NBEA Personal Finance Standards

NBEA Personal Finance Standards Alignment

Find out which of our lessons or games reinforce the individual
knowledge statements from the NBEA Personal Finance Standards.

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Short Lesson
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Standard	Activity
Personal Decision-Making
Define and give examples of economic wants.	Budget Game – Core Component Lesson – Pay Yourself First Lesson – Spending and Savings Plans
Explain how every individual defines wants and needs differently.	Budget Game – Core Component Lesson – Pay Yourself First Lesson – Spending and Savings Plans
Apply opportunity costs and trade-offs to personal decision making.	Budget Game – Core Component Lesson – Pay Yourself First Lesson – Spending and Savings Plans
Apply the steps in a rational decision-making process to a situation involving an economic decision by an individual.	Budget Game – Core Component Lesson – Pay Yourself First Lesson – Spending and Savings Plans Lesson – Budgeting and Spending Strategies
Recognize the consequences of economic choices.	Budget Game – Core Component Lesson – Pay Yourself First Lesson – Spending and Savings Plans
Differentiate between types of decisions and identify those for which a formal decision-making process should be used.	Lesson – Researching Spending Lesson – Pay Yourself First Lesson – Preparing for spending shocks
Apply the decision-making process to various types of decisions at different stages of the life cycle.	Budget Game – Core Component Stock Game – Core Component Lesson – Planning Long Term Purchases Lesson – Family Planning
Apply the concept of marginalism (e.g., marginal utility) to choice making.	Budget Game – Core Component Lesson – Opportunity Cost Lesson – Building Wealth
Analyze the effect of leading economic indicators on a personal financial plan.	Lesson – The Business Cycle Lesson – The Importance of Interest Rates Lesson – Inflation
Analyze how ethics affect business and personal financial management decisions.	Lesson – Consumer rights and responsibilities Lesson – Classifying Products and Services Lesson – Ethics In Marketing
Examine the impact of advertising, peer pressure, and family history on personal financial decisions.	Budget Game – Core Component Lesson – Spending and Savings Plans
Earning and Reporting Income
Identify various ways people earn a living.	Lesson – Income and Compensation
Differentiate between earned and unearned income.	Budget Game – Core Component Lesson – Income and Compensation
Distinguish between income and wealth.	Budget Game – Core Component Lesson – Income and Compensation Lesson – Building Wealth Lesson – What is Money?
Identify sources of unearned income (e.g., transfer payments and gifts).	Lesson – Income and Compensation Lesson – Taxation Overview
Explain how types and availability of jobs are determined primarily by consumer demand in the market-oriented economy of the United States.	Lesson – Career Development Lesson – Starting a Business Lesson – Biggest Mistakes of Job Seekers
Discuss how personal choices concerning human capital (e.g., experiences, technology, education/training, and other factors) influence income.	Budget Game – Core Component Lesson – Income and Compensation Lesson – Career Development
Analyze the characteristics and requirements of occupations of interest, including entrepreneurial opportunities.	Lesson – Income and Compensation Lesson – Career Development Lesson – Staring a Business Lesson – Work vs Study
Differentiate between gross and net income.	Budget Game – Core Component Lesson – Tax Filing and the Form 1040
Identify benefits as a component of total income.	Lesson – Income and Compensation
Explain the various types of taxes and their impact on purchasing power.	Lesson – Taxation Overview Lesson – Tax Filing and the Form 1040
Identify types of income other than wages (e.g., interest, rent, and profit) that people earn from their resources.	Lesson – Taxation Overview Lesson – Tax Filing and the Form 1040 Lesson – Planning for Long-Term Purchases Lesson – Preparing for Retirement
Discuss how actors affect income from employment such as supply and demand, geographic location, level of education, type of industry, union membership, productivity, skill level, and work ethic.	Lesson – Income and Compensation Lesson – Career Development Lesson – Staring a Business Lesson – Work vs Study Lesson – Labor and Productivity
Analyze the impact of sociological, economic, and technological changes on future jobs.	Lesson – Labor and Productivity Lesson – The Business Cycle
Compare compensation packages that include varying levels of wages and benefits.	Lesson – Income and Compensation
