· Web view2.1 Identify a deduction that can be made from earnings 2.2 State what this deduction is for 3. Understand the importance of own money management 3.1 Give an example of

   The Prince’s Trust PERSONAL DEVELOPMENT AND EMPLOYABILITY QUALIFICATION 

MANAGING MONEYENTRY LEVEL 3

NAME   SCHOOL     

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PLEASE LEAVE THIS TRACKING SHEET BLANK UNTIL YOU HAVE FINISHED THE BOOKLET. YOUR TEACHERS/ SUPPORT STAFF CAN HELP YOU TO FILL IT IN WHEN YOU RETURN TO SCHOOL.

Tracking sheet – Managing MoneyThe aim of this unit is to support learners to understand some of the basic principles around personal money management. Personal debt is a growing concern and learners are taken through some of the basic principles that they need to know when working out their take home pay and budgeting principles for a household income so that they develop an understanding of the value of money.

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Learner name

Centre name

To do this you must… Page number Assessment date1. Know about banking services1.1 Identify benefits of having a bank or building society account1.2 Identify an advantage of borrowing money1.3 Identify a disadvantage of borrowing money

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1.4 Identify an advantage of saving money

2. Know about deductions from earnings2.1 Identify a deduction that can be made from earnings

2.2 State what this deduction is for

3. Understand the importance of own money management3.1 Give an example of a personal need3.2 Give an example of a personal want3.3 Estimate the cost of these personal wants and needs

Assessor feedback

Declaration I confirm that the details above are correct, that the evidence submitted is the learner’s own work and that the learner meets all the requirements for the unit:

Learner Name

Learner Signature

Date signed

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The Prince’s Trust Personal Development and Employability Qualification: Top Tips for Success

You can print this booklet and write/draw in it or do this on the computer.

Try to complete all the activities if you can. These will help you to gain a better understanding of the topic and will help you to answer the questions and complete the assessment tasks.

Assessment tasks will be labelled throughout the booklet and these MUST be completed.

Make sure that you have read a task/question carefully and are doing EXACTLY what it asks you to do. This is important because key words help us to measure how much you have understood, and to decide which level you are working at. For example, if you have “listed” when you were asked to “describe” then your work will not pass the final assessment. Your teachers can check this for you when you return to school.

Use your own words (unless you are specifically asked to search for information). We check that work is not copied from the Internet or books and your work will fail if you are found to have taken text from other sources. Copying others’ work is called “plagiarism” and this is taken very seriously.

If you do include research from the Internet, books or magazines, make sure that you say where you found the information. E.g. “Quote” – From (name of book/magazine) by (author’s name) OR “Quote” – From (website name) at (website address)

If you use photographs as evidence, make sure that you write a short annotation to explain what you are doing in the picture.

If you get stuck, you should have contact information for your school staff. If they aren’t sure of the answers, they can contact their executive at Prince’s Trust to ask for help.

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1. Know about banking services. Activity 1 – What is a bank/building society.Complete the sentences below, you may need to use the internet to do some research, make sure your answers are written in your own words.

A bank is…

A building society is…

Activity 2 – Name 3 banks/Building societies.In the boxes below, name three different examples of banks or building societies.

e.g. Santander

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1. Know about banking services. Activity 3 – Why is it good to have a bank or building society account?Now you know what a bank and building society is, why is it a good idea to have one? See how many positives you can come up with in the spider diagram below.

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The positives of having a bank/building society account are…

Activity 7 – Match the Money!Look at the different pictures of money below, can you match which currency belongs to which country? Use the countries at the top of this page to match them to the photo of their currency. (Use google if you need too, this one can be tricky!)

France UK USA South Africa

Canada Australia Congo (DRC) Haiti

Iceland Japan Egypt Czech

Republic

Example: UK

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Activity 5 – Where can you borrow money?Fill in the list below to show the different places/people you can borrow money from.

Where people can borrow money from:

Activity 6 – Why borrow money?In the bank note below, write why people might borrow money.

Why people borrow money

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1.2 Identify an advantage of borrowing money1.3 Identify a disadvantage of borrowing money

Activity 7 – ResearchNow it’s your turn to find out about interest and interest rates. Using the internet and people around you, find out what interest and interest rates are. Then complete the below sentences. Remember, make sure you use your own words.

Interest from a bank or building society is …

Activity 8 – Positives and negatives of borrowing.Now you know where and why people might borrow money, give at least one advantage of borrowing money and one disadvantage of borrowing money.

