1

The Prince’s Trust PERSONAL DEVELOPMENT AND EMPLOYABILITY QUALIFICATION

MANAGING MONEY

LEVEL 1

NAME

SCHOOL

2

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 Money

The 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. Level 1

Learner name

Centre name

To do this you must… Page number Assessment date 1. Know about banking services 1.1 Give examples of financial services provided by banks or building societies

1.2 Describe the importance of having a bank/building society account

1.3 State the advantages of two different ways of borrowing money

1.4 State the disadvantages of two different ways of borrowing money

3

1.5 State the advantages of saving money

2. Know about deductions from earnings 2.1 Identify different types of deductions from earnings

2.2 State why these deductions are made

3. Understand the importance of own money management 3.1 Give examples of income and outgoings for a household

3.2 Give examples, with costs, of personal needs and wants

3.3 Outline the importance of personal budgeting

3.4 Give examples of organisations that provide help and advice on money management

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

4

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.

5

1. Know about banking services.

1.1 Give examples of financial services provided by banks or building societies

1.2 Describe the importance of having a bank/building society account Can you identify where you would go to look for careers advice or jobs? I can find career advice/jobs in the following sources:

It’s really important that you find a job that you can enjoy, and that fits with your interests. Can you give an example of a career that is relevant to your interests? Some of my interests are:

6

Activity 1 – What financial services do banks/building societies offer. Complete the spider diagram to show what different financial services banks have to offer. Use online research and people around you.

Financial services that banks and building societies offer are…

7

Activity 2 – The importance of having a bank/building society account. Finish the sentence below. It is important to have a bank/building society account because…

Activity 3 – Borrowing money. In the box below, write as many ways of borrowing money that you can think of.

8

1.3 State the advantages of two different ways of borrowing money

1.4 State the disadvantages of two different ways of borrowing money Activity 4 – The advantages and disadvantages of borrowing money. Using the list from activity 3, pick two different ways of borrowing money and complete the below tables. One way of borrowing money is…

Advantages of borrowing money this way

Disadvantages of borrowing money this way

9

Another way of borrowing money is…

Advantages of borrowing money this way

Disadvantages of borrowing money this way

10

1.5 State the advantages of saving money Activity 5 – How to save money! Create a spider diagram to show all the different ways you can find of saving money.

Saving money

11

Activity 6 – The advantages of saving money. Using bank not below, write at least 4 advantages of saving money. The Advantages of saving money

1.

2.

3.

4.

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

12

13

14

2. Know about deductions from earnings

2.1 Identify different types of deductions from earnings Activity 8 – What do people do with their money? Once someone has received their money, whether that be from work, their birthday, or from the government, where does their money go? Create a list in the bank note below, think about the responsibilities an adult may have as well as things people buy for entertainment.

15

Activity 9 –Money Terms? Match the term to the correct definition.

• Deductions • Earnings • Outgoings • Tax

• Pension • Want • Need

A fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments

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

Have a desire to possess or do (something); wish for.

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

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

A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.

Require (something) because it is essential or very important rather than just desirable.

16

2.2 State why these deductions are made Activity 10 – Examples! In the table below, fill in whether each situation is a deduction or not. And if it is a deduction, why was this deduction made? (If you don’t know what one of the situations are, use the internet and people around you to learn about it).

Situation Is this a deduction? Why was this deduction made?

e.g. Tickets to the cinema No

This is not a deduction, this is an outgoing.

Monthly salary

National Insurance (NI) Tax

Clothes

Rent

Pension payment

Weekly wage

Income tax

17

Activity 11 – Money fun facts quiz! Read the statements below and circle whether you think it is true or false.

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

True ☐ False ☐

2. There are 1 million ATMS in the world

True ☐ False ☐

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

True ☐ False ☐

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

True ☐ False ☐

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

True ☐ False ☐

6. It is illegal to burn money

True ☐ False ☐

7. The British pound is the oldest money still in use

True ☐ False ☐

18

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

True ☐ False ☐

9. Chocolate used to be used as money

True ☐ False ☐

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

True ☐ False ☐

19

3. Understand the importance of own money management

3.1 Give examples of income and outgoings for a household Activity 12 – Household income and outgoings. Imagine a household where two people are working and there is a child who is not old enough to work. Now in the two circles below, create a list of all the different incomes and the different outgoings that that household may have.

Income

20

Outgoings

21

3.2 Give examples, with costs, of personal needs and wants. Activity 13 – Wants and Needs. Using the outgoings from activity 12, fill out the table to separate the outgoings in to wants and needs, with the cost of each. At the end, add the total of the costs and write it at the bottom. Wants Price Needs Price

Total cost of wants £ Total cost of

needs £

Overall cost £

3.3 Outline the importance of personal budgeting Activity 14 – Budgeting. Finish the below sentences. A budget is…

22

Having a personal budget is important because…

3.4 Give examples of organisations that provide help and advice on money management Activity 15 – Organisations that can help! If you needed advice on managing your money, what organisations could you turn to? Use the internet to find 3 examples Organisations that help with money management.

1.

2.

3.

23

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

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

24

CONGRATULATIONS!

- 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!