Oklahoma Financial Literacy Standards: Helpful Teacher Resource

Oklahoma Personal Financial Literacy Academic Standards Alignment

Find out which of our lessons or games reinforce the individual
knowledge statements from the Oklahoma Personal Financial Literacy Standards.

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
The student will describe the importance of earning an income and explain how to manage personal income through the use of a budget.
Using decision-making models, evaluate how career choices, educational/vocational preparation, skills, and entrepreneurship affect income and standard of living (e.g., postsecondary degree/ certification, needs versus wants, and the ability to live on less than you earn).	Budget Game – Core Component Lesson – Go to College or Start Working? Lesson – Planning Your Career Path Lesson – Starting a Business 101 101 Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth
Identify the components of a personal/family budget (e.g., income, savings/investments, taxes, emergency fund, expenses, and charitable giving) based on short, medium, and long term goals (e.g., financial, personal, educational, and career).	Budget Game – Core Component Lesson – The Cost of Raising a Family Lesson – Planning for Long-Term Purchases Lesson – The Secret to a Comfortable Retirement Lesson – A Strategy to Build Wealth, Not Debt Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth Lesson – Planning Your Career Path Lesson – A Guide to Effective Charitable Donations
The student will identify and describe the impact of local, state, and federal taxes on income and standard of living.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Identify and explain types of taxes (e.g., personal income, sales, and property taxes) and explain the reasons for taxation at the local, state, and federal levels (e.g., roads, water and sanitation services, social services, schools, and law enforcement).	Lesson – Tax Basics You Need to Know Lesson – Sales Tax: Who Pays, Collects, and Why? Lesson – What Does Fiscal Policy Mean? Lesson – Uncovering Hidden Income Taxes You Owe
Explain how taxes, employee benefits, and payroll deductions affect income.	Budget Game – Core Component Lesson – What’s in Your Compensation Package? Lesson – Income Tax Filing Tips & Tricks Lesson – Payroll Best Practices Lesson – The Ultimate Employee Guide
Explain the individual importance of meeting tax obligations and describe possible consequences of failing to meet those obligations (e.g., fees, penalties, interest, garnishment of wages, and imprisonment).	Lesson – Income Tax Filing Tips & Tricks Lesson – What Is a Tax Audit? Lesson – When to hire a tax professional
Explain the societal importance for meeting tax obligations (e.g., market economy and capitalism: poverty, pollution, medical research, government assistance programs, education, and government funded services and projects).	Lesson – The Anatomy of Unemployment and other programs Lesson – The Ultimate Employee Guide Lesson – What Does Fiscal Policy Mean? Lesson – Government impact on the economy
The student will describe the functions and uses of banks and other financial service providers.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Identify and compare the basic types of financial institutions (e.g., banks, mortgage companies, credit unions, brokerage firms, and finance companies).	Lesson – Choosing the Best Banking Option for You Lesson – A Beginner’s Guide to Borrowing Wisely Lesson – How Debit Cards Work
Describe and compare the most common financial products and services (e.g., checking, contactless payments systems, credit cards, Automated Teller Machines, savings, loans, investments, and insurance).	Lesson – Choosing the Best Banking Option for You Lesson – Automatic Payments: Convenience vs. Risk Lesson – A Beginner’s Guide to Borrowing Wisely Lesson – How Debit Cards Work Lesson – What is Money?
