Learners who achieve this unit standard can understand how tax legislation affects them directly through employment and earnings and indirectly through spending. The qualifying learner is capable of: Explaining why we pay taxes. Explaining the individual's tax liabilities and duties with regard to income tax. Completing a personal tax return. Describing the indirect forms of taxation in South Africa. Describing an individual's responsibility to pay taxes and keep records.
Learners who achieve this unit standard are able to interpret an income and expenditure statement and use information in the statement to make a financial decision. The qualifying learner is capable of: Analysing the basic elements of an income and expenditure statement. Analysing the basic elements of a balance sheet. Compiling a personal assets and liabilities statement. Using the evidence in financial statements to make a financial decision.
Learners who achieve this unit standard understand the financial risk that can impact on their own lives and make decisions to reduce the effect of that risk. The qualifying learner is capable of: Describing factors that contribute to financial risk in own life. Explaining the individual's liabilities and duties with regard to service contracts and the use of utilities. Investigating short term insurance as a means of reducing financial risk in own life. Investigating ways to reduce risk associated with accidents and medical conditions. Explaining the financial consequences of contravening the law.
Competence at this level enables learners to use analytical skills to make informed judgements about complex human and social issues. The qualifying learner is capable of: Analyse and criticise texts produced for a range of purposes, audiences and contexts. Identify and explain the values, attitudes and assumptions in texts. Evaluate the effects of content, language and style on readers’ responses in specific texts.
This unit standard is intended for learners in any industry where there is a responsibility to verify the source of funds under the Act. The qualifying learner is capable of: Explaining the purpose of the Act. Explaining the requirements of the Act in terms of knowing the client. Explaining the record keeping function prescribed in the Act. Explaining how to report suspicious transactions. Understanding the consequences of non-compliance.
This unit standard is intended for learners who work in long term insurance. The qualifying learner is capable of: Comparing the fundamentals of long and short term legislation in South Africa. Explaining the terminology and underlying concepts used in the Long Term Insurance Act. Describing the underlying requirements of the Long Term Insurance Act. Applying the Long Term Insurance Act to a client's rights and obligations under a contract.
Understand how tax legislation affects you. This unit covers income tax basics, personal tax responsibilities, and how to complete a tax return.
Gain essential skills to read and analyse income and expenditure statements, balance sheets, and make sound financial decisions.
Learn to identify risks that impact your financial well-being and explore practical strategies to reduce or manage those risks.
Develop the literacy skills to understand and engage with different types of written content, improving comprehension and critical thinking.
Understand the purpose and implications of FICA in financial services, and how to ensure compliance when dealing with clients.
Explore the legal and regulatory framework governing long-term insurance and how it affects operations and client engagement in the sector.
This foundational unit equips learners with the language and comprehension skills needed to succeed in a financial literacy environment. Proficiency in English supports accurate interpretation of financial documents, understanding of tax obligations, and effective communication in banking, insurance, and client-facing roles.