Assessment Requirements for FNSFLT201 Develop and use a personal budget

Release: 1

Assessment Requirements for FNSFLT201 Develop and use a personal budget

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

prepare a budget spreadsheet

calculate interest and loan repayments, and surplus or deficit funds

prepare, implement and monitor a personal budget.

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

Knowledge Evidence

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

explain the purpose, key principles and benefits of budgeting

explain the importance of setting financial goals

list obstacles to achieving financial goals

describe different stages in life and how financial goals may change

describe the behaviours and skills needed to adhere to a budget

explain the difference between fixed and variable expenses

describe the role of credit and savings in managing a budget and establishing personal wealth

describe the role of financial institutions and their savings products to assist with managing a budget.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

information about the budgeting process, personal financial records and other relevant resources.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe