FNSFLT201 Develop and Use Personal Budget Assessment Answer
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Learning outcomes of FNSFLT201 Develop and Use a Personal Budget Assessment:
After completing the FNSFLT201 Assessment Task 1, students will be able to:
Identify and discuss budgeting as a financial tool after completion of the FNSFLT201 assessment
- To meet expenses at different stages for life students will be able to identify and consider the role of budgeting in the lives of different groups and the importance of budgeting appropriately.
- By completing the FNSFLT201 assessment Importance of settings financial goals can be discussed by the students.
- For successful budgeting, students will be able to identify and discuss obstacles that might be able to prevent the financial goals from being achieved and the types of behaviors and skills that are required.
Prepare to develop a personal budget:
- To assist in estimating expenditure requirements students will be able to record all income and expenses for six months.
- For a relevant period, students will be able to obtain or develop a budget spreadsheet to record income and expenditure.
- For a specified period in personal budget using a budget, spreadsheet students will be able to identify and list all sources of income, regular fixed expenses, and variable expenses.
Develop a personal budget:
- To determine surplus or deficit budget for specified period students will be able to subtract total expenses recorded from total income.
- After completing the cert II finance course students will be able to explore reasons for deficit budget.
Implement and monitor the personal budget:
- According to the plan for some time, students will be able to follow the budget plan.
- Actual expenses and income can be recorded by the students for the period during which the budget is implemented.
- Students will be able to compare budgeted expenses and income with the actual amount. If required they can modify the budget where necessary.
- For managing personal budget students will be able to discuss handy hints.
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Mentioned below are some of the tasks and questions that a student has to solve in the FNSFLT201 Summative Assessment:
- What are the purpose, key principles, and benefits of budgeting? Explain
- What is the importance of setting financial goals?
- Towards achieving financial goals what are the obstacles you have to face?
- What are the different stages in life and how financial goals may change according to that?
- What is the difference between variable expenses and fixed expenses?
- In managing a budget and establishing personal wealth what is the role of credit and savings?
- To assist with managing budgets explain the role of financial institutions and their savings products.
- You have to prepare a budget spreadsheet and calculate interest and loan repayments, and surplus or deficit funds.
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