- Year 7
Making financial decisions
I can compare the overall cost and benefits of a range of goods and services.
- Year 7
Making financial decisions
I can compare the overall cost and benefits of a range of goods and services.
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Lesson details
Key learning points
- There are different ways to calculate value for money and price is only one factor
- Mental calculations and technology can help determine value for money
- 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...
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.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 3 financial education lessons from the Choices, risks and rewards unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.
Equipment
Content guidance
- Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Select the ratio of unshaded to shaded squares written in its simplest form.
Q2.Write the ratio 36 : 30 in its simplest form.
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?
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?
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?
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?
Assessment exit quiz
6 Questions
Q1.Two are in direct proportion if they have a constant multiplicative relationship.
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?
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?
Q4.Starting with the worst value for money, sort the options in order of value for money based on their price.
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.
Unlikely to want this much (unless someone else would benefit).
Keeps for a very long time and is always needed.
Usually keeps for 2 weeks unrefrigerated. Might be worth it.