Tax is money that you have to pay to the government so that it can pay for public services. Tax is also often paid on goods and services.

VAT or Value Added Tax is a tax that is added to the price of some goods and services.

A service is a business whose work involves doing something for customers but not producing goods.

A percentage is a part or share of the whole. It is expressed as if it is part of a total that is 100.

Who pays for all of this?

Financial education

In this unit we look at public spending, personal budgeting, getting value for money, and how ethics and beliefs shape financial choices.

Subjects which particular individuals may be sensitive to, eg, adoption, migration, bereavement or death, divorce, poverty, deprivation.

Depiction or discussion of sensitive content

Which of these would be funded by local taxes?

What is paid for by the government in your school?

How is the National Health Service or NHS mainly funded?

Value Added Tax or VAT is added on to goods that we {{  }}.

On which of these do you think VAT is added?

Someone earns £25,000 of taxable pay. If they pay  income tax at 20%, how much money will they have left to take home?

Alex found a £5 note on the side of the road. Sam earned £5 helping a neighbour with their garden. Who do you think feels most proud of their £5?

True or false:
You should lend money to anyone who asks for it

Save up his pocket money over the next few weeks.

Borrow the money and spend his pocket money on sweets again.

Borrow the money and pay it back from his pocket money.

Jun has spent all his pocket money but now he has seen a book he would really like. What could Jun do?

Jacob is getting a new coat for school. Which of these describe what the coat needs to be?

Jacob would like the same make of coat worn by his favourite celebrity. We can say that the celebrity is an {{ }}.

Would you like to jump as high as a gazelle?

Match these advertising phrases with the descriptions.