TOPIC/ TIME: HOUSEHOLD INCOME & EXPENDITURE (Inc week 1-3 Exp week 4-5) HOUSEHOLD BUDGETS (week 6-9)
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1 HOUSEHOLD INCOME & EXPENDITURE (Inc week 1-3 Exp week 4-5) HOUSEHOLD BUDGETS (week 6-9) HOUSEHOLD ACCOUNTS (week 10-14) BUDGET COMPARISON STATEMENTS (week 15-16) CHRISTMAS TESTS (week 16) THE CONSUMER (week 17-20) Students will be able to determine sources of: Income (regular, irregular, discretionary) Gross pay, deductions, net pay Expenditure (fixed, irregular, discretionary), current & capital spending, Students will learn: Guidelines to good budgeting (surplus/deficit) Key terms: Net cash, opening cash, closing cash Estimating budgets for 9-month period & Revised budgets Students will be able to write up and balance : The analysed cash book Debit-money in, Credit-money out, contra entries Assets and liabilities Students will be able to: Compare budget figures with actual figures by drawing up a budget comparison statement to show the difference between them Income, expenditure, household budgets, analysed cash book Students will understand what is a: Wise consumer Consumer information (branding, symbols, labelling, bar codes, loss leader) Consumer and the law: 1. Sale of goods & supply of services Act Consumer protection Act 2007 National consumer agency Consumer rights (3 r s) Making complaints Consumer organisations (statutory & voluntary) Income and expenditure Income and expenditure Income and expenditure, purchasing goods and services Students investigate sources of their own household income & expenditure Tarsia puzzle paired work Power point presentation Students draw up their own budget of their pocket money guidelines for budgeting Power point presentation Discussion on the significance of a surplus and a deficit budget for families Discuss reasons why budgets can change for households and ways to overcome this range of interactive quizzes on consumers Get students to write a letter of complaint about a faulty purchase they made Look up various consumer organisations online Oral recall of glossary Workbook q s Write up results of tarsia puzzle Workbook q s on budgets Test on budget question Key terms worksheet Questions in work book Analysed cash book question - test Questions in workbook Test (paper 1 question 1) Online quiz Oral recall of glossary Chapter test Key terms worksheet Page 1 of 11
2 HOUSEHOLD INSURANCE (week 21-23) MONEY (week 24-25) Students will understand: Concept of insurance Insurance premiums Principles of insurance Applying for insurance Average clause Types of household insurance (personal, property and life assurance) Non-insurable risks Insurance premium calculations (property, motor & life assurance) Students will understand and learn about The barter system, Functions and characteristics of money Modern forms of money: 1. Cash~ notes & coins 2. Cheques~ personal cheque, bank draft, traveller s cheque 3. Plastic money cards~ debit/laser card, credit card, charge card, smart card 4. other forms of paying for goods & services~ standing order, direct debit, credit transfer, paypath, PayPal Income and expenditure PowerPoint presentation Tarsia puzzle students carry out in pairs extra information on forms of money Investigate characteristics of money Poster on forms of money Write up results of tarsia puzzle Insurance test Oral recall of insurance terms Key terms worksheet Comparison chart Glossary PERSONAL BANKING (week 25-26) Students will be explore the services of: Commercial banks Current accounts (opening an a/c, lodging & withdrawing money) Cheques (parties to a cheque, obtaining money on a cheque, crossings, dishonouring a cheque) Bank overdraft ATMs, night safes, 24-hr banking Foreign currency exchange Income and expenditure, analysed cash book Brainstorm all the financial institutions in Ireland and place into categories Lodgement slips Withdrawal slips Filling out cheques Page 2 of 11
