Personal Finance Curriculum 2005.doc
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Personal Finance Curriculum 2005.doc Document Transcript

  • 1. Business Education Personal Finance Grades 9-12 Vineland Public Schools Vineland, NJ
  • 2. Curriculum Committee Business Education Personal Finance Grades 9-12 Mr. Stephen Dantinee, Curriculum Chairperson Curriculum Developer Mary Beth Banko – Vineland High School South July 2005 2
  • 3. Vineland Board of Education Frank Giordano, President Jacqueline Gavigan, Vice President Mayra Arroyo Allan Bernardini Jessica Deckard Ronald Franceschini, Jr. Nicholas Girone Susanne Morello Richard Smith Robert DeSanto, Solicitor Administration Dr. Clarence Hoover, III, Superintendent of Schools Mrs. Marie Adair, Assistant Superintendent for Curriculum and Instruction Dr. Keith Figgs, Assistant Superintendent for Administration Mr. Kevin J. Franchetta, Assistant Superintendent for Business 3
  • 4. Table of Contents Business Education Purpose 5 Business Education Goals 6 NJ Core Curriculum Content and Standards 7-15 Personal Finance Course Description 16 Personal Finance Goals 17-18 Course Content and Related Students Objectives/Outcomes 19-34 Personal Finance Assessment 35 Teacher/Student Resources 36 Internet Reference Links 37 4
  • 5. Business Education Purpose As technology continues to change and society becomes more complex, “traditional” education becomes less relevant. Today students need to learn how to compete in an every changing society. The mission of Business Education is to help students understand and apply consumer, family, and life skills necessary to become functioning members of society. The student will learn to think critically, develop habits of inquiry and take intellectual and performance risks. They will learn to recognize problems, analyze ways to solve these problems and evaluate the effectiveness of their method selection. Students will learn to work collaboratively with others, sometimes as a responsible leader and sometimes as a team player. They will learn to communicate effectively from listening, reflecting, providing positive feedback, and carefully considering the ideas of others. Finally, students will learn how to apply the principals of resource management and skills that promote personal and professional well-being. 5
  • 6. Business Education Goals Students will be expected to develop skills in the use of information, up-to- date educational technology, and other tools to improve learning, achieve goals, and produce products and presentations. Students will be expected to use technological tools to develop, locate summarize, organize, synthesize, and evaluate information. The technological tools used to develop these skills include: computers, software, and networking. 1. Understand how technological systems function 2. Select appropriate tools and technology for specific activities. 3. Demonstrate skills needed to effectively access and use technology based materials through keyboarding, troubleshooting, and retrieving and managing information. 4. Search and manipulate databases. 5. Access technology based communication and information systems. 6. Use technology and other tools to solve problems, collect data, and make decisions. 7. Use technology and other tools, including word processing, spreadsheets, charts and graphs to communicate information. 8. Discuss problems related to the increasing use of technologies. The units of study and student proficiencies that define this course are consistent with the district and state objectives and reflect commitment of the Mission of the Vineland Public Schools to “enable students to become knowledgeable, skillful, life-long learners who are contributing citizens in our changing society”. 6
  • 7. New Jersey Core Curriculum Content Standards for Career Education and Consumer, Family, and Life Skills STANDARD 9.1: (CAREER AND TECHNICAL EDUCATION) ALL STUDENTS WILL DEVELOP CAREER AWARENESS AND PLANNING, EMPLOYABILITY SKILLS, AND FOUNDATIONAL KNOWLEDGE NECESSARY FOR SUCCESS IN THE WORKPLACE. Descriptive Statement: All students will explore career opportunities and make informed choices based on aptitudes and interests. Students will identify and pursue career goals, apply communications skills in work- relevant situations, demonstrate the ability to combine ideas or information in new ways, make connections between unrelated ideas, organize and present information, and allocate financial and other resources efficiently and effectively. Students will identify and use various print and non-print resources in the home, school, and community to seek and plan for employment. They will be able to use the job application process, including resumes, forms, and interviews. Career and technical education, formerly called practical arts, is the application of life, academic, and occupational skills demonstrated by student-centered experiences in courses related to the sixteen States’ Career Clusters. The intent at the elementary and middle school levels is to prepare all students for the option of further study in career and technical education at the high school level. These courses typically include business education, family and consumer sciences, and other courses related to careers and life skills. Career and technical education programs establish necessary pathways for secondary