Virginia State

Virginia
Financial Literacy Standards

We compared our learning materials and the core financial literacy concepts that are covered in our Budget and Stock Games to the personal finance standards for the state of Virginia.

A list of the Virginia Economics and Personal Finance Standards of Learning are below, along with a selection of activities from our games and library that align with each standard. 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.

Course Outlines, Lesson Plans & Student Activities

Students will learn through playing the interactive online games, as well as completing the self-graded lessons that were designed to keep young learners engaged.

When you order PersonalFinanceLab® for your class, you’ll also get access to course outlines, lesson plans, student activities and grading rubrics that tie everything together.

Check out our course outlines, we’ll walk you through every step of the way!

3-Week Enrichment Program

3-Week Enrichment Program
18-Week Course Outline

18-Week Course Outline
9-Week Course Outline

9-Week Course Outline

Get to Know PersonalFinanceLab®

We’re here to help engage your students to learn how to manage their money responsibly. Learn more about each of the main features and see how we can help transform your class.

Personal Budgeting Game

A monthly budget game with real-life scenarios and consequences.

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Stock Market Game

Build your students confidence in the financial markets as they learn how to invest their money wisely.

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Embedded Lessons

Self-graded lessons aligned to National and Jump$tart Standards.

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We’re Here to Help!

Discover how the fully customizable platform can be tailored to fit the needs of your class by talking to a member of our team. Our curriculum specialists can guide you on how to integrate our lessons and games into your existing curriculum.

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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.

Legend:

