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Year 11 Unit 2 Topic 2 Personal Finance
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What does CPI stand for?
Consumer Price Index (average basket of goods to help measure inflation)
Describe inflation and what it affects
The cost of living increasing. Things such as food, petrol and utility bills will be affected by inflation.
Public spending can take place at both national and regional levels. True or False?
True
What does deficit mean?
Less money than expected - overspending
What does surplus mean?
More money than expected - after paying or more money coming in
What is laid out in the budget?
Taxation, levels of government borrowing and targets for inflation.
Who is in charge of the annual budget?
The Chancellor
What Give some example of the things that the government spend on?
NHS, Defence, Public Services, Pensions, Education, welfare(benefits), Public order and safety, Social services, Transport,, Industry, Agriculture, Employment
What does the government do with our tax money?
A percentage of the earnings is taken by the government to spend on society as a whole.
How do we as citizen contribute to society?
We pay tax through our wages/salaries
What does Austerity mean?
The general public/normal people cannot afford to spend much money.
Define a recession
Debts and Unemployment are high.
Define a financial a boom
Debts and unemployment are low
What policies are in the Government budget that would affect personal finance?
For instance, the interest rates set by the Bank of England and the annual Budget set out by the Chancellor of the Exchequer both influence personal financial d
Our contribution to the economy and to society is made through financial choices such as:
Job Paying tax Saving Giving to charity Borrowing Spending Investing
Define personal finance
Personal Finance is the money individuals receive and how they use it.


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