INTRODUCTION TO A LEVEL MATHS AT MGGS
?-688192-59087500Flying start:Level 2 Award in Financial Educationcenter9652000Welcome to the Business and Finance Department. Your commitment to completing this work will get you off to a flying start and demonstrate to us that you are a committed and motivated student who could do well. These activities will help you to:Understand Finance if you have not studied it before OR consolidate your GCSE understanding Develop a good understanding of some financial issuesDevelop the skills needed to successfully complete the courseKira and Mick PlannerThe following plan is meant as a guide to help you structure the activities in this flying start pack between June and August. However, if you would like to complete this at a different pace and/or spend less or more time on each activity this is entirely your choice. Week and activity numberPage numberTime allocationComplete?1330 minutes231 hour341 - 2 hours441 - 2 hours5530 minutes - 1 hour6530 minutes - 1 hour762 - 3 hours871 hour972 hours1082 hoursActivity 1To get you started, we want you to start thinking about money. Money is something we take for granted every day, but do we really look at the money we are spending? Undertake some research to find out the answers to the following five questions.What coins make up the currency that we use in the UK?Whose face appears on all Bank of England banknotes? What are bank notes made from? Where are the UK’s coins produced?Who prints UK bank notes? Activity 2Work out the change that you would expect to receive when paying the amounts listed in the table below. Then work out how that change might be given to you using the FEWEST notes and coins. The first entry has been completed for you as an example. Amount paidDenomination paidChange receivedDenomination received?2.501 x ?5 note?3.944 x ?1 coins?11.433 x ?5 notes?14.271 x ?20 note?36.212 x ?20 notes?55.691 x ?50 note1 x ?10 note?88.601 x ?50 note2 x ?20 notesActivity 3 Do you know the difference between a credit card and a debit card? Produce an A4 poster to be displayed in university student accommodation about the differences between a credit and a debit card. Activity 4Become an expert - find out the meanings of some key terms that will be used throughout the course.Produce a glossary of terms:Key termDefinitionIncome Tax National Insurance InflationUnemploymentInterest ratesBankBuilding SocietyExchange rate ImportsExportsPensionEconomic cycleGross payNet payMinimum wageCitizenActivity 5Which countries would you like to visit before you turn 30? Can you use the money you use in England whilst visiting these different countries? List 5 countries that you would like to visit before you turn 30. Then find out which currency you would need and the exchange rate. CountryCurrencyExchange RateAn example:HungaryHungarian Forint?1 = 393 Hungarian Forint**This may have changed since this document was publishedActivity 6 Time to grab your calculator! How much money will you be taking with you?Using the information that you have found in the activity 5, you now need to calculate the exchange rates.You need to decide on how much money you want to take with you e.g. ?100, ?200, ?300. Use a different amount for each country.Look at the example for guidance. CountryExchange rateCalculationAn example:Hungary?1 = 393 Hungarian Forint?200 x 393 = 78,600 Hungarian ForintActivity 7Create a ‘dream board’ and explain how you will finance your dreams. What do you dream of owning or doing? Some ideas:Car House Holiday University Going to a festivalSetting up your own businessGetting marriedBungee jumpingTravelling the worldHaving children To create your dream board, you need to find images of your dreams. You can copy and paste them onto a word document, a presentation or print them to stick on paper. Now comes the tricky part, how are you going to finance/fund all of your dreams? Next to each dream, explain how you are going to raise the money to fulfil that dream.An example of one dream:348297516510How am I going to finance my dream house? First, I need to save money for a deposit. I will do this by working and saving some money each month in an ISA. Once I have enough money saved for my deposit, I will use a Mortgage from a bank or a building society to buy my dream house. 00How am I going to finance my dream house? First, I need to save money for a deposit. I will do this by working and saving some money each month in an ISA. Once I have enough money saved for my deposit, I will use a Mortgage from a bank or a building society to buy my dream house. Activity 8Get creative! Write a ‘social media post’ about the difference between a direct debit and a standing order. 3443605-10795000Activity 9Where do people get their money from? There are many stages of life;Birth, infanthood and childhoodTeenagerYoung adult Mature Adult Middle and late ageOld age and retirementCreate a diagram that shows where people get their money from and what they spend their money on at the different stages of life. Activity 10Create a fact sheet about different financial products. You need to undertake research to find facts about the following financial products. 308737035560Mortgage00Mortgage-1040635712Overdraft00Overdraft-104066550707Insurance00Insurance31032453809630Notice Account00Notice Account-77053809450ISA00ISA-104062551913Loan00Loan ................
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