21st Century Standards Profile Business and Marketing Education Course Title: Personal Finance WVEIS Code 1451
Student’s Name______________________________________________________________________________________________ School__________________________________________________Instructor____________________________________________
Course Description: This area of study is designed to provide students with the knowledge and skills needed in a multi-disciplinary approach to personal financial management. Students will utilize problem-solving techniques and participate in hands-on activities to develop an understanding of course concepts. Teachers should provide each student with real world learning opportunities and instruction related to business occupations. Students are encouraged to become active members of the student organizations FBLA or DECA. The West Virginia Standards for 21st Century Learning include the following components: 21st Century Content Standards and 21st Century Learning Skills and Technology Tools. All West Virginia teachers are responsible for classroom instruction that integrates learning skills, technology tools, and content standards and objectives. Level of Competence: Above Mastery: The student demonstrates exceptional and exemplary performance with distinctive and sophisticated application of knowledge and skills that exceed standard. The student can independently solve problems and is self-directed. Mastery: The student demonstrates competent and proficient performance and shows a thorough and effective application of knowledge and skills that meet standard. Application of knowledge and skills is thorough and effective and the student can work independently. Partial Mastery: The student demonstrates basic but inconsistent performance of fundamental knowledge and skills characterized by errors and/or omissions. Performance needs further development and supervision. Above Mastery Mastery Partial Mastery
Content Standards and Objectives Standard 1: Consumer Roles
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Objectives BE.O.PFIN.1.1
The student will examine basic economic concepts and their impact on pricing and spending. BE.O.PFIN.1.2 examine consumer rights, responsibilities and remedies. BE.O.PFIN.1.3 relate the impact of marketing and advertising on consumer demand and decision-making globally. BE.O.PFIN.1.4 demonstrate comparison shopping. BE.O.PFIN.1.5 research financial information from a variety of sources. BE.O.PFIN.1.6 prepare a personal finance record filing system. BE.O.PFIN.1.7 outline the steps for making a purchase decision. BE.O.PFIN.1.8 determine the difference in consumer protection regulations. BE.O.PFIN.1.9 recognize common types of consumer contracts. Standard 2: Banking Transactions Objectives The student will BE.O.PFIN.2.1 differentiate the types of financial institutions. BE.O.PFIN.2.2 research financial institutions affect on personal financial planning. BE.O.PFIN.2.3 analyze financial institutions in terms of services and related costs associated with personal banking. BE.O.PFIN.2.4 determine necessary forms for opening and maintaining checking and savings accounts. BE.O.PFIN.2.5 examine the types of electronic monetary transactions. BE.O.PFIN.2.6 compare and contrast online and traditional banking. 2
BE.O.PFIN.2.7 BE.O.PFIN.2.8
reconcile a bank statement. compare the U.S. monetary system with the international monetary system. BE.O.PFIN.2.9 research the Federal Reserve System. Standard 3: Income Earning and Reporting Objectives Students will BE.O.PFIN.3.1 differentiate sources of income. BE.O.PFIN.3.2 compute net pay. BE.O.PFIN.3.3 compute gross pay. BE.O.PFIN.3.4 investigate employee benefits and incentives. BE.O.PFIN.3.5 prepare a standard W-4 form. Standard 4: Personal Financial Success Objectives The student will BE.O.PFIN.4.1 prepare personal financial short-term and long-term goals. BE.O.PFIN.4.2 identify anticipated income and expenses. BE.O.PFIN.4.3 identify unanticipated income and expense. BE.O.PFIN.4.4 develop a budget. BE.O.PFIN.4.5 debate how economics influences financial plans. Standard 5: Tax Functions Objectives The student will BE.O.PFIN.5.1 research the types, and purposes, of federal, state and local taxes. BE.O.PFIN.5.2 determine how federal, state, and local taxes are levied. BE.O.PFIN.5.3 research tax deductions and sales credits for a tax form. BE.O.PFIN.5.4 calculate state taxes on products and services. BE.O.PFIN.5.5 complete and complete a state income tax form manually and electronically. 3
BE.O.PFIN.5.6
compare short and itemized federal income tax forms, manually and electronically. Standard 6: Investment and Savings Plans Objectives The student will BE.O.PFIN.6.1 investigate costs and income sources for investments. BE.O.PFIN.6.2 compare and contrast options for investments and savings. BE.O.PFIN.6.3 compare simple interest versus compound interest on savings. BE.O.PFIN.6.4 research the stock market and how it works. BE.O.PFIN.6.5 research the Social Security System. BE.O.PFIN.6.6 investigate the Social Security System and how it effects retirement planning. BE.O.PFIN.6.7 compare and contrast retirement plans. Standard 7: Compare Transportation and Housing Cost Objectives The student will BE.O.PFIN.7.1 research the process of purchasing a house. BE.O.PFIN.7.2 research the process of renting housing. BE.O.PFIN.7.3 compare and contrast the advantages and disadvantages of purchasing versus renting house. BE.O.PFIN.7.4 calculate housing expenses involved in independent living such as utilities, maintenance, services, etc. BE.O.PFIN.7.5 determine the process for purchasing a vehicle. BE.O.PFIN.7.6 investigate the process of leasing a vehicle. BE.O.PFIN.7.7 compare leasing versus purchasing a vehicle. 4
Standard 8: Credit and Loan Procedures Objectives The student will BE.O.PFIN.8.1 examine methods for financing purchases. BE.O.PFIN.8.2 compute payment schedules for a loan utilizing manual, electronic and on-line tools. BE.O.PFIN.8.3 analyze features of credit cards and their impact on financial planning. BE.O.PFIN.8.4 determine qualifications for obtaining credit. BE.O.PFIN.8.5 complete a sample credit application. BE.O.PFIN.8.6 analyze credit and loan laws. BE.O.PFIN.8.7 identify debt management strategies. BE.O.PFIN.8.8 research sources for assistance with debt management . BE.O.PFIN.8.9 research the credit scoring process. BE.O.PFIN.8.10 establish reasons for maintaining sound credit ratings. BE.O.PFIN.8.11 analyze the costs and conditions of secured and unsecured loans. BE.O.PFIN.8.12 research bankruptcy laws and implications. Standard 9: Insurance as Risk Management Objectives The student will BE.O.PFIN.9.1 analyze insurance as a risk management strategy. BE.O.PFIN.9.2. determine the role of insurance for financial planning. BE.O.PFIN.9.3 compare the types of life insurance coverage. BE.O.PFIN.9.4 compare the types of health insurance coverage. BE.O.PFIN.9.5 compare the types of property coverage. 5
BE.O.PFIN.9.6
compare the types of property coverage. BE.O.PFIN.9.7 compare the types of automobile insurance coverage. Standard 10: Participating in the Student Organization Objectives The student will BE.O. PFIN.10.1 assess the purposes and goals of the local student organization. BE.O. PFIN.10.2 discover the benefits and responsibilities of participation in student organization as an adult. BE.O. PFIN.10.3 demonstrate leadership skills through participation in student organization activities such as meetings, programs, and projects.
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Profile Summary STUDENT COMMENTS:
Student’s Signature______________________________________________________________ Date____________________
INSTRUCTOR COMMENTS:
Instructor’s Signature_____________________________________________________________ Date___________________
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