NZQA registered unit standard
7127 version 6
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Title
Exercise informed choice in deciding on a major goods or service
purchase
Level
2
Credits
2
Purpose
People credited with this unit standard are able to: identify a
major item or service for purchase; describe payment options
for the purchase; and make the decision regarding purchase.
Classification
Core Generic > Self-Management
Available grade
Achieved
Explanatory notes
1
This unit standard relates to a major purchase. It excludes the purchase of a house.
A major purchase must be relevant to the candidate.
2
Payment options for the purchase must be relevant to the candidate.
3
Unit 12356, Demonstrate knowledge of consumer problems and ways to resolve
them is relevant to and/or supports this unit standard.
4
The following legislation and subsequent amendments provide reference, where
needed, for this unit standard:
Consumer Guarantees Act 1993
Fair Trading Act 1986
Credit Contracts and Consumer Finance Act 2003
Motor Vehicle Sales Act 2003.
Outcomes and evidence requirements
Outcome 1
Identify a major item or service for purchase.
Evidence requirements
1.1
Features needed and desired in a major item or service under consideration for
purchase are identified.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
1.2
Influences on the purchase decision are identified in relation to the item or
service under consideration.
may include but are not limited to – value for money, affordability,
anticipated after-sales service (including any manufacturer’s
warranty).
Range
1.3
7127 version 6
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Based on a comparison of same and/or similar items or services under
consideration, a preferred item or service is identified.
Outcome 2
Demonstrate understanding of payment options for the purchase.
Evidence requirements
2.1
Three payment methods for the purchase under consideration are described.
Outcome 3
Make the decision regarding purchase.
Evidence requirements
3.1
The decision made is justified in terms of own needs and desires, value for
money, and best method of financing and/or payment.
Planned review date
31 December 2018
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
22 May 1996
December 2013
Revision
2
27 March 1998
December 2013
Review
3
26 September 2001
December 2013
Review
4
16 July 2010
December 2013
Revision
5
15 March 2012
N/A
Rollover and
Revision
6
18 June 2015
N/A
Consent and Moderation Requirements (CMR) reference
0023
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
7127 version 6
Page 3 of 3
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
Comments on this unit standard
Please contact NZQA National Qualifications Services nqs@nzqa.govt.nz if you wish to
suggest changes to the content of this unit standard.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016