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Personal Finance

Course Description:                                                                                                           

Level:  11-12 Grade                                                                                                            Credit: 1

Length: year                                                                                                                         Prerequisites: none

Program: Vocational Education or Mathematics                                                          Tech Prep: none available statewide at this time

Career Cluster Area: Business and Administrative Services                   Pathway:  Applied Business

Source of Occupational Skills Standards:

Eligibility for Nationally Recognized Skill Certificate(s)/State License: None known to be available at this time

Description:

This course emphasizes mathematics used in business and economics.  Topics in finance, credit, investing, business operation and an introduction to probability and statistics will be covered to show the application of algebra in business.  Students will demonstrate management of money by investigating financial situations such as personal earning power, budgets, insurance, income, sales, taxes, credit cards, consumer credit, purchase homes and cars, loans, mortgages, investments, present value, annuities, banking, break-even analysis, amortizations’ of loans, and consumerism.

**Math credit may also be earned for this class.

 

MATH WITH APPLICATIONS

  • (Personal Finance)
  • Grade Level: 11-12
  • Length of Course: Year
  • Credit: 1
  • Prerequisite:
  • Textbook: Business and Personal Finance
  • ISBN#: 0-02-644128-4
  • Publisher: Glencoe

COURSE DESCRIPTION
This course emphasizes mathematics used in business and economics. Topics in finance, credit, investing, business operation, and an introduction to probability and statistics will be covered to show the application of algebra in business. Students will demonstrate management of money by investigating financial situations such as personal earning power, budgets, insurance, income, sales, taxes, credit cards, consumer credit, purchase homes and cars, loans, mortgages, investments, present value and future value, annuities, banking, break-even analysis, amortization’s of loans, and consumerism.

NUMERATION

  • Recognize and use properties of the real number system
  • Simplify real expressions, that include variables, constants, and exponents

ESTIMATION &COMPUTATION

  • Compute with real numbers including powers and roots
  • Solve fraction problems that contain variables

FUNCTIONS & RELATIONSHIPS

  • Add, subtract, multiply, and divide rational expressions
  • Use proportions to solve variable expressions
  • Create and solve simple systems of equations, algebraically and graphically, using a graphing calculator
  • Recognize, create, extend, and generalize patterns, sequences and iterations
  • Describe linear and quadratic equations and inequalities
  • Manipulate expressions, formulas, equations, and inequalities to model mathematical situations

STATISTICS/PROBABILITY

  • Collect data using appropriate methods and technology
  • Display data in an appropriate graph
  • Predict unknown data values using a line of best fit
  • Describe a data set using measures of central tendency and variability
  • Analyze data from multiple events and predict theoretical probability
  • Describe dependent events, independent events, randomness, and chance variation
  • Compare experimental and theoretical probability for a situation

PROBLEM SOLVING, COMMUNICATION, REASONING, CONNECTIONS

  • Apply problem solving methods to income, taxes, personal finance, loans, investments, marketing, personal financing, production, purchasing, sales, distribution, and accounting
  • Use appropriate technology to represent the information and ideas a problem
  • Apply mathematical skills and processes to global issues
  • Describe how mathematics can be used in knowing how to prepare for careers
  • Use numerical, graphic, and symbolic representation to support oral and written communication about math ideas

DEVELOP CONSUMER SKILLS

  • Identify steps in a purchase decision while developing comparison shopping skills
  • Identify consumer protection and assistance agencies
  • Explain the difference between promoting and selling
  • Identify Factors that Can Influence the Prices of Goods and Services
  • List factors that influence consumers to buy
  • Describe why increased economic output increases the standard of living of a society
  • Explain how a business identifies products/services needed and wanted by consumers
  • Describe how government regulates marketing
  • Research the effect of raising and lowering the prime rate on the productivity of a specific product

APPLY BUYING SKILLS IN TRANSPORTATION, HOUSING, AND LEISURE EXPENSES

  • Plan for the purchase of a vehicle including taxes maintenance, and other incidental costs
  • Identify the procedures, costs, advantages, and disadvantages involved in buying a new vehicle and a used vehicle
  • Compare the costs involved in buying versus leasing the same vehicle
  • Contrast rental, lease, or purchase options of property
  • Identify common terminology and features associated with mortgages
  • Compare the effects of various payment periods, payment amounts, and interest rates on the length of time needed to pay off a mortgage
  • Outline the process of renting an apartment, including analyzing a contract and estimating moving costs, installation charges, and maintenance
  • Identify expenses involved in independent living (e.g., utility services, insurance, maintenance, furniture, etc.)
  • Plan a budget for a costly expense (e.g., car, vacation, moving, etc.)
  • Plan a budget for leisure expenses (e.g., movies, dining out, entertainment, etc.)
  • Compare budget figures to actual costs

UNDERSTAND BANKING SERVICES AND RELATED DOCUMENTS

  • Explain the use of credit cards, bank cards, debit cards, credit ratings, and loan applications
  • Prepare appropriate documents such as checks, register, deposits, and withdrawals
  • Reconcile a bank statement
  • Determine through investigation the characteristics of various savings alternatives from a financial institution (e.g., interest-bearing checking accounts, savings accounts, savings bonds, and certificates of deposit)

UNDERSTAND FINANCIAL MANAGEMENT

  • Explore various methods of financing a purchase (e.g., loan, installment, layaway, credit card, etc.)
  • Determine through investigation the features of various credit cards and debit cards
  • Identify personal qualifications necessary to obtain credit along with the purpose of credit reports
  • Compare terms and conditions required by credit sources
  • Complete a sample credit application
  • Identify sources of assistance for credit problems and the need for a sound credit rating
  • Identify effects of bankruptcy
  • Understand the Various Types of Insurance and the Need for Insurance
  • Examine types of coverage for automobile, property, life, health, and income security
  • Complete sample forms of selected insurance coverages

