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Personal Finance BOE approved April 1, 2010 Learner Objective: Demonstrate the relationship between setting goals and good money management using decision making skills. A: Financial literacy B: Standard of living C: Values D: Goals E: Wants vs. needs F: Economic way of thinking G: Problem solving process H: Introduction to money management skills • Explain the rationale for financial literacy. • Explain how sound financial decisions can increase a person’s standard of living and wealth. • Identify goals for the future. • Recognize that choices made today will affect goal attainment. • Apply steps in a problem-solving process and economic reasoning. • Apply the economic way of thinking to improve money management skills and affect an individual’s or family’s standard of living. Learner Objective: Identify, compare and analyze the services offered by different types of financial institutions. • Identify and compare deposit, credit and investment services offered by commercial banks, savings and loans, credit unions and brokerage firms. • Compare checking accounts from different institutions. • Prepare the following forms related to opening and maintaining a checking account: application form, deposit ticket, check, check register, reading and reconciling a monthly statement. • Differentiate among various types of electronic banking services and smart cards. • Identify internet banking options for managing accounts. • Explain the roles and responsibilities of the Federal Reserve System. Learner Objective: Explain the importance of saving and investing to an overall financial plan. • Identify the opportunity cost of spending and saving. • Recognize financial investments as options for savings. • Explain the advantages of compounding. • Predict how much savings will be needed to achieve goals. • Describe five types of financial investment risk. • Describe the relationship between financial investment risk and return. • Distinguish between real and nominal rate of return. • Summarize how inflation affects spending and saving decisions. FHSD Academics SAL 1 Personal Finance BOE approved April 1,2010 • Compare the characteristics of several financial investments, including savings accounts, stocks, bonds, mutual funds and real estate. • Explain how interest rates are determined. • Compare the features of savings accounts among financial institutions. • Identify the trade-offs related to various financial investment options. • Distinguish between primary and secondary markets. • Identify the costs and benefits of trading stocks. • Explain the role of brokers. • Examine how investors are protected by agencies that regulate financial markets. Learner Objective: Demonstrate the ability to plan and manage credit. A: Types of credit B: Advantages and disadvantages of using credit C: Consumer protection laws D: Types of loans and associated costs E: Credit reports and credit scores • Differentiate between debit and credit cards and cash. • Analyze the costs and benefits of various methods of payment. • Compare the advantages and disadvantages of using credit. • Explain the opportunity cost of using credit. • Describe the rights and responsibilities of buyers and sellers under consumer protection laws. • Identify types of credit and their common forms. • Compare types of loans from different financial institutions. • Identify the qualities a lender looks for in a loan applicant. • Analyze a credit report and Fair Isaac Corporation (FICO) score. • Explain the factors that determine the cost of credit. • Calculate finance charges using different interest rates. • Analyze the relationship among the finance charges, principle of the loan and the loan repayment period. • Compare credit cards in terms of annual fee, annual percentage rate, grace period and credit limit. • Propose ways to avoid or correct credit problems. Learner Objective: Apply good financial management skills to establish a budget. A: Scarcity and economic decisions B: Goal achievement through financial planning and budgeting C: Financial behaviors and patterns D: Employee benefits E: Understanding your paycheck F: Tax and employment forms G: Economic decision-making • Explain how scarcity affects economic decisions. FHSD Academics SAL 2 Personal Finance BOE approved April 1,2010 • • • • • • • • Prioritize personal and financial goals and construct a plan to achieve those goals. Examine current saving and spending behaviors and patterns. Explain the types of benefits provided by employers. Distinguish between required and optional deductions. Identify and analyze a paycheck/stub and W-2 statement. Complete a W-4 form. Develop a budget. Examine forms needed for beginning employment and tax returns. Learner Objective: Know how and where to gather information that an individual or household could use to evaluate consumer purchases or agreements. • Evaluate consumer purchases/agreements using the Problem, Alternatives, Criteria, Evaluate, Decide (PACED) decision-making model. • Analyze how advertising influences consumer decision making . • Analyze the rights and responsibilities of consumers in the marketplace. • Evaluate the costs and benefits of buying, leasing or renting. • Analyze financing options of consumer purchases. • Evaluate various forms of insurance coverage. Learner Objective: Identify and evaluate the factors in the economy that affect personal financial decisions. A: Human capital B: Skills C: Interest D: Interest inventories E: Values F: Career planning G: Career goal • Define resources and the income payments to resources. • Evaluate resources students possess. • Analyze the relationship between education and potential income using economic reasoning. • Examine personal characteristics to determine interests, skills and knowledge related to career choices. • Establish career goals. • Outline steps required to reach a career goal. FHSD Academics SAL 3 Personal Finance BOE approved April 1,2010