the financial decision making process. For example, if an individual were considering a loan, and interest rates went up, depending on their personal preference they would either change their plans and not take a loan, or amend their plans, perhaps changing loan amount or loan period.

15 minutes Learner presentations to group introducing the individual and their financial needs; explaining and justifying responses to a change in economic variables.

Consolidation

Time Content

5 minutes Teacher reads out a description of brief scenarios, considering a financial product and a specific change in one of the three variables. Learners to identify whether the change would be (a) favourable (b) unfavourable or (c) would have no impact at all.

Homework Write in learning log personal response to uncertainty in the financial markets. Begin to form views on attitude towards risk.
