Assessment guidelines
• This activity is intended for informal assessment. • Use the suggested answers supplied above to assess learners informally. Allocate learners a mark out of 20 and give them feedback on their performance to prepare them for formal assessment.
Unit 2 Income and expenses Unit overview
Resources Books and journals.
Teaching guidelines
• Use pictures to show the learners different types of income and expenses. • For preparing the personal statement of net worth learners need to be familiar with the concepts of assets and liabilities.
Background knowledge
Learners need to know what income and expenses are. To prepare the personal statement of net worth, learners need to understand the concepts of assets and liabilities.
Vocabulary
• current asset: cash belonging to a person or any other possession easily converted to cash within twelve months
• current liability: an amount owed to another person that must be paid back within twelve months
• expenses: payments made for goods and services required by a person • fixed asset: a possession of a person that is not easily converted to cash, has a relatively long lifespan, was not bought to be resold, and assists in generating income
• income: money earned (salary, wages) by a person • liability: amount owed to another person or business • personal statement of net worth: summary of the financial position of a person on a specific date
Activity 1 Think about expenses
Guidelines to implement this activity This is an individual activity.
50 Term 2: Financial literacy
9780199052050_OS_Economics_7_TG_CAPS2017.indb 50 11/29/17 9:02 AM Learner’s Book page 58
Learner’s Book pages 57–64
This unit looks at personal income and personal expenses. Learners prepare a personal statement of net worth. They then go on to look at different types of business income and expenses. Lastly, they learn about how businesses save and invest their income.
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