3 BANK STATEMENTS (week 27) students will understand key terms and layout, compare a bank statement versus cash book and prepare a bank reconciliation statement Analysed cash book Case study bank statement (answer questions in pairs) Test on bank reconciliation statement PERSONAL SAVING (week 28) Students will differentiate between: Saving and investing and look at schemes operating in: 1. Building societies & commercial banks (demand & term deposit a/c s) 2. Credit unions (regular share & deposit a/c s) 3. An Post (savings certificates, saving bonds, instalment savings agreement ) Calculate interest on savings - simple & compound Discover what is DIRT? & Be able to choose a saving scheme (factors to consider) Students will be able to calculate: Flat rate of interest versus APR Analyse the factors to consider before borrowing Learn forms of borrowing and deferred payment: 1. Bank overdraft 2. Term loan 3. Mortgage 4. Hire purchase 5. Leasing 6. Credit and store cards 7. Money lenders Income comparative study on savings schemes and recommend an account for student saving a little each month Case study of types of savings a/c s Glossary of terms BORROWING (week 29) Expenditure Simple and compound interest Discussion on the various forms of borrowing the pro s and con s or each method Comparative study Questions in workbook Key terms worksheet INTRODUCTION TO BOOK KEEPING (week 30-32) Students will be able to carry out basic bookkeeping: Basic cash book, ledger and trial balance questions (debit receiver, credit giver) Students will learn how to Balance an account Analysed cash book Worked examples Questions in workbook Test question SUMMER TESTS (week 33) All 1 st year topics Page 3 of 11
4 INTRODUCTION TO ECONOMICS (weeks 1-2) GOVERNMENT & ECONOMY (weeks 3-4) INTERNATIONAL TRADE (weeks 5-6) BUSINESS OWNERSHIP (weeks 7-8) Students will understand and learn the: Factors of production (land, labour, capital, enterprise) Enterprise Economic systems ( free-enterprise/capitalism, centrally planned, mixed economies) Financial cost and opportunity cost Inflation Gross domestic product (GDP) Economic growth and recession Students will understand the: Reasons for government involvement in the economy Differentiate between Central & local government National budget (current & capital expenditure) Drafting a national budget (surplus/deficit) Students will learn about: Foreign trade (visible and invisible exports & imports) Balance of payments Balance of trade Balance on the current account and capital account Reasons for international trade Ireland and the EU (benefits and drawbacks) Problems facing Irish firms and international trade Currency exchange Students will learn the different Types of business ownership, features, advantages & disadvantages of: 1. Sole traders 2. Private limited companies 3. Co-operatives 4. State-owned companies Expenditure Discussion on different types of economic systems and where they are found in the world Discussion on Ireland s current economic status!! Newspaper articles on economics Power point presentation Household budget (surplus/deficit) CSPE knowledge of EU Look at recent budget students make recommends they would implement if they were minister for finance and present to the class Study recent figures for Ireland Show website detailing EU funding in the Roscommon/mayo region Tarsia puzzle Discussion on pro s and con s of each type of business ownership structure Survey students who have family business to find out what type of structure it is powerpoint Oral recall of glossary budget questions workbook questions glossary Economics test Glossary of key terms Key terms worksheet Comparative study of different forms of business ownership Glossary of key terms BUSINESS FINANCE Students will be able to differentiate between: Current & capital expenditure Types of expenditure, Students discuss the relative merits of each type of finance Comparative study on forms of business Page 4 of 11
5 (weeks 8-9) Internal & external sources of finance: banking 1. Short term (cash, creditors, overdraft, factoring of debtors, accruals) 2. medium term (term loan, hire purchase, leasing) 3. long term (issue of shares, long-term loan, retained profits, debentures, sale & leaseback, government grants) finance Glossary BUSINESS PLAN & CASH FLOW FORECAST (weeks 10-11) BUSINESSES & COMMERCIAL BANKS (week 12) INSURANCE FOR BUSINESS (week 13) CHAIN OF PRODUCTION (week 14) CHANNELS OF DISTRIBUTION (week 15) Students will be able to draw up: Elements of a business plan Cash flow forecasts Students will identify: Services provided by commercial banks to businesses Opening a business bank a/c Applying for a bank loan Students will learn about: Non-insurable risks Types of business insurance policies Calculating the cost of insurance premium Students will be