Personal budgets and spending choices Unit 2 Topic

Personal budgets and spending choices Unit 2 Topic 6 #valleyifs @ Kahoot

Personal budgets and spending choices No. Question A B C 1 Which of the following borrowing products typically starts with a 12 -month interest-free credit period? Credit card Store credit Personal loan 2 An example of a spur-of-the-moment purchase would be: Replacing broken washing machine a season ticket for work Car insurance 3 Where is the best place to put your emergency fund? Instant Access Savings ISA 4 What is the key to economic prosperity? Inflation Spending Interest rates 5 Give three impacts of increased consumer spending. [3] 6 Give three examples of ‘spur of the moment’ purchases. [3] 7 What is infrastructure? [1] 8 Give three types of infrastructure. [3] Ans

s r e w s n A No. Question A B C 1 Which of the following borrowing products typically starts with a 12 -month interest-free credit period? Credit card Store credit Personal loan 2 An example of a spur-of-the-moment purchase would be: Replacing broken washing machine a season ticket for work Car insurance 3 Where is the best place to put your emergency fund? Instant Access Savings ISA 4 What is the key to economic prosperity? Inflation Spending Interest rates 5 Give three impacts of increased consumer spending. [3] Marks awarded for any three points below • Higher levels of employment • Higher levels of personal income • Higher levels of tax receipts for the government from companies and individuals • Reduced government borrowing 6 Give three examples of ‘spur of the moment’ purchases. [3] Marks awarded for any three points below or valid alternatives • Replacing a damaged tyre • Party invite • Broken appliance • Car repairs 7 What is infrastructure? [1] Mark awarded for correct definition • the important physical systems of a nation [1] 8 Give three types of infrastructure. [3] Marks awarded for any three points below • Transport • Communication • Water • Sewage • Power

Task Go to the IFS website and take a look at the topic test for topic 6 to further revision the main points. Make revision materials. 10 minutes

Key Terms for Topic 6 Consumer Spending Infrastructure Non-essential spending Unexpected Spending On your whiteboards or books, write down a definitions for these key terms. EXT: Can you give examples of each? 5 minutes CLICK FOR TIMER

rs e w s n A Consumer spending – spending by ordinary people. Infrastructure – the important physical systems of a nation – for example, transport, communication, water and sewage, and power. Non-essential spending – spending on items that we want, but which are not essential to surviving. Examples would include holidays and luxury items such as an i. Pad. Unexpected spending – when a need to spend arises that was not expected; not emergencies, but times when there is a need to buy or pay for something that wasn’t planned for in advance.

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