14780-Apply-financial-life-skills

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              SOUTH AFRICAN QUALIFICATIONS AUTHORITY
                         REGISTERED UNIT STANDARD:

                                Apply financial life skills
    SAQA US ID            UNIT STANDARD TITLE
    14780                 Apply financial life skills
    SGB NAME              NSB                      PROVIDER NAME
    Chemical Industries NSB 06-
    SGB                 Manufacturing,
                        Engineering and
                        Technology
    FIELD                                          SUBFIELD
    Manufacturing, Engineering and                 Engineering and Related Design
    Technology
    ABET BAND             UNIT STANDARD            NQF LEVEL               CREDITS
                          TYPE
    Undefined             Regular                  Level 1                 4
    REGISTRATION REGISTRATION                      REGISTRATION SAQA
    STATUS       START DATE                        END DATE     DECISION
                                                                NUMBER
    Registered            2002-10-09               2005-10-09              SAQA
                                                                           0144/02

    PURPOSE OF THE UNIT STANDARD
    This standard is aimed at people who use or intend to use financial systems.

    The learners who acquire the outcomes of this standard will know about and be
    able to demonstrate an understanding of personal finances.

    The qualifying learner is able to:
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        Develop and operate a personal budget
        Describe the benefits and limitations of banking systems
        Use a bank account
        Explain the functions and features of hire purchase
        Use a personal documentation control system

     LEARNING ASSUMED TO BE IN PLACE
     Learners accessing this unit standard will have demonstrated competence
     against numeracy and literacy at ABET Level 3 or equivalent

     UNIT STANDARD RANGE
      Elements of budget include fixed income (e.g. wage, salary, allowance),
     variable income (e.g. overtime, bonuses), fixed expenditure (e.g. rent and
     repayments of debt), and variable expenditure (e.g. clothing, food, school fees )
      Deductions made include compulsory deductions and deductions authorized
     by the individual
      Expense may include rent, services, food recreation, hire purchase and
     savings,
      Explanations of saving, debt and breakeven to include causes, benefits and or
     consequences and appropriate actions that could be taken in each situation.

      Basic banking services include safekeeping of money, investing/saving
     money, lending money as found in current, savings and loan accounts
      Cost and benefits include the cost of the bank services provided, interest on
     investment/savings, cost of borrowing money
      Reasons for selecting accounts include purpose, cost and benefits gained
      Other financial institutions include "stokvels", short-term moneylenders, hire-
     purchase providers and investment advisors/organizations
      Responsibilities of the bank include record keeping and security of clients
     money
      Responsibilities of the client includes payment of money owed (costs,
     interest, repayment of capital) to bank and for the consequences of failure to
     make payments
      Differences between banks and other financial systems include costs, access
     to services, benefits/interest offered, likelihood of loosing money/risk incurred
     through the use of services
      Opening an account includes contacting a bank, completion of documentation
     and issue of bank documents and `banking cards`
      Transactions include deposits and withdrawals at `the counter` and using
     automatic teller machines (ATMs)
      Enquires include communication with bank staff and use of ATMs
      Process to initiate further service includes identifying needs and discussing
     needs with bank staff


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      Documentation included in a personal documentation control system includes
     personal documents (identification and qualification >), employment and other
     contractual documents, banking documents
      Personal documentation system includes filing, storage, access and
     replacement of documents
      Benefits of keeping records include information for planning, proof of
     payments made, liabilities and income received

     Specific Outcomes and Assessment Criteria:

     SPECIFIC OUTCOME 1
     Develop and operate a personal budget.

     ASSESSMENT CRITERIA

     ASSESSMENT CRITERION 1
     1. Elements of a personal budget are explained with reference to income and
     expenditure using examples that are relevant to an individual living in the
     formal sector (where banking is relevant) with household and other living
     expenses.

     ASSESSMENT CRITERION 2
     2. Salary advise documents/pay slips are explained with reference to total
     amount, deductions and net pay.

     ASSESSMENT CRITERION 3
     3. Personal expenses are explained in terms of amounts, regular or one-off
     expenses, priorities and dates of payment.

     ASSESSMENT CRITERION 4
     4. A document (statement) is prepared, in which income and expense for a
     period of time appropriate to the learner situation, is prepared.

     ASSESSMENT CRITERION 5
     5. The income and expense statement is explained with reference to saving, debt
     and breakeven.

     SPECIFIC OUTCOME 2
     Describe the benefits and limitations of commercial banking.



