South Carolina Financial Literacy Standards: Helpful Resources

South Carolina Personal Finance Standards Alignment

To support South Carolina educators, we have aligned our learning materials to the official Personal Finance course standards published by the South Carolina Department of Education in December 2022. These are the standards for Personal Finance, course 5141, the half-credit course that fulfills the state’s personal finance graduation requirement.

Explore the table below to see exactly how our lessons, Budget Game, and Stock Game reinforce the standards your students need to master. Our Learning Library contains over 300 total lessons that can be customized for every class, so this may not include every lesson that may apply for each standard.

Legend:

Long-Term Game
Comprehensive Chapter
Short Lesson
Interactive Calculator
Includes Automatically-Graded Assessment

Standard	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
A. Managing Personal Finances
The student will analyze how human behaviors impact financial decisions.
A.1. Explain the importance of taking responsibility for personal financial decisions.	Budget Game – Core Component Lesson – Achieve Financial Goals with a Spending Plan Lesson – Break Free From Money Stress with a Budget Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth Lesson – Financial Resilience and Life Transitions
A.2. Apply decision-making skills to make personal financial choices (for example, needs and wants, cost-benefit analysis, and SMART goals).	Lesson – What is Opportunity Cost? Lesson – Achieve Financial Goals with a Spending Plan Lesson – Break Free From Money Stress with a Budget Lesson – Evaluating Big-Ticket Purchases
A.3. Apply strategies for making informed purchasing decisions.	Lesson – How Do You Stop Impulse Purchases? Lesson – Evaluating Big-Ticket Purchases Lesson – Analyzing Consumer Behavior Lesson – Proven Techniques to Stop Overspending
A.4. Describe the importance of budgeting.	Budget Game – Core Component Lesson – Break Free From Money Stress with a Budget Lesson – Achieve Financial Goals with a Spending Plan Lesson – Proven Techniques to Stop Overspending Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth
A.5. Analyze how social media marketing is designed to encourage spending.	Lesson – Analyzing Consumer Behavior Lesson – Foundations of Marketing Lesson – Ethics In Marketing Lesson – Why You Buy What You Buy Lesson – Achieve Financial Goals with a Spending Plan
A.6. Investigate methods to safeguard financial information against technology-based attacks (for example, privacy infringement, identity theft, and fraud).	Lesson – How to Avoid Identity Theft, Scams and Fraud Lesson – Protect Yourself as a Consumer Lesson – Tame Your Financial Paperwork
B. Understanding Insurance and Risk	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Students will demonstrate knowledge of insurance and the basics of risk management.
B.1. Define the principles of insurance and fundamental insurance terminology (for example, claim, beneficiary, deductible, policy, premium, and insured).	Lesson – Types of Insurance Lesson – Life Insurance: The Ultimate Safety Net Lesson – Car Insurance: How to Lower Your Rates Lesson – Why Health Insurance is So Expensive
B.2. Describe risk management methods: risk avoidance, reduction, assumption, and transfer.	Lesson – Knowing Your Risks and Risk Tolerance Lesson – Types of Insurance Lesson – Car Insurance: How to Lower Your Rates Lesson – Life Insurance: The Ultimate Safety Net
B.3. Explain personal auto policy terms and features (for example, liability, deductible, comprehensive, collision, underinsured, and uninsured).	Lesson – Car Insurance: How to Lower Your Rates Activity – Auto Insurance Quote Builder
B.4. Analyze how risk and other factors affect insurance premiums (for example, driving record, driver age, type of vehicle, and coverage limits).	Lesson – Car Insurance: How to Lower Your Rates Activity – Auto Insurance Quote Builder Lesson – Why Health Insurance is So Expensive Activity – Cost of Healthcare Calculator
B.5. Identify the purpose and features of health insurance (for example, copay, covered and non-covered expenses, deductible, medical expenses, out-of-pocket costs, and pre-existing condition).	Lesson – Why Health Insurance is So Expensive Activity – Cost of Healthcare Calculator Lesson – What Benefits to Look for in a Job Offer
B.6. Compare different types of life insurance products (for example, term, whole life, and variable life).	Lesson – Life Insurance: The Ultimate Safety Net
B.7. Investigate the features and benefits of other insurance products, including renters, long-term disability, and liability.	Lesson – What’s Not Covered in Renter’s Insurance? Lesson – What Damage Does Home Insurance Cover? Lesson – Don’t Let Disability Derail Your Finances Activity – Income Protection Insurance Calculator Activity – Property Insurance Quote Builder
C. Utilizing Banking Services	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
The students will demonstrate knowledge of banking services and procedures.
