PERSONAL FINANCE: A Lifetime Responsibility

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1 EMC PUBLISHING 875 MONTREAL WAY ST. PAUL, MN, PERSONAL FINANCE: A Lifetime Responsibility Business Technology Course Code Correlated to the Tennessee Personal Finance Standards May, 2011

2 EMC Publishing Personal Finance: A lifetime Responsibility Correlated to the Tennessee Personal Finance Standards Course Description: Personal Finance is a course designed to inform students how individual choices directly influence occupational goals and future earnings potential. Real world topics covered will include income, money management, spending and credit, as well as saving and investing. Learning Expectations: Students will design personal and household budgets; simulate use of checking and savings accounts; demonstrate knowledge of finance, debt, and credit management; and evaluate and understand insurance and taxes. This course will provide a foundational understanding for making informed personal and financial decisions. Standard 1: Income Performance Indicators The student will: 1.1. Interpret factors affecting income Student Textbook and Resource Support Page Reference a. Career choices and potential income 6-9, 11-12, 14-15, 43-44, 50-57, 118, 193, 281, 427, 446, 447 Math Skills Workbook 6-7 b. Educational requirements/training costs 14, 28, 43-49, 54, 118, 193, 432, 427 Unit Project, page 3 c. Educational level 11, 14, 43-45, 48-49, 427, 432 Annotated Teacher Edition, 46, 47, 125 Math Skills Workbook Analyze employer benefits packages a. Savings plan , 419

3 b. Retirement 9, 55, Student Activities Book 95 c. Insurance 382, , , 424 d. Leave (vacation, sick, etc.) 40 e. Stock purchase 173, 189 f. Educational reimbursement 45, 48 g. Incentive plans 42, h. Cafeteria plan Demonstrate an understanding of inflation and its effect on purchasing power a. Cost and availability of goods , 465 Student Activities Book S93 b. Effect of cost on availability of and demand for goods , 439, 440 c. Inflation s effect on the value of money 158, Examine the components of paying taxes Math Skills Workbook 36 a. Types of taxes (Federal, State, County, City) 82, 85-87, 89, , 234, , 460, 465 b. Personal and employer tax responsibilities 9, 35-37, 41, 55-56, 86-87, 89, , 234, , 392, 448 c. Various documents for reporting taxes (W-2, W-4, 1040, 1040-EZ, 1099, etc.) 1.5 Analyze the costs and benefits of paying taxes Math Workbook , 84, 87-89, 465 Annotated Teacher Edition Cost of government services (Police and fire protection, 82, 86, , 448 Student Activities Book S12, S26, S27, S29, 36, 38

4 schools, roads, Social Security, AFDC, parks and recreation, etc.) Standard 2: Money Management Performance Indicators The student will: 2.1 Apply a decision making process to personal finance choices Student Activities Book 41 Math Workbook , , Student Activities Book S Design a current personal financial plan 65, 71-74, 95-96, Create a realistic household budget that includes the following items: 1. Short-term components-saving and spending (housing, utilities, food, entertainment, clothing, transportation, personal items, insurance, etc.) 2. Long-term components-saving and spending (estate planning, wills, insurance, long-term care) Student Activities Book S31, 45, 48 71, 94, , 109, Student Activities Book S35-S38, 53, 59, 66, 69, 72, , , , Student Activities Book 85-88, Understand banking procedures and services 1. Checking and savings accounts (maintaining and reconciling) 118, , 123, , , 164, 167 Student Interactive CD Tutorial 3 Math Workbook S39-S35, S51, Student Activities Book S43, S45, S51, 77, 81 Math Skills Workbook 33

5 2. Bank service fees 126, Math Skills Workbook Payment methods 120, , , Debit, bank, and automatic teller machine (ATM) cards 120, 126, 129 Student Activities Book Loans 347, , 362 Math Workbook 66, Analyze personal risk management (insurance) 1. Health 106, 152,186, Student Activities Book Life 382,421, Math Workbook 86 Student Activities Book S95, Homeowners 152, 256, , 275, 401 Math Workbook Auto 109, , 207, 231, , , 384 Math Workbook 80 Student Activities Book S87, S89, 145, Renters 152, 256, 260, 401 Student Activities Book S91, Disability 86-87, 187, , , Long-term care , Standard 3: Spending & Credit Performance Indicators The student will:

