Unit Award Scheme

111576 INDEPENDENT LIVING SKILLS PROGRAMME (UNIT 5): UNDERSTANDING FINANCE

In successfully completing this unit, the Learner will have		Evidence needed
shown knowledge of
1	at least four banks in the local area	Student completed work
2	at least three types of bank account	Student completed work
3	at least three types of identification used to open a bank account	Student completed work
4	at least three potential barriers to opening a bank account	Student completed work
5	at least three key terms used for banking, eg direct debit	Student completed work
6	the different numbers on a bank card and what they are used for	Student completed work
7	the meaning of Annual Percentage Rate (APR) and Annual Equivalent Rate (AER) and 0% interest	Student completed work
8	at least four forms of borrowing from a bank	Student completed work
9	at least three other forms of borrowing	Student completed work
10	at least three actions that can be taken to prevent debt	Student completed work
11	at least four consequences of non-payment of debt	Student completed work
12	at least two mandatory deductions on a wage slip and why they are taken	Student completed work
13	at least two other deductions that could be made	Student completed work
acquired an understanding of
14	the meaning of the financial year	Student completed work
15	the key differences between at least two types of accounts	Student completed work
16	priority and non-priority debt	Student completed work
17	the main aspects of financial online safety	Student completed work
18	how to make secure payments and purchases online	Student completed work
19	gross and net pay	Student completed work
20	what tax deductions are and how these may change	Student completed work
21	what a P45 and P60 are	Student completed work
22	online banking and banking application facilities to manage a bank account	Student completed work
demonstrated the ability to
23	set at least three personal money goals	Student completed work
24	plan and finance online, for a chosen festival event.	Student completed work

All outcomes recorded on an AQA Summary Sheet

Approved 13 February 2019Level - Level Two