National Standards for Business Education Published by the National Business Education

Personal Finance National Standards For Business Education published by the National Business Education Association

I. How Your Choices Affect Income (6 days) A. Students will discuss the job market, how it changes over time, and what you can do to prepare yourself. B. Students will describe how education may affect the amount of money you earn. C. Students will discuss the costs and options for higher education and post secondary training. D. Students will explain how to pay for college and other education programs. E. Students will discuss the strategies to find and apply for jobs in the internet age. F. Students will prepare a resume and a cover letter. G. Students will describe successful job application and interview strategies. Writing assignment – Create a resume and cover letter Assessment – Test #1 21st Century Skills taught – research skills, analytical skills

II. Income, Benefits and Taxes. (5 days) A. Students will list and discuss types of earned income, such as wages, salaries, tips, and commissions. B. Students will discuss the advantages and disadvantages of self-employment. C. Students will describe employee benefits and their role in employee compensation. D. Students will be able to list the types of taxes levied against individuals and businesses. E. Students will discuss the benefits of paying taxes, both direct and indirect. F. Students will list the required and optional deductions from gross pay. G. Students will explain the contents of commonly used federal tax forms.

Writing – Complete a 1040EZ Tax Form Complete a W2 and W4 Form Assessment – Test #2 21st Century Skills taught – How to read a tax table, analytical skills, how to interpret a pay check stub, application of above skills

III. Financial Decisions and Planning. (9 days) A. Students will describe the needs and wants and explain how financial resources help fulfill needs and wants. B. Students will prepare a personal cash flow statement and a personal net worth

Updated August 2015 statement. C. Students will apply a decision-making process to personal financial choices. D. Students will identify the need for a personal budget and prepare a personal budget. E. Students will describe recordkeeping methods used in the budgeting process. F. Students will explain the purpose and steps of financial planning and list reliable sources of financial advice. G. Students will describe ways you can protect your financial records.

Writing assignment – Prepare and analyze a budget for a recent college graduate Assessment – Test #3 21st Century Skills taught – analytical skills, critical thinking, creating a budget realistically

IV. The Banking System (13 days) A. Students will explain the purpose and use of a checking account. B. Students will prepare checks and deposit slips and maintain a checkbook register. C. Students will prepare a bank reconciliation and understand account fees and choices. D. Students will discuss the purpose of savings. E. Students will explain how you can row your savings with interest and list and compare savings options and features. F. Students will describe banking services available to consumers at most banks and credit union. G. Students will discuss the costs of banking services and explain consumer responsibilities for holders of bank accounts.

Writing Assignments - Write checks, endorse checks, complete deposit tickets, keep a check register, reconcile a bank statement Assessment – Test #4 21 Century Skills taught – Figure interest rates and compound interest, complete the process in banking

V. Risk Assessment and Strategies (8 Days) A. Students will be able to explain the concepts or risk and list the types of risk that consumers face. B. Students will describe risk assessment and list four risk strategies. C. Students will explain the need for health insurance, the type of coverage, and the ways to manage health care and health care spending.

Updated August 2015 C. Students will explain the need for disability insurance and the types of plans available. D. Students will explain the need for and provisions of a homeowner’s and a renter’s insurance policy. E. Students will explain the need and types of coverage for auto insurance. F. Students will describe ways you can shop for insurance, minimize premiums, and maximize coverage. Inventory project Assessment – Test #5 21st Century Skills taught – analytical skills and critical thinking skills relating to economic risks

VI. Credit A. Students will compare the sources of credit. B. Students will explain the advantages and disadvantages of credit. C. Students will explain credit card rates and how interest is calculated. D. Students will discuss credit card practices and how they affect consumers. E. Students will discuss how consumers can make wise credit choices. F. Students will explain how to dispute errors on billing statements and list ways to prevent credit card fraud. G. Students will discuss the laws that protect consumers in regard to credit.

Evaluate credit card offers Assessment – Test #6 21st Century Skills taught – analytical skills and critical thinking skills, how to read a credit card statement and make good choices regarding credit

VII. Basics of Saving and Investing A. Students will explain how saving and investing are related and how saving leads to investing and wealth. B. Students will describe how saving and investing help you achieve personal goals. C. Students will explain how investing prepares you for retirement and beyond. D. Students will discuss the concept of risk versus return.

Assessment – Test #7 21st Century Skills – analytical skills relating to saving and investing in the economy for long term

Updated August 2015 Final Exam – Objective

Updated August 2015