Unit Award Scheme

demonstrated the ability to

1. outline two financial services available to the individual from a chosen banking or savings institution

2. identify the meaning of the terms and abbreviations used on a bank statement

3. identify how credit and debit items are taken into account in determining the balance

4. describe the difference between gross pay and net pay

5. identify two statutory and one non-statutory deductions from pay and describe what each deduction is for

6. produce, from given information, a realistic personal budget for living costs for one week or one month

7. explain why pension planning is important for the individual

8. outline the meaning of annual percentage rate of interest (APR)

9. describe the main advantages and disadvantages of buying on credit

10. outline the difference between a credit card and a debit card

11. describe two personal state benefits or allowances and describe the circumstances in which each is paid.