| Personal Decision-Making |
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Define the following terms:
• Wants
• Needs
• Values
• Goals
• Scarcity
• Opportunity costs
• Trade-off |
Budget Game – Core Component
Lesson – Budgeting
Lesson – Pay Yourself First
Lesson – Opportunity Cost
Lesson – Why is there scarcity? |
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| Differentiate between wants and needs. |
Budget Game – Core Component
Lesson – Budgeting
Lesson – Pay Yourself First |
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| Identify the various factors that influence wants and needs. |
Budget Game – Core Component
Lesson – Pay Yourself First
Lesson – Budgeting and Spending Strategies
Lesson – Spending and Savings Plans |
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| Apply opportunity costs and trade-offs to personal decision-making |
Budget Game – Core Component
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| Recognize and analyze the consequences of a decision. |
Budget Game – Core Component |
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| Earning and Reporting Income |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Identify types of earned income (i.e., compensation): wages (e.g., minimum, overtime, holiday, etc.), salary, tips, commission, and so forth. |
Lesson – Income and Compensation |
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Identify types of unearned income:
• Government sources (i.e., transfer payments)
• Private sources (e.g., interest, dividends, gifts, etc.) |
Lesson – Income and Compensation
Lesson – Common Tax Additions |
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| Discuss variable income, such as that of an entrepreneur. |
Lesson – Income and Compensation
Lesson – Starting a Business
Lesson – What is Entrepreneurship? |
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| Discuss how education, experiences, technology skills, and so forth affect future careers and income. |
Lesson – Career Development
Lesson – Work VS Study
Lesson – Starting a Business |
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| Identify the training and education necessary to obtain a desired job. |
Lesson – Career Development
Lesson – Work VS Study
Lesson – Student Loans |
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| Identify and discuss the common challenges of citizens in low-income areas related to financial decision making and job placement (i.e., payday loans, staffing agencies, background checks, required drug tests, etc.). |
Lesson – Good Debt, Bad Debt
Lesson – Using Credit
Lesson – Short-Term Financing |
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| Calculate gross income, including hourly wage, overtime, holiday pay, commission, and so forth. |
Budget Game – Core Component
Lesson – Payroll Best Practices
Lesson – Income and Compensation |
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| Explain the various types of taxes and their impact on income and purchasing power. |
Lesson – Taxation Overview
Lesson – Sales Tax
Lesson – Tax Filing and the Form 1040 |
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| Discuss and give examples of deductions (e.g., taxes, insurance, etc.). |
Lesson – Common Tax Deductions |
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| Calculate net income. |
Budget Game – Core Component
Lesson – Payroll Best Practices
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| Describe information and required forms relevant to the completion of state and federal income tax forms. |
Lesson – Taxation Overview
Lesson – Tax Filing and the Form 1040
Lesson – Common Tax Deductions
Lesson – Common Tax Additions |
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| Banking and Financial Institutions |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Identify and discuss various types of financial institutions (e.g., banks, credit unions, online banking, etc.). |
Lesson – Banks, Credit Unions, and Savings and Loans | | | | | |
| List and describe the products and services provided by financial institutions (e.g., savings, checking, credit cards, loans, safe deposit boxes, etc.). |
Lesson – Banks, Credit Unions, and Savings and Loans
Lesson – Debit Cards
Lesson – Credit Cards |
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| Identify steps involved in opening a checking account |
Lesson – Banks, Credit Unions, and Savings and Loans
Lesson – Debit Cards
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| Compare and contrast different types of checking accounts offered by various institutions. |
Lesson – Banks, Credit Unions, and Savings and Loans
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| Describe and demonstrate the steps involved in the bank reconciliation process. |
Lesson – Reconciling accounts |
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| Identify and describe the various options for monetary transactions. |
Lesson – What is Money?
Lesson – Using Credit
Lesson – Credit Cards
Lesson – Debit Cards
Lesson – Short-Term Financing |
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| Budgeting |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Identify short- and long-term financial goals to construct a personal spending and/or savings plan. |
Lesson – Budgeting and Spending Strategies
Lesson – Building Wealth
Lesson – Pay Yourself First |
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| Define and categorize fixed and variable expenses. |
Budget Game – Core Component
Lesson – Budgeting
Lesson – Budgeting and Spending Strategies |
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| Research budgeting applications and discuss the pros and cons of each. |
Lesson – Budgeting
Lesson – Researching Spending
Lesson – Managing Bills |
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| Identify various rules for budgeting to determine what percent of income is allocated to each type of expense. |
Lesson – Managing Bills
Lesson – Building Wealth
Lesson – Pay Yourself First | | | | | |
| Evaluate an example monthly statement/budget and identify income, fixed expenses, variable expenses, and so forth. |
Budget Game – Core Component |
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| Create a monthly budget using a given scenario. |
Budget Game – Core Component |
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| Discuss how income and spending patterns change throughout the life cycle. |
Lesson – Spending and Saving Plans
Lesson – Family Planning
Lesson – Preparing For Retirement
Lesson – Building Wealth |
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| Buying Goods and Services |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Distinguish between goods and services. |
Lesson – Classifying Products and Services |
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Apply comparison shopping practices.
Identify differences of name-brand and generic items.
