Budgeting and Foreign Exchange

This has the potential to be a big project, involving budgeting for an adventurous holiday or gap year; and dealing with foreign exchange rates along the way. Alternatively this resource could be split into two distinct sections. The PowerPoint presents both themes and the two Lesson Plan documents should be read alongside this PowerPoint. The task starts with students using a budget to plan the itinerary for a holiday. Destinations are suggested (within PowerPoint) including Sharm el Sheikh. This may provoke discussion about the impact of terrorism on tourism. (Or you may wish to avoid/edit.)

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Overview of task

This has the potential to be a big project, involving budgeting for an adventurous holiday or gap year; and dealing with foreign exchange rates along the way. Alternatively this resource could be split into two distinct sections. The PowerPoint presents both themes and the two Lesson Plan documents should be read alongside this PowerPoint. The task starts with students using a budget to plan the itinerary for a holiday. Destinations are suggested (within PowerPoint) including Sharm el Sheikh. This may provoke discussion about the impact of terrorism on tourism. (Or you may wish to avoid/edit.)

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Strands:

Number and Measure, Financial Maths

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Prior knowledge

Excel spreadsheet skills are required and a working knowledge of percentages. (Alternatively this task could be used to introduce spreadsheet skills and formulae.)

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Relevance to Core Maths qualifications

•AQA

•C&G

•Eduqas

•Pearson/ Edexcel

•OCR

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Suggested approaches

Ideal for group work – plenty of opportunity for collaboration and discussion. A competitive dynamic is suggested for the ‘best’ itinerary. Presentation skills can be showcased.

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Resources/documentation

In addition to these teacher guidance notes there are:

1. Budget and Foreign Exchange PowerPoint presentation

2. Budgeting Lesson Plan

3. Foreign Exchange Lesson Plan

4. Exchange Rates – Activity 1

5. Exchange Rates – Activity 1 (Answers)

6. Exchange Rates – Activity 2

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Relevant digital technologies

Spreadsheets required. Website used: http://www.bloomberg.com/markets/currencies/cross-rates/

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Possible extensions

There is plenty of scope to tailor this activity within a scenario to suit your students. The task could provide insights into the costs of planning a gap year. Lots of opportunities suggest themselves for linking this with: risk; cost of insurance; interest rates for saving (for said trip) or borrowing (not to miss out on the trip).

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Acknowledgement

Developed by Iram Hussain at Sir John Deane’s College.