Personal Financial Literacy Madura et al, 2010

Transcription

1 A Correlation of Madura et al, To the Oklahoma Priority Academic Student Skills for

2 2010, (Madura, et al) to the INTRODUCTION This document demonstrates how Pearson s meets the objectives of the Skills for Financial Literacy. Correlation page references are to the Student Edition. takes the essential principles of personal finance, as defined by national standards, and makes them accessible and applicable to today's students. The clear presentation and flexibility make the ideal resource for any type of class structure. The design was planned to be engaging and accessible; the text captures student interest and drives mastery of the principles of personal finance. The Pearson Advantage: Provides Flexibility - Available in two formats: as a 15-chapter single-volume or in 4 separate modules. You choose the format and content that best fits your needs. Individual Student Edition Modules Financial Responsibility and Decision Making Income and Careers Spending and Credit Savings and Investing Real-World Situations The Workbook includes open response questions, additional vocabulary review exercises, and personal finance worksheets. The 30-day Personal Finance Journal helps students record their daily spending down to the smallest purchase. Assessment - End-of-chapter features allow for multiple assessment opportunities while also providing students the chance to employ critical thinking, math, cross-disciplinary, ethical reasoning, and team-building skills. Technology - MyFinLitLab is a fully integrated homework and tutorial system that offers textbook problems online, algorithmically generated values for more practice, partial credit, personalized study plans, and an online grade book. Students and teachers are granted access to MyFinLitLab with purchase of the single-volume textbook. The system is also available for purchase with any unit or as a stand-alone item. SE = Student Edition 2

3 2010, (Madura, et al) to the Oklahoma Passport to Priority Academic Student Standard 1: Earning an Income. The student will describe the importance of earning an income and explain how to manage personal income using a budget. Standard 1.1: Jobs vs. Careers Differentiate between jobs and careers. SE: 5-6, 9, 12, 58, Explain the impact of education on income. SE: 9, 73, 77, 79, Explain human capital. SE: 69-72, 74, 77-82, Standard 1.2: Income and Taxes Identify the different kinds of payroll deductions, including taxes and benefits. Explain the difference between gross and net income. SE: 91-94, SE: 91-92,94, 106 Compute net income. SE: 91-92, 94, 99, Standard 1.3: Goal-Setting Explain the reasons for setting goals. SE: 8-11, 14, 16, 22-29, 41-44, 46, 47, 49, 245, 246 Differentiate between short-term, medium-term, and long-term goals. SE: 41-44, 46, 47, 49, 238, Standard 1.4: Managing Your Income Identify the components of a budget. SE: 22-26, 30, 54-57, Evaluate the relationship between budgets and goals. SE: 7-8, 10, 21-22, 32-33,43-49 SE = Student Edition 3

4 2010, (Madura, et al) to the Standard 2:Taxes. The student will identify and describe the impact of local, state, and federal taxes upon income and standard of living. Standard 2.1: Somebody Has To Pay Differentiate between ability to pay and benefits received tax theories. Explain the differences between progressive and regressive taxes. may be found on the following pages: 91-94, 98-99, may be found on the following pages:91-94, 98-99, Identify the role of public goods and services. SE: 92-93, 98 Evaluate the costs and benefits of public goods and services. SE: 91, 105, 108 Standard 2.2: Voluntary Compliance Recognize the moral and ethical reasons for paying taxes. Explain the legal and financial consequences of failing to pay taxes. SE:99-105, 108 SE: 103 Standard 3: Financial Service Providers. The student will describe the functions and uses of banks and other financial service providers. Standard 3.1: Finding Financial Services Identify the most common types of financial service providers. Explain the services offered by different financial institutions. Determine which kinds of financial services providers and services are appropriate for different situations. Weigh the costs and benefits of using financial services. SE:11-12, 13, 154, , , 282 SE: 11-12, 13, 154, , , 282 SE: 11-12, 13, 154, , , 282 SE: 11-12, 13 SE = Student Edition 4