Analyze how career choice, education, and skill affect income and goal attainment.	Lesson – Income and Compensation Lesson – Career Development Lesson – Preparing for Retirement Lesson – Planning Long Term Purchases
Describe the different types of taxes (e.g., progressive, regressive, and proportional) and how they can impact disposable income.	Lesson – Taxation Overview Lesson – Tax Filing and the Form 1040 Lesson – Sales Tax
Explore potential tax deductions and credits on a tax return.	Lesson – Common Tax Deductions
Calculate personal tax liabilities for various types of taxes (e.g., property, income, sales, FICA, and Medicare).	Lesson – Tax Filing and the Form 1040
Explain the impact of taxes on personal financial planning.	Lesson – Taxation Overview
Calculate net pay.	Budget Game – Core Component Lesson – Tax Filing and the Form 1040
Investigate employee benefits and incentives.	Lesson – Employer and Employee Rights and Responsibilities Lesson – Income and Compensation
Describe information and required forms relevant to the completion of state and federal income tax forms.	Lesson – Tax Filing and the Form 1040
Managing Finances and Budgeting
Identify examples of short-term and long-term goals.	Lesson – Pay Yourself First Planning Long Term Purchases Lesson – Family Planning Lesson – Preparing for Retirement
Identify various sources of income for personal spending.	Budget Game – Core Component Lesson – Spending and Savings Plans Lesson – Budgeting and Spending Strategies
Identify ways in which individuals and families obtain financial resources.	Lesson – Unemployment and other programs Lesson – Consumer rights and responsibilities Lesson – When to hire a tax professional Lesson – Debt Management Services
Define fixed and variable expenses.	Budget Game – Core Component Lesson – Spending and Savings Plans
Categorize expenses as fixed or variable.	Budget Game – Core Component Lesson – Spending and Savings Plans
Classify periodic expenses as fixed or variable.	Budget Game – Core Component Lesson – Spending and Savings Plans
Determine discretionary income in a spending plan.	Budget Game – Core Component Lesson – Spending and Savings Plans Lesson – Budgeting and Spending Strategies
Evaluate a personal spending plan for consumer spending to determine individual financial goals.	Budget Game – Core Component Lesson – Spending and Savings Plans Lesson – Budgeting and Spending Strategies
Construct and use a personal spending/savings plan and evaluate it according to short- and long-term goals.	Budget Game – Core Component Lesson – Spending and Savings Plans Lesson – Budgeting and Spending Strategies Lesson – Preparing For Retirement Lesson – Planning Long Term Purchases
Discuss reasons why income and spending patterns change throughout the life cycle for the typical person and family.	Lesson – Family Planning Lesson – Analyzing Consumer Behavior
Illustrate how income and spending patterns change through the life cycle for the typical person and family.	Lesson – Family Planning Lesson – Analyzing Consumer Behavior
Saving and Investing
Describe motivations for saving and the means by which they save.	Budget Game – Core Component Lesson – Spending and Savings Plans Lesson – Building Wealth Lesson – Preparing For Retirement
Identify the opportunity costs of saving.	Budget Game – Core Component Lesson – Budgeting
Differentiate between saving and investing.	Budget Game – Core Component Stock Game – Core Component Lesson – Building Wealth Lesson – Investing Strategies
Compare simple and compound interest.	Lesson – Importance of Interest Rates Activity – Use the Compound Interest Calculator
Describe the advantages and disadvantages of various savings and investing plans.	Lesson – Investing Strategies Lesson – Spending and Savings Plans
Describe how financial institutions use funds deposited as savings and/or investment by customers.	Lesson – Banks, Credit Unions, and Savings and Loans
Identify the risk/return trade-offs for saving and investing.	Budget Game – Core Component Stock Game – Core Component Lesson – Risk Lesson – Investing Strategies Activity – Use the Investment Return Calculator
Analyze the power of compounding and the importance of starting early in implementing a plan of saving and investing.	Activity – Use the Compound Interest Calculator Activity – Use the Saving to be a Millionaire Calculator
Apply criteria for choosing a savings or investment instrument (e.g., market risk, inflation risk, interest rate risk, political risk, liquidity, and minimum amount needed for investment).	Lesson – Risk Lesson – Investing Strategies Lesson – Inflation Lesson – The Business Cycle