vocational-technical education programs, entering the world of work, continuing education (such as college, post secondary vocational- technical education, specialized certification and/or registered apprenticeships), and lifelong learning. Those students electing courses in career and technical education should demonstrate both teamwork and problem-solving skills through a structured learning experience. This could consist of an experiential, supervised educational activity designed to provide students with exposure to the requirements and responsibilities of specific job titles or job groupings, and to assist them in gaining employment skills and making career and educational choices. The experience may be either paid or unpaid, depending on the type of activities in which the student is involved. Examples include, but are not limited to: apprenticeships, community service, cooperative education, internships, job shadowing, school-based experiences, vocational student organizations, paid employment, and volunteer activities. Structured learning experiences must meet all state and federal child labor laws and regulations. Strands and Cumulative Progress Indicators By the end of Grade 4, students will: 7
  • 8. A. Career Awareness and Planning 1. Describe various life roles and work-related activities in the home, community, and school. 2. Identify abilities and skills associated with various careers. 3. Identify reasons people work and how work habits impact the quality of one’s work. B. Employability Skills 1. Describe and demonstrate the importance of personal and interpersonal skills. 2. Identify positive work habits and attitudes necessary for home, community, and school. 3. Identify reasons for working as part of a team. Building upon knowledge and skills gained in preceding grades, by the end of Grade 8, students will: A. Career Awareness and Planning 1. Demonstrate the ability to distinguish between job, occupation, and career. 2. Outline the steps in the career planning process. 3. Apply research skills to career exploration. 4. Analyze personal interests, abilities, and skills through various measures including self assessments. 5. Explore careers using hands-on real life experiences within the sixteen States’ Career Clusters. 6. Develop an individual career plan and include in a portfolio. 7. Plan and conduct a cooperative project that addresses one of the problems faced by the school and/or community. B. Employability Skills 1. Research local and state employment opportunities. 2. Develop an employment package that includes a job application, letter of interest, and resume. 3. Demonstrate job-seeking skills. 8
  • 9. 4. Describe and demonstrate appropriate work habits and interpersonal skills needed to obtain and retain employment. 5. Compare and contrast possible choices based on identified/perceived strengths, goals, and interests. 6. Identify and develop skills that are transferable from one occupation to another. Building upon knowledge and skills gained in preceding grades, by the end of Grade 12, students will: A. Career Awareness/Preparation 1. Re-evaluate personal interests, abilities, and skills through various measures including self assessments. 2. Evaluate academic and career skills needed in various career clusters. 3. Analyze factors that can impact an individual’s career. 4. Review and update their career plan and include the plan in a portfolio. 5. Research current advances in technology that apply to a selected occupational career cluster. B. Employability Skills 1. Assess personal qualities that are needed to obtain and retain a job related to career clusters. 2. Communicate and comprehend written and verbal thoughts, ideas, directions, and information relative to educational and occupational settings. 3. Select and utilize appropriate technology in the design and implementation of teacher-approved projects relevant to occupations and/or higher educational settings. 4. Evaluate the following academic and career skills as they relate to home, school, community, and employment:  Communication  Punctuality  Time management  Organization  Decision making  Goal setting  Resources allocation  Fair and equitable competition  Safety 9
  • 10.  Employment application skills  Teamwork 5. Demonstrate teamwork and leadership skills that include student participation in real world applications of career and technical education skills. All students electing further study in career and technical education will also: 1. Participate in a structured learning experience that demonstrates interpersonal communication, teamwork, and leadership skills. 2. Participate in simulated industry assessments, when and where appropriate. 3. Prepare industry-specific technical reports/projects that incorporate graphic aids, when and where appropriate. 