Demonstrate couponing and the use of various applications used to help save money
and compare prices.
| Lesson – Researching Spending
Lesson – Spending and Savings Plans
Lesson – Planning Long-Term Purchases |
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| Research and identify various ways to purchase goods and services (e.g., online, storefronts, retail, wholesale, etc.). |
Lesson – What is Money?
Lesson – Using Credit
Lesson – Credit Cards
Lesson – Debit Cards
Lesson – Short-Term Financing |
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Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.
Discuss impulse buying and buyer’s remorse.
Discuss influence of product placement, packaging, and other characteristics that influence purchasing. |
Lesson – Spending and Saving Plans
Lesson – Classifying Products and Services
Lesson – Analyzing Consumer Behavior
Lesson – Ethics In Marketing
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Describe the role that supply and demand and market structure play in determining the availability and price of goods and services.
Define supply and demand and market structure.
Discuss how these factors influence price and purchasing behavior. |
Lesson – Supply and Demand Examples in the Stock Market
Lesson – Benefits of Competition
Lesson – What is Economics? |
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| Describe how to identify and report fraudulent behavior and practices when purchasing goods and services. |
Lesson – Protecting Against Fraud |
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| Saving and Investing |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Differentiate between saving and investing. |
Budget Game – Core Component
Stock Game – Core Component
Lesson – Investing Strategies
Lesson – Building Wealth
Lesson – Preparing for Retirement |
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| Identify and discuss the advantages and disadvantages of various savings and investing plans. |
Lesson – Investing Strategies
Lesson – Spending and Savings Plans |
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| Apply criteria for choosing a savings or investment instrument (e.g., market risk, inflation risk, interest rate risk, liquidity, and minimum amount needed for investment). |
Lesson – Investing Strategies
Lesson – How to Choose and Compare Stocks
Lesson – Understanding Price Movements
Lesson – Getting (and understanding) stock quotes
Lesson – Risk |
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| Compare and contrast simple and compound interest and the impact each have on savings. |
Activity – Use the Compound Interest Calculator
Lesson – Importance of Interest Rates |
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| Analyze the power of compounding and the importance of starting early in implementing a plan for savings and investing. |
Activity – Use the Saving to be a Millionaire Calculator
Activity – Use the Compound Interest Calculator |
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| Apply the concept of Time Value of Money. |
Activity – Use the Net Present Value Calculator
Lesson – Time Value of Money
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| Explain how and why the stock market functions. |
Stock Game – Core Component
Investing101 Certification
Lesson – What is the New York Stock Exchange?
Lesson – Understanding Price Movements
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| Examine the fundamental workings of the Social Security System and the system’s effects on retirement. |
Lesson – Preparing for Retirement
Lesson – Unemployment and other programs
Lesson – Employer and Employee Rights and Responsibilities
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| Using Credit |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Discuss the advantages and disadvantages of using credit. |
Budget Game – Core Component
Lesson – Using Credit
Lesson – Good Debt, Bad Debt
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| Explain the need for a sound credit rating and the importance of annually monitoring one’s own credit rating. |
Lesson -Using Credit
Lesson – Credit Report
Lesson – Managing Debt
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| Read and interpret a credit report. |
Lesson -Using Credit
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| Define interest as a cost of credit and explain why it is charged. |
Lesson – Credit Cards
Lesson – Importance of Interest Rates
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| Explain how the amount of principal, the period of the loan, and the interest rate affect the amount of interest charged. |
Lesson – Credit Cards
Lesson – Importance of Interest Rates
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| Calculate a payment schedule for a loan. |
Activity – Use the Credit Card Payments Calculator
Activity – Use the Car Loans Calculator
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| Evaluate various loan scenarios to discern the best option available (e.g., annual percentage rate [APR], cash back, etc.). |
Lesson – Short-Term Financing
Lesson – Good Debt, Bad Debt
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Research and discuss ways to identify and prevent identity theft related to credit cards and loans.
Identify the most common and current methods of identity theft to be aware of.
Analyze various real-life scenarios of identity theft and discuss how they could have been avoided. |
Lesson – Credit Cards
Lesson – Debit Cards
Lesson – What is Money?
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| Types of Insurance |
Activity |
Long-Term Game |
Comprehensive Chapter |
Short Lesson |
Interactive Calculator |
Graded Assessment |
| Identify risks in life and how to protect against the consequences of those risks. |
Lesson – Risk
Lesson – Life Insurance
Lesson – What is Wealth?
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| Explain the role of insurance in financial planning as a wealth-building and wealth preservation tool. |
Lesson – Life Insurance
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Identify and discuss the various types of insurance and basic insurance concepts.
Define basic insurance terms (e.g., deductible, premium, etc.).
Identify the various types of insurance and the legal expectations for certain ones. |
Lesson – Health Insurance
Lesson – Car Insurance
Lesson – Renter’s Insurance
Lesson – Home Owner’s Insurance
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Explain how insurance needs vary among individuals, families, seasons of life, and so forth.
Discuss the various factors that influence choice of insurance type and amount.
Develop a recommended insurance coverage for a given scenario with various factors,
including family/individual, income, age levels, and so forth. |
Lesson – Mortgages
Lesson – Life Insurance
Lesson – Home Owner’s Insurance
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