C.1. Evaluate the services offered at various financial institutions.	Lesson – Choosing the Best Banking Option for You Lesson – Finding the Right Brokerage Account Lesson – Why You Should Care About the Fed
C.2. Explain methods used for opening and managing checking and savings accounts.	Lesson – Choosing the Best Banking Option for You Lesson – Balance Your Books in 10-Minutes Lesson – How Debit Cards Work
C.3. Identify the components of a bank statement.	Lesson – Balance Your Books in 10-Minutes Lesson – Tame Your Financial Paperwork
C.4. Reconcile a checking account.	Lesson – Balance Your Books in 10-Minutes Lesson – Tame Your Financial Paperwork
C.5. Describe different fees and incentives that may be associated with online, mobile, and traditional banking.	Lesson – Choosing the Best Banking Option for You Lesson – How Debit Cards Work Lesson – Automatic Payments: Convenience vs. Risk Lesson – Demystifying the Impact of Interest Rates
C.6. Explain how Internet access and technology have impacted banking services.	Lesson – Choosing the Best Banking Option for You Lesson – How Debit Cards Work Lesson – Automatic Payments: Convenience vs. Risk Lesson – What is Money?
C.7. Differentiate among types and regulations of electronic monetary transactions (for example, e-checks and EFT).	Lesson – How Debit Cards Work Lesson – Automatic Payments: Convenience vs. Risk Lesson – What is Money?
C.8. Compare modern payment services between parties (for example, peer-to-peer and digital wallet).	Lesson – How Debit Cards Work Lesson – Credit Cards: Terms, Fees, and More Lesson – What is Money? Lesson – Automatic Payments: Convenience vs. Risk
D. Managing Credit	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Students will demonstrate an understanding of the various types of debt and methods of managing personal credit.
D.1. Identify types and sources of credit and debt (for example, credit card, auto loans and leases, mortgages, and student loans).	Lesson – A Beginner’s Guide to Borrowing Wisely Lesson – Credit Cards: Terms, Fees, and More Lesson – Mortgage Options for First-Time Homebuyers Lesson – Financing Your Education Lesson – What to Do When You Need Money Fast Lesson – The Car Buying Checklist
D.2. Evaluate the costs and benefits of using credit, including interest rates, terms, fees, and their effect on credit scores.	Lesson – Credit Cards: Terms, Fees, and More Lesson – How to Use Debt to Your Advantage Activity – Calculate the True Cost of Credit Card Debt Lesson – Demystifying the Impact of Interest Rates Lesson – What Your Credit Report Says About You
D.3. Explain how the components of a credit score and a credit profile are determined.	Budget Game – Core Component Lesson – What Your Credit Report Says About You
D.4. Explain consumers’ rights and responsibilities and the process for disputing billing errors using various consumer protection laws (for example, the Fair Credit Reporting Act, bankruptcy, and the Equal Credit Opportunity Act).	Lesson – Protect Yourself as a Consumer Lesson – Credit Cards: Terms, Fees, and More Lesson – What Your Credit Report Says About You Lesson – What Is Bankruptcy?
D.5. Identify high-risk strategies for repayment and ways to avoid financial pitfalls (for example, payday loans, overextended credit, and bankruptcy).	Lesson – What to Do When You Need Money Fast Lesson – How to Use Debt to Your Advantage Lesson – What Is Bankruptcy? Lesson – Getting Help With Debt Repayment Lesson – Getting Out of Debt: Debt Snowball and Debt Avalanche
D.6. Complete a loan application and evaluate an amortization schedule.	Lesson – Mortgage Math and Ratios Lesson – Mortgage Options for First-Time Homebuyers Activity – Calculate Your Car Loan Payments Activity – Find Out Your Monthly Home Budget Lesson – The Car Buying Checklist
D.7. Calculate payment schedules for a loan using spreadsheets, calculators, and online tools.	Activity – Calculate Your Car Loan Payments Activity – Calculate the True Cost of Credit Card Debt Activity – Find Out Your Monthly Home Budget Activity – Student Loan Repayment Calculator Lesson – Mortgage Math and Ratios
E. Financing Education and Training	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Students will demonstrate knowledge of how to financially prepare for postsecondary education and training.
E.1. Compare the various costs associated with postsecondary education or training.	Lesson – Go to College or Start Working? Lesson – Financing Your Education Activity – Student Loan Repayment Calculator
E.2. Identify sources of financial aid.	Lesson – Financing Your Education Lesson – Go to College or Start Working?
E.3. Explain how to apply for financial aid for postsecondary education and training.	Lesson – Financing Your Education
E.4. Compare the impact of various education funding options (for example, scholarships, grants, loans, and work-study) on net cost.	Lesson – Financing Your Education Lesson – Go to College or Start Working? Activity – Student Loan Repayment Calculator
E.5. Analyze the FAFSA process and its impact on student financial aid.	Lesson – Financing Your Education
E.6. Evaluate the characteristics of different types of student loans and their various repayment options.	Lesson – Financing Your Education Activity – Student Loan Repayment Calculator Lesson – How to Use Debt to Your Advantage