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     ASSESSMENT CRITERIA

     ASSESSMENT CRITERION 1
     1. The basic services of a bank are explained in terms types of accounts and the
     benefits, costs and requirements for each of these types of account.

     ASSESSMENT CRITERION 2
     2. Reasons for selecting different types of account are explained with reference
     to needs that are relevant to an employee.

     ASSESSMENT CRITERION 3
     3. The differences between a bank and other financial institutions/systems are
     compared in terms of service provided, security and value.

     SPECIFIC OUTCOME 3
     Use a bank account.

     ASSESSMENT CRITERIA

     ASSESSMENT CRITERION 1
     1. A bank account is opened in accordance with banking procedures.

     ASSESSMENT CRITERION 2
     2. Transactions are made in accordance with normal banking practice.

     ASSESSMENT CRITERION 3
     3. A statement is interpreted to establish amounts of money deposited,
     withdrawn, deducted, interest received and balance in the account.

     ASSESSMENT CRITERION 4
     4. Enquiries are made to gather information needed to use an account and to
     initiate use of other service offered by a bank.

     SPECIFIC OUTCOME 4
     The functions and features of hire purchase are explained.

     ASSESSMENT CRITERIA




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     ASSESSMENT CRITERION 1
     1. The reasons for hire purchase are explained with reference to applications
     appropriate to the learners lifestyle.

     ASSESSMENT CRITERION 2
     2. The costs of direct and hire purchase are compared with reference to costs of
     goods or services and interest.

     ASSESSMENT CRITERION 3
     3. A hire purchase agreement is interpreted with reference to the benefits to, and
     obligations of, the individual entering into the agreement.

     ASSESSMENT CRITERION 4
     4. Lay-buy purchasing is compared with hire purchasing and direct purchasing
     with reference to cost, contractual obligations, benefits and risk.

     SPECIFIC OUTCOME 5
     A personal document control system is developed and maintained.

     ASSESSMENT CRITERIA

     ASSESSMENT CRITERION 1
     1. The need for a personal document control system is explained with reference
     to documentation that is relevant to the learner.

     ASSESSMENT CRITERION 2
     2. A personal document control system is developed that meets the needs of the
     learner.

     ASSESSMENT CRITERION 3
     3. A personal documentation control system is demonstrated for a period that is
     appropriate to the budgeting time span (cycle) of the learner.


     UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS
     The relevant Educational Training Quality Assurance Body (ETQA) will
     accredit providers offering learning towards this standard and will register
     assessors. They will also appoint the internal and external moderators.

     UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE


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        Relationship between amount of money borrowed and repayments needed
        Relationship between savings, interest, debt and risk
        Relationship between income, expenditure, debt and saving
        Reasons for deductions including tax, UIF, medical and pensions
        Terminology used in personal banking
        Of expenses incurred and (potential) sources of income
        Sequence of management - planning execution control.

     Critical Cross-field Outcomes (CCFO):

     UNIT STANDARD CCFO IDENTIFYING
     Identify and solve problems in which responses display that responsible
     decisions using critical and creative thinking have been made with respect to
     effective use of ones income.

     UNIT STANDARD CCFO ORGANIZING
     Organise and manage oneself and one`s activities (including documentation)
     responsibly and effectively to meet ones commitments and to achieve ones
     (financial) aspirations.

     UNIT STANDARD CCFO COLLECTING
     Collect, analyse, organise and critically evaluate information relating to ones
     earnings and expenses.

     UNIT STANDARD CCFO COMMUNICATING
     Communicate effectively using visual, mathematical and/or language skills in
     the modes of oral and/or written persuasion, with regard to making personal
     financial transactions and arrangements.

     UNIT STANDARD CCFO DEMONSTRATING
     Demonstrating and understanding that income and expenditure are a set of
     related systems that influence one`s personal life, that of others dependant on
     one, employers and other businesses and activities.

     UNIT STANDARD CCFO CONTRIBUTING
     Personal financial management enables the learner to take control of ones
     finances which facilitates achievement of one`s aspirations whilst contributing
     to society in a responsible manner.

     UNIT STANDARD NOTES
     Due the confidential nature of an individuals financial, personal activities and


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     status; the assessment is limited to role-plays, case studies and exercises. Proof
     of an individual`s bank account, bank statements and use of a personal filing
     system cannot be required for assessment purposes.


   All qualifications and unit standards registered on the National Qualifications
   Framework are public property. Thus the only payment that can be made for them is
   for service and reproduction. It is illegal to sell this material for profit. If the
   material is reproduced or quoted, the South African Qualifications Authority
   (SAQA) should be acknowledged as the source.




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