Virginia Financial Literacy Standards: Helpful Teacher Resource

Virginia Financial Literacy Standards Alignment

Find out which of our lessons or games reinforce the individual
knowledge statements from the Virginia Economics and Personal Finance Standards of Learning.

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

Standard	Activity
The student will demonstrate knowledge and integration of basic economic concepts and structures by
Describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs.	Lesson – Why Is There Scarcity? Lesson – What is Opportunity Cost?
Explaining that choices often have long-term, unintended consequences.	Budget Game – Core Component Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth Lesson – The Secret to a Comfortable Retirement Activity – Crack the Code to Becoming a Millionaire
Describing how effective decision making requires a comparison of the additional costs (marginal costs) and additional benefits (marginal benefits), using a cost- benefit analysis chart and PACED decision-making grid (i.e., state the problem; list alternatives; identify the criteria; evaluate the alternatives based on the criteria; make a decision) for economic and personal finance decisions.	Lesson – Marginal Benefit and Cost
Describing the factors of production.	Lesson – Why Do Some Jobs Pay More Than Others?
Comparing the characteristics and applications of market, command, traditional, and mixed economies.	Lesson – Comparative Economic Systems – Capitalism, Socialism, and Communism
Identifying Adam Smith and describing the characteristics of a market economy	Lesson – Comparative Economic Systems – Capitalism, Socialism, and Communism
The student will demonstrate knowledge of the role of producers and consumers in a market economy by
Describing how consumers, producers, workers, savers, investors, and citizens respond to incentives.	Lesson – Carrots, Sticks, and Your Wallet – All About Incentives
Explaining how businesses respond to consumer sovereignty.	Lesson – Protect Yourself as a Consumer Lesson – How Businesses Find Their Ideal Customers Lesson – Analyzing Consumer Behavior Lesson – What Is the Product Life Cycle?
Identifying the role of entrepreneurs.	Lesson – What is Entrepreneurship? Lesson – Types of Companies Lesson – Starting a Business 101 101
Comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative.	Lesson – Types of Companies
Describing how costs and revenues affect profit and supply.	Lesson – How to Read an Income Statement Lesson – How to Read a Balance Sheet Lesson – The Cash Flow Statement Explained Lesson – Supply and Demand Examples in the Stock Market
Describing how increased productivity affects costs of production and standards of living.	Lesson – Why Do Some Jobs Pay More Than Others?
Examining how investment in human capital, capital goods, and technology can improve productivity.	Lesson – Why Do Some Jobs Pay More Than Others? Lesson – What is Economic Growth?
Describing the effects of competition on producers, sellers, and consumers.	Lesson – Benefits of Competition
Explaining why monopolies or collusion among sellers reduces competition and raises prices.	Lesson – Benefits of Competition
Illustrating the circular flow of economic activity.	Lesson – The Business Cycle Lesson – What is Economics?
The student will demonstrate knowledge of the price system by
Analyzing the laws of supply and demand and the determinants of each.	Lesson – What is Supply? Lesson – What is Demand? Lesson – Supply and Demand Examples in the Stock Market
Explaining how the interaction of supply and demand determines equilibrium price and wages.	Lesson – What is Supply? Lesson – What is Demand? Lesson – Supply and Demand Examples in the Stock Market
Describing the elasticity of supply and demand.	Lesson – What is Supply? Lesson – What is Demand? Lesson – Supply and Demand Examples in the Stock Market
Examining the purposes and implications of price ceilings and price floors.	Lesson – What are Price Controls?
The student will demonstrate knowledge of the many factors that affect income by
Examining the market value of a worker’s education, skills, training, knowledge, and credentials.	Lesson – What’s in Your Compensation Package? Lesson – Planning Your Career Path
Identifying the impact of human capital on production costs.	Lesson – Why Do Some Jobs Pay More Than Others?
Explaining the relationship between a person’s own human capital and the resulting income potential.	Lesson – What’s in Your Compensation Package? Lesson – Planning Your Career Path
Performing an analysis of expenses and financial aid required for continuing education to expand human capital.	Lesson – Financing Your Education Lesson – Work or Study
Describing how changes in supply and demand for goods and services affect income.	Lesson – Why Do Some Jobs Pay More Than Others?