E.7. Describe investment options to pay for postsecondary education costs (for example, a 529 plan and a Coverdell account).	Lesson – Financing Your Education Lesson – How to Develop an Investing Strategy Lesson – The Magic of Compound Interest
F. Understanding Taxes	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Students will examine the impact of taxes on personal finances.
F.1. Define basic tax terminology (for example, taxable income, tax credits, exemptions, deductions, itemized deductions, inheritance and estate, and withholdings).	Lesson – Tax Basics You Need to Know Lesson – Tax Credits & Deductions You Need to Know Lesson – Uncovering Hidden Income Taxes You Owe
F.2. Explain the purposes and types of taxes at various levels of government in the United States.	Lesson – Tax Basics You Need to Know Lesson – Sales Tax: Who Pays, Collects, and Why? Lesson – What Does Fiscal Policy Mean?
F.3. Compute local taxes on products and services.	Lesson – Sales Tax: Who Pays, Collects, and Why?
F.4. Analyze tax forms and their purpose, including W-2, 1099, W-4, and I-9 forms.	Lesson – Income Tax Filing Tips and Tricks Activity – Get Practice Filing a Sample 1040 Tax Return Lesson – Payroll Best Practices
F.5. Evaluate how taxes, government transfer payments, and employee benefits relate to disposable income.	Lesson – Tax Basics You Need to Know Lesson – Payroll Best Practices Activity – Paycheck Variation Simulator Lesson – What’s in Your Compensation Package? Lesson – What Benefits to Look for in a Job Offer Lesson – Public Financial Assistance Programs
F.6. Compute gross earnings, payroll deductions, and net pay.	Budget Game – Core Component Activity – Paycheck Variation Simulator Lesson – Payroll Best Practices
F.7. Demonstrate how to fill out and file a federal and/or state individual income tax return.	Lesson – Income Tax Filing Tips and Tricks Activity – Get Practice Filing a Sample 1040 Tax Return Lesson – Do You Need a Tax Professional? Lesson – Tax Credits & Deductions You Need to Know
G. Building Financial Security	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Students will develop skills to build financial security.
G.1. Define basic investment concepts (for example, stocks, bonds, mutual funds, the Rule of 72, and simple and compound interest).	Stock Game – Core Component Lesson – The Magic of Compound Interest Lesson – What Will Your Investments Be Worth? Lesson – A Beginner’s Guide to Investing in Stocks Lesson – Getting Started with Bond Investing Lesson – The Pros and Cons of Mutual Funds Lesson – How to Develop an Investing Strategy
G.2. Explain the relationship between risk and the rate of return and the importance of risk management.	Stock Game – Core Component Lesson – Knowing Your Risks and Risk Tolerance Lesson – How to Develop an Investing Strategy Activity – Model Your Financial Future
G.3. Identify funding requirements for different stages of life (for example, postsecondary education, parenthood, housing, and retirement).	Lesson – The Cost of Raising a Family Lesson – The Secret to a Comfortable Retirement Lesson – Evaluating Big-Ticket Purchases Lesson – Financing Your Education Lesson – Mortgage Math and Ratios Lesson – Financial Resilience and Life Transitions
G.4. Analyze the impact of Social Security benefits on retirement planning.	Lesson – The Secret to a Comfortable Retirement Lesson – Public Financial Assistance Programs Lesson – What’s in Your Compensation Package?
G.5. Differentiate types of long-term retirement investments (for example, Roth and traditional IRAs, 403(b), 401(k), defined-benefit plans, annuities, and target-date funds).	Lesson – The Secret to a Comfortable Retirement Lesson – Is an Annuity Right for You? Lesson – What Benefits to Look for in a Job Offer Lesson – What’s in Your Compensation Package? Lesson – How to Develop an Investing Strategy
G.6. Describe types and purposes of estate planning (wills, trusts, gifts, and charitable contributions).	Lesson – Who Gets Your Stuff When You’re Gone? Lesson – A Guide to Effective Charitable Donations Lesson – Life Insurance: The Ultimate Safety Net
G.7. Develop a personal investment portfolio.	Stock Game – Core Component Investing101 Certification Lesson – What is Diversification & How to Spread Your Risk Lesson – How to Develop an Investing Strategy Activity – Model Your Financial Future Lesson – A Beginner’s Guide to Investing in Stocks
G.8. Explain the roles of insurance in financial planning.	Lesson – Types of Insurance Lesson – Life Insurance: The Ultimate Safety Net Lesson – Why Health Insurance is So Expensive Lesson – Car Insurance: How to Lower Your Rates Lesson – What’s Not Covered in Renter’s Insurance? Lesson – What Damage Does Home Insurance Cover? Lesson – Don’t Let Disability Derail Your Finances Activity – Income Protection Insurance Calculator

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Course Outlines, Lesson Plans & Student Activities

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South Carolina Personal Finance Standards Alignment

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South Carolina
Personal Finance Standards