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LO1: Work well in groups to complete the Money Quiz LO2: Understand what taxes are and calculate the amount of tax paid LO3: Recall key words and negotiate.

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Presentation on theme: "LO1: Work well in groups to complete the Money Quiz LO2: Understand what taxes are and calculate the amount of tax paid LO3: Recall key words and negotiate."— Presentation transcript:

1 LO1: Work well in groups to complete the Money Quiz LO2: Understand what taxes are and calculate the amount of tax paid LO3: Recall key words and negotiate your own contract Session 2: Introducing the World of Work Financial Literacy Scheme

2 Money Quiz! Each team is to complete the quiz with the help of their volunteer. This is a general knowledge quiz about the history of money, economics and the world of work.

3 Money Quiz! 1.Which of these are featured on the most recent UK coins? 2.What is the largest UK note that you can get from a bank? £20 £100 3.What are the four most traded currencies? Dollar, Yen, Pounds Sterling and Euro A: Shield of the royal arms B: UK Flag C: Parliament 4.Which of the following was an old English coin? ShillingDollarCent 4.How much does our government spend on education each year? £7,000 £30 million£89 billion £50 Shilling £89 billion

4 Money Quiz! 6.How much money does the average child get in pocket money each week? £2.50£ Who is the Chancellor of the Exchequer? (Bonus point for explaining what they do!) A: George OsborneB: David Cameron C: Boris Johnson 8.Who is the richest and how did they make their money? A: Richard BransonB: Queen Elizabeth C: David Beckham £6.25

5 Unscramble the money words undop erepitc lasary ciper reuo xat ntereist nenpy fiprot sols byu llionim nkab sibusens

6 ANSWERS pound receipt salary price euro tax interest penny profit loss buy million bank business GROUP WORK: Can you come up with definitions for words highlighted in red?

7 Tax Where do taxes go?

8 Jim works as a manager in a cinema. He earns £30,000 a year and has to pay 20% income tax on his salary. How much income tax does he pay each year? Calculating Tax Extension: Jim gets a promotion and now earns £40,000 a year. He now pays 40% income tax on his income over £34,000, and 20% on the rest. How much does he pay now? How much better off is he than before his promotion?

9 In pairs, discuss the answers to the following questions. 1. What is a contract? 2. Who might have a contract? 3. Where might contracts be used? Contracts

10 Understanding a contract Terms The parts of the contract that must be followed by both parties if the agreement is to be kept. A contract is an agreement between individuals or groups of people, supported by law. The content of a contract is made up of terms. The terms determine the points on which both parties are in agreement. For example, the terms of a mobile phone contract state the amount of money the user must pay, and the services the company will provide in return. Parties The groups, companies or individuals entering into the contract. For example, the user of the mobile phone, the network provider, and the company who manufactures the mobile phone.

11 Negotiating a contract Later in the year, each team will be designing and making cards to sell at a fair. The aim is to raise money for a charity of your choice. Imagine that your head teacher has asked you to draw up a contract about the project, in particular the fair, before he/she will agree to let you hold the charity sale in school. Who will the parties be? What terms will you ask for from your teacher and volunteers? What terms will your head teacher want included? What is a compromise, and how will you reach it if needed?

12 Summary Tax is a percentage of our earnings that goes to the government for them to spend on services we use When two or more people want to agree on something, they often write and sign a contract, which details the terms. Parties are the groups who agree to the terms of the contract Find out what the volunteers do at work and see their offices Next session we will be visiting the Bank of England to find out all about money, savings and interest!


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