Work money management
Challenge reference: 7176
Active
Notional learning hours
20
Level
Level 1
Subject area
Preparing for Adulthood pathway
Vocational area
Skills
Learning aim
The learner will secure a basic understanding of how to manage their wages or salaries and the key terms involved.
Learning context
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Learning outcomes
(What the learner needs to know, understand or be able to do)
The learner will:
-
1
. Be able to make calculations to complete a payslip.
-
2
. Know the difference between expenditure and income and show an understanding of the importance of having savings.
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Assessment criteria
(What the learner need to demonstrate in order to meet the learning outcome)
The learner can:
- Calculate overtime and basic pay
- Calculate PAYE tax for the period of work
- Calculate both gross and net pay
- Describe what the words income and expenditure mean in relation to a budget
- Identify three possible sources of income and three possible sources of expenditure
- Give three examples of what could be done with any spare money at the end of the week or month
- Give three examples of why having savings could be important to a worker
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Assessment methodology
Assessment methodology
Linked to learning outcome
Labelled product, video or photographic evidence
1
2
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