New JC Business Studies Your Financial Life Cycle
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| Why is managing your finances important? | show 🗑
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| show | A series of stages which most people pass through during their lives. Each stage is different in terms of financial goals, income, spending and risk.
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| show | -you live at home
-food, clothing, shelter is provided for you
-you may receive pocket money, gifts (no income)
-usually no financial worries
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| Teenage and young adult (13-20) | show 🗑
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| show | -Full time job
-earning own income
-paying income tax
-With your own income you can:
-buy your own clothes
-buy your own car
-save for a holiday
-buy things you want
-move out of home
-pay rent
-paying household bills
-paying for food
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| Setting up a new home (25-35) | show 🗑
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| Growing a career and family (30-65) | show 🗑
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| Retirement (65+) | show 🗑
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| Pension | show 🗑
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| show | A means of protection from financial loss. It is a form of risk management.
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| Explain benefits of managing your personal finances. | show 🗑
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| show | Pocket money-Income from doing odd jobs-Money received as a gift-Income from parttime job-Fulltime wage / salary-Profits from own business-Child benefit-Social welfare-Pension-Interest earned on savings-Profits from investments
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| show | • Childhood (0-12)
• Teenage Years (13-20)
• Starting a career (Typically 20-30)
• Setting up a new home and getting married (Typically 25-35)
• Growing a career and family (Typically 30-65)
• Retirement (Typically from 65 onwards)
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| show | • Wages, salary
• Profits from their own business
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
MrFromholz
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