NZQA registered unit standard 7127 version 6 Page 1 of 3 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 Page 2 of 3 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 Planned review date 31 December 2018 Status information and last date for assessment for superseded versions Process Version Date Last Date for Assessment Registration 1 22 May 1996 December 2013 Revision 2 27 March 1998 December 2013 Review 3 26 September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