Personal Budgeting and Managing Money

Overview

Framework:
RQF
Level:
Entry Level 3
Unit No:
R/506/0786
Credits:
3
Guided learning hours:
30 hours

Assessment Guidance

N/A

Unit Learning Outcomes

1

Understand what is meant by income and expenditure.

Assessment Criteria

  • 1.1
    Give examples of income.
  • 1.2
    Give examples of expenditure.
2

Understand ways to deal with living on a limited budget.

Assessment Criteria

  • 2.1
    Identify possible difficulties of coping on a limited budget.
  • 2.2
    Give an example of how to cope with one difficulty of coping on a limited budget.
3

Know how to undertake financial transactions.

Assessment Criteria

  • 3.1
    Give examples of financial transactions and where they might take place.
  • 3.2
    In a given situation, indicate how to make a specific financial transaction.
4

Understand key financial information on everyday documents.

Assessment Criteria

  • 4.1
    Identify key items on a receipt.
  • 4.2
    Identify key items on a payslip.
5

Understand what saving means.

Assessment Criteria

  • 5.1
    State what saving means.
  • 5.2
    Give examples of different ways of saving.
6

Know how to produce a simple budget plan.

Assessment Criteria

  • 6.1
    Outline personal spending and income over a given time period.