The student will demonstrate knowledge of a nation’s economic goals, including full employment, stable prices, and economic growth by
Distinguishing among economic indicators, for example, gross domestic product (GDP), consumer price index (CPI), and unemployment rate.	Lesson – Major Economic Indicators (GDP, CPI, Jobs) Lesson – Gross Domestic Product
Analyzing the causes and effects of unemployment, inflation, and reduced economic growth.	Lesson – The Anatomy of Unemployment Lesson – Inflation Lesson – The Business Cycle
Describing the fluctuations of the business cycle and how economic indicators change throughout the business cycle.	Lesson – The Business Cycle
Describing strategies for achieving national economic goals.	Lesson – Government impact on the economy Lesson – What Does Fiscal Policy Mean? Lesson – What Is Monetary Policy? Lesson – How Global Trade Shapes Our Economy
The student will demonstrate knowledge of the nation’s financial system by
Comparing the role of money and currency.	Lesson – What is Money? Lesson – How Global Trade Shapes Our Economy
Explaining the roles and types of financial markets and financial institutions.	Stock Game – Core Component Investing101 Certification Lesson – Choosing the Best Banking Option for You Lesson – What is the New York Stock Exchange?
Describing the purpose, structure, and function of the Federal Reserve System, including the role of monetary policy.	Lesson – Why You Should Care About the Fed Lesson – What Is Monetary Policy?
Identifying the tools of monetary policy (e.g., Fed funds rate).	Lesson – What Is Monetary Policy?
Comparing the U.S. monetary system with the international monetary system.	Lesson – How is Money Created? Lesson – How Global Trade Shapes Our Economy Lesson – What is Economics?
Explaining how certain historical events have influenced the banking system and other financial institutions.	Lesson – Could the 1929 Crash Happen Again? Lesson – Why is it called Wall Street?
The student will demonstrate knowledge of how fiscal policy influences employment, output, and prices by
Describing government’s role in stabilizing the economy through congressional spending and tax policy.	Lesson – What Does Fiscal Policy Mean? Lesson – Government impact on the economy Lesson – What Is Monetary Policy?
Describing sources of government revenue.	Lesson – Government impact on the economy
Explaining balanced budget, deficit, and national debt.	Lesson – What Does Fiscal Policy Mean?
The student will demonstrate knowledge of the role of government in a market economy by
Identifying goods and services provided by government to benefit society.	Lesson – Externalities Lesson – Government impact on the economy
Identifying the role government plays in providing a legal structure to protect property rights and enforce contracts.	Lesson – What Are Property Rights? Lesson – What makes a contract valid?
Providing examples of government regulation of the market.	Lesson – How Is Money Created? Lesson – What are Price Controls? Lesson – Demystifying the Impact of Interest Rates
Explaining that governments redistribute wealth.	Lesson – Tax Basics You Need to Know
The student will demonstrate knowledge of the global economy by
Explaining that when parties trade voluntarily, all benefit.	Lesson – What is Economic Growth? Lesson – How Global Trade Shapes Our Economy
Distinguishing between absolute and comparative advantage.	Lesson – What Is Comparative Advantage?
Distinguishing between trade deficit and trade surplus.	Lesson – How Global Trade Shapes Our Economy
Explaining exchange rates and the impact of the strength of the dollar on economic decisions.	Lesson – How Global Trade Shapes Our Economy
Describing the costs and benefits of trade barriers.	Lesson – How Global Trade Shapes Our Economy
Describing the effects of international trade agreements and the World Trade Organization.	Lesson – How Global Trade Shapes Our Economy
Explaining growing economic interdependence.	Lesson – How Global Trade Shapes Our Economy Lesson – What is Economic Growth?
The student will develop consumer skills by
Examining basic economic concepts (such as scarcity and opportunity cost) and their relation to product prices and consumer spending.	Lesson – Carrots, Sticks, and Your Wallet – All About Incentives Lesson – Why Is There Scarcity? Lesson – What is Opportunity Cost?
Describing common types of contracts and the implications of each.	Lesson – What makes a contract valid?
Demonstrating comparison-shopping skills.	Lesson – How Do You Stop Impulse Purchases?
Examining the importance of maintaining a system for personal financial records.	Lesson – Receipts – Keeping and Tossing Lesson – Break Free From Money Stress with a Budget Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth
Examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace.	Lesson – Achieve Financial Goals with a Spending Plan Lesson – Analyzing Consumer Behavior Lesson – How Businesses Find Their Ideal Customers
Accessing reliable financial information from a variety of sources.	Stock Market – Core Component Investing101 Certification Lesson – How to Read an Income Statement Lesson – How to Read a Balance Sheet Lesson – The Cash Flow Statement Explained
Explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance.	Lesson – Protect Yourself as a Consumer
Examining precautions for protecting identity and other personal information.	Lesson – How to Avoid Identity Theft, Scams & Fraud
The student will demonstrate knowledge of planning for living and leisure expenses by
Comparing the costs and benefits of purchasing vs. leasing a vehicle.	Lesson – Use the Buy vs Lease Calculator Lesson – The Car Buying Checklist Activity – Calculate Your Car Loan Payments
Calculating the total costs of owning and operating a vehicle.	Lesson – The Car Buying Checklist
Comparing the costs and benefits of renting vs. purchasing a residence.	Activity – Rent or Buy: Which is Right for You? Activity – Find Out Your Monthly Home Budget Lesson – Mortgage Options for First-Time Homebuyers
Describing the process of renting a residence.	Activity – Rent or Buy: Which is Right for You? Lesson – What’s Not Covered in Renter’s Insurance?
