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Managing my money

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  • Think about your school. Name one ongoing cost and one variable cost it must pay.
    (Student Answer)
  • What are the 3 categories of business costs?
    Start-up costs, ongoing costs and variable costs
  • Name some different ways we can pay for goods and services.
    Example: Cash, credit cards, debit cards, cheques, gift cards...
  • If you were given 500 euros, what would you do with it?
    Student Answer: I would...
  • Name four things you can do with your money.
    You can spend it, save it, invest it or donate it.
  • What are the advantages and disadvantages of using a credit card?
    (Student Answer)
  • What type of business cost is the rent a business must pay for its shop?
    It's an ongoing cost.
  • Can you name 5 different types of business organisation?
    Example: Sole trader, partnership, family business, franchise, multinational company, worker cooperative...
  • What is the difference between profit and loss?
    If you earn more money than you spend, then you make a profit. If you spend more money than you make, then you make a loss.
  • What is the difference between the CEO, CFO and COO of a company?
    CEO = Chief Executive Officer. CFO = Chief Financial Officer. COO = Chief Operations Officer.
  • What shape is a company hierarchy?
    It's a pyramid.
  • Would you prefer to be a CEO, or a normal member of staff? Why?
    Student Answer: I would prefer...
  • Would you prefer to own your own business or work for another company? Why
    (Student Answer)
  • Name 3 parts that form the board of directors.
    Pick 3: Sales, Finance, Human Resources, Administration, IT, marketing
  • To spend less money, what words should you look for when you are shopping?
    Example: Sale, Reductions, Promotion, Money Off, 2 for the price of 1
  • Name some places where people spend money.
    Example: Supermarket, sweet shop, transport
  • What can a budget help you do?
    A budget can help you manage your money.
  • List some examples of start-up costs.
    Example: Decoration, Furniture, Equipment, Licenses, Advertisments...
  • Income - Expenses = Profit. Explain this calculation in your own words.
    (Student Answer)
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