2020 - 2021, HS, Personal Finance, Quarter 1

2020 - 2021, HS, Personal Finance, Quarter 1Students begin a semester study of Personal Finance with the topics of Financial Responsibilityand Personal Decision Making, Education, Careers, Income, and Planning and MoneyManagement. This course follows T.C.A. § 49-6-1013.Tennessee State Standards“I Can” StatementsFinancial Responsibility and PersonalDecision MakingPF.1 Define the concept of personal finance andexplain the importance of personal financialplanning using information sources such asinstructional materials, news articles, blogs fromreputable sources, personal narratives, andindustry publications.PF.2 Write long-term (over 5 years), mid-term (1 5 years), and short-term (a year or less) personalfinancial goals, defining desired education,career, and earning milestones and saving andspending plans. Evaluate factors that mayinfluence the goals, including familyresponsibilities, individual values, and economicconditions.Creating a BudgetPF.7 Create a personal balance sheet. Determineassets and liabilities and calculate net worth.Using research from local sources (such asnewspapers, chambers of commerce, localgovernment, and company websites), create amonthly personal budget. Cite specific textualevidence from findings when calculating earningsof a selected occupation and including accuratelyestimated household living expenses, taxes,potential savings, and an emergency fund.EducationPF.4 Demonstrate an understanding of FreeApplication for Federal StudentAid (FAFSA) requirements to apply forpostsecondary education financial aid bycompleting an application. Identify strategies forreducing the overall cost of postsecondaryeducation, including the impact of scholarships,grants, work study, and other assistance.I can define the concept and explain theimportance of personal financial planning.I can define opportunity cost, networth, and delayed gratification and describe theconsequences of purchasing choices.I can create a long-term, mid-term, and shortterm personal financial plan.I can explain the difference between an asset anda liability.I can create a realistic household budget basedon local information sources thatbalances earnings, estimated expenses,taxes, emergency funds, saving, housing, utilities,food, entertainment, clothing, transportation,personal items, insurance, child care costs, andeducational savings plans.I can complete an application for a postsecondaryinstitution, including completing a FAFSAapplication.I can differentiate between a scholarship and agrant.I can explain and define work study.I can explain costs and benefits of using studentloans to fund postsecondary education.I can list and compare characteristics of variouscareers.I can show the factors affecting income, includingeducational requirements, training costs, andeducational level.I can analyze employer benefit packages andprioritize them when given various life situations,

PF.5 Research multiple viewpoints that supportor question the use of student loan debt inpaying for postsecondary education. Assess theextent to which the reasoning and evidencepresented support the author’s claim. Citingspecific textual evidence, craft an argumentativeessay that either supports or opposes the use ofstudent loan debt, developing both claim(s) andcounterclaim(s) fairly.including savings plans, retirement,insurance, employee leave (vacation, sick), accessto stock purchases and options, educationalreimbursement, incentive plans, and cafeteriaplans.I can research the requirements and cost toattend post-secondary institution.CareersPF.3 Develop a chart, table, or graphic tocompare characteristics of various careers, suchas alignment to personal interest and aptitude,education requirements, available positions,salaries, potential lifetime earnings, andemployer benefits. Research and report (orally orin an explanatory text) the requirements foradmission to and related costs of attending aspecific postsecondary institution and how thatwill support education, career, and earning goals.I can name types of taxes, examine the personaland employer tax responsibilities, such as payrolltaxes.I can explain the programs that taxes fund suchas: social security, Medicare, unemployment, anddisability programs.I can complete a 1040EZ, 1040A, W-4 tax form,and analyze the W-2, and various 1099 forms.I can explain the functions of the InternalRevenue Service (I.R.S.).Income Taxes and DeductionsPF.6 Describe factors affecting take-home paysuch as tax withholdings, benefits (e.g. insurance,401k), and plan payroll deductions. Complete a1040EZ or 1040A and a W-4 Employee’sWithholding Allowance paperwork and analyzethe W-2 Wage and Tax Statement for federalincome tax purposes.I can explain that the funding of governmentservices such as police and fire protection,schools, roads, social security, and parks comesfrom local taxes.2020 - 2021, HS, Personal Finance, Quarter 2Students complete their studies with the topics of Saving, Investing, Credit, Debt, and RiskManagement. This course follows T.C.A. § 49-6-1013.Tennessee State Standards“I Can” StatementsAssets, Markets, and PlanningPF.9 Compare and contrast services andproducts available from financial serviceproviders such as commercial banks, savingsand loans, and credit unions. Identify theservices that best support the personalfinancial goals. Craft an argumentative essaysupported by evidence about selecting aspecific financial account or service to bestmeet current and/or future financial goals.I can appraise the value of diversification, time valueof money, compound growth/accrued interest, riskand return, and the Rule of 72.I can explain the difference between a traditionalIRA (Individual Retirement Account) and a Roth IRA.I can explain an educational savings (529) account.