DEMONSTRATE TAX FUNCTIONS AS RELATED TO PERSONAL FINANCE

  • Identify types of taxes
  • Compute sales tax
  • Explore potential tax deductions and credits (e.g., health expenses, career education, mortgage interest, etc.)
  • Complete standard W-4 form
  • Prepare a simple income tax form

PREPARE A PERSONAL FINANCIAL PLAN

  • Identify short-term and long-term financial goals
  • Determine the amount of savings needed for a short-term goal
  • Determine through investigation the properties of investment alternatives (e.g. stocks, bonds, mutual funds, real estate), and compare the alternatives from the point of view of risk versus return
  • Identify sources of income and anticipated expenses
  • Prepare a budget of personal income and expenses
  • Identify investment and savings options
  • Discuss cost and income sources related to retirement
  • Prepare a personal financial plan for short and long term planning

 

Performance Standards

(Learner Outcomes)

Alaska Reading, Writing, Math, Science Performance Standards

Alaska Content Standards

Alaska Cultural Standards

Alaska Employability Standards

Occupational

Skills Standards

All Aspects

of  Industry

Assessment

Develop Consumer Skills

R4.1, SD.3, MA.1.4.1, MA.3.4.5

LA.D, MA.1, MA.3, MA.4, MA.6, Gov.G6,

D5

A2

FACS 3.0,IBES 2,1, NEFE 10.10

Management

Planning

Pre & Post Test

Identify factors that can influence the price of goods and services

 

 

 

SC.7, MA.1.4.1 MA.1.5, MA.3.4.5, R4.4, W4.5,

MA.4, MA.6, Gov.F1-10

C3

A, B

IBES 8.1, 9.1, 10.1,

All

Report

Apply buying skills in transportation, housing, and leisure expenses

 

W4.2, R4.4, MA.1.4.1, MA.3.4.4, MA.3.4.5, MA.4.4.1, MA4.4.2, MA.4.4.3, MA4.4.5, MA6.4.2, MB1.4.2,

LA.D, MA.3, MA.4, MA.6, Gov.F.1-10

C3, D5

A2

FACS 2.6

Tech. Skills

Finance

Planning

Performance Project

Understand banking services and related documents

MA.1.4.1, MA.3.4.3, MA.3.4.4, MA.3.4.5, MA.4.4.1, MA4.4.2, MA.4.4.3, MA4.4.5, MA6.4.3, MB.1.4.2, W4.2, W4.5,

MA.1, MA.3, MA.4, MA.6, Gov.F.1-10

B4, C4

A, B

IBES 10.1

Tech. Skills

Finance

Planning

Group Project

Understand Financial management

W4.2, R4.4, MA.1.4.1, MA.3.4.5, MB.1.4.2,

LA.D, MA.3, Gov.F.1-10

D5

A 2

FACS2.6

Finance

Pre & Post Test

Understand the various types of insurance and the need for insurance

MA.1.4.1, MA.3.4.5, MA.4.4.1, MA4.4.2, MA.4.4.3, MA4.4.5, MA6.4.3,  R4.4, R4.5a,

MA.1, MA.3, MA.4, MA.6, Gov.F.1-10

C4

A, B

IBES 10.2

Management

Planning

Health & Safety

Group Project

Demonstrate tax functions as related to personal finance

MA.1.4.1, MA.3.4.5, MA.4.4.1, MA4.4.2, MA.4.4.3, MA4.4.5,  MB.1.4.2 SD.2, R4.6, W4.2,

MA.1, MA.3, MA.4, MA.6, Gov.F.1-10

B3,4

C2

Gov

A, B

IBES 12.1, NEFE 12.13

Finance

Planning

Management

Performance Project

Prepare a personal financial plan

W.4.3, MA1.4.1, MA.6.4.1, MA.4.4.1, MA4.4.2, MA.4.4.3, MA4.4.5, MB.1.4.2, SD.1, R4.4

LA.C.1-5,

MA3,  MA.6, Gov.F.1-10

C2, D6

A2

FACS 2.0, IBES 10.2

Planning/ Management

Finance

Performance Project

Recommended Resources:  (websites, textbooks, equipment, reference materials, supplies)

NBEA-National Business Education Association (National Business Standards) http://www.nbea.org/

*Business Professionals of America Competitive Events  http://www.bpa.org/competitiveEventsSA.htm

Internal Revenue Service http:// www.irs.ustreas.gov.

Idaho Business Education Standards (IBES) http://www.educ.uidaho.edu/standards/

 National Standards for Family & Consumer Sciences Education (FACS)  http://ideanet.doe.state.in.us/octe/facs/natlstandards.htm#order

National Endowment for Financial Education (NEFE) http://www.nefe.org/

The Jump $tart Coalition for Personal Finance Literacy http://www.jumpstartcoalition.org/principles.cfm

Virginia Council on Economic Education www.vcee.org

Alaska Reading, Writing and Math Standards http://www.eed.state.ak.us/tls/PerformanceStandards/

Alaska Content Standards http://www.eed.state.ak.us/contentstandards/

Alaska Employability Standards http://www.eed.state.ak.us/tls/CTE/docs/curriculum/alaskaemployabilitystandards.pdf

All Aspects of Industry http://www.lx.org/

 

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