Personal Finances

Level 1

Accredited Certificate through Open Awards

Unit Support

Unit

Personal Finances Level 1

A

Format

Assignment and Video-based eLearning

A

Unit Duration

2 session per week (3 Weeks Course)

Resources

Resources Links will be enabled after registeration

Introduction to Unit Content

Learning Outcome –

The learner will:

Assessment Criterion –

The learner can:    

1

Know what is meant by income and
expenditure

 

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 Know how to deal with living on a limited budget

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

 

 

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 Know where to find key financial information on everyday documents

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
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4.4 State how the information in one document might
be checked for errors

5 Know what saving means

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 Be able to produce a simple budget plan

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

 

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