Finance

Principles of Finance

• Explore the basic principles of finance starting with the Concept of Money, its storage, exchange, and valuation.
• Understand the difference between Needs and Wants, and how they influence spending and saving.
• Discuss Earnings, different sources of income and the significance of maintaining a regular flow of earnings.

Personal Finance Management

• Familiarise with the concept of Personal Budget, its creation, and the role it plays in managing money.
• Understand the meaning of Savings and its importance for future financial security.
• Explore various Investments options and their risks and benefits.

Borrowing and Debt

• Discuss concepts of Borrowing and Debt, different types of loans, and the pros and cons of incurring debt.
• Explore the role of interest and how it’s calculated in the context of loans or Interest Rates.
• Understand the impact of debt on personal finance and how Debt Management can prevent financial despair.

Financial Institutions

• Understand the role of Banks and other financial institutions in managing money, providing loans, and facilitating transactions.
• Discuss different types of bank accounts, their features, and how to choose the most appropriate one.
• Explore the working of Credit and Debit Cards, their uses, benefits, and potential pitfalls to avoid.

Insurance

• Demonstrate understanding of Insurance and how it helps manage financial risks related to health, property, life, and automobiles.
• Discuss different types of insurance policies and their key terms such as premium, deductible, and coverage limit.

Taxes

• Explore the concept of Taxation, the different types of tax citizens pay, and the role of taxes in the economy.
• Understand the importance of completing a tax return and how Income Tax is calculated.

Ensure to practice signing these key finance terms and concepts in British Sign Language to strengthen your understanding and communication in this vital subject.