6 3.1 Demonstrate knowledge of basic principles of consumer finance 1. Credit worthiness 29, 243,267, 344, 358, 364, 365, 367 Section Assessment p. 29 Applying Critical Thinking Skills 355, Number 5 381, Number 2 Do Your Research, 364 Math Skills Workbook Comparison shopping Math Skills Workbook 44, 49-50, 56, 59, 61, 63, 68, 290, 296, 347 Applying Critical Thinking, 225, 1b. Practicing Math 301, Number 2 3. Purchases 278, 280, Math Skills Workbook Goods/Services 203, 305, 312, 317, 326, 337, 435, 438, 439, 442, 448 Practicing Math 197, Number 2 Reviewing Key Terms 225, Number 6 5. Consumer loans/credit life insurance 243, 267, 342, 348 Practicing Math 354, Number 1 Do your Research, 364 Math Skills Workbook Opportunity cost 202, 209, 440, 443, 462 Practicing Math 196, Number 1 Section Assessment 209, Number 3 Reviewing Key Terms 224, Number 7

7 Applying Critical Thinking 225, 1a. 7. Consequences of purchasing choices , 308, 336, 343, 352, 359 Internet Activity Demonstrate awareness of consumer protection and information 1. Personal responsibility , 341, 361, , Laws and regulations 122, 184, 262, 283, 284, 287, 311, 313, 453 Student Activities Book Legal documents, including contracts 274, 316, Working with Real Documents 327, Number 2 Student Activities Book S78, Consumer protections Section 2 Assessment 325 Number 2 Working with Real Documents, 327, Number 1 Taking it Home 327, Number 2 5. Crimes against consumers , Section Assessment 341, Number 4 6. Fraud/Scams 142, 318, 316, 323, 337 Taking it Home 327, Number 1 7. Loan Sharking , 461 Applying Critical Thinking 355, Number 5 8. Identity theft/protection 23, 142, 316, , 340, 460 Do Your Research Credit reporting services (Equifax, Trans Union, 339, 365, 433 Experian, etc.) Get Good Advice 378

8 Student Activities Book S84, Rental/lease 244, 257, Section 2 Assessment 247, Number 4 Section 1 Assessment 264, Number 4 Applying Critical Thinking 249, Number 3 Applying Critical Thinking 277, Number 4 Working with Real World Documents 277, Number 1 Student Activities Book S68-S71, Analyze consumer debt management 1. Credit card use and abuse 331, 333, 337, , Credit costs (interest [including APR], penalties, fees, credit score, etc.) Critical Thinking 33, Writing Idea 337, Multiple Learning Styles 345, Section 2 Assessment 379, Numbers 2 and 4 Student Activities Book S83, , 380, 388, 396 Section 1 Assessment 368, Number 1 Math Skills Workbook Loan consolidation (benefits and disadvantages) 342, 350, , 4. Credit Counseling 349, , Credit problems including bankruptcy, foreclosure, repossession, surrender of collateral (turn back), delinquency, garnishment, effect on employment and Student Activities Workbook S84-85, Review and Assessment 381-Understanding the Main Idea, Number 7 Applying Critical Thinking 381, Number 6 Student Activities Workbook S86, , 337, 356, , Did You Know 371

9 purchase of insurance, etc. Section 2 Assessment 379, Number Examine various forms of credit payment 1. Installment 343, Bank draft Taking it Home 381 Section 2 Assessment Critical Thinking 353, Number1 Math Skills Workbook Layaway 278, 298, Reading Support Electronic (Internet, debit card, electronic transfer, credit card) 3.5 Compare/contrast various types of loans Student Activities Book S77, , 82-83, 118, , , 173 Taking it Home 91, Number 2, Did you Know 345, Student Activities Book S47, 83-84, Math Skills Workbook Mortgage , Section 2 Assessment Critical Thinking Number Balloon 270 Practicing Math 277, Number 1 Working with Real Documents 277, Number 2 Applying Critical Thinking 277, Number 6 Math Skills Workbook Installment 349, Practicing Math 381, Number 1 Personal Finance Resource Center Education/Training loans 45-46, Did You Know 125, Cross-Curricular Connections 125, , Check cashing businesses , Critical Thinking 127

