WS/FCS Unit Planning Organizer Subject(s) Social Studies Conceptual Lenses Grade/Course 10 th Grade Civics and Economics Decision Making Unit of Study Unit 8 Risk Unit Title Personal Financial Literacy Responsibility Pacing 10 Days Unit Overview The eighth unit in Civics and Economics examines personal financial literacy through the lenses of decision making, risk, and responsibility. The points of focus for this unit include: Personal Financial Planning and Goals: In order to obtain financial goals, individuals must make wise life choices, be a fiscally responsible consumer and borrower. Investing: Financial literacy is critical to saving and making sound investments. Credit: Responsible use of credit can lead to financial success. Consumer Protection: The United States government has created agencies to protect consumers from fraud. But, individuals should be proactive in protecting themselves from fraudulent and deceptive practices. Insurance: Insurance can offer a person protection from financial loss. Unit Enduring (s) Unit Essential Question(s) 1. Awareness of financial responsibility and risk often leads to sound decision making. 1. How is sound decision making related to financial responsibility and risk? Essential State Standards Priority Objectives CE.PFL.1.1 Explain how education, income, career, and life choices impact an individual s financial plan and goals (e.g. job, wage, salary, college/university, community college, military, workforce, skill development, social security, entrepreneur, rent, mortgage, etc.). Supporting Objectives CE.PFL.1.2 Explain how fiscally responsible individuals create and manage a personal budget that is inclusive of income, taxes, gross and net
pay, giving, fixed and variable expenses and retirement (e.g. budget, financial plan, money management, saving and investing plan, etc.). CE.PFL.1.3 Analyze how managing a checking and savings account contributes to financial well being (e.g. deposits, withdrawals, transfers, automated transactions, fees, etc.). CE.PFL.1.4 Summarize how debt management and creditworthiness impact an individual s ability to become responsible consumers and borrowers (e.g. credit card management, monitoring percentage rates and personal credit reports, analyzing loan details, keeping and maintaining records, etc.). CE.PFL.1.5 Analyze how fiscally responsible individuals save and invest to meet financial goals (e.g. investment, stock market, bonds, mutual funds, etc.). CE.PFL.1.6 Compare various investing strategies and tax implications for their potential to build wealth (e.g. individual stocks and bonds with investing in stock, giving, bonds, mutual funds, retirement plans, etc.). CE.PFL.2.1 Explain how consumer protection laws and government regulation contribute to the empowerment of the individual (e.g. consumer credit laws, regulation, FTC Federal Trade Commission, protection agencies, etc.). CE.PFL.2.2 Summarize various types of fraudulent solicitation and business practices (e.g. identity theft, personal information disclosure, online scams, Ponzi schemes, investment scams, internet fraud, etc.). CE.PFL.2.3 Summarize ways consumers can protect themselves from fraudulent and deceptive practices (e.g. do not call lists, reading the fine print, terms and conditions, personal information disclosure, investment protection laws, fees, etc.). CE.PFL.2.4 Classify the various types of insurance and estate planning including the benefits and consequences (e.g. care, health, renters, life, liability, travel, disability, long-term
care, natural disaster, etc.). CE.PFL.2.5 Summarize strategies individuals use for resolving consumer conflict (e.g. contacting Attorney General, filing claims, Better Business Bureau, Secretary of State, etc.). Unpacked Concepts (students need to know) PFL 1.1 financial plan and goals - education - income - career - life choices PFL.1.2 fiscally responsible individuals personal budget - income - taxes - gross and net pay - fixed and variable expenses - retirement PFL 1.3 checking and savings account financial well being CE.PFL.1.4 debt management and credit worthiness responsible consumers and borrowers CE.PFL.1.5 fiscally responsible individuals save and invest CE.PFL.1.6 investing strategies and their tax implications and their potential to build wealth CE.PFL.2.1 consumer protection laws and government regulation empowerment of the individual Unpacked Skills (students need to be able to do) PFL 1.1 Explain (impact) PFL.1.2 Explain (fiscal responsibility) PFL 1.3 Analyze (contributions) CE.PFL.1.4 Summarize (impact) CE.PFL.1.5 Analyze (financial goals) CE.PFL.1.6 Compare (investing strategies and tax implications) CE.PFL.2.1 Explain (contributions) COGNITION (RBT Level) PFL 1.1 PFL.1.2 PFL 1.3 Analyzing CE.PFL.1.4 CE.PFL.1.5 Analyzing CE.PFL.1.6 CE.PFL.2.1
CE.PFL.2.2 fraudulent solicitation and business practices CE.PFL.2.3 -Deceptive practices CE.PFL.2.2 Summarize (types of fraudulent solicitation and business practices) CE.PFL.2.3 Summarize (how consumers can protect themselves) CE.PFL.2.2 CE.PFL.2.3 CE.PFL.2.4 types of insurance and estate planning - benefits and consequences CE.PFL.2.4 Classify (different types of insurance) CE.PFL.2.4 CE.PFL.2.5 resolving consumer conflict CE.PFL.2.5 Summarize (strategies individuals use) CE.PFL.2.5
Standard(s) Unit Chunking & Enduring s Suggested Lesson Essential Questions Possible Factual Content (Bold Found in Standards) Example(s) From Unpacked Standard CE.PFL.1.1 Explain how education, income, career, and life choices impact an individual s financial plan and goals. CE.PFL.1.2 Explain how fiscally responsible individuals create and manage a personal budget that is inclusive of income, taxes, gross and net pay, giving, fixed and variable expenses and retirement. CE.PFL.1.3 Analyze how managing a checking and savings account contributes to financial well being. CE.PFL.1.5 Analyze how fiscally responsible individuals save and invest to meet financial goals. Personal Financial Planning and Goals Planning ahead, making goals, and making good life choices can result in financial stability. Establishing and maintaining a budget helps a person manage his/her money. Successfully using checking and savings accounts helps to meet financial goals. Being fiscally responsible can lead to financial stability. Why is important to plan and make goals? How does budgeting help one become more fiscally responsible? How can the use of checking and savings accounts affect a person s financial goals? Why is it important to be fiscally responsible? Education Income - disposable - discretionary Workforce - career - job - wage - salary - human capital * knowledge * habits * skills Life Choices - benefits - cost - risk - future consequences * intended * unintended - trade off - college / university - community college - military Skill Development Social Security Entrepreneur Rent Mortgage Fiscally Responsible Financial Decisions and Goals Personal Budget The choices that people make have benefits, costs and risks that often affect future consequences. People perform basic financial tasks to manage income, expenses, and savings. The characteristics of checking accounts and savings accounts. How to develop habits of saving each month.