Types of InvestmentsPF.16 Explain how saving and investingcontribute to financial well-being, buildingwealth, and helping meet personal financialgoals. Compare and contrast saving andinvestment strategies, such as savingsaccounts, certificates of deposit, stocks,bonds, mutual funds, employer sponsoredsavings plans, physical assets, andcommodities. Design a diversified saving andinvestment plan that includes strategiescompatible with personal goals. Include timevalue of money and compound interestcalculations in analysis.Credit and DebtPF.10 Compare and contrast the varioussources and types of consumer credit, such asstudent loans, auto loans, store credit cards,and payday loans. Draw conclusions about thetypes of credit best suited for financing and/orpurchasing various goods and services,defending claims with specific textualevidence.PF.11 Citing information from at least one ofthe three major credit reporting agencies,describe credit reports and credit scores.Describe the relationship between consumersand credit reports/credit scores, discussingtheir importance and citing specific textualevidence from research. Analyze a samplecredit report and interpret how the contentsmay affect the credit score. Explain how thecredit score may impact borrowingopportunities and the cost of credit.Summarize specific activities used to maintaina good credit score.PF.12 Citing evidence found in creditapplications, compare, and contrast varioustypes of credit and calculate the real cost ofborrowing. Explain factors that can affect theapproval process associated with each type.Identify typical information and proceduresI can explain a 401k or 403B (for nonprofitemployers).I can write a check.I can balance a checkbook.I can explain how saving and investing will help mebe financially better off, build wealth, and meetpersonal financial goals.I can compare saving and investment strategiesincluding saving accounts, certificate of deposits,stocks, bonds, mutual funds, employer sponsoredsavings plans, physical assets, and commodities bydesigning a diversified plan that works with mypersonal goals.I can compare several types of loans,including mortgage, Home Equity Lines ofCredit (HELOC), installment loans, lines ofcredit, education/training loans, paydayloans, personal loans (secured and unsecured), titleloans, pawn shops, and check cashing businesses.I can list the three major credit reporting agenciesand what they do for lenders and borrowers.I can read and understand a credit report.I can explain the meaning of a credit score.I can list ways to maintain a good credit score orremediate a poor one.I can differentiate between diverse types of credit.I can explain factors that affect credit approval.I can explain how negotiation for a large purchaseworks.I can choose a suitable service contract or warranty.I can analyze financing options and choose wisely.I can illustrate the long-term consequences ofaccumulating unpaid debt and filing for bankruptcy

required in the credit application process.Analyze factors associated with the purchaseof an automobile and defend a specific buyingdecision including a. define and understandfactors most often included in negotiations(such as cash vs. financing, inclusion of tradein, etc.) b. evaluate costs and benefits ofdifferent service contract and/or warrantyoptions. c. compares and contrast availablefinancing options based on consumercharacteristics and size of down payment.PF.13 Identify strategies for good use of creditand effective debt management to recognizethe warning signs of impending debtproblems. Illustrate the long-termconsequences of accumulating debt and offiling for bankruptcy. Formulate a plan toeliminate debt and determine the impact on apersonal budget, citing specific textualevidence to defend elements of the plan.InsurancePF.14 Differentiate the benefits and costsassociated with various types of insurance,such as health, life, property, and auto.Describe the risks associated with a lack ofappropriate coverage in specific situations.Determine the role of insurance in personalfinancial planning to preserve and buildwealth.PF.15 Conduct assessments of various types ofidentity theft situations and scams, thendetermine strategies and present a plan tosafeguard and protect against identity theft.Design and present a plan to significantlylower and protect against risks. Determinesteps that should be taken by a victim ofidentity theft to report the incident and reestablish identity.Protecting ConsumersPF.8 Understand the availability of consumerprotection laws, agencies, and resources.Investigate the availability and reliability ofby formulating a plan to retire debt over anextended period.I can identify strategies for effective debtmanagement and recognize the warning signs ofimpending debt problems.I can compare types consumer debt and their costsincluding: Credit Card use and abuse Credit costsinterest, APR, penalties, fees, credit, and score Loan Consolidation-benefits anddisadvantages Credit counseling Credit problems—bankruptcy, foreclosure, repossessions, surrenderof collateral, delinquency, and garnishment Effect of employment Purchase of insuranceI can demonstrate knowledge of basic principles ofconsumer finance, including: credit worthiness consumer loans credit life interest (simple vs. compound) insurance down payment vs financingI can show and explain how I will minimize my ownpersonal risk by choosing various insurance policies,including health, life (whole vs. term), homeowners,auto, renters, short-term disability, long-termdisability, and long-term care.I can outline specific steps to prevent identity theft.I can assess different populations that may be at riskof identity theft and design and present a plan foreach population group for a class project ordiscussion.I can determine the steps a victim of identity theftshould take to report the incident and re-establishidentity.