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Overview

Framework:
RQF
Level:
Level 2
Unit No:
L/504/7843
Credits:
3
Guided learning hours:
24 hours

Assessment Guidance

Portfolio of Evidence

Unit Learning Outcomes

1

Understand what is meant by income and expenditure.

Assessment Criteria

  • 1.1
    Define the terms "income" and "expenditure".
  • 1.2
    Outline different sources of income.
  • 1.3
    Outline items of expenditure for a typical household.
  • 1.4
    Describe how income and expenditure can be affected by personal circumstances.

2

Know ways to manage a limited budget.

Assessment Criteria

  • 2.1
    Identify the factors to be considered when managing a limited budget.
  • 2.2
    Compare strategies to manage a limited budget effectively in a particular situation; for example young family, student.

3

Know how to undertake financial transactions.

Assessment Criteria

  • 3.1
    Describe different kinds of financial transaction and their purpose.
  • 3.2
    Explain why different methods of carrying out financial transactions are used in different circumstances.

4

Understand key financial information on everyday documents.

Assessment Criteria

  • 4.1
    Understand the purpose of a receipt and identify key information on it.
  • 4.2
    Describe key items recorded on a payslip and state why each item is included.
  • 4.3
    Describe key terms on a bank statement and explain their importance.
  • 4.4
    Describe how financial information can be checked for errors.

5

Know about saving.

Assessment Criteria

  • 5.1
    Explain the benefits of saving.
  • 5.2
    Compare ways to save money, describing which is preferable in different circumstances.

6

Be able to produce a budget plan.

Assessment Criteria

  • 6.1
    Explain the benefits of planning a budget.
  • 6.2
    Assess likely spending and income over a given period.
  • 6.3
    Compare predicted and actual spending and income.