Starter quiz
- Which of these is not a way people commonly pay for things?
- debit card
- bank transfer
- cheque
- library card ✓
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- What does the term 'income' mean?
- the money a person earns or receives ✓
- the amount a person spends each month
- the total cost of goods in a shop
- a type of bank account
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- What is the main purpose of a budget?
- to track and control spending ✓
- to increase income
- to avoid using bank accounts
- to pay off debt immediately
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- Which of the following is an example of an essential expense?
- subscription to a streaming service
- monthly rent or mortgage payment ✓
- a holiday abroad
- buying designer clothes
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- An ______ occurs when a person withdraws or spends more money from their bank account than they have available, resulting in a negative balance.
- 'overdraft' ✓
- Match the financial term to its correct definition:
- interest⇔extra money paid on a loan or earned on savings ✓
- savings⇔money set aside for future use ✓
- loan⇔borrowed money that must be repaid (with interest) ✓
Exit quiz
- Which choices does financial responsibility involve?
- spending all your money
- avoiding debt ✓
- making informed decisions about budgeting and saving ✓
- ignoring your bank statements
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- Various bank accounts serve different purposes, like current accounts for spending and ______ accounts for storing money.
- 'savings' ✓
- Match the words to the correct definitions.
- bank account⇔a secure place to store, manage and access money ✓
- ethical⇔doing what is morally right, fair and good ✓
- economy⇔how a country makes, handles, buys and sells goods and services ✓
- What is the focus of ethical banking?
- maximising profits at all costs
- supporting banks that invest in responsible causes ✓
- using your money in a responsible way
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- Learning about responsible money management prepares individuals for future ______ stability.
- 'financial' ✓
- Why is it important to avoid unnecessary debt?
- to have more money for our wants
- to spend more money on interest
- to maintain financial stability and security ✓
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Worksheet
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Lesson Details
Key learning points
- Financial responsibility involves making informed decisions about budgeting, saving and avoiding debt.
- Various bank accounts serve different purposes, like current for spending and savings accounts for storing money.
- Ethical banking focuses on supporting banks that invest in responsbile social and environmental causes.
- Learning about responsible money management prepares individuals for future financial stability.
Common misconception
Banks and ethics don't mix. You cannot bank ethically.
There are ways to ethically bank in the UK that use the money you invest in responsible ways, such as funding community projects, supporting sustainable businesses, or avoiding investments in harmful industries like fossil fuels or weapons.
Keywords
Financial responsibility - managing money wisely by budgeting, saving and avoiding unnecessary debt
Bank account - a secure place to store, manage and access money, allowing deposits, withdrawals, transfers and payments
Ethical - doing what is morally right, fair and good for people, society and the environment
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