able to differentiate between the: Primary sector (extractive industries) Secondary sector (manufacturing & construction) Tertiary sector (service providers) Students will explore the various channels of distribution: 1. manufacturer-wholesaler-retailer-consumer 2. manufacturer-retailer-consumer 3. manufacturer-consumer wholesaling, cash and carry wholesalers retailing different types, functions & modern trends Household budgets students to draft a business plan on any idea they might have for a business case study students draft a business plan Personal banking Apply for a business loan Loan application form Household insurance Geography types of industry Investigate which types of insurance students with a family business currently have Brainstorm all the jobs that can be found in each sector (particularly locally) discuss examples of each channel of distribution Glossary of key terms oral recall Case study on number of people currently employed in each sector case study of local channels of distribution comparative analysis of each type CHRISTMAS TEST Page 5 of 11
6 (week 16) DELIVERY & TRANSPORT SYSTEMS (week 16-17) MARKETING (week 18-19) WORK & EMPLOYMENT (week 20) EMPLOYERS (week 21-22) Students will identify the factors to consider when choosing a delivery system Common delivery systems advantages & disadvantages 1. road 2. rail 3. sea 4. air 5. pipeline Couriers Calculating transport costs Passenger transport and timetables Recent & future developments in transport in Ireland Students will understand key marketing terms: The marketing mix (product, price, promotion, place) Target market and market segmentation Market research (desk and field research) Advertising (informative, persuasive, competitive, generic) Sales promotion - examples Distribution - channels After-sales service Students will differentiate between work and employment Students will learn about the labour force explore the various employment sectors Learn about the organisation of a workplace Self employment Unemployment (causes and measures of unemployment) Students will understand the: Rights and responsibilities of employers Recruitment Wages and salaries calculation of wages (time rate, Consumers, Channels of distribution Primary/seconda ry/ tertiary industry Income, Wage slips, Taxes comparative study on the various types of delivery system exam questions on calculating the costs of delivery for one day Examine some recent developments e.g. port tunnel... Discussion on various types of advertisement, identify popular adverts and discuss Profile an effective advert Investigate/case study on recent trends in employment and unemployment in Ireland and reasons why Comparative analysis of each type Exam question on cost of transport for a business for one day Test Glossary of key terms Oral recall Worked examples of wage slips Glossary of key terms Calculating wage slips Page 6 of 11
7 INDUSTRIA L RELATIONS (week 23-24) COMMUNICATION (week 25-26) piece rate, commission, PAYE and other deductions) The wages book recording payment of wages Payment of wages- cash, cheque, paypath Students will learn about: Trade unions functions, shop steward Different types of trade unions: 1. Craft trade or skill e.g. TEEU 2. Industrial - particular industry e.g. ESBOA 3. General all workers e.g. SIPTU 4. White-collar office or service industry e.g. ASTI Irish congress of trade unions Common causes of industrial disputes Procedure for resolving disputes Forms of industrial action Institutions involved in industrial relations Students will explore different means of communication oral & written (examples) Letter writing Internal & external communication Visual aids to communication Report writing Organisations providing communications services Chain of production Consumers - letter of complaint Case study on newspaper articles of recent disputes in the workplace powerpoint Writing letters, memo s, reports... Independent research recent dispute in the papers Glossary test Independent research forms of communication glossary BUSINESS DOCUMENTS (weeks 27-29) Students will examine the various documents: 1. Letters of enquiry 2. Quotations 3. Orders 4. Delivery notes 5. Invoices 6. Credit notes 7. Debit notes 8. Statements 9. Remittance advice slips Letter writing Statement Receipt Fill out relevant documents in workbook Make poster of the documents Filling out documents Key terms in glossary test Page 7 of 11