Long-Term Game
Comprehensive Chapter
Short Lesson
Interactive Calculator
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
Lesson – Preparing for Retirement
Activity – Use the Saving to be a Millionaire Calculator
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 – Labor and Productivity
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 – What are Incentives?
Explaining how businesses respond to consumer sovereignty. Lesson – Consumer rights and responsibilities
Lesson – Segmentation and Target Markets
Lesson – Analyzing Consumer Behavior
Lesson – The Product Lifecycle
Identifying the role of entrepreneurs. Lesson – What is Entrepreneurship?
Lesson – Types of Companies
Lesson – Starting a Business
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 – What is an Income Statement?
Lesson – What is a Balance Sheet?
Lesson – What Is A Cash Flow Statement
Lesson – Supply and Demand Examples in the Stock Market
Describing how increased productivity affects costs of production and standards of living. Lesson – Labor and Productivity
Examining how investment in human capital, capital goods, and technology can improve productivity. Lesson – Labor and Productivity
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 – Income and Compensation
Lesson – Career Development
Identifying the impact of human capital on production costs. Lesson – Labor and Productivity
Explaining the relationship between a person’s own human capital and the resulting income potential. Lesson – Income and Compensation
Lesson – Career Development
Performing an analysis of expenses and financial aid required for continuing education to expand human capital. Lesson – Student Loans
Lesson – Work or Study
Describing how changes in supply and demand for goods and services affect income. Lesson – Labor and Productivity
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 – 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 – Fiscal Policy Explained
Lesson – Monetary Policy
Lesson – International Trade
The student will demonstrate knowledge of the nation’s financial system by
Comparing the role of money and currency. Lesson – What is Money?
Lesson – International Trade
Explaining the roles and types of financial markets and financial institutions. Stock Game – Core Component
Investing101 Certification
Lesson – Banks, Credit Unions, and Savings and Loans
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 – What is the Federal Reserve?
Lesson – Monetary Policy
Identifying the tools of monetary policy (e.g., Fed funds rate). Lesson – Monetary Policy
Comparing the U.S. monetary system with the international monetary system. Lesson – How is Money Created?
Lesson – International Trade
Lesson – What is Economics?
Explaining how certain historical events have influenced the banking system and other financial institutions. Lesson – Stock Market Crash of 1929
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 – Fiscal Policy Explained
Lesson – Government impact on the economy
Lesson – Monetary Policy
Describing sources of government revenue. Lesson – Government impact on the economy
Explaining balanced budget, deficit, and national debt. Lesson – Fiscal Policy Explained
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 – 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 – Importance of Interest Rates
Explaining that governments redistribute wealth. Lesson – Taxation Overview
The student will demonstrate knowledge of the global economy by
Explaining that when parties trade voluntarily, all benefit. Lesson – What is Economic Growth?
Lesson – International Trade
Distinguishing between absolute and comparative advantage. Lesson – Comparative Advantage
Distinguishing between trade deficit and trade surplus. Lesson – International Trade
Explaining exchange rates and the impact of the strength of the dollar on economic decisions. Lesson – International Trade
Describing the costs and benefits of trade barriers. Lesson – International Trade
Describing the effects of international trade agreements and the World Trade Organization. Lesson – International Trade
Explaining growing economic interdependence. Lesson – International Trade
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 – What are 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 – Researching Spending
Examining the importance of maintaining a system for personal financial records. Lesson – Receipts – Keeping and Tossing
Lesson – Budgeting
Lesson – Pay Yourself First
Examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace. Lesson – Spending and Savings Plans
Lesson – Analyzing Consumer Behavior
Lesson – Segmentation and Target Markets
Accessing reliable financial information from a variety of sources. Stock Market – Core Component
Investing101 Certification
Lesson – What is an Income Statement?
Lesson – What is a Balance Sheet?
Lesson – What Is A Cash Flow Statement
Explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance. Lesson – Consumer rights and responsibilities
Examining precautions for protecting identity and other personal information. Lesson – Protecting Against 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 – Buying a Car
Activity – Use the Car Loans Calculator
Calculating the total costs of owning and operating a vehicle. Lesson – Buying a Car
Comparing the costs and benefits of renting vs. purchasing a residence. Activity – Use the Buy vs Lease Calculator
Activity – Use the Home Budgeting Calculator
Lesson – Mortgages
Describing the process of renting a residence. Activity – Use the Buy vs Lease Calculator
Lesson – Renter’s Insurance
Describing the process of purchasing a residence. Lesson – Mortgages
Calculating the cost of utilities, services, maintenance, and other residential expenses. Budget Game – Core Component
Lesson – Budgeting
Evaluating discretionary spending decisions. Budget Game – Core Component
Lesson – Pay Yourself First
Lesson – Spending and Saving Plans
The student will demonstrate knowledge of banking transactions by
Evaluating services and related costs associated with personal banking. Lesson – Debit Cards
