User:Tefelo/OER

Personal/Family Budgeting

Outcomes

By the end of this unit, students should be able to:

1. Identify different types of resources 2. Student should be able to explain the concept of scacity of resources. 3. Differentiate between needs and wants

1. Define essential terminology in budgeting.

2. Identify various components of the personal/family budget.

3. Explain the importance of preparing a budget.

4. Prepare a personal/family budget.

5. Calculate a balance budget, surplus budget and a deficit budget.

6. Explain and demonstrate the important of keeping financial documents.

Contents

Essential terminologies

Lesson 1: Terminologies

Coverage:Resources, Personal budget, family budget, income, expenditure, fixed expenses, variable expenses, surplus, saving, deficit and balance.

Components of the personal/family budget

Lesson 1: Income

Lesson 2: Expenditure (Fixed Expenses & Variable Expenses)

Lesson 3: Budget Outcomes

Importance of having a budget

Lesson 1: Advantages of having a budget

Preparation of the personal/family budget

Lesson 1: Practical work

Calculations of budget outcomes

Lesson 1: Practical work

Financial documents

Lesson 1: Source documents

Coverage: Cash register tapes, receipts, Cheque butts, payment vouchers and bank statement.

Starting a small business

Outcomes

By the end of this unit, students should be able to:

1.