A

B

Explain the term ‘opportunity cost’ using an example

Explain the term ‘financial resources’

Outline two ways individual choices can impact on the enviroment

Explain using an example the term ‘want’

Outline three types of personal resources available to an individual

List two influences of ‘wants’ for an individual

Explain using an example the term ‘need’

Explain using an example what is meant by a ‘scarce resource’

List the stages of the personal financial lifecycle

Explain the term ‘personal resources’

Outline how an individuals needs change during their personal financial lifecycle

List three types of personal resources

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4

3

2

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POINTS

A

B

Explain the term ‘fast fashion’ and identify one consequence of fast fashion

List two examples of capital expenditure

Suggest two actions a household can take to deal with a budget deficit

List three examples of ‘discretionary expenditure’

Explain the difference between a budget surplus and budget deficit

Explain difference between fixed and irregular expenditure

List two categories of income

Give 2 reasons why consumers should shop locally

Outline two reasons why household should prepare a budget

List the three categories of expenditure

Demonstrate an understanding of a false economy

List two examples of current expenditure

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4

3

2

1

POINTS

A

B

Name two sources of finance for an unexpected bill such as a car repair

What is the abbreviation AER stand for

Outline two factors a bank manager considers when deciding to offer loans

List two types of short-term borrowing

Explain how Hire Purchase works

Suggest two places where an individual could save money

List three reasons why individuals/households borrow

Name two sources of finance suitable for buying a car

Explain the difference between ‘investment’ & ‘saving’

List three reasons why households save

Explain two requirements to get a mortgage

What does the abbreviation DIRT stand for

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4

3

2

1

POINTS

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B

Using an example explain the term ‘ tax credit’

What is the abbreviation PAYE stand for

Explain the term ‘indirect tax’

What does the abbreviation VAT mean

Explain the term ‘customs duty

What does the abbreviation LPT stand for

List two reasons why the government charges tax

Explain your understanding of a direct tax

List two indirect taxes

List two types of taxes an employee pays

Explain the term ‘excise duty’

What does the abbreviation CAT stand for

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4

3

2

1

POINTS

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B

Explain the term ‘pension’

Explain the term ‘net pay’

Explain the term ‘paypath’

What does the abbreviation USC mean

Using an example explain the term ‘ commission’

List two statutory deductions

List two wages that wages can be caculated

List two non-statutory deductions

Explain using an example the term ‘tax credit

Explain the term ‘salary’

Using an example explain the term ‘overtime’

Explain the term ‘basic pay’

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4

3

2

1

POINTS

A

B

Explain the term ‘fast fashion’ and identify one consequence of fast fashion

Outline one right a consumer has when buying online

Demonstrate an understanding of being an ethical consumer

List two consumer responsibilities

Outline two functions of the CCPC

Name the three types of redress available to consumers

List two consumer rights

Give 2 reasons why consumers should shop locally

Outline two ways that the Consumer Protection Act 2007 protects consumers

Define the term ‘consumer’

Explain your understanding of the term ‘greenwashing’

Explain using an example the term merchantable quality

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4

3

2

1

POINTS

A

B

Explain insurable interest using an example

Explain the role of the actuary

Explain the difference between ’insurance’ and assurance’

List three insurance principles

List and explain three types of car insurance

Explain ‘indemnity’ using an example

Explain the term ‘proposal form’

Outline two types of insurance that a household may have

Explain the term ‘underinsurance’ using an example

Explain the term ‘premium’

Using an example explain the principle of contribution

Explain utmost good faith

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2

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POINTS