The student will demonstrate the ability to manage a bank account and reconcile financial accounts.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Explain the reasons for balancing an account register and reconciling an account statement.	Lesson – Balance Your Books in 10-Minutes Lesson – Tame Your Financial Paperwork
Develop and apply banking account management skills (e.g., correctly write, endorse, and deposit checks; balance an account register, including debit withdrawals and fees; reconcile and monitor checking and savings account statements).	Budget Game – Core Component Lesson – What is Money? Lesson – How Debit Cards Work
The student will analyze the costs and benefits of saving and investing.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Explain reasons for saving and investing to meet goals and build wealth (e.g., opportunity cost, return on investment, emergencies, major purchases, down payments, and education).	Budget Game – Core Component Stock Game – Core Component Lesson – A Strategy to Build Wealth, Not Debt Lesson – What is Opportunity Cost? Activity – Model Your Financial Future Activity – Find Out Your Monthly Home Budget
Identify and compare the costs and benefits of various investment strategies (e.g., compound interest, interest rates, tax implications, account liquidity, and investment diversification) and how inflation affects investment growth.	Stock Game – Core Component Lesson – A Strategy to Build Wealth, Not Debt Lesson – How to Develop an Investing Strategy Lesson – The Importance of Interest Rates Lesson – Inflation Activity – Watch How Your Savings Could Grow
The student will explain and evaluate the importance of planning for retirement.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Describe the necessity of accumulating financial resources needed for specific retirement goals, activities and lifestyles, based on life expectancy.	Lesson – The Secret to a Comfortable Retirement Lesson – A Strategy to Build Wealth, Not Debt Lesson – The Cost of Raising a Family
Explain the roles of Social Security, employer retirement plans (401k or 403b) and personal investments (e.g., annuities, IRAs, real estate, stocks, and bonds) as sources of retirement income, and how to acquire these plans (e.g., banks, insurance companies).	Lesson – The Secret to a Comfortable Retirement Lesson – A Strategy to Build Wealth, Not Debt Lesson – Planning Your Career Path Lesson – What’s in Your Compensation Package?
The student will identify the procedures and analyze the responsibilities of borrowing money.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Identify and analyze sources of credit (e.g. financial institutions, private lenders, and retail businesses) and credit products (e.g., FAFSA, student loans, credit cards, and car loans).	Lesson – What to Do When You Need Money Fast Lesson – How Borrowers Manage Personal Debt Lesson – Mortgage Options for First-Time Homebuyers Lesson – How to Use Debt to Your Advantage Activity – Calculate Your Car Loan Payments
Identify standard loan practices, predatory lending practices (e.g., rapid tax return, rapid access loans, and payday loans), and legal debt collection practices.	Lesson – How to Use Debt to Your Advantage Lesson – Getting Help With Debt Repayment Lesson – What to Do When You Need Money Fast
Explain the importance of establishing a positive credit history (e.g., maintaining a reasonable debt to income ratio), describe information contained in a credit report and explain the factors that affect a credit score(e.g., the relationship between interest rates and credit scores).	Budget Game – Core Component Lesson – What Your Credit Report Says About You Lesson – A Beginner’s Guide to Borrowing Wisely Activity – Use the Credit Card Payments Calculator
Explain how the terms of a loan (e.g., interest rates, fees, and repayment schedules) affect the cost of credit.	Lesson – The Importance of Interest Rates Lesson – A Beginner’s Guide to Borrowing Wisely Lesson – The Car Buying Checklist
Explain the impact of non-repayment on individuals, families, business, and the broader economic system as a whole.	Budget Game – Core Component Lesson – What Is Bankruptcy? Lesson – The Business Cycle Lesson – Getting Help With Debt Repayment
The student will describe and explain interest, credit cards, and online commerce.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Compare costs and benefits of using credit cards and making online purchases (e.g., interest rates, fees, repayment schedules, and personal information protection).	Lesson – Credit Cards: Terms, Fees, and More Lesson – How Debit Cards Work
Evaluate options for payments on credit cards (e.g., minimum payment, delayed payments, or payment in full).	Budget Game – Core Component Lesson – Credit Cards: Terms, Fees, and More Lesson – A Beginner’s Guide to Borrowing Wisely
The student will identify and explain consumer fraud and identity theft.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Describe potential methods of identity theft and unfair, fraudulent business practices (e.g., medical, pyramid schemes, bait and switch, hacking, dumpster diving, forgery, false billing, skimming, changing address, and phishing).	Lesson – How to Avoid Identity Theft, Scams & Fraud Lesson – Protect Yourself as a Consumer
Describe ways to recognize and avoid identity theft (e.g., review monthly financial statements and annual credit reports; protect personal information and online passwords).	Lesson – How to Avoid Identity Theft, Scams & Fraud Lesson – Tame Your Financial Paperwork
Describe methods to correct problems arising from identity theft and fraudulent business practices (e.g., contact national credit bureaus and local/state law enforcement agencies).	Lesson – How to Avoid Identity Theft, Scams & Fraud
The student will explain and compare the responsibilities of renting versus buying a home.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Compare the costs and benefits of renting versus buying a home.	Activity – Rent or Buy: Which is Right for You?