Lesson – Credit Cards
Lesson – Banks, Credit Unions, and Savings and Loans
Differentiating among types of electronic monetary transactions. Lesson – Debit Cards
Lesson – What is Money?
Reconciling bank statements. Lesson – Debit Cards
Lesson – What is Money?
Comparing costs and benefits of online and traditional banking. Lesson – Debit Cards
Lesson – Automatic Payments
Examining how financial institutions affect personal financial planning. Lesson – Banks, Credit Unions, and Savings and Loans
The student will demonstrate knowledge of credit and loan functions by
Evaluating the various methods of financing a purchase. Lesson – Short-Term Financing
Lesson – Good Debt, Bad Debt
Lesson – Mortgages
Lesson – Buying a Car
Lesson – Planning for long-term purchases
Activity – Use the Home Budgeting Calculator
Activity – Use the Buy vs Lease Calculator
Analyzing credit card features and their impact on personal financial planning. Lesson – Credit Cards
Identifying qualifications needed to obtain credit and the information needed to complete a credit application. Lesson – Credit Cards
Lesson – Mortgage
Examining basic provisions of credit and loan laws. Lesson – Consumer rights and responsibilities
Lesson – Credit Reports
Comparing terms and conditions of various sources of consumer credit. Lesson – Using Credit
Lesson – Short-Term Financing
Lesson – Managing Debt
Identifying strategies for effective debt management, including sources of assistance. Lesson – Managing Debt
Lesson – Managing Bills
Lesson – Debt Management Services
Explaining the ways to build and maintain a good credit rating and the ramifications of an individual’s credit score. Lesson – Credit Reports
Comparing the costs and conditions of secured and unsecured loans. Lesson – Short-Term Financing
Lesson – Good Debt, Bad Debt
Comparing the types of voluntary and involuntary bankruptcy and the implications of each. Lesson – Bankruptcy
Lesson – Consolidating Debt
Comparing amortization schedules for a loan based on principal, time, annual percentage rate (APR), and different credit ratings. Lesson – Credit Cards
Lesson – Using Credit
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 – Risk
Lesson – Health Insurance
Lesson – Life Insurance
Evaluating insurance as a risk management strategy. Lesson – Risk
Lesson – Health Insurance
Lesson – Life Insurance
Lesson – Renter’s Insurance
Lesson – Home Owner’s Insurance
Distinguishing among the types, costs, and benefits of insurance coverage, including identity theft, automobile, life, property, and health. Lesson – Risk
Lesson – Health Insurance
Lesson – Life Insurance
Lesson – Renter’s Insurance
Lesson – Home Owner’s Insurance
Examining potential ramifications of lifestyle choices on premiums, insurability, and employability. Budget Game – Core Component
Lesson – Pay Yourself First
Lesson – Prepare for Spending Shocks
Lesson – Risk
Lesson – Career Development
The student will demonstrate knowledge of income earning, taxes, and reporting by
Differentiating among sources of income. Lesson – Income and Compensation
Calculating gross and net pay. Budget Game – Core Component
Lesson – Tax Filing and the Form 1040
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 – Taxation Overview
Exploring how tax structures affect individuals of different income levels. Lesson – Taxation Overview
Computing local taxes on products and services. Lesson – Sales Tax
Completing standard employment tax forms. Lesson – Tax Filing and the Form 1040
Describing information relevant to the completion of state and federal income tax forms. Lesson – Tax Filing and the Form 1040
The student will demonstrate knowledge of personal financial planning by
Identifying short-term and long-term personal financial goals. Lesson – Budgeting
Lesson – Budgeting and Spending Strategies
Lesson – Pay Yourself First
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 – Simple and Living Wills
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 – Budgeting
Investigating the effects of government actions and economic conditions on personal financial planning. Lesson – Government impact on the economy
Lesson – Fiscal Policy Explained
Lesson – 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 – Use the Compound Interest Calculator
Activity – Use the Credit Card Payments Calculator
Lesson – Importance of Interest Rates
Comparing various options for investment and savings. Stock Game – Core Component
Investing101 Certification
Lesson – Investing Strategies
Lesson – Building Wealth
Lesson – Building a Diversified Portfolio
Examining the fundamental workings of Social Security and the system’s effects on retirement planning. Lesson – Planning for Retirement
Lesson – Income and Compensation
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 – Student Loans
Lesson – Work or Study
Identifying sources of postsecondary education funding. Lesson – Student Loans
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 – Student Loans
Lesson – Work or Study
Describing types of aid which do not require repayment, including federal, state, and institutional grants. Lesson – Student Loans
Examining types of student loans, including federal and private, and understanding the associated risks. Lesson – Student Loans
Examining the requirements to remain eligible for financial aid. Lesson – Student Loans
Explaining repayment requirements and options for student loans, including income-appropriate repayment plans and options for loan forgiveness, cancellation, and discharge. Lesson – Student Loans
Describing the options for borrowers struggling to make payments and the consequences of failure to repay student loans. Lesson – Student Loans
Lesson – 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 – Student Loans
Identifying the multiple pathways to postsecondary education and career preparedness. Lesson – Career Development
Lesson – Work or Study
Lesson – How To Choose an Internship
Describing appropriate income levels needed to support student loan borrowing. Lesson – Student Loans

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