2011/2012 Student Competency Record
Economics and Personal Finance
6120 - 36 weeks
Student School Year
School Teacher Signature
Traditional letter or numerical grades do not provide adequate documentation of student
achievement in competency-based education; therefore, the Virginia Standards for CBE require a
recording system to provide information about competencies achieved to employer, student-
employee, and teacher. The Student Competency Record provides a means for keeping track of
student progress. Ratings are assigned by the teacher for classroom competency achievement and
by the teacher-coordinator in conjunction with the training sponsor when competence is
evaluated on the job.
Tasks/competencies designated "Required" are considered essential statewide and are required of
all students. In some courses, all tasks/competencies have been identified as required.
Tasks/competencies marked "Optional" are considered optional; they and/or additional
tasks/competencies may be taught at the discretion of the school division. Tasks/competencies
marked with an asterisk (*) are considered sensitive, and teachers should obtain approval by the
school division before teaching them.
Note: Students with an Individualized Education Plan (IEP) or an Individualized Student
Alternative Education Plan (ISAEP) will be rated, using the following scale, only on the
competencies identified in their IEP or ISAEP.
Students will be expected to achieve a satisfactory rating (one of the three highest marks) on
the Student Competency Record (SCR) rating scale on at least 80% of the required (essential)
competencies in a CTE course.
1 - Can teach others
2 - Can perform without supervision
3 - Can perform with limited supervision
4 - Can perform with supervision
5 - Cannot perform
Economics and Personal Finance
36 Date Rating
Demonstrating Workplace Readiness Skills: Personal Qualities and People Skills
Required 001 Demonstrate positive work ethic.
Required 002 Demonstrate integrity.
Required 003 Demonstrate teamwork skills.
Required 004 Demonstrate self-representation skills.
Required 005 Demonstrate diversity awareness.
Required 006 Demonstrate conflict-resolution skills.
Required 007 Demonstrate creativity and resourcefulness.
Demonstrating Workplace Readiness Skills: Professional Knowledge and Skills
Required 008 Demonstrate effective speaking and listening skills.
Required 009 Demonstrate effective reading and writing skills.
Required 010 Demonstrate critical-thinking and problem-solving skills.
Required 011 Demonstrate healthy behaviors and safety skills.
Demonstrate an understanding of workplace organizations,
systems, and climates.
Required 013 Demonstrate lifelong-learning skills.
Required 014 Demonstrate job-acquisition and advancement skills.
Required 015 Demonstrate time-, task-, and resource-management skills.
Required 016 Demonstrate job-specific mathematics skills.
Required 017 Demonstrate customer-service skills.
Demonstrating Workplace Readiness Skills: Technology Knowledge and Skills
Demonstrate proficiency with technologies common to a
Required 019 Demonstrate information technology skills.
Demonstrate an understanding of Internet use and security
Required 021 Demonstrate telecommunications skills.
Examining All Aspects of an Industry
Required 022 Examine aspects of planning within an industry/organization.
Examine aspects of management within an
Examine aspects of financial responsibility within an
Required 025 Examine technical and production skills required of workers
within an industry/organization.
Examine principles of technology that underlie an
Required 027 Examine labor issues related to an industry/organization.
Required 028 Examine community issues related to an industry/organization.
Examine health, safety, and environmental issues related to an
Addressing Elements of Student Life
Required 030 Identify the purposes and goals of the student organization.
Explain the benefits and responsibilities of membership in the
Required 031 student organization as a student and in professional/civic
organizations as an adult.
Demonstrate leadership skills through participation in student
Required 032 organization activities, such as meetings, programs, and
Identify Internet safety issues and procedures for complying
with acceptable use standards.
Developing Economic Skills and Knowledge
Demonstrate knowledge of basic economic concepts and
Demonstrate knowledge of the role of producers and
consumers in a market economy.
Required 036 Demonstrate knowledge of the price system.
Required 037 Demonstrate knowledge that many factors affect income.
Demonstrate knowledge of a nation’s economic goals,
Required 038 including full employment, stable prices, and economic
Required 039 Demonstrate knowledge of the nation’s financial system.
Demonstrate knowledge of how monetary and fiscal policy
influence employment, output, and prices.
Demonstrate knowledge of the role of government in a market
Required 042 Demonstrate knowledge of the global economy.
Developing Consumer Skills
Examine basic economic concepts and their relation to product
prices and consumer spending.
Required 044 Examine the effect of supply and demand on wages and prices.
Describe the steps for making a purchase decision, including
the roles of marginal benefit and marginal cost.
Describe common types of contracts and the implications of
Required 047 Demonstrate comparison-shopping skills.
Required 048 Maintain a filing system for personal financial records.
Examine the impact of advertising and marketing on consumer
demand and decision-making in the global marketplace.
Required 050 Access reliable financial information from a variety of sources.
Explain consumer rights, responsibilities, remedies, and the
importance of consumer vigilance.
Examine precautions for protecting identity and other personal
Optional 053 Interact effectively with salespersons and merchants.
