RHS Graduation Competencies 23-24


1	FL - FINANCIAL LITERACY						2023-2024
2	I can demonstrate effective financial literacy skills to help me attain financial stability.
3		In order to meet the criteria in a specific level, the student must continue to meet the criteria of all previous levels.			Career Ready	College/Career Ready	College/Career Performing
4	Skill	LEVEL 1	LEVEL 2	LEVEL 3	LEVEL 4	LEVEL 5	LEVEL 6

5	FL.1 I can demonstrate my understanding of budgeting for long and short term goals	I can describe the difference between a need and a want. I can provide example of what an expense is.	I can create a list of needs and wants. I can use tools to create a list of expenses such as spreadsheets.	I can create a budget when provided income and monthly expenses.	I can create a budget with income and expenses to address short term goals. I can identify the difference between earned and net pay on paychecks.	I can create a budget to meet long term goals.	I can analyze financial information and adjust my budget based on new life events or challenges. My budget includes a plan for retirement.
6	FL.2 I can demonstrate my understanding of how debt and credit scores can impact my financial future	I can identify situations in which people choose to borrow money. I can define credit.	I can identify different ways to borrow money. I can explain what a credit score is and identify a good and bad credit score.	I can identify pros and cons of different ways of borrowing money. I can explain how interest rates differ in various situations. I can identify factors that affect credit scores.	I can identify benefits of paying more than the minimum payment on a loan/credit card. I can use a mathematical formula/resources to determine the monthly payment of a loan. I can describe the impact of different rates and length of a loan on a monthly payment and overall interest paid. I can explain why credit scores can be beneficial or harmful.	I can analyze different credit cards and describe the pros and cons of each of them. I can describe the difference between compound and simple interest. I can use a mathematical formula/resources to determine the affordability and size of a loan. I can explain ways to build credit.	I can demonstrate my understanding of using credit cards and loans responsibility, including when one should or shouldn't use a credit card and when it is beneficial to take out a loan. I can explain what it means to refinance a loan and analyze its impact on the overall amount paid for a loan. I can explain how credit scores will affect purchasing a house, purchasing a car, renting a property, and other financial situations.
7	FL.3 I can demonstrate my understanding of saving and investing	I understand the benefits of putting money in a savings account.	I can examine important factors when choosing a bank for opening a checking and/or savings account.	I can compare and contrast checking/savings accounts and justify which account I would choose. I can explain what stocks are and identify ways I can buy and sell stocks.	I can explain the different types of investments (stocks, bonds, mutual funds) and describe the pros and cons of each. I can calculate and explain the present and future value of fixed rate investments (annuities, bonds, etc.).	I can explain how changes in the rate of return and length of time of an investment impact its long term growth. I can explain the different types of tax-advantaged investment accounts (401k, Roth IRA, etc.) and explain the pros and cons of each.	I can explain investment categories (stock types, sectors, mutual fund goals) and how they are analyzed. I can create a long term investment plan using multiple investment tools. I can explain the difference between investments that grow equity compared to positive cash flow (i.e. renting vs. buying).
8	FL.4 I can demonstrate my understanding of the purpose and values of auto, home, and health insurance	I can name a few types of insurance that can be purchased to provide financial protection.	I can explain the general guideline of how insurance works.	I can explain why purchasing insurance is necessary to protect my finances.	I can compare different auto insurance plans and provide pros and cons of each of them. I can give examples of when I would need homeowners or renters insurance insurance.	I can explain how the different categories of auto insurance are necessary for financial security. I can explain why health insurance is necessary for financial security. I can explain why homeowners insurance is necessary for financial security.	I can pick the appropriate auto insurance policy for a person or family, given their cars and financial information. I can pick the appropriate health insurance policy for a person or family, given their financial situation. I can pick the appropriate homeowner or home rental insurance policy given the person's/family's financial information.
9	FL.5 I can demonstrate my understanding of taxes	I can explain what taxes are and list some examples of the different types of taxation.	I can explain why we have taxes (i.e. sales tax, income tax, property tax, etc.) and how they are collected. I can calculate potential discounts, potential tip, and/or sales tax of a purchase.	I can identify taxes that are taken out of a paycheck and what they are used for. I can analyze the breakdown of what Federal taxes are used for in the U.S.	I can identify the various tax forms necessary for filing an income tax return. I can complete the IRS 1040 based on information gathered from the W-2. I can complete a W-4 with accurate information.	I can use a tax table and various tax rates to estimate my income tax. I can complete the IRS 1040 based on information gathered from the W-2 and 1099.	I can identify deductions and determine whether to itemize or take the standard deduction.
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