Starter quiz
- Which of the following can help prevent fraud?
- clicking on suspicious links
- verifying payment sites ✓
- ignoring bank statements
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- Match the word to the correct definition.
- ethical⇔doing what is morally right, fair and good ✓
- scam⇔a dishonest scheme designed to trick people into giving away things ✓
- credit⇔money that can be used for payment but it is borrowed from a lender ✓
- budget⇔a plan for how to spend money and track income and expenditure ✓
- What is phishing?
- a fishing activity
- a financial investment
- a form of fraud ✓
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- Which two groups have teams to investigate fraud and support victims?
- Action Fraud ✓
- councils
- banks ✓
- Parliament
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- ______ is a method of redirecting users from a legitimate website to a fraudulent one without their knowledge.
- 'pharming' ✓
- Which is not a fraud offence as defined by The Fraud Act (2006)?
- abuse of position
- failure to disclose information
- false representation
- online theft ✓
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Exit quiz
- Being a critical consumer helps people avoid ______ purchases and maximise savings through better interest rates.
- 'impulse' ✓
- What is an instant access account?
- a type of loan
- a type of credit card
- a type of savings account ✓
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- Match the words with the correct definition.
- interest⇔the money paid by a borrower to a lender for using their money ✓
- invest⇔putting money into something with the aim of making a profit ✓
- investment⇔the money used to buy assets like shares or property ✓
- Who sets the Bank of England base rate?
- the Prime Minister
- the Monetary Policy Committee (MPC) ✓
- the Treasury
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- Investments like stocks, bonds, funds, property, commodities and cryptocurrency generate returns but all carry ...
- 'risks' ✓
- Which type of investment typically offers greater returns?
- stocks ✓
- savings account
- cash ISAs
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Worksheet
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Lesson Details
Key learning points
- Ways to save are instant access, notice accounts and Cash ISAs, each with different interest rates and accessibility.
- Being a critical consumer helps people avoid impulse purchases and maximise savings through better interest rates.
- The Monetary Policy Committee (MPC) sets the Bank of England base rate, influencing savings, borrowing and inflation.
- Investments like stocks, bonds, funds, property, commodities and cryptocurrency generate returns but all carry risks.
- Investments like stocks offer greater returns, while funds provide stable growth for risk-averse investors.
Common misconception
Investments all carry the same level of financial risk.
There are many different types of investments and they all provide different risks. For example, cryptocurrency is very risky, whereas investing in funds provides more financial security.
Keywords
Interest - the money paid by a borrower to a lender for using their money; it’s usually expressed as a percentage of the amount borrowed or saved
Invest - putting money into something, like stocks, property or a business, with the aim of making a profit
Investment - the money used to buy assets like shares or property, hoping they will increase in value
Risk - the chance of losing money or not getting the expected return
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