Starter quiz
- Pick the word to complete the sentence: Money that is taken from what people earn is called ______.
- Budget
- Deficit
- Earning
- Tax ✓
-
- Value added tax is money added to some goods and services that we buy. It is added to items that we ______.
- Need rather than want.
- Want rather than need. ✓
-
- Is VAT added to the cost of children’s clothes?
- Yes
- No ✓
-
- Which of these would be funded by taxes?
- Holidays
- NHS ✓
- Armed forces ✓
- Online games
-
- True or false: School books are free.
- True
- False ✓
- Someone pays 20% income tax on their taxable earnings and they pay £3,000 in tax. Which amount shows their taxable earnings?
- £10,000
- £13,000
- £15,000 ✓
- £20,000
-
Exit quiz
- Pick the word to complete the sentence: Writing a ______ helps you to plan how to spend or save money wisely.
- Budget ✓
- Deficit
- Earning
- Tax
-
- Pick the word to complete the sentence: The ______ is the gap between the money you have and the money you need.
- Budget
- Deficit ✓
- Earning
- Tax
-
- Tickets cost £15 and the match is in 4 weeks. Sam has £7 so how much does she need to save each week to be able to afford the ticket?
- '£2' ✓
- Sam gets £3.50 pocket money each week. If she needs to save £8 in four weeks, how much money can she spend each week?
- '£1.50' ✓
- The pupils need to make £300 by selling tickets to the school show. If they charge £2 for a ticket, how many will they need to sell?
- '150' ✓
- The summer fair has to make enough money to cover a deficit of £475 If the fair raises £725, how much profit has the fair made?
- '£250' ✓
Worksheet
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Presentation
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Video
Lesson Details
Key learning points
- Saving money allows you to make largeer purchases in the future.
- Keeping track of money allows you to see what you have spend and what is left.
Common misconception
Children might think that managing a budget is always about turning out a profit.
Have some real-life examples of budgets that don't relate to profit but are important to manage. Playgrounds, hospitals and libraries are good examples of where budgets must be managed carefully but are not businesses.
Keywords
Budget - A budget is the money that is available and a plan of how it will be spent over a period of time.
Budgeting - Budgeting is the process of planning to spend an amount of money for a particular purpose.
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