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Year 7

Making financial decisions

I can compare the overall cost and benefits of a range of goods and services.

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Year 7

Making financial decisions

I can compare the overall cost and benefits of a range of goods and services.

Download all resources
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Share activities with pupils
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These resources will be removed by end of Summer Term 2025.

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Lesson details

Key learning points

  1. There are different ways to calculate value for money and price is only one factor
  2. Mental calculations and technology can help determine value for money
  3. Value for money is a personal concept

Keywords

  • Direct proportion - Two variables are in direct proportion if they have a constant multiplicative relationship.

Common misconception

It is always best to buy the option that provides the same quantity for the cheapest price.

Price is not the only factor for determing value for money in contextual situations. You may also want to consider factors such as quality of product or whether one option would lead to wastage.


To help you plan your year 7 financial education lesson on: Making financial decisions, download all teaching resources for free and adapt to suit your pupils' needs...

Spreadsheet software could be used to explore some of the problems in more detail. For example, the first learning cycle has an example with three price options for buying watermelons. The slide compares the costs for up to 5 watermelons; you could use a spreadsheet to investigate larger quantities.
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Equipment

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Content guidance

  • Depiction or discussion of sensitive content
supervision-level

Supervision

Adult supervision recommended

copyright

Licence

This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).

Lesson video

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Starter quiz

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6 Questions

Q1.
Select the ratio of unshaded to shaded squares written in its simplest form.
An image in a quiz
Correct answer: 2 : 1
3 : 1
4 : 2
16 : 8
1 : 2
Q2.
Write the ratio 36 : 30 in its simplest form.
Correct Answer: 6 : 5
Q3.
A recipe for a stir-fry uses 60 ml of soy sauce. The recipe is for 8 people. How many millilitres of soy sauce would you need to make the recipe for 24 people?
Correct Answer: 180, 180 ml
Q4.
A recipe for a stir-fry uses 48 ml of soy sauce. The recipe is for 6 people. How many millilitres of soy sauce would you need to make the recipe for 10 people?
Correct Answer: 80, 80 ml
Q5.
A recipe for soup for 8 people uses 200 g of carrots. Lucas is making the soup for more people and has correctly scaled the recipe. He is using 300 g of carrots. How many people will this serve?
Correct Answer: 12
Q6.
A scale on a map is 1 : 25 000. How long would something that measured 3 cm on the map be in real life?
0.75 cm
Correct answer: 0.75 km
75 000 m
75 000 km

Exit quiz

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6 Questions

Q1.
Two are in direct proportion if they have a constant multiplicative relationship.
Correct Answer: variables
Q2.
A shop sells two different sized bottles of water. A 500 ml bottle costing £1.25 and a 3 L bottle costing £7. Which is the best value for money?
500 ml bottle
Correct answer: 3 L bottle
They are the same value for money.
Q3.
A shop sells two different sized bottles of water. A 4 L bottle costing £1.75 and a 6 L bottle costing £2.45. Which is the best value for money?
4 L bottle
Correct answer: 6 L bottle
They are the same value for money.
Q4.
Starting with the worst value for money, sort the options in order of value for money based on their price.
1 - 1 carton for £1
2 - 2 cartons for £1.90
3 - 4 cartons for £3.72
4 - 6 cartons for £4.80
Q5.
Match the item with the appropriate reason as to whether it is worth buying it in a large quantity if there is a deal.
Correct Answer:2 copies of the same book,Unlikely to want this much (unless someone else would benefit).
tick

Unlikely to want this much (unless someone else would benefit).

Correct Answer:3 boxes of washing powder,Keeps for a very long time and is always needed.
tick

Keeps for a very long time and is always needed.

Correct Answer:18 eggs,Usually keeps for 2 weeks unrefrigerated. Might be worth it.
tick

Usually keeps for 2 weeks unrefrigerated. Might be worth it.

Q6.
A ticket to the cinema costs £5. There are two films showing at 6 pm. One is 95 mins long and the other is 189 mins long. Which film is better value for money?
The 95 min film.
The 189 min film.
Both.
Correct answer: You cannot tell.