Managing Your Personal Finances, 6/E

Correlation of

Washington’s OSPI Model Frameworks Finance Fitness (Finance): Consumer and Family Resources/Business Math WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT Unit 1: Financial Responsibility and Decision Making Performance Assessments Use the decision making process to make a financial decision and explain in a 130, 131, 133-134, 157, 159-160, 180, 182-184, 204, 205, 207-209, 211-215, 233, 234, written/oral format why this was the best decision. 236-238, 256, 257, 259-260, 277, 278, 280-281, 295, 296, 298-299, 317, 319-320, 337, 338, 340-341, 343-353, 370, 371, 372-374, 393, 395-396, 413, 415-416, 426, 433, 434, 436-437, 440-443, 464, 466-467, 486, 487, 489-490, 505, 506, 508-509, 528, 530-531, 550, 552-553, 555-563, 580, 581, 583-584, 599, 600, 602-603, 620, 622-623, 625-637, 660, 661, 663-664, 679, 680, 682-683, 699, 700, 702-703, 705-713 STANDARDS AND COMPETENCIES Standard: Use a rational decision-making process as it applies to the roles of citizens, workers, and consumers. Competency Description 130, 131, 133-134, 157, 159-160, 180, 182-184, 204, 205, 207-209, 211-215, 233, 234, 236-238, 256, 257, 259-260, 277, 278, 280-281, 295, 296, 298-299, 317, 319-320, 337, Apply reliable information and systematic decision making to personal financial 338, 340-341, 343-353, 370, 371, 372-374, 393, 395-396, 413, 415-416, 426, 433, 434, decisions. 436-437, 440-443, 464, 466-467, 486, 487, 489-490, 505, 506, 508-509, 528, 530-531, 550, 552-553, 555-563, 580, 581, 583-584, 599, 600, 602-603, 620, 622-623, 625-637, 660, 661, 663-664, 679, 680, 682-683, 699, 700, 702-703, 705-713 130, 131, 133-134, 157, 159-160, 180, 182-184, 204, 205, 207-209, 211-215, 233, 234, 236-238, 256, 257, 259-260, 277, 278, 280-281, 295, 296, 298-299, 317, 319-320, 337, 338, 340-341, 343-353, 370, 371, 372-374, 393, 395-396, 413, 415-416, 426, 433, 434, Analyze strategies to manage multiple individual, family, career, and community roles 436-437, 440-443, 464, 466-467, 486, 487, 489-490, 505, 506, 508-509, 528, 530-531, and responsibilities 550, 552-553, 555-563, 580, 581, 583-584, 599, 600, 602-603, 620, 622-623, 625-637, 660, 661, 663-664, 679, 680, 682-683, 699, 700, 702-703, 705-713

Find and evaluate financial information from a variety of sources 448, 658-659 Examine individual and family roles in the economic system 450-451, 511, 536-537 Apply the decision-making process to various types of decisions at different stages of the 447-450 life cycle Apply opportunity costs and trade-offs to financial decision making 447-449 Recognize the consequences of economic choices 450-452 Differentiate between types of financial decisions and identify those for which a formal 447-462, 469-485, 490-504, 511, 526, 533-548 decision-making process should be used Apply the concept of marginalism to decision making 447-450

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT Evaluate the impact of technology on individual and family resources. 82, 127-128 Examine how advertising, media and technological advances impact family and 459-460, 658-659 consumer decisions Unit 2: Career Awareness Performance Assessments Create a career plan for post high school including a financial analysis or plan for that 5-20, 22-23, 24-41, 43-44 path. STANDARDS AND COMPETENCIES Standard: Career Awareness Assess personal skills, abilities and aptitudes and personal strengths and weaknesses as they relate to career exploration and development. Use a variety of research tools (e.g., computer-assisted programs, newspapers, books, professional and trade associations, informational interviews, job shadowing, career fairs, and the Internet) in the career exploration process Relate the importance of workplace expectations to career development. Develop strategies to make an effective transition from school to a career. Relate the importance of lifelong learning to career success. Describe the impact of the global economy on jobs and careers. Explain how types and availability of jobs are determined primarily by consumer demand in the market-oriented economy of the United States Competency Description Self Awareness Assess and analyze personal talents, values, and interests as they may relate to a future career, based on the completion of standardized career interest survey and personality 14-18 indicator assessments. 12, 40, 63, 74, 95, 124, 156, 179, 197, 226, 247, 267, 289, 316, 330, 361, 392, 412, Compare personal skills and aptitudes with various career options. 425, 453, 477, 498, 527, 549, 573, 592, 619, 649, 672, 691 Correlate personal characteristics with the requirements of specific jobs within career 12, 40, 63, 74, 95, 124, 156, 179, 197, 226, 247, 267, 289, 316, 330, 361, 392, 412, clusters. 425, 453, 477, 498, 527, 549, 573, 592, 619, 649, 672, 691 Identify transferable competencies and job-specific skills related to career and job 9-11 options. Identify personal strengths and weaknesses. 25-28 Apply knowledge gained from individual assessment to a comprehensive set of goals and 28-32, 33