Differentiate between consumer protection regulations and
Demonstrating Knowledge of Planning for Living and Leisure Expenses
Compare the costs and benefits of purchasing vs. leasing a
Compare the advantages and disadvantages of renting vs.
purchasing a home.
Required 057 Analyze the process of renting housing.
Required 058 Describe the process of purchasing a home.
Calculate the cost of utilities, services, maintenance, and other
housing expenses involved in independent living.
Required 060 Evaluate discretionary spending decisions.
Demonstrating Knowledge of Banking Transactions
Required 061 Describe the types of financial institutions.
Examine how financial institutions affect personal financial
Evaluate services and related costs associated with personal
Differentiate among types and regulations of electronic
Prepare all forms necessary for opening and maintaining a
checking and a savings account.
Required 066 Reconcile bank statements.
Required 067 Compare costs and benefits of online and traditional banking.
Explain how certain historical events have influenced the
banking system and other financial institutions.
Compare the U.S. monetary system with the international
Demonstrating Knowledge of Credit and Loan Functions
Required 070 Evaluate the various methods of financing a purchase.
Analyze credit card features and their impact on personal
Required 072 Identify qualifications needed to obtain credit.
Required 073 Identify basic provisions of credit and loan laws.
Compare terms and conditions of various sources of consumer
Identify strategies for effective debt management, including
sources of assistance.
Required 076 Explain the need for a good credit rating.
Compare the costs and conditions of secured and unsecured
Compare the types of voluntary and involuntary bankruptcy
and the implications of each.
Calculate payment schedules for a loan, using spreadsheets,
calculators, and online tools.
Optional 080 Complete a sample credit application.
Demonstrating Knowledge of the Role of Insurance in Risk Management
Required 081 Evaluate insurance as a risk management strategy.
Distinguish among the types, costs, and benefits of insurance
Required 082 coverage, including automobile, life, property, health, and
Required 083 Explain the roles of insurance in financial planning.
Demonstrating Knowledge of Income Earning and Reporting
Examine how personal choices about education, training, skill
development, and careers impact earnings.
Required 085 Differentiate among sources of income.
Required 086 Calculate net pay.
Required 087 Investigate employee benefits and incentives.
Required 088 Complete a standard W-4 form.
Demonstrating Knowledge of Taxes
Describe the types and purposes of local, state, and federal
taxes and the way each is levied and used.
Explore how tax structures affect consumers, producers, and
business owners differently.
Required 091 Compute local taxes on products and services.
Required 092 Examine potential tax deductions and credits on a tax return.
Required 093 Explain the content and purpose of a standard W-2 form.
Explain the similarities and differences between state and
federal taxation of inheritances.
Optional 095 Define the terminology associated with inheritance.
Optional 096 Compare investment options for a monetary inheritance.
Optional 097 Examine types and purposes of estate planning.
Complete a state income tax form, including electronic
Complete short and itemized federal income tax forms,
including electronic formats.
Demonstrating Knowledge of Personal Financial Planning
Required 100 Identify short-term and long-term personal financial goals.
Required 101 Identify anticipated and unanticipated income and expenses.
Examine components and purposes of a personal net worth
Required 103 Develop a personal budget.
Investigate the effects of government actions and economic
conditions on personal financial planning.
Required 105 Explain how economics influences a personal financial plan.
Demonstrating Knowledge of Investment and Savings Planning
Compare the impact of simple interest vs. compound interest
Required 107 Compare and contrast investment and savings options.
Required 108 Explain costs and income sources for investments.
Examine the fundamental workings of the Social Security
System and the system's effects on retirement planning.
Required 110 Contrast alternative retirement plans.
Required 111 Explore how the stock market works.
Planning Financial Aspects of a Business Enterprise
Optional 112 Identify sources of financial capital.
Optional 113 Analyze the financial position of a business.
Investigate government regulations affecting financial aspects
of a business.
Analyze the impact of the global economy on American
Managing Financial Activities for a Business Enterprise
Optional 116 Complete daily business forms.
Optional 117 Record cash receipts.
Optional 118 Record receipts and payments in journals and ledgers.
Optional 119 Prepare a proof of cash.
Optional 120 Maintain a petty cash system.
Optional 121 Prepare payroll journals.
Optional 122 Analyze spreadsheet data.
Exploring Management Functions
Analyze the effects of ethics on business and financial
Optional 124 Explain the need for confidentiality in the workplace.
Identify the short- and long-term options for financial planning
and working capital management.
Optional 126 Prepare a business plan.
Describe the effects of group dynamics on decision making
and consensus building.
Developing Career Exploration and Employability Skills
Optional 128 Explain why investing in human capital benefits the employer.
Optional 129 Identify characteristics of a successful entrepreneur.
Optional 130 Explain how the economy benefits from entrepreneurship.
Optional 131 Investigate career opportunities.
Identify personal interests, aptitudes, and attitudes related to
the characteristics found in successful workers.
Optional 133 Prepare a professional portfolio.
Optional 134 Research a company in preparation for a job interview.
Participate in mock interviews to refine interviewing
Optional 136 Prepare employment-related correspondence.
Locally Developed Tasks/Competencies