Skills for Work: Business Finance
Business Finance is an Open Awards Skills for Work unit in which learners learn how businesses raise money, cover costs and set prices, and plan, run and review a fundraising or small business activity. Each level, from Entry 1 to Level 2, is a separate 20 hour, 2 credit unit, assessed through school-designed tasks collected in a portfolio and judged Pass or Fail. Digital demand is low: Digital competence is listed as a cross-curricular skill and the guidance mentions digital templates, online sales and crowdfunding, but no criterion requires digital work, so spreadsheets, online research and digital promotion depend on the school's choices.
- Awarding body
- Open Awards
- Level
- Entry Level 1 to Level 2
- Guided learning hours
- 20
- First taught
- September 2027
- Amount of digital work
- Low
- Specification
- Open the specification
How this unit is assessed
- Entry Level 1 (CBM196) and Entry Level 2 (CBM197): Three outcomes at each level: know what a business is, take part in a fundraising activity, and identify what went well and what could be improved. Entry 1 learners give an example of a local business and a national organisation, state one way a business raises money, take part in a supported fundraising activity and show one action, such as collecting money or helping record simple totals. Entry 2 learners identify a range of businesses, an aim, one source of money and one cost, contribute to planning and running the activity, and identify its outcome and one improvement. Provider-designed tasks collected in a portfolio. 20 guided learning hours and 2 credits at each level, Pass or Fail.
- Entry Level 3 (CBM198) and Level 1 (CBM199): Entry 3 learners give features of a business, explain why customers matter and ways businesses make money with one advantage and disadvantage, produce a simple plan, take part and measure success by counting money, customers or items sold, and reflect. Level 1 learners define income, cost, price, profit, loss and budget, identify three common costs and two income sources, describe how to set a price and the risk and benefit of two financial decisions, plan a small business activity with a simple budget, carry it out keeping a record of money received and spent, calculate profit or loss and describe an improvement. Provider-designed tasks collected in a portfolio. 20 guided learning hours and 2 credits at each level, Pass or Fail.
- Level 2 (CBM200): Eleven criteria across three outcomes: explain three ways of raising money with an advantage and disadvantage of each and compare two for a scenario with a recommendation, explain how financial decisions affect business performance and why pricing matters, produce a business plan with estimated costs, projected profit and a cash-in and cash-out plan, justify the funding and pricing approach, carry out the activity and accurately record money in and out, individually evaluate success using evidence such as actual against planned income, and produce an action plan with tangible improvements. Provider-designed tasks collected in a portfolio. 20 guided learning hours, 2 credits, Pass or Fail.
Skills that use Evaluating and improving digital content
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Promoting a fundraising activity
Entry 1 learners may give out leaflets, Entry 3 reflections can cover advertising, Level 1 improvements may include clearer advertising, and Level 2 action plans may include improving promotion. Promotion appears only as an example, and no digital format is named.
DCF: Creating digital content, Evaluating and improving digital content
Getting pupils ready
- Year 7
- Pupils design a digital leaflet for a cake sale with the date, price list and a clear image.
- Year 8
- Pupils make a poster and a short slide for the school screens advertising a stall, adapting each to its audience.
- Year 9
- Pupils create promotion for an enterprise event, gather feedback on it, and make improvements based on what customers said.
Show the specification wording and the DCF statements
Where it is in the specification: Entry 1, criterion 2.2, page 13; Entry 3, criteria 3.1 and 3.2, page 20; Level 1, criterion 3.4, page 24; Level 2, criterion 3.5, page 29
“Improve promotion by xx”
Progression step 3
I can use a range of software to select, produce and edit a range of multimedia components for a purpose, such as:
- text and images, e.g. format text (bold, underline, italics, highlight); insert and edit text boxes; columns; use refine tools (spellchecker, find and replace); word wrap; crop; alter size and shape; alter images; add effects; trim and split sound and video clips; transitions; onion skin
- presentation, e.g. page orientation; animations; transitions; remove and alter images; use background; use action buttons to create hyperlink; embed objects.
I can use software tools to enhance the outcomes for specific audiences.
Progression step 4
I can select and use a variety of appropriate software, tools and techniques to create, modify and combine multimedia components for a range of audiences and purposes, such as:
- text and images, e.g. explore and use effectively image manipulation techniques; explore and use appropriately the many aspects of document layout; use animation, video and audio effects such as echo, tempo, envelope, layering, frame rate, key frames
- presentation, e.g. use design tools; adapt themes and colours to suit the purpose; create master templates.
I can suggest and make improvements that are relevant for audience and purpose, based on feedback and self-evaluation of my digital work.
Good to know
- Each level is a separate unit with its own code, worth 2 credits and 20 guided learning hours: CBM196 (Entry 1), CBM197 (Entry 2), CBM198 (Entry 3), CBM199 (Level 1) and CBM200 (Level 2); every unit page states "Guided Learning Hours: 20" (Unit Content, pages 12 to 26).
- Only one level counts in a qualification: "with the exception of British Sign Language (BSL), units with the same title at different levels are barred for completion within the same qualification" (Level 1 Qualification Guide, Qualification Units, page 17).
- Tasks are set by the school: the unit is "assessed through assessment tasks and activities designed by the provider", tasks need pre-course verification, and "All assessment criteria must be met in full for the learner to be awarded a 'pass'" (Assessment Approach, page 8).
- Fundraising can be done in groups: "learners may work in small groups but only their individual contributions can be assessed", and individual work is flagged in the guidance (Assessment Approach, page 8). At Level 2 learners "must individually evaluate" the activity (page 29).
- Evidence goes in a portfolio of evidence, on paper or digital, and "Wherever possible, e-portfolios are encouraged" (Assessment Approach, page 8).
- Resources must include "access to digital devices (e.g., computers or tablets) for research and completing financial tasks", calculators, budgeting templates, and "access to online tools or simulated banking environments where appropriate" (Physical Resources, page 7).
- The unit specification has no rule on AI tools; the qualification guide only requires that evidence must "Be the learner's own work" (Level 1 Qualification Guide, Assessment Conditions, page 30).
- Document slips: Entry 2 lists "Requipment" (page 16) and "Identify on way" (page 15); Level 1 says "competed project" (page 24); Level 2 says "recoding money" (page 29) and its action plan examples keep placeholder text such as "Adjust pricing to xx" (page 29); and in the progression table the Entry 3 cell for costs, income and pricing repeats funding content, "Begin to understand pros/cons" of raising money (page 4).
Links with other qualifications
Business Finance links with GCSE Business, which covers sources of finance, costs, revenue, profit, pricing and cash flow, and with GCSE Digital Technology where records and forecasts are kept in spreadsheets. Within the WJEC Skills Suite, Enterprise and Running a business share planning and running an activity. Within the Open Awards Skills Suite, Financial Literacy builds the same budgeting skills for personal money, and Community Participation shares planning a community or fundraising project. Compared with the Agored Cymru Business finance unit, which assesses a profit and loss account and cash flow forecast built in a spreadsheet at Level 1 and Level 2, the Open Awards unit leaves the recording format open, naming "digital templates" only as one choice, so it has less required digital work.
Source: Open Awards Skills for Work Unit Specification, Business Finance, Entry Level 1 to Level 2.