New JC Business Studies Your Financial Life Cycle
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Why is managing your finances important? | 1.Grow income
2.Wise purchasing
3.Protect savings
4.Use banks
5.Borrow wisely
6.Use insurance
7.Understand taxes
8.Achieve financial security
🗑
|
||||
| Financial life cycle | A series of stages which most people pass through during their lives. Each stage is different in terms of financial goals, income, spending and risk.
🗑
|
||||
| Childhood (0-12) | -you live at home
-food, clothing, shelter is provided for you
-you may receive pocket money, gifts (no income)
-usually no financial worries
🗑
|
||||
| Teenage and young adult (13-20) | -you live at home
-food, clothing, shelter is provided for you
-you may receive pocket money, gifts (no income), odd jobs, summer jobs or some part-time work (some income)
🗑
|
||||
| Starting a career (20-30) | -Full time job
-earning own income
-paying income tax
-With your own income you can:
-buy your own clothes
-buy your own car
-save for a holiday
-buy things you want
-move out of home
-pay rent
-paying household bills
-paying for food
🗑
|
||||
| Setting up a new home (25-35) | -buying a home
-getting married
-decorating the new home, furniture, appliances etc…
-insurance against fire and other risks.
-all this means increased spending and managing your income wisely
🗑
|
||||
| Growing a career and family (30-65) | Children means new expenses:
-food, clothing, education, entertainment
-expensive time but people earn the most income
-children grow up and move out of the family home/financial burden on parents eases and have more money to spend on themselves
🗑
|
||||
| Retirement (65+) | between 60 and 70 most people retire from work-This means an end to earning but not to spending
-this is why people have pensions
🗑
|
||||
| Pension | Financial products that pay out money to people who have retired from work. People have to pay regularly (contributions) into this financial product during their working life.
🗑
|
||||
| Insurance | A means of protection from financial loss. It is a form of risk management.
🗑
|
||||
| Explain benefits of managing your personal finances. | Protect your savings, grow your income, manage your spending and make wise purchases, reduce your financial risk, provide financial security, plan for retirement, borrow wisely.
🗑
|
||||
| List sources of finance a person could have at different stages of their life. | Pocket money-Income from doing odd jobs-Money received as a gift-Income from parttime job-Fulltime wage / salary-Profits from own business-Child benefit-Social welfare-Pension-Interest earned on savings-Profits from investments
🗑
|
||||
| List the main stages of a typical personal life cycle. | • Childhood (0-12)
• Teenage Years (13-20)
• Starting a career (Typically 20-30)
• Setting up a new home and getting married (Typically 25-35)
• Growing a career and family (Typically 30-65)
• Retirement (Typically from 65 onwards)
🗑
|
||||
| List two potential sources of income people can have when they start their career. | • Wages, salary
• Profits from their own business
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
MrFromholz
Popular Business sets