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Evidence Guide: FNSFLT301A - Be MoneySmart

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT301A - Be MoneySmart

What evidence can you provide to prove your understanding of each of the following citeria?

Demonstrate an understanding of personal financial matters

  1. Determine how career choice, education and skills affect income and goal attainment
  2. Identify short and long-term financial goals
  3. Identify tax matters relating to personal income
  4. Evaluate impact of consumer and financial behaviour on personal spending
  5. Evaluate how insurance and other risk-management strategies protect against financial loss
  6. Identify the components of superannuation relevant to individual income earners
Determine how career choice, education and skills affect income and goal attainment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify short and long-term financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify tax matters relating to personal income

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate impact of consumer and financial behaviour on personal spending

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate how insurance and other risk-management strategies protect against financial loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the components of superannuation relevant to individual income earners

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage personal finances

  1. Compare the benefits and costs of alternatives in spending decisions
  2. Identify the purpose of planning personal finances
  3. Make personal financial choices based on logical decision making
  4. Evaluate the consequences of personal financial decisions, including contracts
  5. Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt
Compare the benefits and costs of alternatives in spending decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the purpose of planning personal finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make personal financial choices based on logical decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the consequences of personal financial decisions, including contracts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Build knowledge of personal financial matters

  1. Explore and evaluate factors that affect personal credit worthiness
  2. Seek advice from a specialist or mentor where required
  3. Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals
  4. Identify reliable sources of ongoing information relevant to personal career and financial goals
Explore and evaluate factors that affect personal credit worthiness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice from a specialist or mentor where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify reliable sources of ongoing information relevant to personal career and financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

demonstrate knowledge of personal financial matters

set personal financial goals and access opportunities for mentoring or advice on them

access information to build on and maintain knowledge of factors affecting personal finances.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the range statement

access to current information about personal financial matters.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit

verbal or written questioning on underpinning knowledge and skills

setting and reviewing simulations or scenarios.

Guidance information for assessment

Required Skills and Knowledge

Required skills

numeracy and IT skills to:

calculate interest and loan repayments and surplus or deficit funds

use a calculator, budget and loan calculator tools

use internet information

implement safe e-security practices for online banking and transactions

self-management skills to:

manage cash flow to pay bills on time

develop and use a budget to control income and expenses

create a savings and spending plan to achieve financial goals

learning skills to maintain knowledge of budgeting and saving techniques

Required knowledge

debt management:

responsible use of credit

advantages of debit cards

consequences of debt default

attitude towards credit and spending

options for debt repayment:

VET Fee-Help

personal loans and payment plans

employee entitlements under:

Fair Work Act

equal opportunity legislation

Superannuation Act

Income Tax Assessment Act

Taxation Administration Regulations

how to establish and maintain a good credit history

importance of saving money as a concept to assist and improve life situation

insurance matters:

value of insurance

disclosure obligations

suitable insurance covers:

personal income

trade tools, including mobile phone

house

car

health

personal implications of taxation matters:

role of the Australian Taxation Office and why we pay tax on income

personal tax liabilities and allowable deductions

tax rates

lodgement dates

awareness of goods and services tax (GST), pay as you go tax (PAYG), Australian business number (ABN), tax file number (TFN) and business activity statements (BAS)

principles of budgeting, cash flow and saving, including:

role of credit and savings in establishing personal wealth

understanding of financial institutions and their savings, investment and credit products

personal financial aspects of:

bank accounts:

savings

credit

investment

insurance:

health

car

phone

warranty

tools

household

income protection

superannuation:

types of funds – retail versus industry

fund options – death or total and permanent disability (TPD) insurance

contracts:

phones

data

tenancy

finance

superannuation matters:

planning for the future

power of compound interest

superannuation guarantee

co-contributions

personal contributions

fees and charges

value of consolidating super funds

locating lost super

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Tax matters to consider include:

pay rates

entitlements under Fair Work legislation

health fund membership and Medicare levy

tax return lodgement:

allowances

deductions

low income tax offset

taxation assistance.