Explain the elements of a standard lease agreement (e.g., deposit, due date, grace period, late fees, and utilities).	Lesson – What makes a contract valid? Lesson – What’s Not Covered in Renter’s Insurance? Lesson – Rules for Renters & Homeowners
Explain the elements of a mortgage (e.g., down payment, escrow account, due date, late fees, property taxes, potential early payment penalties, and amortization tables); types of lenders; and fixed or adjustable rate mortgage loans.	Lesson – Mortgage Options for First-Time Homebuyers Activity – Rent or Buy: Which is Right for You?
The student will describe and explain how various types of insurance can be used to manage risk.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Identify common risks to life and property (e.g., mobile phone, illness, death, natural catastrophe, and accident).	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 – Rules for Renters & Homeowners Lesson – Life Insurance: The Ultimate Safety Net
Explain the purpose and importance of insurance protection as a risk management strategy (e.g., life, health, property, liability, disability, and automobile).	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 – Life Insurance: The Ultimate Safety Net Lesson – Knowing Your Risks & Risk Tolerance
Examine appropriate amounts of insurance and how insurance deductibles work.	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 – Life Insurance: The Ultimate Safety Net
The student will explain and evaluate the financial impact and consequences of gambling.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Analyze the probabilities involved in winning at games of chance (e.g., sports betting, online betting, and fantasy sports).	Lesson – Why Invest in Stocks vs. Keeping in Savings? Investing101 Certification
Evaluate costs and benefits of gambling to individuals and society (e.g., family budget, addictive behaviors, and the local and state economy).	Lesson – Knowing Your Risks & Risk Tolerance Investing101 Certification
The student will evaluate the consequences of bankruptcy.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Assess the costs and benefits of bankruptcy to individuals, families, and society.	Lesson – What Is Bankruptcy?
Examine ways to prevent bankruptcy and identify alternatives to bankruptcy (e.g., budget management, debt management, refinancing, and financial counseling).	Lesson – How Borrowers Manage Personal Debt Lesson – Getting Help With Debt Repayment Lesson – Debt Relief: Is Consolidation the Answer? Lesson – How to Negotiate With Creditors Lesson – What Is Bankruptcy?
Explain the importance of reestablishing a positive credit history and steps to improve a credit score after bankruptcy.	Lesson – What Your Credit Report Says About You Lesson – What Is Bankruptcy?
The student will explain the costs and benefits of charitable giving.	Activity	Long-Term Game	Comprehensive Chapter	Short Lesson	Interactive Calculator	Graded Assessment
Identify types of charitable giving (e.g., monetary gifts, gifts-in-kind, and volunteer service).	Lesson – A Guide to Effective Charitable Donations
Describe the impact of charitable giving on the entity receiving the gift, the individual giving the gift (e.g., budget, time, personal satisfaction, and tax benefits) and the community at large.	Lesson – A Guide to Effective Charitable Donations
Identify tools to research a charitable organization’s mission/purpose, activities, and recipients (e.g., specific organizations’ websites, Guidestar®, and regulatory agencies)	Lesson – A Guide to Effective Charitable Donations