Business, Finance and Enterprise at KS4

Transcription

1 Year 9 Course Title: Level 2 Certificate in Financial Education (CeFE) Exam Board: Ifs University Qualification: Level 2 Certificate About the Course CeFE is designed to equip learners for effective decision-making in financial encounters, contextualise these within a broad social and economic context and apply these within any employment setting. CeFE consists of three mandatory units: Unit 1 - Finance, the Individual and Society Unit 2 - Practices of Managing Money Unit 3 - Financial Capability, Work and Enterprise Key content areas Public finance and the economy, including how these relate to: o social, political and cultural factors, o political institutions and processes, o impacts on individuals, businesses and society. Financial management, including: o financial planning, o budgeting and financial management tools for managing money, o spending and borrowing. o financial management, o benefits to, and consequences for, businesses, individuals and society. Key skills developed The qualification will encourage students to: t areas and how they relate to each other, concepts to enterprise, decisions, informed financial and other numerical data (such as calculating the costs of borrowing and spending),

2 Term 1 The role of the citizen in the UK and the relationship between society and the individual; The environment of financial capability with a focus on spending and borrowing; the relationship between individuals, business, society and the economy; The external factors that can impact on personal finance; Financial planning, the factors that influence it and the need for review; The key features of, and behaviours associated with, a personal budget; The tools used in managing money and providing opportunity for informed decisions; The contribution of successful entrepreneurs to a thriving economy; Ethics and its impact on business and the individual. Term 2 Define the term citizen. Outline the role and duties of a citizen in society in the UK. Describe how government policies influence personal finance. Describe the impact of different types of values held by UK citizens on personal finance choices. Define money. Outline the sources and features of money. Define income. Outline the sources and features of income. Define tax. Describe the features and purposes of tax. Describe the different types of tax. Describe the impact of changes in tax. Term 3 Explain the nature and role of money in society. Describe the different ways a business and other organisations including charities can contribute to the economy of a country. Describe how good personal finance choices have an impact on society. Describe how poor personal finance impacts on society. Understand the external factors that can impact on personal financial plans. Define inflation Describe the features of inflation Define interest Describe the features of interest Explain the impact of inflation and interest on investment and loans Outline the short and long-term effects of economic cycles Understand the impact of demographic changes on personal finance Understand and the concept of foreign exchange Describe the impact of exchange rates on countries, society and individuals on countries

3 Understand the concept of the personal life cycle. Outline the nature and stages of the personal life cycle and linked key events Identify changes in attitude towards risk and responsibility throughout the personal life cycle How it is Assessed There will no assessment for students until year 11.

4 Year 10 Course Title: Level 2 Certificate in Financial Education (CeFE) Exam Board: Ifs University Qualification: Level 2 Certificate About the Course CeFE is designed to equip learners for effective decision-making in financial encounters, contextualise these within a broad social and economic context and apply these within any employment setting. This unit has been designed to provide learners with an understanding of how businesses manage money and the relationship between personal money management and business money management. The unit will also provide knowledge on the inter-relationship between the individual and business. CeFE consists of three mandatory units: Unit 1 - Finance, the Individual and Society Unit 2 - Practices of Managing Money Unit 3 - Financial Capability, Work and Enterprise Term 1 Describe what makes a business successful Explain what makes a selected business stand out from others. Define the term entrepreneur. Outline the main skills and behaviours that are needed to be a successful entrepreneur. Describe the importance of these skills for a thriving economy. Term 2 Outline the tools a business uses to manage money. Identify the key features of a business budget. Describe the impact on a business of fraud and theft. Outline the impact of tax on a business and ways of managing tax. Describe the impact on business of individual behaviours. Explain how the performance of an individual impacts on customers and thus on a business. Term 3 Describe the impact a successful business has on the individual. Define the term ethics. Explain the impact of ethical and unethical business actions on society.

5 Describe the consequence of ethical and unethical conduct on business revenue. Explain how an individual can have an impact on society through employment, enterprise and consumer choices. How it is assessed There will be no assessment for students until year 11.

6 Year 11 (Current year 11) Course Title: Level 2 Certificate in Financial Education (CeFE) Exam Board: Ifs University Qualification: Level 2 Certificate About the Course CeFE is designed to equip learners for effective decision-making in financial encounters, contextualise these within a broad social and economic context and apply these within any employment setting. In this unit, students will understand the concept of financial planning and personal financial budgets. The unit will also provide students with an understanding of the impact on both the individual and society of spending and borrowing. CeFE consists of three mandatory units: Unit 1 - Finance, the Individual and Society Unit 2 - Practices of Managing Money Unit 3 - Financial Capability, Work and Enterprise Term 1 Outline the need for financial planning. Explain the personal factors which influence financial planning. Identify sources of financial planning information and advice. Distinguish between short and long-term planning. Describe the need to review and adjust financial plans linked to the various stages of the personal life cycle. Identify the key features of a personal budget. Outline how an individual can manage budget surpluses and shortfalls. Calculate the impact of different interest rates on a budget. Calculate the impact of foreign exchange on a budget. Term 2 Use basic calculations when making spending choices. Demonstrate how spending choices affect a personal financial budget. Outline the impact of personal spending on society. Compare the different channels for managing money. Describe the tools used to transfer money and how they are useful in keeping a track of money and spending. Describe the various components of a payslip. Explain how tax is calculated for the self-employed. Explain the two tax documents (P45 and P60). Calculate various payments using a payslip.

