Learning Outcome –

The learner will:

Assessment Criterion –

The learner can:    

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

2.1 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

4.1 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
The intellectual property rights remain with Open Awards
4.4 State how the information in one document might
be checked for errors

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

6.1 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