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OAKLAND COUNTY TREASURER 1200 N. T E L E G R A P H R D ., D E P T . 479 P O N TI A C , MI 48341-0479 ANDY MEISNER COUNTY TREASURER JAMES VANLEUVEN CHIEF DEPUTY TREASURER 2012 Oakland County Treasurer Andy Meisner Annual Financial Literacy Multimedia Art Contest Lesson Plan Information _______________________________________________________________________ The Michigan Department of Education has specified course content for financial literacy. It is listed under E4 Personal Finance, 4.1 Decision Making in the Social Studies Curriculum. The benchmarks are as follows: 4.1 Decision Making Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices. 4.1.1 Scarcity and Opportunity Costs- Apply concepts of scarcity and opportunity costs to personal and financial decision making. 4.1.2 Marginal Benefit and Cost- Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of an activity on choices and decisions. 4.1.3 Personal Financial Strategy- Develop a personal financial strategy for earning, spending, saving and investing resources. 4.1.4 Key Components of Personal Finance- Evaluate key components of personal finance including, money management, saving and investment, spending and credit, income, mortgages, retirement, investing (e.g. 401K, IRAs), and insurance. 4.1.5 Personal Decisions- Use a decision- making model (e.g., stating a problem, listing alternatives, establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the different aspects of personal finance including careers, savings, and investing tools, and different forms of income generation. 4.1.6 Risk Management- Develop a risk management plan that uses a combination of avoidance, reduction, retention, and transfer (insurance). O F F I C E (248) 858-0623 F A X (248) 858- 1810 The National Standards in K-12 Personal Finance Education, created by the Jump$tart Coalition for Personal Financial Literacy, has laid out competency areas with standards for grades 4, 8 and 12 directly related to financial literacy. The competency areas include financial responsibility and decision making, income and careers, planning and money management, credit and debt, risk management and insurance and saving and investing. Below are examples of how you can apply the standard at each grade level: Financial Responsibility and Decision Making Standard 1- Take responsibility for personal financial decisions 4th Grade student can: List examples of financial decisions and their possible consequences. 8th Grade student can: Identify ways to be a financially responsible young adult. Identity ways to be a financially responsible youth. Give examples of the benefits of financial responsibility and the costs of financial irresponsibility. 12th Grade student can: Explain how individuals demonstrate responsibility for financial well-being over a lifetime. Analyze how financial responsibility is different for individuals with and without dependents. Give a scenario, discuss ethical considerations of various personal finance decisions. Standard 4- Make financial decisions by systematically considering alternatives and consequences. 4th Grade student can: 8th Grade student can: 12th Grade student can: Explain how limited personal Set measurable short- and Set measurable short, financial resources affect the medium-term financial goals. medium-, and long-term choices people make. financial goals. Prioritize personal financial Rank personal wants/needs in goals. Use a financial or online order of importance. calculator to determine the Evaluate the results of a cost of achieving a long-term Set measurable short-term financial decision. goal. financial goals. Use a financial or online Apply systematic decision Outline the steps in calculator to determine the making to a long-term goal. systematically evaluating cost of achieving a mediumalternatives and making a term goal. Analyze how inflation affects decision. financial decisions. Apply systematic decision Apply systematic decision making to a medium-term Analyze how taxes affect making to a short-term goal. goal. financial decisions. Give examples of how decisions made today can affect future opportunities. O F F I C E (248) 858-0623 F A X (248) 858- 1810 Planning and Money Management Standard 1- Develop a plan for spending and saving 4th Grade student can: Give examples of household expense categories and sources of income. Describe how to allocate a weekly allowance among the financial goals of spending, saving, and sharing. 8th Grade student can: Prepare a personal spending diary. Calculate the sales tax for a given purchase. Discuss the components of a personal budget, including income, planned saving, taxes, and fixed variable expenses. Given a household case study, calculate percentages for major expense categories. 12th Grade student can: Explain how to use a budget to manage spending and achieve financial goals. Identify changes in personal spending behavior that contribute to wealth-building. Given a scenario, design a personal budget for a young person living alone. Analyze how changes in circumstances can affect a personal budget. Standard 6- Develop a personal financial plan 4th Grade student can: Give examples of household assets. 8th Grade student can: Explain the difference, with examples, between assets and liabilities. Given a simplified case study, construct a net worth statement. 12th Grade student can: Discuss the factors that affect net worth. Explain the difference, with examples, between cash inflows (including income) and outflows (including expense). Explain the difference between a cash flow statement and a budget. Given a simplified case study, construct a cash flow statement. Develop, monitor, and modify a personal financial plan, including goals, net worth statement, cash flow statement, insurance plan, investing plan, and a budget. O F F I C E (248) 858-0623 F A X (248) 858- 1810 FDIC Money Smart Pod Castshttp://www.fdic.gov/consumers/consumer/moneysmart/audio/index.html o Click on ‘enter portable version online’ o Click on ‘listen now’ o Can listen to pod casts on areas such as: Checking/savings Budget/savings Credit O F F I C E (248) 858-0623 F A X (248) 858- 1810