Personal Finance

Managing my resources

You should be able to:
1.1 Review the personal resources available to them to realise their needs and wants and analyse the extent to which realising their needs and wants may impact on individuals and society
1.2 Identify and classify sources of income and expenditure, compare options available to best manage financial resources, evaluating the risks associated with each option and making informed and responsible judgements
1.3 Construct a personal financial lifecycle to identify financial needs at different life stages
1.4 Explain key personal taxes and charges and suggest the occasions when and why they might arise
1.5 Identify reasons for saving and borrowing money, relate the reasons to determining appropriate sources of finance with respect to their purpose, costs and risks
1.6 Identify appropriate types of insurance for particular personal needs and consider costs, benefits and risks

Exploring business

You should be able to:
1.7 Distinguish between and appreciate their rights and responsibilities as consumers
1.8 Compare the services provided by consumer agencies and financial institutions to assist and support customers
1.9 Debate the ethical and sustainability issues that arise from their consumption of goods and services and evaluate how they can contribute to sustainable development through consumer behaviour
1.10 Discuss and evaluate how globalisation and developments in technology impact on consumer choice and behaviour

Using skills for business

Students should be able to:
1.11 Interpret a wage slip and calculate personal tax liability arising from employment
1.12 Prepare and analyse a budget, determine the financial position, recommend appropriate action and present the analysis in tabular and graphic formats 
1.13 Monitor and calculate income and expenditure data, determine the financial position, recommend appropriate action and present the analysis in tabular and graphic formats