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT an individual career plan.5-11 Assess the impact of sociological, economic, and technological changes on future jobs 5-11 Unit 3: Income Performance Assessments Use a career plan to develop personal income potential to complete a tax return form. 146-150 STANDARDS AND COMPETENCIES Standard: Identify various forms of income and analyze factors that affect take-home pay. Total Learning Hours for Standard: Competency Description 12, 40, 63, 74, 95, 124, 156, 179, 197, 226, 247, 267, 289, 316, 330, 361, 392, 412, Identify various ways people earn a living 425, 453, 477, 498, 527, 549, 573, 592, 619, 649, 672, 691 Discuss how income from employment is affected by factors such as supply and demand, geographic location, level of education, type of industry, union membership, 6-10, 14-15, 30-31, 39 productivity, skill level, and work ethic Identify benefits as a component of total income 121-123 Compare and contrast compensation packages that include varying levels of wages and 115-125, 133-135 benefits Differentiate between earned and unearned income and identify sources of unearned 142-143, 162, 646 income (e.g. interest, rent, and profit) Differentiate between gross and net income 142-143, 166-167 Determine practices that allow families to maintain economic self-sufficiency 533-550 Analyze how career choice, education, and skills affect income and goal attainment 6-15 Explore potential tax deductions and credits on a tax return 117, 143, 295, 493, 496 Calculate personal tax liabilities for various types of taxes (e.g. property, income, sales, 117-124, 136-138, 144-154, 215 FICA, and Medicare) (payroll) Explain the impact of taxes on personal financial planning 136-137 Calculate net pay 115-121 Investigate employee benefits and incentives 121-123 Unit 4: Planning and Money Management Performance Assessments Develop and evaluate a financial plan based on your career plan (complete a budget 211-217, 343-353

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT simulation such as Life In, by FEFE or Junior Achievement) STANDARDS AND COMPETENCIES Standard: Organize personal finances and use a budget to manage cash flow. Competency Description Evaluate the need for personal and family financial planning 162-165 Analyze factors in developing a long-term financial management plan 162-165 Demonstrate components of a financial planning process that reflect the distinction 162-168, 169 between needs, wants, values, goals, and economic resources. Define fixed and variable expenses and categorize expenses as fixed or variable 163-165 Construct and use a financial plan and evaluate it according to short- and long-term goals 163-165, 211-217, 219-221, 343-353 Describe how income and spending patterns change throughout the life cycle 219-222, 455-462, 463 Examine the role of saving and investing in creating a financial plan 123, 219-221, 332-333, 335 Analyze the effects of leading economic indicators of a financial plan 646-648 Unit 5: Saving and Investing Performance Assessments Develop a diversified investment plan that is compatible with personal goals. Create an 343-353 investment portfolio and analyze its progress throughout the course.(May use the stock market game) STANDARDS AND COMPETENCIES Standard: Evaluate savings and investment options to meet short- and long-term goals. Competency Description Discuss how savings contributes to financial well-being 219-222 Differentiate between saving and investing 228-231, 233, 240-244 Distinguish between simple and compound interest 222-223, 224 Describe the advantages and disadvantages of various savings and investing plans 228-231, 252-255 Apply criteria for choosing a savings or investment instrument (e.g. market risk, inflation 228-231, 252-255 risk, interest rate risk, liquidity, and minimum investment) Describe how to buy and sell investments 269-274, 281 Analyze the power of compounding and the importance of starting early in implementing 221-224, 231-232 a plan of saving and investing Calculate and apply the Rule of 72 (to find the number of years required to double money 241, 259 at a given interest rate, divide the interest rate into 72)

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT Investigate how agencies that regulate financial markets protect investors 676-678 Explain why a savings and investing plan changes as one proceeds through the life cycle 228-234 Differentiate between interest, dividends, capital gains, and rent from property 142, 262, 266, 295, 302-303, 313, 323 Describe how saving and investing influence economic growth Evaluate the tax incentives available for certain investments 295, 303 Analyze factors in developing a long-term financial management plan 322-338 Unit 6: Buying Goods and Services Performance Assessments Student completes a consumer research project for a product and produces an Ad 663-664 reflecting why one product is better than another. STANDARDS AND COMPETENCIES Standard: Apply a decision-making model to maximize consumer satisfaction when buying goods and services. Competency Description Develop communication strategies for discussing financial issues 36, 51, 69-72, 100, 178, 253, 451, 471, 590, 678, 695 Implement decisions about providing safe and nutritious food; clothing; housing and 533-540, 542, 543-548, 550, 552-553, 555-563 furnishings; and transportation to meet family and individual needs Apply a rational decision-making process to buying decisions 447-454, 464, 466-467 Apply comparison buying practices 398-399, 449, 458, 579, 591, 651, 655 Identify alternative sources for purchases (e.g. e-malls, retail stores, wholesale shopping, 463, 541, 658, 699 and catalogs) Discuss various ways competition among buyers helps the consumer 645-646 Describe reasons why there are variances in price for a given item bought from different providers Compare the costs and benefits of purchasing, leasing, and renting 469-487, 492-506 Summarize major consumer protection laws 666-671 Identify and describe consumer assistance services provided by public and private 674-678 organizations Calculate the costs of utilities, services, maintenance, and other expenses 163-164 Describe the role that supply and demand and market structure play in determining the 460, 644 availability and price of goods and services Examine behaviors that conserve, reuse, and recycle resources to maintain the