Distinguish between the rights and responsibilities of owners of debt and equity investments.	Lesson – What are Bonds Lesson – What is a Stock? Lesson – Bankruptcy
Explain why individuals should change their savings and investing plans throughout their life cycles.	Investing101 Certification Lesson – Investing Strategies Lesson – Preparing for Retirement Lesson – Family Planning
Differentiate between interest, dividends, capital gains, and rent from property.	Lesson – Investing Strategies Lesson – Income and Compensation Lesson – Taxation Overview
Describe how saving and investing influence economic growth (capital formation).	Budget Game – Core Component Stock Game – Core Component Activity – Use the Investment Return Calculator Lesson – Building Wealth
Evaluate the tax incentives available for certain investments.	Lesson – Taxation Overview Lesson – Preparing for Retirement
Identify costs for investments.	Lesson – Taxation Overview Lesson – Common Tax Additions
Identify income sources for investments.	Lesson – Investing Strategies
Examine the role of saving and investing in creating a financial plan.	Budget Game – Core Component Lesson – Budgeting Lesson – Pay Yourself First
Develop financial goals for the future based on one’s lifestyle expectations and career choices.	Lesson – Preparing for Retirement Lesson – Career Development Lesson – Family Planning
Contrast the impact of simple interest vs. compound interest on savings.	Activity – Use the Compound Interest Calculator Lesson – The Importance of Interest Rates
Explain how and why the stock market functions.	Stock Game – Core Component Lesson – What is the New York Stock Exchange?
Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.	Lesson – Preparing for Retirement Lesson – Unemployment and other programs
Apply the concept of Time Value of Money.	Lesson – Time Value of Money
Buying Goods and Services
Apply a rational decision-making process to personal buying decisions.	Budget Game – Core Component Lesson – Budgeting and Spending Strategies Lesson – Spending and Savings Plans
Distinguish between goods and services.	Budget Game – Core Component Lesson – Classifying Products and Services
Apply comparison shopping practices.	Lesson – Researching Spending
Identify alternative sources for purchases (e.g., e-malls, retail stores, and catalogs).	Lesson – Researching Spending
Identify laws that protect the rights of the consumer.	Lesson – Consumer rights and responsibilities
Discuss various ways competition among sellers benefits the consumer.	Lesson – Benefits of Competition
Describe reasons and research why there are variances in price for a given item purchased from different providers.	Lesson – Supply and Demand Examples in the Stock Market
Use reliable consumer resources to collect information for making buying decisions about durable and nondurable goods.	Lesson – Researching Spending
Describe consumer rights, responsibilities, and remedies, giving examples of each.	Lesson – Consumer rights and responsibilities
Compare the costs and benefits of purchasing, leasing, and renting.	Activity – Use the Car Loans Calculator Activity – Use the Buy vs Lease Calculator Activity – Use the Home Budgeting Calculator Lesson – Mortgages Lesson – Buying a car
“Describe consumer assistance services provided by public and private organizations (e.g., government, the Better Business Bureau, and manufacturers).”	Lesson – Consumer rights and responsibilities
Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.	Lesson – Spending and Savings Plans
Research consumer advocacy groups that address consumer rights and responsibilities and describe how an individual can participate.	Lesson – Consumer rights and responsibilities
Calculate the costs of utilities, services, maintenance, and other expenses involved in independent living.	Budget Game – Core Component
Describe the role that supply and demand and market structure play in determining the availability and price of goods and services	Lesson – Supply and Demand Examples in the Stock Market
Explain how a consumer can identify and report fraudulent behavior and practice.	Lesson – Protecting Against Fraud
Banking and Financial Institutions
Identify various types of financial institutions.	Lesson – Banks, Credit Unions, and Savings and Loans
List the basic products and services provided by financial institutions (e.g., savings, checking, credit cards, loans, safe deposit boxes).	Lesson – Banks, Credit Unions, and Savings and Loans
Identify the rights and responsibilities associated with using a checking account.	Lesson – Banks, Credit Unions, and Savings and Loans
Describe the steps involved in opening and using a checking account.	Lesson – Banks, Credit Unions, and Savings and Loans Lesson – What is Money?