Describing the process of purchasing a residence.	Lesson – Mortgage Options for First-Time Homebuyers
Calculating the cost of utilities, services, maintenance, and other residential expenses.	Budget Game – Core Component Lesson – Break Free From Money Stress with a Budget
Evaluating discretionary spending decisions.	Budget Game – Core Component Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth Lesson – Spending and Saving Plans
The student will demonstrate knowledge of banking transactions by
Evaluating services and related costs associated with personal banking.	Lesson – How Debit Cards Work Lesson – Credit Cards: Terms, Fees, and More Lesson – Choosing the Best Banking Option for You
Differentiating among types of electronic monetary transactions.	Lesson – How Debit Cards Work Lesson – What is Money?
Reconciling bank statements.	Lesson – How Debit Cards Work Lesson – What is Money?
Comparing costs and benefits of online and traditional banking.	Lesson – How Debit Cards Work Lesson – Automatic Payments: Convenience vs. Risk
Examining how financial institutions affect personal financial planning.	Lesson – Choosing the Best Banking Option for You
The student will demonstrate knowledge of credit and loan functions by
Evaluating the various methods of financing a purchase.	Lesson – What to Do When You Need Money Fast Lesson – Good Debt, Bad Debt Lesson – Mortgage Options for First-Time Homebuyers Lesson – The Car Buying Checklist Lesson – Planning for long-term purchases Activity – Find Out Your Monthly Home Budget Activity – Rent or Buy: Which is Right for You?
Analyzing credit card features and their impact on personal financial planning.	Lesson – Credit Cards: Terms, Fees, and More
Identifying qualifications needed to obtain credit and the information needed to complete a credit application.	Lesson – Credit Cards: Terms, Fees, and More Lesson – Mortgage
Examining basic provisions of credit and loan laws.	Lesson – Protect Yourself as a Consumer Lesson – What Your Credit Report Says About You
Comparing terms and conditions of various sources of consumer credit.	Lesson – A Beginner’s Guide to Borrowing Wisely Lesson – What to Do When You Need Money Fast Lesson – How Borrowers Manage Personal Debt
Identifying strategies for effective debt management, including sources of assistance.	Lesson – How Borrowers Manage Personal Debt Lesson – The Art of Juggling Many Bills in a Pinch Lesson – Getting Help With Debt Repayment
Explaining the ways to build and maintain a good credit rating and the ramifications of an individual’s credit score.	Lesson – What Your Credit Report Says About You
Comparing the costs and conditions of secured and unsecured loans.	Lesson – What to Do When You Need Money Fast Lesson – Good Debt, Bad Debt
Comparing the types of voluntary and involuntary bankruptcy and the implications of each.	Lesson – What Is Bankruptcy? Lesson – Debt Relief: Is Consolidation the Answer?
Comparing amortization schedules for a loan based on principal, time, annual percentage rate (APR), and different credit ratings.	Lesson – Credit Cards: Terms, Fees, and More Lesson – A Beginner’s Guide to Borrowing Wisely Activity – Use the Credit Card Payments Calculator
The student will demonstrate knowledge of the role of insurance in risk management by
Identifying different ways to manage risk.	Lesson – Knowing Your Risks & Risk Tolerance Lesson – Why Health Insurance is So Expensive Lesson – Life Insurance: The Ultimate Safety Net
Evaluating insurance as a risk management strategy.	Lesson – Knowing Your Risks & Risk Tolerance Lesson – Why Health Insurance is So Expensive Lesson – Life Insurance: The Ultimate Safety Net Lesson – What’s Not Covered in Renter’s Insurance? Lesson – What Damage Does Home Insurance Cover?
Distinguishing among the types, costs, and benefits of insurance coverage, including identity theft, automobile, life, property, and health.	Lesson – Knowing Your Risks & Risk Tolerance Lesson – Why Health Insurance is So Expensive Lesson – Life Insurance: The Ultimate Safety Net Lesson – What’s Not Covered in Renter’s Insurance? Lesson – What Damage Does Home Insurance Cover?
