Starter - Complete the Section: Debit cards and Credit Card

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Presentation transcript:

Starter - Complete the Section: Debit cards and Credit Card What is a debit card? A plastic card that provides the cardholder electronic access to his / her bank account. What is it used for? Write 2 things Pay for goods without using cash; buy items online Get "cash back“; get money out of ATMs What is a credit card? A plastic card that allows the cardholder to borrow money from the credit card company. What is it used for? Write 2 things Pay for goods without using cash; buy items online Withdraw cash What are the features of a credit card? Write 2 things Buy now pay later Have a month to pay back interest free

Complete the questions: Needs, Wants and Budget What is a budget? A budget is a way of dividing up your money and deciding what to do with it. What is a need? Can you give examples? Basic items that are essential to a person’s survival. Examples: shelter; food; water. What is a want? Can you give examples? Items that are nice to have. Examples: holidays; PS4; iPad; make up Why would a person manage their money? Write 2 things Pay monthly bills Save for an expensive item Avoid debts Manage debts

Complete the questions: Jess’ Budget 100 100 40 40 60 60 120 120

Complete the questions: Work What is full time work? Where a worker works the maximum number of hours required for a full working week. What is part time work? Where the number of hours someone works is less than a full time working week. What is seasonal work? Where jobs depend on the time of year.

Complete the questions: Wage slip What is a wage slip? A document showing wages paid and deductions made. What is deducted from people’s pay? Tax National insurance Trade union fees Company pension contributions Why is money deducted from people’s pay? Tax: to pay for schools; hospitals; police… National insurance: to pay into future pension scheme

Complete the questions: Pay What is gross pay? Total pay received from working before any deductions What is net pay? Net pay = Gross pay - Deductions Can you calculate gross and net pay? 40 hours @ £3 = £120 10 hours @ £5 = £50 Gross pay = £120 + £50 = £170 Net pay = £170 – income tax – Nat. Ins = £170 - £60 = £110

Complete the questions: Debit cards and Credit Card What are the features of a credit card? Write 2 things Buy now pay later Have a month to pay back interest free After that interest is put on top Can pay off in instalments, but interest charged Can take advantage of free interest periods