South Carolina
9th-12th Grades
State Standards
5141PERSONAL FINANCE
AMANAGING PERSONAL FINANCES: The student will analyze how human behaviors impact financial decisions.
1Explain the importance of taking responsibility for personal financial decisions.
2Apply decision-making skills to make personal financial choices. (e.g., needs and wants, cost-benefit analysis, SMART Goals).
3Apply strategies for making informed purchasing decisions.
4Describe the importance of budgeting.
5Analyze how social media marketing is designed to encourage spending.
6Investigate methods to safeguard financial information against technology-based attacks (e.g., privacy infringement, identity theft, fraud).
BUNDERSTANDING INSURANCE AND RISK: Students will demonstrate knowledge of insurance and the basics of risk management.
1Define the principles of insurance and fundamental insurance terminology (e.g., claim, beneficiary, deductible, policy, premium, insured).
2Describe risk management methods: risk avoidance, reduction, assumption, and transfer.
3Explain personal auto policy terms and features (e.g., liability, deductible, comprehensive, collision, underinsured, uninsured).
4Analyze how risk and other factors affect insurance premiums (e.g., driving record, driver's age, type of vehicle, coverage limits).
5Identify the purpose and features of health insurance (e.g., copay, covered/non-covered expenses, deductible, medical expenses, out-of-pocket costs, pre-existing condition).
6Compare different types of life insurance products (e.g., term, whole life, variable life).
7Investigate the features and benefits of other insurance products, including renters, long-term disability, and liability.
CUTILIZING BANKING SERVICES: The students will demonstrate knowledge of banking services and procedures.
1Evaluate the services offered at various financial institutions.
2Explain methods used for opening and managing checking and savings accounts.
3Identify the components of a bank statement.
4Reconcile a checking account.
5Describe different fees and incentives that may be associated with online, mobile, and traditional banking.
6Explain how Internet access and technology have impacted banking services.
7Differentiate among types and regulations of electronic monetary transactions (e.g., e-checks, EFT).
8Compare modern payment services between parties (e.g., Peer 2 Peer, digital wallet).
DMANAGING CREDIT: Students will demonstrate an understanding of the various types of debt and methods of managing personal credit.
1Identify types and sources of credit/debt (e.g., credit card, auto loans/leases, mortgages, student loans).
2Evaluate the costs and benefits of using credit, including interest rates, terms, fees and their effect on credit scores.
3Explain how the components of a credit score and a credit profile are determined.
4Explain consumers' rights and responsibilities and the process for disputing billing errors using various consumer protection laws. (e.g., Fair Credit Reporting Act, bankruptcy, Equal Credit Opportunity Act)
5Identify high risk strategies for repayment and ways to avoid financial pitfalls (e.g., payday loans, over-extended credit, and bankruptcy).
6Complete a loan application and evaluate an amortization schedule.
7Calculate payment schedules for a loan using spreadsheets, calculators, and/or online tools.
EFINANCING EDUCATION AND TRAINING: Students will demonstrate knowledge of how to financially prepare for post-secondary education and training.
1Compare the various costs associated with post-secondary education or training.
2Identify sources of financial aid.
3Explain how to apply for financial aid for post-secondary education and training.
4Compare the impact of various education funding options (e.g., scholarships, grants, loans, work-study) on net cost.
5Analyze the FAFSA (Free Application for Federal Student Aid) process and its impact on student financial aid.
6Evaluate the characteristics of different types of student loans and their various repayment options.
7Describe investment options to pay for post-secondary education costs (e.g., 529 Plan, Coverdell).
FUNDERSTANDING TAXES: Students will examine the impact of taxes on personal finances.
1Define basic tax terminology (e.g., taxable income, tax credits, exemptions, deductions, itemized deductions, inheritance/estate, withholdings).
2Explain the purposes and types of taxes at various levels of government in the United States.
3Compute local taxes on products and services.
4Analyze tax forms and their purpose, to include W-2, 1099, W-4, and I-9 forms.
5Evaluate how taxes, government transfer payments, and employee benefits relate to disposable income.
6Compute gross earnings, payroll deductions, and net pay.
7Demonstrate how to fill out and file a federal and/or state individual income tax return.
GBUILDING FINANCIAL SECURITY: Students will develop skills to build financial security.
1Define basic investment concepts (e.g., stocks, bonds, mutual funds, Rule of 72, simple and compound interest).
2Explain the relationship between risk and the rate of return and the importance of risk management.
3Identify funding requirements for different stages of life (e.g., post-secondary, parenthood, housing, retirement).
4Analyze the impact of Social Security benefits on retirement planning.
5Differentiate types of long-term retirement investments (e.g., Roth and traditional IRA's, 403(B), 401(K), defined-benefit plans, annuities, and target date funds).
6Describe types and purposes of estate planning (wills, trusts, gifts, and charitable contributions).
7Develop a personal investment portfolio.
8Explain the roles of insurance in financial planning.