FL - FINANCIAL LITERACY
|I can demonstrate effective financial literacy skills to help me attain financial stability.|
|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|
|Skill||LEVEL 1||LEVEL 2||LEVEL 3||LEVEL 4||LEVEL 5||LEVEL 6|
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.
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.
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).
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.
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.|