Starter quiz
- What is the difference between tax avoidance and tax evasion?
- Tax avoidance is illegal, while tax evasion is legal.
- Tax evasion is illegal, while tax avoidance is legal. ✓
- Both are illegal.
- Both are legal.
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- Fill in the blank: Tax-free economies often rely on ______ consumption taxes or privatised services, increasing financial barriers to access.
- 'high' ✓
- How does taxation uphold social equity?
- by ensuring everyone pays the same amount
- by providing equal funds to the rich and poor
- by ensuring proportional taxes based on income ✓
- by not taxing the wealthy at all
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- Fill in the blank: Reducing tax contributions, even legally, reduces ______ revenue.
- 'government' ✓
- What can some people use to find ways reduce their tax bill?
- laws
- leverage
- loopholes ✓
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- Match the arguments for and against paying tax to its correct stance.
- for⇔it helps to balance the Budget ✓
- against⇔fewer educational opportunities ✓
- for⇔with rights come responsibilities ✓
- against⇔it could make infrastructure weaker ✓
Exit quiz
- Fill in the blank: The UK Government uses risk management to prevent ______ instability from cyber attacks and financial downturns.
- 'economic' ✓
- Match the words to the correct definition.
- risk⇔chance of something going wrong; an unexpected negative outcome ✓
- risk management⇔process of handling threats to an organisation's capital and earnings ✓
- financial oversight⇔ensures businesses follow regulations and protects the economy ✓
- Which is not an important reason for the Government to manage risks in areas like health and education?
- to save money for the Government
- to ensure stability and balance in the economy
- to allow businesses to operate without restrictions ✓
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- Which is not a risk that the Government faces?
- cybersecurity threats
- health emergencies
- natural disasters
- economic growth ✓
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- What is one benefit of having emergency frameworks in place?
- they provide discounts on shopping
- they help manage national/international risks ✓
- they eliminate the need for public services
- they increase the number of holidays
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- Match the government strategy with its aim.
- Financial Conduct Authority⇔investigate private investment companies ✓
- Office for Budget Responsibility⇔check how money is being spent ✓
- National Economic Crime Centre⇔improve response to economic crime ✓
Worksheet
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Lesson Details
Key learning points
- The UK Government uses risk management to prevent economic instability from cyber attacks and financial downturns.
- Public health planning, like Exercise Cygnus and cybersecurity laws, strengthen national risk management.
- Financial oversight, including FCA investigations, ensures businesses follow regulations and protects the economy.
- Emergency frameworks and international cooperation with organisations like the G20 help the UK manage risks.
- These strategies strengthen economic resilience, protect jobs and ensure long-term stability.
Common misconception
Only financial risks affect the economy.
The Government must work hard to manage a large range of risks in every area of life, such as health and education, so that the economy remains stable and balanced.
Keywords
Risk - the chance of something going wrong, leading to loss, harm or an unexpected negative outcome
Risk management - the process of identifying, assessing and controlling threats to an organisation's capital and earnings
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