5 2010, (Madura, et al) to the Standard 4: Managing a Bank Account. The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4.1: Tracking Your Money Explain the importance of reconciling a bank statement. Distinguish between using a check, ATM machine, and a debit card. Demonstrate the ability to balance a checkbook and reconcile a statement. SE: SE: , 224, 225 SE: , 225, 227 Standard 5: Saving and Investing. The student will analyze the costs and benefits of saving and investing. Standard 5.1: Getting Started Identify the reasons people save and invest. SE: 29, 59-60, Weigh the costs and benefits of saving and investing. Explain the difference between saving and investing. SE: , 244, 245, 246 SE: 29, 59-60, Standard 5.2: The Rule of 72 Compare simple and compounded interest. SE: , 286 Calculate simple and compounded interest. SE: 278, , 287 Apply the Rule of 72 to determine how much time is needed for savings/investments to double. SE: 280 Standard 5.3: Saving and Investing Tools Examine different savings and investment products available. Compare the costs (risk) and benefits (rate of return) of different savings and investment products and strategies. SE: , , , 265, 266 SE: , 242, , 245, 246, , , 261, 263, 264, 265, SE = Student Edition 5

6 2010, (Madura, et al) to the Standard 5.4: Time is Money Determine how various saving and investment strategies vary with individual needs and circumstances. Evaluate the impact of inflation on future earnings, saving, and investments. Identify the different types of saving and investment products required to meet their financial goals. SE: , 242, , 245, 246, , , 261, 263, 264, 265, SE: , , 254 SE: , 242, , 245, 246, , , 261, 263, 264, 265, Standard 6: Retirement Planning. The student will explain and evaluate the importance of planning for retirement. Standard 6.1: Planning for Your Retirement Identify and evaluate different retirement options. Explain the different types of risk associated with long-term planning. Apply the different types of risk to the various investment products, such as stocks, bonds, mutual funds, etc. SE: , 243, 244 SE: 45, , , , 261, 281 SE: , , 265 Standard 6.2: Longevity and Retirement Examine the investment needs of different individuals and make recommendations for their retirement strategies. Evaluate longevity and life-span statistics to predict the numbers of years they will live in retirement and expected income needs. SE: , 243 may be found on the following pages: 29, 238 Standard 7: Borrowing Money. The student will identify the procedures and analyze the responsibilities of borrowing money. Standard 7.1: Remember the Interest Explain why people borrow money. SE: 27-28, 149, 150, 151 Identify the rights and responsibilities of borrowing money. SE: 149, , , SE = Student Edition 6

7 2010, (Madura, et al) to the Demonstrate appropriate situations to borrow money. SE: , Evaluate the impact of borrowing money. SE: 149, , 153, 156, Standard 7.2: It Is In Your Interest Identify potential sources of credit. SE: 150, , , , 182, , , 204 Compare credit sources. SE: 150, , , , 182, ,198, , 204 Evaluate credit practices. SE: , , , , , 192, Calculate credit costs. SE: 150, 152, , 170, 171, 180, , 196, Demonstrate the ability to make good credit choices. SE: 152, , 162, 191, 200 Standard 7.3: Your Credit Score Describe the purpose of a credit report. SE: , 160 Define the role of credit scores. SE: 154, 160 Explain the importance of a good credit score. SE: , 159, 160, 161, 162 Standard 7.4: Consumer Credit Legislation Explain key legislation related to consumer credit. Apply consumer credit legislation to specific credit problems. SE: 150, , 154 SE: 150, , 154 SE = Student Edition 7

8 2010, (Madura, et al) to the Standard 8: Credit Cards and Online Shopping. The student will describe and explain interest, credit cards, and online commerce. Standard 8.1: More Than Plastic Describe how credit cards are used to purchase today s wants with tomorrow s money. Compute the total cost of purchasing goods using credit cards at different interest rates when making minimum payments. SE: , SE: Standard 8.2: Shopping Online Describe the costs and benefits of online shopping. Compare shopping online to shopping in person. Evaluate payment options for online purchases. may be found on the following pages: 11, 41 may be found on the following pages: 11, 29 may be found on the following pages: 11, 29, 41 Standard 9: Fraud and Identity Theft. The student will identify and explain consumer fraud and identity theft. Standard 9.1: Beware! Consumer Fraud Identify different kinds of consumer fraud. SE: 115, Recognize how to prevent being victimized by consumer fraud. Determine what steps to take if victimized by consumer fraud. SE: SE: Standard 9.1: Beware! Identity Theft Describe the crime of identity theft. SE: , 161 Explain how to prevent being victimized by identity theft. Determine what steps to take if victimized by identity theft. SE: , 161 SE: 159, 160 SE = Student Edition 8

