Personal Budgeting and Managing Money

Overview

Framework:
RQF
Level:
Level 1
Unit No:
Y/506/0787
Credits:
3
Guided learning hours:
27 hours

Assessment Guidance

N/A

Unit Learning Outcomes

1

Understand what is meant by income and expenditure.

Assessment Criteria

  • 1.1
    State possible sources of personal income.
  • 1.2

    State items of personal expenditure

  • 1.3
    Give examples of essential and non-essential expenditure.
2

Understand ways to deal with living on a limited budget.

Assessment Criteria

  • 2.1
    Outline possible difficulties of coping on a limited budget.
  • 2.2
    Give examples of ways to minimise the difficulties of coping on a limited budget.
3

Know how to undertake financial transactions.

Assessment Criteria

  • 3.1
    Give examples of financial transactions and their purpose.
  • 3.2
    Outline different methods of paying for goods or a service.
  • 3.3
    Outline different methods of paying money into an account.
4

Understand key financial information on everyday documents.

Assessment Criteria

  • 4.1
    Outline the purpose of a receipt and identify key items on it.
  • 4.2
    Identify key items recorded on a payslip and state what they can be used for.
  • 4.3
    Identify key items on a financial statement.
  • 4.4
    State how the information in one document might be checked for errors.
5

Understand what saving means.

Assessment Criteria

  • 5.1
    Outline the benefits of saving.
  • 5.2
    Outline different ways to save money.
  • 5.3
    State preferred method of saving in a given situation.
6

Understand a simple budget plan.

Assessment Criteria

  • 6.1
    State the purpose of a budget plan for the future.
  • 6.2
    Outline personal spending and income over a given period.
  • 6.3
    State whether income or expenditure is higher.