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Evidence Guide: FNSFLT301 - 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

 

FNSFLT301 - Be MoneySmart

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

Demonstrate knowledge of personal financial matters

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify tax matters relating to personal income

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain impact of consumer and financial behaviour on personal spending

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain how insurance and other risk management strategies protect against financial loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify components of superannuation relevant to individual income earners

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage personal finances

  1. Compare benefits and costs of alternatives in spending decisions
  2. Identify purpose of planning personal finances
  3. Make personal financial choices based on logical decision making
  4. Evaluate 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 benefits and costs of alternatives in spending decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify purpose of planning personal finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make personal financial choices based on logical decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate 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

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate knowledge of personal financial matters

1.1 Determine how career choice, education and skills affect income and goal attainment

1.2 Identify short-term and long-term financial goals

1.3 Identify tax matters relating to personal income

1.4 Explain impact of consumer and financial behaviour on personal spending

1.5 Explain how insurance and other risk management strategies protect against financial loss

1.6 Identify components of superannuation relevant to individual income earners

2. Manage personal finances

2.1 Compare benefits and costs of alternatives in spending decisions

2.2 Identify purpose of planning personal finances

2.3 Make personal financial choices based on logical decision making

2.4 Evaluate consequences of personal financial decisions, including contracts

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

3. Build knowledge of personal financial matters

3.1 Explore and evaluate factors that affect personal credit worthiness

3.2 Seek advice from a specialist or mentor where required

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

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

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate knowledge of personal financial matters

1.1 Determine how career choice, education and skills affect income and goal attainment

1.2 Identify short-term and long-term financial goals

1.3 Identify tax matters relating to personal income

1.4 Explain impact of consumer and financial behaviour on personal spending

1.5 Explain how insurance and other risk management strategies protect against financial loss

1.6 Identify components of superannuation relevant to individual income earners

2. Manage personal finances

2.1 Compare benefits and costs of alternatives in spending decisions

2.2 Identify purpose of planning personal finances

2.3 Make personal financial choices based on logical decision making

2.4 Evaluate consequences of personal financial decisions, including contracts

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

3. Build knowledge of personal financial matters

3.1 Explore and evaluate factors that affect personal credit worthiness

3.2 Seek advice from a specialist or mentor where required

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

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

Evidence of the ability to:

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.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain debt management including:

responsible use of credit

advantages of debit cards

consequences of debt default

attitude towards credit and spending

options for debt repayment

describe employee entitlements under:

Fair Work Act

equal opportunity legislation

Superannuation Act

Income Tax Assessment Act

Taxation Administration Regulations

describe how to find out about pay rates

explain how to establish and maintain a good credit history

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

outline insurance matters:

value of insurance

disclosure obligations

suitable insurance cover for personal income, trade tools, house, car and health

describe personal implications of taxation matters including:

role of the Australian Taxation Office and why tax is paid 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)

explain 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

describe personal financial aspects of:

bank accounts including savings, credit and investment

insurance cover for health, car, phone, warranty, tools, household and income protection

contracts including phones, data, tenancy and finance

explain superannuation matters including:

types of funds – retail versus industry

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

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.