Examining potential ramifications of lifestyle choices on premiums, insurability, and employability.	Budget Game – Core Component Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth Lesson – Prepare for Spending Shocks Lesson – Knowing Your Risks & Risk Tolerance Lesson – Planning Your Career Path
The student will demonstrate knowledge of income earning, taxes, and reporting by
Differentiating among sources of income.	Lesson – What’s in Your Compensation Package?
Calculating gross and net pay.	Budget Game – Core Component Lesson – Income Tax Filing Tips & Tricks
Investigating employee benefits and incentives (e.g., pretax savings opportunities).	Lesson – Employer and Employee Rights and Responsibilities
Describing the types and purposes of local, state, and federal taxes and the way each is levied and used.	Lesson – Tax Basics You Need to Know
Exploring how tax structures affect individuals of different income levels.	Lesson – Tax Basics You Need to Know
Computing local taxes on products and services.	Lesson – Sales Tax: Who Pays, Collects, and Why?
Completing standard employment tax forms.	Lesson – Income Tax Filing Tips & Tricks
Describing information relevant to the completion of state and federal income tax forms.	Lesson – Income Tax Filing Tips & Tricks
The student will demonstrate knowledge of personal financial planning by
Identifying short-term and long-term personal financial goals.	Lesson – Break Free From Money Stress with a Budget Lesson – Proven Techniques to Stop Overspending Lesson – Pay Yourself First: A Simple Yet Powerful Way to Build Wealth
Identifying anticipated and unanticipated income and expenses.	Budget Game – Core Component Lesson – Preparing for spending shocks
Defining terminology associated with inheritance and estate planning.	Lesson – Who Gets Your Stuff When You’re Gone?
Examining components and purposes of a personal net worth statement.	Lesson – renter’s Insurance Activity – Use the Net Worth Calculator
Developing a personal budget.	Budget Game – Core Component Lesson – Break Free From Money Stress with a Budget
Investigating the effects of government actions and economic conditions on personal financial planning.	Lesson – Government impact on the economy Lesson – What Does Fiscal Policy Mean? Lesson – What Is Monetary Policy?
Explaining how economics influences a personal financial plan.	Lesson – The Business Cycle Lesson – What is Economics? Lesson – Planning Long-Term Purchases
The student will demonstrate knowledge of investment and savings planning by
Comparing the impact of simple interest vs. compound interest on savings.	Activity – Watch How Your Savings Could Grow Activity – Use the Credit Card Payments Calculator Lesson – Demystifying the Impact of Interest Rates
Comparing various options for investment and savings.	Stock Game – Core Component Investing101 Certification Lesson – How to Develop an Investing Strategy Lesson – A Strategy to Build Wealth, Not Debt Lesson – What is Diversification & How to Spread Your Risk
Examining the fundamental workings of Social Security and the system’s effects on retirement planning.	Lesson – Planning for Retirement Lesson – What’s in Your Compensation Package?
Comparing various options for long-term planning (e.g., Virginia529 Plan, retirement plans).	Lesson – Planning for Retirement
Describing how the stock market works.	Stock Game – Core Component Investing101 Certification Lesson – What is the New York Stock Exchange?
The student will demonstrate knowledge of financing postsecondary education by
Identifying costs and benefits of postsecondary education.	Lesson – Financing Your Education Lesson – Work or Study
Identifying sources of postsecondary education funding.	Lesson – Financing Your Education Lesson – Work or Study
Identifying the purpose of the Free Application for Federal Student Aid (FAFSA) in determining eligibility for grants, scholarships, and loans and the essential information needed to complete it.	Lesson – Financing Your Education Lesson – Work or Study
Describing types of aid which do not require repayment, including federal, state, and institutional grants.	Lesson – Financing Your Education
Examining types of student loans, including federal and private, and understanding the associated risks.	Lesson – Financing Your Education
Examining the requirements to remain eligible for financial aid.	Lesson – Financing Your Education
Explaining repayment requirements and options for student loans, including income-appropriate repayment plans and options for loan forgiveness, cancellation, and discharge.	Lesson – Financing Your Education
Describing the options for borrowers struggling to make payments and the consequences of failure to repay student loans.	Lesson – Financing Your Education Lesson – What Is Bankruptcy?
Describing benefits, eligibility requirements, and tax implications of state- sponsored tax-advantage-qualified tuition plans as investment options for postsecondary education (e.g., Virginia529 Plan).	Lesson – Financing Your Education
Identifying the multiple pathways to postsecondary education and career preparedness.	Lesson – Planning Your Career Path Lesson – Work or Study Lesson – Are Internships Worth It?
Describing appropriate income levels needed to support student loan borrowing.	Lesson – Financing Your Education