PFE aims to increase students’ understanding of the sources of money and the importance of budgetary control, enabling them to make informed decisions about their finances.
This exam will take the entire lesson Your email address for this exam is - SchoolUsername @epchs.co.uk Enter PPE You will get the results next...
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Today we are going to learn about tax!
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This is the start of your Personal Finance GCSE course. Download this worksheet and complete it as you go through the lesson.
Understand the key features, sources and uses of money.
- easily recognised by everyone
- accepted by people and shops
- easy to carry around
- available in different amounts
- hard-wearing so it lasts a long time
- always worth the same amount
- metallic strip
- security features
- Legal tender and the right to refuse (including regional variances eg Scottish / Northern Irish
- Old and damaged notes:
- phasing out of old denominations
- introducing new ones
- time limit of acceptability
- changing old and damaged notes at the bank
Sources of money
- State benefits
- Education maintenance allowance
- Job seekers allowance
- Income support (in terms of lone parents / learners / pregnant women / caring for the sick and elderly)
- Employment and support allowance (formerly Income Support and Incapacity Allowance)
- Child benefit
- Basic state pension / work place pensions
- Inheritance and its implications (wills / inheritance tax)
- Learner loans
Types of employment:
- full and part time; casual; self employed; shifts
- Terminology: employees / employer
- Definition of PAYE
- National insurance contributions (the concept / bands)
- Income tax and tax codes (also self-assessment and different rules)
- Personal allowance (how much can be earned before tax needs to be paid / what happens if a person starts work / goes from part-time to full-time employment – why tax might not be paid initially)
- Gross / net pay deductions
- Sick pay
- Minimum wage / Living Wage
- Other documents (P45 and P60)
- Storing money
- Bank / Building society
- Types of accounts (savings including ISAs and Junior ISAs; current; basic; mortgage offset; loan; packaged current accounts that for a monthly fee come with additional benefits)
- How bank accounts work (statements; how to pay money in; paying-in slips; access; cheques; clearing cycle; cash and debit cards; overdrafts; telephone banking; online banking; mobile banking (apps))
- Joint and several liability
- Joint mandate
- Signatures (power of attorney; instructions to banks / who can sign in different circumstances)
- Savings providers (banks; building societies; post office including the size, structure and ownership of these; high street shops; supermarkets)
- Other financial service providers (national savings and investments; savings stamps; Christmas clubs and credit unions including the size, structure and ownership of these)
- Distinguish between short-term savings and long-term investments
- Savings (notice accounts; instant access; regular savings; ISAs and other types of savings
- Investments (buying a property and pensions)
- Interest (AER)
- Safety / security
- Culture eg ethical finance / Sharia compliant
- Cost of purchases
- Value for money (price comparison websites)
- Shopping around (shop discounts; special offers; buying in bulk)
- Buying the label
- Opportunity cost
- Taxes on spending (eg VAT and the insurance premium tax)
- Hidden charges
- Online shopping / can’t see before you buy
- Risk and reward
- National savings and investments / premium bonds
- Gambling / losing your stake
- Swapping / exchange
- Variable rates (buy / sell; overtime; between providers)
- Where to exchange money
- Terminology (currency; types of currency eg euro, dollar, sterling; traveller’s cheques; bureau de change; commission; exchange rate
- Using cards abroad (credit, debit, pre-paid)
- Travellers cheques
- Term exchange rate risk
- Basic wage calculations based on a case study (income tax as well as general wage calculations)
- Simple value for money / price calculations based on case studies
- Understand how to make simple foreign exchange rate calculations based on case studies