Advantage of borrowing money

Disadvantage of borrowing money

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Activity 9 – All the money in the world!Imagine you had all the money in the world, what would you buy? Draw it below or use pictures from the internet.

1.4 Identify an advantage of saving money

Activity 10 – Why is it good to save?Below please write/ draw what people might save for and why it is a good idea to save for it.

People save money for… This is a good idea because...

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2. Know about deductions from earnings

Activity 11 – ways to get money!In the box below, list all they ways people can make money. (This is called Income).

2.1 Identify a deduction that can be made from earnings

Activity 12 –Money TermsMatch the term to the correct definition.

Deductions Earnings Outgoings

Money obtained in return for labour or services. (Money you make from working).

A person's regular expenditure. (Things that people spend money on).

An amount that is or may be taken from earnings. (Money that comes out of your overall pay).

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Activity 13 – Examples!In the table below, fill in whether each situation is a deduction, an earning or an outgoing. Then in the 3rd column, write what this is for. (If you don’t know what one of the situations are, use the internet and people around you to learn about it).

Situation Earnings, deductions or outgoings? What is this for?

e.g. Tickets to the cinema Outgoings People buy cinema tickets

for entertainment.

Monthly salary

Tax

Clothes

Rent

Pension

Weekly wage

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3. Understand the importance of own money management

Activity 14 – Money fun facts quiz!Read the statements below and circle whether you think it is trueor false.

1. The factories that money is made in are called mintsTrue ☐ False ☐

2. There are 1 million ATMS in the worldTrue ☐ False ☐

3. The first paper money was printed in china over 1,000 years agoTrue ☐ False ☐

4. More monopoly money is printed every year than actual moneyTrue ☐ False ☐

5. The 50p coin was the world’s first 7-sided coinTrue ☐ False ☐

6. It is illegal to burn moneyTrue ☐ False ☐

7. The British pound is the oldest money still in useTrue ☐ False ☐

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8. You can use frozen, Pokémon and Star Wars coins as money in New Zealand

True ☐ False ☐

9. Chocolate used to be used as moneyTrue ☐ False ☐

10. Most of the money in the world is not actually physical currencyTrue ☐ False ☐

3.1 Give an example of a personal need3.2 Give an example of a personal want

Activity 15 – Spending money.Create a list of things that people spend their money on. Top tip – Think about what adults have to spend money on too.

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Activity 16 – wants and needs.Using the things people spend money on that you wrote down for activity 15, place them in the Venn diagram on the next page. (Put things you’re not sure of in the middle) Definition:Want = Have a desire to possess or do (something); wish for.Need = Require (something) because it is essential or very important rather than just desirable.

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What do people spend their money on?

3.3 Estimate the cost of these personal wants and needs

Activity 17 – How much does it cost?Fill in the table below with a guess of how much each of the items cost. In the last two boxes, add one want and one need from your diagram above and also guess the prices of those two things.

Item Estimated price

e.g. Smart TV £350.00

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WANTNEEDUNSURE

Bike

A bag of carrots

A three-bedroom house in London

A PS4

Money fun facts answers!

1. The factories that money is made in are called mints – TRUE

2. There are 1 million ATMS in the world – FALSE there are around 1.6 million

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Add a want and need from your Venn diagram here.

3. The first paper money was printed in china over 1,000 years ago – TRUE

4. More monopoly money is printed every year than actual money – TRUE

5. The 50p coin was the world’s first 7-sided coin – TRUE

6. It is illegal to burn money – FALSE, as long as you completely destroy it, it’s legal!

7. The British pound is the oldest currency still in use – TRUE

8. You can use frozen, Pokémon and Star Wars coins as money in New Zealand – TRUE, on the Island of Niue

9. Chocolate used to be a form of currency – TRUE, the Aztecs used to trade with the Mayans through chocolate

10. Most of the money in the world is not actually physical currency – TRUE

CONGRATULATIONS!

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- You have completed the Managing money unit of the Prince’s Trust Personal Development and Employability (PDE) qualification. Make sure you give this booklet to your teacher (either in person or online) for it to be marked. Don’t forget to hand in any accompanying work, such as presentations, spreadsheets or posters with your workbook.

Your teacher will check your work and might give you some feedback points to work on. It will then be moderated and you will find out whether or not you have passed. Good luck!

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