- income - taxes - gross and net pay - fixed costs - variable costs - expenses - saving - pay yourself first Financial Plan Money Management Saving Investing Checking Account - characteristics - transactions - consequences Savings Account - characteristics - transactions - consequences Financial Well Being Deposits Withdrawals Transfers Automated Transactions Fees Overdraft
CE.PFL.1.3 Analyze how managing a checking and savings account contributes to financial well being. CE.PFL.1.5 Analyze how fiscally responsible individuals save and invest to meet financial goals. CE.PFL.1.6 Compare various investing strategies and tax implications for their potential to build wealth. Investing Saving and investing are basic ways that can prepare for one s future financial goals and security. How does investing allow individuals to attempt to increase their wealth? Wealth - how it increases * regular investment * time * frequent Compounding Investing - stock market - bonds - mutual funds - CDs - money market accounts - risks - benefits - rate of return - liquidity - fees - tax deferrals and exemptions - return over time - where to find information Financial Goal Financial Security Retirement Loans Wealth increases with regular investment, time and frequent compounding. Saving and investing are basic ways of preparing for one s future financial goals and financial security. Investment strategies differ in their potential rate of return, liquidity and level or risk. CE.PFL.1.4 Summarize how debt management and creditworthiness impact an individual s ability to become responsible consumers and borrowers. Credit Responsible use of credit can lead to financial success. How does credit affect an individual s financial status? Credit Debt Management Creditworthine ss Consumer Borrower Credit Card Management Monitoring Percentage Rates Monitoring Personal Credit Credit is a basic financial tool.
Reports Analyzing Loan Details Keeping and Maintaining Records Credit Card - Balance - Annual Percentage Rate (APR) Standard of Living Credit Score Mortgage Mortgage Rate Loan Indicator Compound Interest Costs and Benefits Good Credit Bad Credit CE.PFL.2.1 Explain how consumer protection laws and government regulation contribute to the empowerment of the individual. CE.PFL.2.2 Summarize various types of fraudulent solicitation and business practices. CE.PFL.2.3 Summarize ways Consumer Protection The United States government creates agencies that can protect consumers from fraud. Individuals need to protect themselves from fraudulent and deceptive business practices. How does the government protect consumers from fraud? Why is it important for individuals to protect themselves against fraudulent and deceptive business practices? Consumer Protection Laws - Consumer Credit Laws Government Regulation - Federal Trade Commission (FTC) - Protection Agencies - Attorney General - Better Business Bureau - Secretary of State Empowerment Regulation Fraud - Identity Theft - Online Scams Laws and regulations exist to protect consumers from seller and lender abuses. An investment opportunity that looks too good to be true probably is. An informed investor understands the importance of research and uses this information in their investing
consumers can protect themselves from fraudulent and deceptive practices. CE.PFL.2.5 Summarize strategies individuals use for resolving consumer conflict. - Internet Fraud * Internet Crime Complaint Center Investment Scams / Fraud - Ponzi Schemes - Pyramid Scheme - Multi-Level Marketing - North American Securities Administration Association - Investor Education Resources - FBI Common Fraud Schemes Fraudulent Solicitation Deception Personal Information Disclosure Automated Financial Transactions Vulnerability Privacy Infringement Do Not Call Lists Reading the Fine Print Terms and Conditions Investment Protection Laws Fees Non-reputable Parties State Securities Regulator Securities Commission Legitimate decisions. People resolve conflicts through legal procedures or compromise.
CE.PFL.2.4 Classify the various types of insurance and estate planning including the benefits and consequences. Insurance The many types of insurance can be used to offset potential financial risks. Insurance has both benefits and consequences. What are the different types of insurance? Why might someone choose to buy or not to buy insurance? Insurance - car - health - renters - life - liability - travel - disability - long-term care - natural disaster Estate Planning Mitigate Risk Financial Loss Protection People purchase insurance to mitigate the risk of financial loss. HISTORY GEOGRAPHY CIVICS & GOVERNMENT ECONOMICS Standard of Living Resources CULTURE General Unit Resources Straight Ahead Uphill Mountainous Everfi (computer program) Create a personal budget Write a letter to yourself as an older person of what you promised (financially) to retire comfortably Make a pamphlet to describe banking options to customers
Create a life plan with specific information (car payments, insurance payments, rent, etc) Read the stock report and complete a chart showing change over time, ticker symbol, closing/last trade, daily change How the Market Works.com (virtual trade stock market game) Create a financial plan for a person working a minimum wage job, for a nursing assistant, and for a millionaire Text differentiation symbols: Texts will be categorized in teacher resource documents as Straight Ahead (less challenging for struggling readers), Uphill (having some challenging words and more complex sentence structure that is appropriate for on-grade level readers), or Mountainous (containing challenging vocabulary, complex sentences, and more abstract ideas).