Compare and contrast the different types of checking accounts offered by various financial institutions.	Lesson – Banks, Credit Unions, and Savings and Loans
Differentiate among types of electronic monetary transactions (e.g., debit cards, ATM, and automatic deposits/payments offered by various financial institutions.	Lesson – What is Money? Lesson – Debit Cards Lesson – Credit Cards
Identify new and emerging methods of transferring money (e.g., PayPal, Zello, Venmo, ApplePay) and how they affect financial institutions.	Lesson – What is Money?
Identify other means of transferring funds (e.g., money orders and certified checks).	Lesson – What is Money?
Evaluate products and services and related costs and fees associated with financial institutions in terms of personal banking needs.	Lesson – Banks, Credit Unions, and Savings and Loans Lesson – What is Money?
Describe and demonstrate the steps involved in the bank reconciliation process.	Lesson – Reconciling Accounts
Compare costs and benefits of online and traditional banking.	Lesson – Banks, Credit Unions, and Savings and Loans Lesson – What is Money? Lesson – Credit Cards
Analyze privacy and security issues associated with financial transactions.	Lesson – Risk Lesson – Protecting Against Fraud
Explain how certain historical events (e.g., the Depression, 1980s savings and loan crisis, September 11, housing market crisis of 2008, and the health pandemic of 2020) have influenced the banking system and other financial institutions.	Lesson – Stock Market Crash of 1929
Identify the functions of the Federal Reserve System.	Lesson – What is the Federal Reserve?
Using Credit
Explain when and why borrowing is used for the purchase of goods and services.	Budget Game – Core Component Lesson – Using Credit Lesson – Good Debt, Bad Debt
Describe the risks and responsibilities associated with using credit.	Lesson – Using Credit Lesson – Credit Cards Lesson – Good Debt, Bad Debt
Identify the opportunity cost of credit decisions.	Lesson – Good Debt, Bad Debt Lesson – Managing Debt
Identify methods of establishing and maintaining a good credit rating.	Budget Game – Core Component Lesson – Credit Reports
Determine advantages and disadvantages of using credit.	Budget Game – Core Component Lesson – Credit Reports Lesson – Using Credit
Describe the process to establish credit.	Budget Game – Core Component Lesson – Credit Reports Lesson – Using Credit
Evaluate the various methods of financing a purchase.	Lesson – Short-Term Financing
Define interest as a cost of credit and explain why it is charged.	Lesson – Using Credit Lesson – Credit Cards Lesson – The Importance of Interest Rates
Analyze credit card features and their impact on personal financial planning.	Lesson – Credit Cards Lesson – Using Credit
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 – Using Credit
Explain why the interest rate varies with the amount of assumed risk.	Lesson – Using Credit Lesson – Credit Cards Lesson – The Importance of Interest Rates
Explain the need for a sound credit rating.	Lesson – Credit Reports Lesson – Mortgages
Calculate a payment schedule for a loan.	Activity – Use the Credit Card Payments Calculator
Calculate interest based on various calculation methods.	Activity – Use the Credit Card Payments Calculator Activity – Use the Car Loans Calculator Activity – Use the Compound Interest Calculator
Describe how to improve one’s credit score.	Budget Game – Core Component Lesson – Credit Reports Lesson – Using Credit
Analyze various sources and types of credit (e.g., shortand long-term) and related costs.	Lesson – Good Debt, Bad Debt Lesson – Short-Term Financing
Select an appropriate form of credit for a particular buying decision.	Lesson – Managing Debt Lesson – Mortgages Lesson – Good Debt, Bad Debt Activity – Use the Buy vs Lease Calculator
Compare and contrast the various aspects of credit (e.g., APR, grace period, incentive buying, methods of calculating interest, and fees).	Lesson – Using Credit Lesson – Credit Cards Lesson – Mortgages
Explain credit ratings and credit reports and describe why they are important to consumers.	Lesson – Credit Reports Lesson – Mortgages
Describe the relationship between a credit rating and the cost of credit.	Lesson – Credit Reports
Identify strategies for effective debt management.	Lesson – Managing Debt
