SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Manage personal expenditure

SAQA US ID	UNIT STANDARD TITLE
10712	Manage personal expenditure
ORIGINATOR
SGB Financial Services
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 3	NQF Level 03	3
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-06-12	2005-06-12	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2006-06-12		2009-06-12

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
119915	Manage personal expenditure	Level 3	NQF Level 03	3

PURPOSE OF THE UNIT STANDARD

Learners who achieve this unit standard can make more informed decisions with regard to the management of personal expenditure.

The qualifying learner is capable of:

Reconciling his/her personal bank statement.

Reconciling creditor accounts.

Demonstrating an understanding of the impact of a change in interest rates and make informed decisions in adjusting monthly repayments.

Understanding the impact of inflation on him/herself and how inflation is measured.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at NQF Level 2.

UNIT STANDARD RANGE

The typical scope of this unit standard is:

The full range of debits and credits on bank statements including bank charges, interest on overdraft, cheque payments, debit/stop orders, ATM withdrawals, RD cheque fees, Internet banking transfers, direct deposits, cash and bank deposits and interest received.

Creditor account issues including interest free, costs of becoming club members, voluntary/involuntary insurance, automatic debits and acceptance of special offers, early settlement and late payments.

Creditors include credit cards, shop accounts, cell phones, telephone, electricity and water accounts.

Capital and interest portions of loan repayments include payments on a bond, car, household and personal items.

Potentially fraudulent, automatic, or unnecessary charges on accounts and insurance.

A basket of goods is made up of 5 to 10 items that are purchased by the learner monthly.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Recognise and manage the items on a bank statement and check a bank statement for accuracy.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Types of withdrawals and deposits shown on a bank statement are identified and listed as debits or credits.

ASSESSMENT CRITERION 2

2. The cost of each type of transaction is identified on a bank statement and summarised in a table.

ASSESSMENT CRITERION 3

3. Costs of transactions are investigated and compared for three different banks with a view to reducing bank charges.

ASSESSMENT CRITERION 4

4. The concepts of stop orders and debit orders are explained and compared in a table.

ASSESSMENT CRITERION 5

5. The concept of stale cheques is explained and an indication is given of the period for which a cheque is valid.

ASSESSMENT CRITERION 6

6. The concept of RD (return to drawer) cheques is explained and an indication is given of the cost to both parties when a cheque is RD.

ASSESSMENT CRITERION 7

7. The dates of transactions are explained in terms of their implications for clearance periods and cheques yet to be presented.

ASSESSMENT CRITERION 8

8. An accurate record of deposits and withdrawals made in a month from ATM slips, cheques and other transactions are accurately reconciled to a bank statement, with an explanation for each reflected item.

ASSESSMENT CRITERION 9

9. Internet banking is investigated and a summary is made of the costs, benefits, and risks for this banking option.

ASSESSMENT CRITERION 10

10. The risk associated with not managing and reconciling bank statements promptly is indicated for own situation.

SPECIFIC OUTCOME 2

Reconcile creditor statements and check for accuracy.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The types of debits and credits on creditor's statements are investigated and listed from an authentic statement.

ASSESSMENT CRITERION 2

2. The cost of credit on a typical creditor account is calculated as an annual percentage.

ASSESSMENT CRITERION 3

3. The costs and benefits of insuring creditor's accounts are explained as a means of managing risk.

ASSESSMENT CRITERION 4

4. Options for recourse available to customers in cases of creditor fraud and unauthorised charges is explained and an indication is given how a customer can access help.

ASSESSMENT CRITERION 5

5. The implications of non-payment, overpayment and late payment of creditor accounts are summarised from the point of view of the customer and the creditor.

ASSESSMENT CRITERION 6

6. A creditor's statement is accurately reconciled to records kept of purchases and payments.

ASSESSMENT CRITERION 7

7. The risk involved if creditors' statements are not checked and reconciled promptly is explained using examples.

SPECIFIC OUTCOME 3

Demonstrate an understanding of the impact of a change in interest rates on personal spending.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The capital and interest portions of a typical loan repayment are identified for three examples.

ASSESSMENT CRITERION 2

2. The total amount paid over the life of a home loan is calculated for a typical home loan at various rates of interest over 20 to 25 years.

ASSESSMENT CRITERION 3

3. Typical home loan tables are analysed and the implications of increasing, decreasing or retaining existing repayments when interest rates change are depicted graphically.

ASSESSMENT CRITERION 4

4. The alternatives of maintaining current instalments or making an alternative investment with the amount saved are compared and a decision is made on the best action to be taken when interest rates are decreased for own situation.

ASSESSMENT CRITERION 5

5. The advantages and disadvantages of an access type bond are investigated and a decision is made about the appropriateness of this type of bond in own circumstances.

SPECIFIC OUTCOME 4

Demonstrate an understanding of inflation and its impact on the individual.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The concept of inflation is explained with reference to a basket of goods and own experience.

ASSESSMENT CRITERION 2

2. The purchasing power of R1 ten years ago, is compared to that of today, using personal examples.

ASSESSMENT CRITERION 3

3. The method of calculating the official inflation rate is explained and an opinion is formed as to its relevance to own situation.

ASSESSMENT CRITERION 4

4. Alternative methods of calculating the rate of inflation are considered and a system is devised for calculating ones own personal inflation rate.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

The learner is able to identify, solve problems and make decisions relating to his/her current monthly spending.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself effectively by managing bank and creditor accounts.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information relating to own bank and creditor accounts.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentation when evaluating his/her own bank and creditor statements.

UNIT STANDARD CCFO SCIENCE

The learner is able to use technology such as ATM and Internet banking facilities and calculating the amount payable over the life of a loan, medical aid provision and shortfalls, and use it to develop a contingency savings plan.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to act as a responsible citizen in managing own finances.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 119915, which is "Manage personal expenditure", Level 3, 3 credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Fundamental	49089	National Certificate: Financial Services	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Fundamental	48494	National Certificate: Financial Services Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Fundamental	20177	National Certificate: Insurance	Level 3	NQF Level 03	Passed the End Date - Status was "Registered"	2004-10-10	Was INSETA until Last Date for Achievement
Fundamental	48663	National Certificate: Mail Handling	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	SERVICES
Fundamental	49449	National Certificate: Plastics Manufacturing	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	MERSETA
Fundamental	20774	National Certificate: Insurance: Long Term: Risk Assessment	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	Was INSETA until Last Date for Achievement
Elective	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	49451	Further Education and Training Certificate: Plastics Manufacturing	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	MERSETA
Elective	48640	National Certificate: Financial Services Management	Level 4	Level TBA: Pre-2009 was L4	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	24396	National Certificate: Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2006-10-08	Was INSETA until Last Date for Achievement
Elective	21796	National Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2005-06-12	Was INSETA until Last Date for Achievement

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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