10 6. Personal 348, Applying Critical Thinking Skills 355, Number 4 7. Secured and unsecured , Line of credit 342, Equity , 269, Title loans Definition of Title, Pawnshops 353 Standard 4: Saving & Investing Performance Indicators The student will: 4.1 Identify reasons for saving & investing Practicing Math 355, Number 2 and Number 3 Auto Title Loans would be considered a Predatory Loan. See for general information on loans to avoid. 1. Education , More Math Practice 100, Emergencies/rainy day Applying Critical Thinking 169, Number 3 3. Short term goals , Student Activities Book S30-31, S48-50, 45-48, Long term goals , Writing Idea 156, Retirement , Get Good Advice 187 Critical Thinking 187, Internet Activity 188 Real World Application 189, Research and Report 189 Student Activities Book S55-56, Down payment , More Math Practice Evaluate methods of saving Math Skills Workbook 54-55

11 1. Certificates of Deposit Interest bearing savings account (IRA)-Roth and traditional 2. Individual Retirement Account (IRA)-Roth and traditional 190, Student Activities Book S57-60, Pension plans (401K, 403B, annuities, etc.) , Applying Critical Thinking Skills 197, Number 5 4. Education savings plan , Student Activities Workbook S51, Evaluate methods of investing 1. Stocks and bonds , Section 1 Assessment 183, Critical Thinking Numbers 1-3, , Section 3 Assessment 195 Number 4, Taking it Home 197, Number 1, Student Activities Book S52-53, Mutual funds , Critical Thinking 180, 182, , 190 Critical Thinking 195, Number 2, Math Skills Workbook Real Estate , Section 2 Assessment Annuities Business , You Decide 177, Applying Critical Thinking 197 Number Appraise other aspects of saving and investing 1. Diversification 180, Math Skills Workbook Time value of money , , Applying Critical Thinking 197 Number 4, Practicing Math 197, Number 1 Student Activities Book S54, Compound growth/accrued Interest Did You Know? 161, , Do Your Research 166, Section 2 Assessment 167, Number 2, Math Skills Workbook 37, Rule of 72 (divide interest rate into 72 to determine 167, Math Skills Workbook 39, 91

12 number of years in which money will double) 4. Risk and return , Math Skills Workbook 40, Identify regulatory agencies and their functions 1. Federal Deposit Insurance Corporation (FDIC) 122, Securities Exchange Commission (SEC) 192, 453, Federal Reserve 122, 141, Internal Revenue Service (IRS) 35-36, 59, Practicing Math 87, Number 2, You Decide 87, 89, Working With Real World Documents 91, Student Activities Book S12-13, 22-25, Math Skills Workbook 9-10

13 Addressing the Tennessee Standards for Personal Finance with EMC Publishing s Personal Finance: A Lifetime Responsibility The students of today live in an economic environment that is more diverse and complex than ever before. Personal Finance: A Lifetime Responsibility will help your students develop healthy money habits and understand key financial Issues. This program covers the most current and relevant topics including identity theft, buying a car, and using debit cards. Hundreds of real-life examples, documents, and forms capture the interest and imagination of today s consumer-oriented teen. Wise advice and opportunities to apply it are mixed in with case studies and stories that will inspire your students to extend their learning into their home and community. Throughout, Nathan Dungan s unique Share Save Spend program offers practical suggestions for making balanced, thoughtful financial decisions. The student edition includes a section (right after the table of contents) on making the most of your study time. Using the simple study technique SQ3R (Survey, Question, Read, Recite, and Review) students learn more in less time. A variety of special features connect key principles and concepts to the constantly changing world in which your students live. You Decide. Case studies about real-life financial situation Look Before You Leap. Steps to make informed financial decisions You Can Succeed Financially. Setting personal goals and working to accomplish them Going Global. Stories that us popular examples to show how key personal finance topics are treated in other countries Do Your Research. Research personal finance topics of particular interest to teens Get Good Advice. Identifying money mentors and how they can help you people learn about specific topics Did You Know? Fascinating facts and figures that encourage exploration The Assessment Book provides one quiz for every section, one test for every chapter, and one test for every unit. The EXAMVIEW Assessment Suite contains over 1700 questions, allowing the teacher to select, create, and edit tests and quizzes. The Power-Practice Interactive Student CD contains dozens of vocabulary activities, such as crossword puzzles, word finds, and popular game show formats. The Student Activities Book provides practice of key forms and documents. The Math Skills Workbook has hundreds of exercises encouraging practical application of the key math skills and concepts covered in the program.

Personal Financial Literacy Madura et al. 2010

A Correlation and Narrative Brief of Personal Financial Literacy Madura et al. 2010 To the Tennessee Learning Expectations for TEXTBOOK NARRATIVE FOR THE STATE OF TENNESSEE Personal Financial Literacy,