Analyze the sources of assistance for debt management.	Lesson – Debt Management Services Lesson – Consolidating Debt
Research rights and responsibilities of consumers according to credit legislation (e.g., truth-in-lending, fair credit reporting, equal credit opportunity, and fair debt collection).	Lesson – Credit Cards
Compare the legal aspects of different forms of credit (e.g., title transfer, responsibility limits, collateral requirements, and co-signing).	Lesson – Using Credit
Explain the implications of foreclosure and bankruptcy.	Lesson – Bankruptcy
Protecting Against Risk
Identify risks in life and how to gain protection against the consequences of risk.	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance
Define basic insurance terms (e.g., deductible, premium, peril, risk).	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance
Explain how all types of insurance are based on the concept of risk sharing and statistical probability.	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance Lesson – Life Insurance
Evaluate insurance as a risk management strategy.	Lesson – Life Insurance Lesson – Risk Lesson – Car Insurance
“Identify the type of insurance associated with different types of risk (e.g., automobile, personal and professional liability, home and apartment, health, life, long-term care, disability).”	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance Lesson – Life Insurance Lesson – Home Owner’s Insurance
Explain why insurance needs change throughout the life cycle.	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance Lesson – Life Insurance Lesson – Home Owner’s Insurance
Identify various suppliers of insurance (e.g., public and private).	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance Lesson – Life Insurance Lesson – Home Owner’s Insurance
Explain the role of insurance in financial planning as a wealth-building and wealth preservation tool.	Lesson – Life Insurance
Explain the legal expectations for certain insurances (e.g., automobile, health, homeowners).	Lesson – Car Insurance Lesson – Health Insurance Lesson – Home Owner’s Insurance
Develop recommended insurance coverage for individuals/families for various risks and different income and/or age levels.	Lesson – Renter’s Insurance Lesson – Car Insurance Lesson – Health Insurance Lesson – Life Insurance Lesson – Home Owner’s Insurance
Develop a plan for family financial security (e.g., secure storage of documents, cash reserve, household inventory, medical records retention) in case of a disaster, after which an individual may need to reestablish identity.	Lesson – What are Financial Records? Lesson – Protecting Against Fraud
Examine ways to minimize danger and ramifications of identity theft.	Lesson – Protecting Against Fraud
Demonstrating Knowledge of Financing Postsecondary Education and Training
Identify costs and benefits of postsecondary education.	Lesson – Work VS Study Lesson – Student Loans
“Describe benefits, eligibility requirements, and tax implications of state-sponsored tax-advantage-qualified tuition plans as investment options for postsecondary education.”	Lesson – Student Loans
Identify the multiple pathways to postsecondary education and career preparedness.	Lesson – Student Loans Lesson – Career Development Lesson – Work or Study Lesson – Starting a Business
Identify sources of postsecondary education funding.	Lesson – Student Loans
Identify the purpose of the Free Application for Federal Student Aid (FAFSA) to determine eligibility for grants, scholarships, and loans and the essential information needed to complete it.	Lesson – Student Loans
Describe types of scholarships and identify scholarship scams.	Lesson – Student Loans
Examine types of student loans, including federal and private, and identify the associated risks.	Lesson – Student Loans
Examine the requirements to remain eligible for financial aid.	Lesson – Student Loans
Describe types of aid which do not require repayment, including federal, state, and institutional grants.	Lesson – Student Loans
Explain repayment requirements and options for student loans.	Lesson – Student Loans
Describe the options for borrowers struggling to make payments and the consequences of failure to repay student loans.	Lesson – Student Loans Lesson – Bankruptcy

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