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Page 4 of 19 The Standards Financial Responsibility and Decision Making- Overall Competency
Apply reliable information and systematic decision making to personal financial decisions.
Standard 1: Take responsibility for personal financial decisions.
Standard 2: Find and evaluate financial information from a variety of sources.
Standard 3: Summarize major consumer protection laws.
Standard 4: Make financial decisions by systematically considering alternatives and consequences.
Standard 5: Develop communication strategies for discussing financial issues.
Standard 6: Control personal information. Income and Careers- Overall Competency
Use a career plan to develop personal income potential.
Standard 1: Explore career options.
Standard 2: Identify sources of personal income.
Standard 3: Describe factors affecting take-home pay. Planning and Money Management- Overall Competency
Organize personal finances and use a budget to manage cash flow.
Standard 1: Develop a plan for spending and saving.
Standard 2: Develop a system for keeping and using financial records.
Standard 3: Describe how to use different payment methods.
Standard 4: Apply consumer skills to purchase decisions.
Standard 5: Consider charitable giving.
Standard 6: Develop a personal financial plan.
Standard 7: Examine the purpose and importance of a will. Credit and Debt- Overall Competency
Maintain creditworthiness, borrow at favorable terms, and manage debt.
Standard 1: Identify the costs and benefits of various types of credit.
Standard 2: Explain the purpose of a credit record and identify borrowers' credit report rights.
Standard 3: Describe ways to avoid or correct debt problems.
Standard 4: Summarize major consumer credit laws. Risk Management and Insurance- Overall Competency
Use appropriate and cost-effective risk management strategies.
Standard 1: Identify common types of risks and basic risk management methods.
Standard 2: Explain the purpose and importance of property and liability insurance protection.
Standard 3: Explain the purpose and importance of health, disability, and life insurance protection. Saving and Investing- Overall Competency
Implement a diversified investment strategy that is compatible with personal goals.
Standard 1: Discuss how saving contributes to financial well-being.
Standard 2: Explain how investing builds wealth and helps meet financial goals.
Standard 3: Evaluate investment alternatives.
Standard 4: Describe how to buy and sell investments.
Standard 5: Explain how taxes affect the rate of return on investments.
Standard 6: Investigate how agencies that regulate financial markets protect investors.
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