9 2010, (Madura, et al) to the Standard 10: Renting vs. Buying. The student will explain and compare the responsibilities of renting versus buying a home. Standard 10.1: Housing Alternatives Identify various housing alternatives. SE: 10, Determine local housing options, both renting and buying. may be found on the following pages: Standard 10.2: Renting an Apartment Discuss the reasons that people rent. SE: Explain the elements of a standard lease agreement. Recognize other costs involved in leasing an apartment or house, such as deposits, late fees, and utilities. may be found on the following pages: 174 SE: Evaluate the cost and benefits of renting. SE: Standard 10.3: Buying a House Discuss the reasons that people buy. SE: Explain the elements of a mortgage (e.g., down payment, escrow account, due date, late feeds and amortization table). Explore the different types of lenders and housing loans. Recognize other costs associated with homeownership, such as maintenance, homeowner associate fees, etc. Evaluate the costs and benefits of homeownership. SE: , 183 SE: SE: , , 182 SE: SE = Student Edition 9

10 2010, (Madura, et al) to the Standard 11: Risk Management and Insurance. The student will describe and explain how various types of insurance can be used to manage risk. Standard 11.1: Identifying Risk Identify possible risks. SE: 28, 32, , , , 213, 217 Explain strategies for handling risk. SE: 28, 32, 40, 45, , , , 213, 217, 258, 261, 262, 264, 281 Recognize the role of risk. SE: 45, 281 Explain how insurance transfers risk to a third party. SE: 28, 32, , , Standard 11.2: Different Types of Insurance Examine the different types of insurance available. Identify key terms associated with insurance and risks: natural disaster, liability, disability, deductibles, and risk management. Explain the purpose and importance of different types of insurance protection as a risk management strategy (e.g., life, health, property, liability, disability, and automobile). SE: 28, , 123, , SE: , 123, , SE: , 123, , Standard 11.3: Using Insurance to Manage Risk Examine how deductibles affect insurance premiums. Determine how out-of-pocket expenses impact the cost of using insurance. Identify ways to save money on insurance premiums. Demonstrate the ability to select appropriate amounts of insurance in selected situations. SE: 118 SE: 118, 175 SE: 118, SE: , 183 SE = Student Edition 10

11 2010, (Madura, et al) to the Standard 12: Gambling. The student will explain and evaluate the financial impact and consequences of gambling. Standard 12.1: Risky Business Recognize gambling as a form of risk. Calculate the probabilities of winning in games of chance. Explore the potential benefits of gambling for society. Explore the potential costs of gambling for society. Evaluate the personal costs and benefits of gambling. may be found on the following pages: 43, 45, 48, 49 may be found on the following pages: 43, 45, 48, 49 may be found on the following pages: 43, 45, 48, 49 may be found on the following pages: 43, 45, 48, 49 may be found on the following pages: 43, 45, 48, 49 Standard 13: Bankruptcy. The student will evaluate the consequences of bankruptcy. Standard 13.1: Managing High Levels of Debt Identify ways to deal with high levels of personal debt. Compare the costs and benefits of filing bankruptcy. SE: 7, 115, SE: 7, 200 Recognize the impact of filing bankruptcy. SE: 7, 200 Explain the importance of reestablishing positive credit history. Demonstrate the steps to rebuilding positive credit history. SE: , SE: , SE = Student Edition 11

12 2010, (Madura, et al) to the Standard 14: Charitable Giving. The student will explain the costs and benefits of charitable giving. Standard 14.1: Charitable Contributions Identify different types of charitable contributions. Describe examples of charitable giving in local communities and the state. Use cost/benefit analysis to analyze the impact of charitable giving on individuals and society. SE: 11 SE: 11, 104 SE: 11, 104 Standard 14.2: Checking Out Charitable Groups Identify the reasons to research charitable organizations. Explain how to research charitable organizations. Use the PACED model to evaluate a charitable organization. may be found on the following page: 11 may be found on the following page: 11 may be found on the following page: 11 SE = Student Edition 12