Standards - Career & Technical Education

Distinguish between gross and net income.

Analyze the impact of payroll deductions and employee benefits on income.

Calculate the monetary value of employee benefits when determining earnings.

Describe sources of income not derived from employment.

Demonstrate procedures for completing and filing income tax forms, utilizing tax terminology.

Explain the requirements for filing annual tax returns and the consequences of not paying income tax.

Research and share information on credit options available to consumers.

Explain how credit card grace periods, methods of interest calculation, and fees affect borrowing costs.

List the types of information required on credit applications.

Calculate the total cost of a loan.

Differentiate among various types of student loans and compare to alternate means of paying for post-secondary education.

Research and report on factors that affect creditworthiness and credit scores.

List steps for obtaining a credit report from the three major reporting agencies.

Describe effective methods for improving credit scores.

Describe consequences of accumulating credit card debt and defaulting on loans, especially for young consumers.

Identify sources, types, and risks of loans for consumers.

Investigate and report on ways that a low credit score can affect a consumer’s financial options.

Apply strategies to avoid or correct debt management problems.

Examine and report on the types of services offered by consumer credit counseling agencies.

Explain the economic consequences of personal bankruptcy and the financial responsibilities associated with filing for bankruptcy under Chapters 7, 11, and 13.

Investigate how student loan obligations differ from other kinds of debt.

Research and report on a financial institution’s debt reduction services.

Research and report on the benefits of savings.

Distinguish between saving and investing, considering the characteristics of various methods of saving.

Calculate annual interest and annual yield on savings for various types of accounts.

Explain reasons for maintaining an emergency savings account and methods for determining the amount needed.

Compare certificates of deposit, money markets, and savings accounts and identify the benefits and disadvantages of each.

Gather information on the interest rates that financial institutions pay on different types of savings accounts.

Determine how real income, real return, real yield, and purchasing power are calculated and why they are important.

Explain the difference between simple and compound interest and calculate interest on a given amount of savings using each method.

Gather and share information on the impact of inflation on savings.

Identify types of investments appropriate for different objectives.

Describe factors that affect the rate of return on investments.

Differentiate between diversification and asset allocation.

Compare the advantages of taxable, tax-deferred, and tax-advantaged investments, including Roth IRAs and employer-sponsored retirement options, and determine which are most beneficial for new savers.