8 DOUBLE ENTRY RECORDS & TRIAL BALANCE (weeks 30-32) SUMMER TESTS (week 33) PURCHASES & PURCHASES RETURNS BOOK (weeks 1-4) SALES & SALES RETURNS (weeks 5-6) ANALYSED CASH BOOK FOR BUSINESSES (week 7-8) PETTY CASH BOOK (week 9) GENERAL JOURNAL (week 10-11) 10. Receipts Students will practice: Double entry giving and receiving aspect (Dr & Cr) Personal, real and nominal accounts Balancing an account Debtors, creditors and general ledgers Trial balance Students will learn: How the VAT system operates Writing up the purchases book & posting to ledger a/c s Purchases returns book & posting to ledger a/c s Combined purchases & purchase returns, ledger & TB Cash purchases for resale Students will practice: Writing up the sales book & posting to ledger a/c s Sales returns book & posting to ledger a/c s Combined sales and sales returns, ledger & TB question Students will practice: Double-page layout (debit & credit) Analysed cash book, ledger a/c s & trial balance question Students will learn about: Petty cash vouchers The imprest system Overheads Students will understand the Use of general journal recording: 1. Opening entries (debit assets, credit liabilities) Calculating opening capital 2. Credit purchases & sales of fixed assets 3. Bad debt written off (fully & partially) Business documents Business documents Business documents Business documents Receipts, Expenses Assets Liabilities Bad debts Depreciation Exam-style questions Page 8 of 11
9 DEBTORS & CREDITORS CONTROL A/C s (week 12-13) COMBIBING DAY BOOKS, LEDGERS & TRIAL BALANCES (week 14-15) CHRISTMAS TEST (week 16) FINAL ACCOUNTS (week 17-20) ASSESSING THE BUSINESS (week 21-22) 4. Depreciation Students will write up: Debtors control accounts procedure for question Creditors control accounts procedure for question Students will practice the procedure for: 1. Write up general journal and post to ledger a/c s 2. Write up the required day books 3. Write up the ledgers 4. Extract a trial balance Students will learn and write up: 1. Trading a/c (used to calculate gross profit/loss) Gross profit margin, stocktaking 2. Profit & Loss a/c (calculate net profit/loss) Revenue versus capital expenditure (gains & expenses) Net profit percentage margin 3. Appropriation a/c (shoes distribution of net profit) Dividends and reserves 4. Balance sheet (shows net assets and capital employed in the business) Final accounts with adjustments (Higher level) Students will identify : Who is interested in a company s final a/c s Limitations of final accounts Ratio analysis: 1. Liquidity current ratio acid test ratio 2. Solvency/insolvency 3. Profitability Day books Higher level only (paper 2 question 1) Test Day books Ledger Trial balance Final accounts Banking (paper 2 question 4) Test Test Page 9 of 11
10 CLUB ACCOUNTS (week 23) SERVICE FIRM ACCOUNTS (week 24) FARM ACCOUNTS (week 24) INFORMATION TECHNOLOGY (week 25) gross profit margin net profit margin Return on capital employed Return on shareholder s funds Dividing policy 4. Efficiency Rate of stock turnover Gross profit mark-up Net profit percentage Assessing and reporting on a business exam questions Students will learn about: Agenda Officers of the club Financial records: 1. Statement of accumulated fund 2. Analysed cash book 3. Receipts and payments a/c 4. Shop/bar/restaurant trading a/c 5. Income and expenditure a/c 6. Balance sheet Treasurer s report Students will practice questions using the following a/c 1. Analysed cash book 2. Operating statement 3. Balance sheet Students will practice questions using the following a/c 1. Receipts and payments book (analysed cash book) 2. Income and expenditure a/c 3. Balance sheet Students will understand and learn: Hardware and software Composition of a computer (input/output devices) Final accounts (paper 1 question 2) Analysed cash book Balance sheet Letter writing Discussion on uses of computers in home and business Recent developments in IT Glossary of key terms Page 10 of 11
11 REVISION (week 26-32) Central processing unit (CPU) Commonly used software The internet Buying a computer Complete revision of all topics previously studied NB. Timing of short and long questions in the exam All topics Revision question worksheet Exam papers Recall questioning Practising exam questions Timing Page 11 of 11
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