Unit Award Scheme

115633 PRACTICAL MONEY AND BANKING

In successfully completing this unit, the Learner will have		Evidence needed
shown knowledge of
1	what ATM stands for	Summary sheet
2	what the difference is between a debit and a credit card	Summary sheet
3	what APR means and how it affects the amount of money to be repaid on credit cards, loans and mortgages	Summary sheet
4	what charges and procedures a bank may put in place if a person defaults on payments	Summary sheet
5	what PIN stands for and why it should be kept safe	Summary sheet
6	the PAYE (Pay As You Earn) system and how it affects wages	Summary sheet
7	the difference between gross and net income	Summary sheet
8	what VAT stands for and at least two key facts about it, eg the standard UK rate, what goods are exempt	Summary sheet
9	at least three bills a household would need to pay for.	Summary sheet

All outcomes recorded on an AQA Summary Sheet

Approved 23 July 2021Level - Level One