Nuffield Mathematics teaching resources are for use in secondary and further education

# Money management

##### FSMQ Level 1 scheme of work

A suggested work scheme for this AQA Level 1 (Foundation) FSMQ is given below.  This recommends a total of 60 guided learning hours (such as 2 hours per week for 30 weeks, 4 hours per week for 15 weeks, or 5 hours per week for 12 weeks).  There is plenty of scope for varying the order and time allocation, as many of the mathematical techniques can be covered in several different topic areas.

Some techniques should be introduced as soon as possible and used throughout the course.  These include:

• money calculations (+, –, x, ÷ with and without a calculator) rounding values as appropriate (such as nearest pence, pound, £100)
• checking calculations using estimates, inverse operations and different methods (such as arriving at a total in different ways)
• using tables to record results
• using spreadsheets to carry out calculations and display results in tables and statistical charts and graphs.

Note that the AQA assessment of this FSMQ is by examination only and you should disregard any references to Coursework Portfolio requirements in the assignments which have not yet been updated.  These have been included for possible use as classroom activities but will not form part of the AQA assessment of this FSMQ.

 Topic area Content Nuffield resources The links below go to pages from which you can download the resources, some recently revised. Best buys (8 hours) Use decimals to make comparisons (putting in order of size).  Convert between fractions, decimals and %. $\frac{1}{2}$ = 0.5 = 50%,    $\frac{1}{4}$ = 0.25 = 25%,      $\frac{1}{3}$ = 33%,   $\frac{1}{10}$ = 0.1 = 10%,   $\frac{1}{5}$ = 0.2 = 20%, and multiples of these. Use % to make comparisons. Select the best buy in a range of contexts. Express two or three quantities as a ratio, divide a quantity in a given ratio (such as 2 : 3 : 5) and use ratios to make comparisons (between 2 or 3 values) (May also require conversion of units such as kg to g, litres to ml) Best buys Examples and worksheet. Party time (assignment)  Use on-line shopping to find best buys and cost a party.  Optional use of spreadsheet Fractions, decimals and percentages  Slideshow shows the relationship between fractions, decimals and percentages.  Follow me game and worksheets provide practice. The best buy (assignment)   Assignment with structured section on best buys followed by an extension giving  students the opportunity of working independently. Ratio bingo and matching cards    Activities giving learners practice in simplifying ratios. Currency (3 hours) Use British coins and notes to make amounts and give change. Use exchange rates to convert amounts between currencies. Convert currency     Interactive spreadsheet for practice in converting between £ and euros and £ and dollars Order forms (6 hours) Read and use information given in tables. Express one quantity as a fraction of another (in its simplest terms). Express one quantity as a percentage of another. Calculations involving finding fractions and percentages of quantities (such as discounts, VAT) Find per cent   Find % without a calculator and on a spreadsheet. Work out VAT     Find VAT without a calculator and on a spreadsheet. Have a holiday (assignment)   Data sheet giving information about holiday costs, assignment and sample exam questions. Optional use of spreadsheet. Ordering from a catalogue (assignment)   Students choose furniture for a bedroom and complete an order form.  Also includes use of a scale diagram.

 Topic area Content Nuffield resources The links below go to pages from which you can download the resources, some recently revised. Bills and invoices (7 hours) Calculations involving finding fractions and percentages of quantities (such as discounts, VAT) Use pictograms, pie charts and bar charts to illustrate costs in different categories (drawn by hand and/or spreadsheet). Mobile phone tariffs  Enter values onto spreadsheet, explain calculations then choose the most suitable tariff. Calculating VAT     Worksheet to give students practice with working out 5% VAT on fuel bills. Bills (assignment)    Simulated bills, exercise, sample exam questions and assignment.  Includes use of a spreadsheet. Invoices   Explain AND check calculations. Includes use of a spreadsheet. Savings (8 hours) Read and use information given in tables (leaflets from banks, building societies and so on) Calculate increases and decreases given a starting value and the percentage rate (using AER – annualised equivalent rate). Calculate new values given a starting value and the percentage rate. Calculate simple interest over a single time period. Calculate interest compounded over at least two time periods. Savings and interest Worksheet to give students practice with working out interest and amounts in accounts after 1 year. Simple and compound interest Spreadsheet giving examples and practice. Separate spreadsheet gives answers. Earning interest (assignment)   Use information from the internet to investigate the interest earned on an inheritance in different savings accounts.  Optional use of spreadsheet.

 Topic area Content Nuffield resources The links below go to pages from which you can download the resources, some recently revised. Money increases and decreases (8 hours) Calculations involving finding fractions and percentages of quantities (such as sale reductions, profits mark-up, wage increases, taxation) Calculate new values given a starting value and the percentage rate. Use tables to record values. Use spreadsheets to calculate and record values. Sale   Students use a spreadsheet to work out sale prices and check their results. Wages and overtime   For giving students practice in working out overtime rates. Firefighters’ pay    Students compare rises of 11%, 16% and 40% in the annual pay of 4 different ranks of firefighters and the difference this might make to a fireman’s savings. Recording financial transactions (9 hours) Credits, debits and running totals, using both positive and negative numbers.  Drawing line graph by hand to show how balance varies over time. Writing one quantity as a fraction or % of another. Use a spreadsheet to carry out and record financial calculations (including the use of negative numbers).  Classify transactions (eg debits) into different categories (using tally charts). Illustrate results on a spreadsheet with pie charts, bar charts and line graphs (using the scatter graph facility) Student budgets   A spreadsheet showing a student’s bank balance over a term and a worksheet based on it. Car costs (assignment)   Assignment and sample exam questions supported by three data sheets.  Assignment requires use of a spreadsheet to keep an account of the cost of running a car. Create a bank statement   Sheet of transactions to put in order to create a bank statement. Bank balance  Game in which learners enter items onto bank balance statements and calculate the resulting balances. Spot the errors    Simulated invoice, phone bill and bank statement for learners to check (several errors on each). Also provided with spaces for students to complete. Bank statement (assignment)   Create and analyse a spreadsheet to show income and expenditure. Timetables (4 hours) Read and use timetables given in 24 and 12 hour clock Find the length of time of journeys. Day out    Students plan a day out using local rail timetables. Every second counts   (AMP activity) Learners use maps and timetables to find how far they could travel in 1 hour. Revision (7 hours) Revise topics and try past papers. Discuss data sheet – make up and try questions based on it. Bills, Have a holiday and Car costs  These all include some sample exam questions.

Page last updated on 20 March 2012