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT environment Investigate government regulations for conserving natural resources Demonstrate management of individual and family resources including food, clothing. 533-540, 542, 543-548, 550, 552-553, 555-563 Shelter, health care, recreation and transportation Unit 7: Banking and Financial Institutions Performance Assessments Choose a financial service from two different institutions and Compare the costs and 204 benefits. Analyze which would be the better choice and why? STANDARDS AND COMPETENCIES Standard: Evaluate services provided by financial deposit institutions to transfer funds. Competency Description Identify various types of financial institutions and list basic services provided by each 199-205 Identify the rights and responsibilities associated with using a checking account 186-199 Describe the steps involved in opening and using a checking account 187-195 Compare and contrast the different types of checking accounts offered by various 195-196 financial institutions. Evaluate the impact of technology on individual and family resources. 127-128, 139, 146, 177-178, 187-189, 201, 225, 230, 251, 276, 306, 327, 422, 463, 514, 541, 591 Differentiate among types of electronic monetary transactions (e.g. debit cards, ATM, 189-191, 200, 201, 232 and automatic deposits/payments) Examine the use of banks and other financial institutions from a global perspective 6, 200, 648 Identify other means of transferring funds 199-201, 580, 646 Evaluate services and related costs associated with financial institutions 199-203, 204, 205, 207, 208-209 Describe and use the steps involved in the bank reconciliation process 192-194 Compare and contrast the various forms of endorsement 194-195 Compare costs and benefits of online and traditional banking Analyze privacy and security issues associated with financial transactions 400-401, 654, 658 Explain how certain historical events have influenced the banking system and other financial institutions Identify the functions of the Federal Reserve System 291-292, 298, 647-648 Unit 8: Credit and Debt Performance Assessments

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT Compare two different credit card offers and determine which would be the better offer 380, 381, 395-396 and why. STANDARDS AND COMPETENCIES Standard: Analyze factors that affect credit worthiness, borrowing and managing debt. Competency Description Explain when and why borrowing is used for the purchase of goods and services 416, 440 Describe the risks and responsibilities associated with using credit 398-399 Identify the opportunity cost of credit decisions 401-402, 439-441 Identify methods of establishing and maintaining a credit rating 383-384 Determine advantages and disadvantages of using credit 359-360, 418 Evaluate the various methods of financing a purchase 515-516 Define interest as a cost of credit and explain why it is charged 405-406 Analyze credit card features and their impact on financial planning 403, 410-411 Explain how the amount of principal, the period of the loan, and the interest rate affect 406-410 the amount of interest charged Explain why the interest rate varies with the amount of assumed risk 244, 405 Calculate a payment schedule for a loan 46-410, 415 Analyze various sources and types of credit 363-369 Explain credit ratings and credit reports and describe why they are important to 376-378, 383-387 consumers Describe the relationship between a credit rating and the cost of credit 380, 385 Analyze the sources of assistance for debt management 418-426, 427-434 Analyze policies that support consumer rights and responsibilities. 651-660, 666-673 Compare and contrast the legal aspects of different forms of credit 363-366 Identify the components listed on a credit report and explain how that information is used 386-387 and how it is received by and reported from the credit reporting agencies Identify specific steps to minimize their exposure to identify theft 654, 679 Summarize major consumer credit laws 386-391 Explain the implications of bankruptcy 428-433 Analyze the interrelationships between the economic system and consumer actions. 641-646 Unit 9: Risk Management and Insurance

092c3ed95a8540a25220ff2af4873697.doc WASHINGTON’S OSPI MODEL FRAMEWORK: FINANCIAL FITNESS (FINANCE) - CONSUMER AND FAMILY RESOURCES/BUSINESS MATH, 9-12 TITLE: MANAGING YOUR PERSONAL FINANCES, 6/E, BY JOAN S. RYAN, © 2010, ISBN 10: 0538449373; ISBN 13: 9780538449373 PUBLISHER: CENGAGE LEARNING, INC. OBJECTIVES PAGES WHERE TAUGHT Performance Assessments Calculate the financial and opportunity costs related to insurance. 567-572, 575-579, 580, 584 STANDARDS AND COMPETENCIES Standard: Analyze choices available to consumers for protection against risk, fraud, and financial loss. Competency Description Identify risks and how to gain protection against the consequences of risk 567-574, 575-580 Explain the role of insurance in financial planning 567-572 Explain how all types of insurance are based on the concept of risk sharing and statistical 567 probability Explain the purpose and importance of property and liability insurance protection 496, 569-570, 586-581, 596, 598, 599 Explain the purpose and importance of health, disability and life insurance protection 605-610, 613-618 Explain why insurance needs change throughout the life cycle 632-633, 634 Examine state and federal policies and laws providing consumer protection and consumer 655-660, 674-676 rights

092c3ed95a8540a25220ff2af4873697.doc