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G 11 Financial Management Part 3

G 11 Financial Management Part 3. QUESTION 3. Banking Services

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G 11 Financial Management Part 3

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  1. G 11 Financial Management Part 3

  2. QUESTION 3 Banking Services • After researching the various services and accounts offered by banks, weigh up the advantages and disadvantages of the different means of payment available to the consumer today and decide what means you and your partner would use for paying for purchases and what bank accounts or services you would choose. Give reasons for your choices. Make sure that you know the bank charges and interest rates of the facilities you choose to use. (5)

  3. Rubric for Question 3-Level 4 • Excellent Work. Learner showed evidence of good research and the ability to access relevant information & make and fully justify good decisions with regard to banking services. Included the use of different types of accounts for different purposes & explained how they could be used to best advantage. (4 - 5)

  4. INFLATION (2010) • 6% +/- 11% • House Prices -7.9% • Producer price inflation 11.1% - 11,3% - mining products - 17,8%; - food - 14,2%; - electricity – 25%)

  5. THE POWER OF COMPOUND INTEREST 442503

  6. QUESTION 4 4. Savings and Investment • Decide how you are going to create wealth in order to achieve your financial goals. • Investigate the different methods of saving and investment, such as: • Compound Interest - Money Market & other Bank Accounts • Fixed Deposit Accounts (32 day notice, etc) • Unit trusts • Shares ( Stock Exchange) • Insurance (or Assurance) • Property • Off-Shore Investments • State with good reasons how you are going to save and invest your money (10)

  7. Rubric for Question 4-Level 4 • Learners: Demonstrated a future perspective & the ability to investigate & process information; Fully understood the different saving & investment options & showed how they would use them to best advantage & apply them to their own circumstances; Were then able to draw conclusions and make and fully justify good decisions that were in keeping with their stated values regarding saving & investment. (8 -10)

  8. INVESTMENT • ASSETS = Generate & create money • LIABILITIES = consume & erode money • GOLDEN RULES #1. The higher the potential gain, The higher the risk #2. Diversify (Don’t put all your eggs in one basket)

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