7 Term 3 Define the term value for money. Identify and explain hidden charges. Calculate the true cost of spending. Describe the consequences of over spending on a personal financial budget. Describe the consequences of over spending on the economy. Explain the features of borrowing products. Calculate the cost of borrowing. Describe the consequences of borrowing on a personal financial budget. Describe the consequences of borrowing on the economy. Describe the consequences of payment default both on personal finance and society. How it is assessed For the multiple choice assessment for Unit 1 and Unit 2, each item will require students to choose the correct answer (key) from a choice of four possible answers. Each item will be worth one mark; thus the total marks available for the qualification is 100. To achieve a pass for each unit, learners are required to achieve 50% of the UMS (the raw mark is subject to change following the grade award meeting). There is no compensation between units. Spelling, punctuation and grammar to be marked through the written responses (total marks 5)

8 Year 11 Course Title: Level 1/2 Cambridge Nationals Certificate in Business and Enterprise Exam Board: Cambridge Nationals Qualification: Level 1/2 Cambridge Nationals Certificate About the Course This is a vocationally-related qualification that takes an engaging, practical and inspiring approach to learning and assessment. The Cambridge Nationals in Business and Enterprise provides students with a broad foundation of knowledge required for further study in business including the different types of business, career planning (including recruitment) and the role of enterprise in business. Term 1 Entering the world of work in terms of understanding how businesses operate. For the purpose of this unit, the different forms of business ownership are: sole trader partnership public limited companies (plc) Private limited companies (ltd). the characteristics of each form of business ownership the benefits and drawbacks of each form of business ownership reasons for changing from one form of business ownership to another The suitability of each form of business ownership for trading locally, nationally and internationally. The purpose of business objectives Different types of business objective, i.e.: profit t social benefit (e.g. charities) sales market share, to provide effective service to the public survival growth Why business objectives may change over time The importance of business planning The impact of change on business objectives. Term 2 How and why businesses recruit. find out about job roles in different areas of employment find out about current working practices (e.g. self-employed, office-based, homeworking, remote working and use of technology) identify suitable job roles identify skills and experience required by employers. assess own characteristics, i.e.: business skills, competencies, attitudes, personality traits, aspirations produce a CV (curriculum vitae) complete an application form, i.e.: paper-based, online,

9 Create an application cover letter Plan for job interview, i.e.: Research employer identify potential interview questions and answers identify potential questions to ask at interview incorporate other relevant information, (e.g. journey to interview, appropriate attire, and guidelines for online interview). evaluate own performance, i.e.: review a self-assessment, suitability of chosen job role, suitability of own application documentation, suitability of interview planning produce a personal career plan, i.e.: SMART (specific, measurable, attainable, realistic, timely) targets, achievements, skills gaps, Training needs. Term 3 What an enterprise activity is, and the different forms it may take (e.g. production, web-based services, and events) The factors which help to make an enterprise activity viable, i.e.: differentiation of product or service, availability of resources, competitiveness, break-even. How to generate and research business enterprise ideas, i.e.: use idea-generation techniques (e.g. mind mapping, brainstorming, storyboarding) conduct SWOT (strengths, weaknesses, opportunities, threats) analysis, analyse own research findings, make decisions based on analysis. How to: formulate business plans, i.e.: protecting a business idea, identifying target market, researching target market, setting business objectives, setting price, developing promotional activities (e.g. advertising, special offers), considering staffing requirements, estimating costs and revenue, operational considerations (e.g. identifying suppliers, location). How to: organise and run formal and informal meetings, i.e. Time-management, facilitating discussion. business communication skills, i.e.: verbal, remote communication (e.g. video conferencing, webcams, telephone), written business documentation (e.g. agenda, minutes of meeting, short report, , notice (memo), business presentation). How to create a project implementation plan, i.e.: dividing projects into manageable stages, allocating tasks/roles, allocating resources, setting targets for individuals and teams, contingency planning. how to collaborate with others to achieve objectives (e.g. resolving differences, negotiation, delegation, giving and receiving advice and instructions, giving constructive feedback), monitor progress of activities against plans address issues as they arise, i.e.: customer service issues, resource issues (e.g. staff, raw materials). How to collaborate with others to achieve objectives (e.g. resolving differences, negotiation, delegation, giving and receiving advice and instructions, giving constructive feedback) monitor progress of activities against plans address issues as they arise, i.e.: customer service issues, resource issues (e.g. staff, raw materials).

10 How to review, using a range of sources of evidence (e.g. self assessment, feedback from others, financial records, minutes from meetings) compare the outcomes of enterprise activities with objectives evaluate level and quality of own contribution to the success of enterprise activities (e.g. achievements, attitudes, behaviours, capabilities) identify potential improvements to activities. How it is assessed Unit R061 contains a written paper which is set and marked by OCR. Units R062 and R063 will be moderated by OCR. R061: Introduction to business Written paper 1 hour 30 M.R062: Planning for work Centre assessed task, OCR moderated 30 marks. R063: Setting up and running an enterprise Centre assessed task, OCR moderated 60 marks.