4. Demonstrate occupational health and safety skills related to industry-specific activities. STANDARD 9.2 (CONSUMER, FAMILY, AND LIFE SKILLS) ALL STUDENTS WILL DEMONSTRATE CRITICAL LIFE SKILLS IN ORDER TO BE FUNCTIONAL MEMBERS OF SOCIETY. Descriptive Statement: All students need to develop consumer, family, and life skills necessary to be functioning members of society. All students will develop original thoughts and ideas, think creatively, develop habits of inquiry, and take intellectual and performance risks. They will recognize problems, devise a variety of ways to solve these problems, analyze the potential advantages and disadvantages of each alternative, and evaluate the effectiveness of the method ultimately selected. Students will understand the components of financial education and make economic choices. Students will demonstrate self-awareness and the ability to respond constructively to criticism and potential conflict. In addition, students will work collaboratively with a variety of groups and demonstrate the essential components of character development and ethics, including trustworthiness, responsibility, respect, fairness, caring, and citizenship. Students apply principles of resource management and skills that promote personal and professional well-being. Wellness, nutrition, child development, and human relationships are an important part of consumer, family, and life skills. However, wellness, nutrition, and human relationship cumulative progress indicators are not listed here as it would duplicate those in Comprehensive Health and Physical Education Standards. Strands and Cumulative Progress Indicators By the end of Grade 4, students will: A. Critical Thinking 1. Recognize and define a problem. 10
  • 11. 2. Plan and follow steps to make choices and decisions. 3. Identify and access print and non-print resources that can be used to help solve problems. 4. Demonstrate brainstorming skills. B. Self-Management 1. Demonstrate an understanding of the relationship between personal behavior and self-image. 2. Recognize and build upon personal strengths. 3. Accept criticism and respond constructively. 4. Recognize personal likes and dislikes. 5. Demonstrate steps to deal with stress and conflict. C. Interpersonal Communication 1. Develop positive social skills to interact with others. 2. Select and use language appropriate to the situation. 3. Develop skills for accepting self and others through awareness of different cultures, lifestyles, and attitudes. 4. Practice steps for effective conflict resolution. 5. Work cooperatively with others to accomplish a task. D. Character Development and Ethics 1. Demonstrate character traits that are important in day-to-day activities in the home, school, and community such as trust, responsibility, respect, fairness, caring, and citizenship. 2. Conduct a cooperative activity or project that addresses a character trait. 3. Identify ethical behaviors in the home, school, and community. 4. Explain a person’s responsibility to obey the laws and rules. 11
  • 12. E. Consumer and Personal Finance 1. Demonstrate a basic understanding of the value of money. 2. Identify various sources of money for personal spending. 3. Explore the relationship among wants, needs, and resources. 4. Understand that prices of goods and services can be compared to make decisions about purchases. 5. Explain how people can improve their ability to earn income by gaining new knowledge, skills, and experiences. 6. Describe how to earn and save money in order to purchase a desired item. F. Safety 1. Identify common hazards associated with home, school, and community. 2. Explain how common hazards can be eliminated in the home, school, and community. 3. Describe and demonstrate the safe use of tools and equipment used at home and at school. Building upon knowledge and skills gained in preceding grades, by the end of Grade 8, students will: A. Critical Thinking 1. Communicate, analyze data, apply technology, and problem solve. 2. Describe how personal beliefs and attitudes affect decision-making. 3. Identify and assess problems that interfere with attaining goals. 4. Recognize bias, vested interest, stereotyping, and the manipulation and misuse of information. 5. Practice goal setting and decision-making in areas relative to life skills. B. Self-Management 1. Develop and implement a personal growth plan that includes short- and long-term goals to enhance development. 12
  • 13. 2. Demonstrate responsibility for personal actions and contributions to group activities. 3. Explain the need for, and advantages of, lifelong learning. C. Interpersonal Communication 1. Demonstrate respect and flexibility in interpersonal and group situations. 2. Organize thoughts to reflect logical thinking and speaking. 3. Work cooperatively with others to solve a problem. 4. Demonstrate appropriate social skills within group activities. 5. Practice the skills necessary to avoid physical and verbal confrontation in individual and group settings. 6. Participate as a member of a team and contribute to group effort. D. Character Development and Ethics 1. Explain and demonstrate how character and behavior affects and influences the actions of others in the home, school, and community. 2. Describe and demonstrate appropriate character traits, social skills, and positive attitudes needed for the home, school, community, and workplace. 3. List problems and their causes, effects, and solutions that are faced in the home, school, and/or community. 4. Describe how personal ethics influence decision making. E. Consumer and Personal Finance Skills 1. Identify and demonstrate personal finance skills in checkbook maintenance and investing. 2. Construct a simple personal savings/spending plan. 3. Understand that people make financial choices that have costs, benefits, and consequences. 4. Explain the difference in cost between cash and credit purchases. 5. Compare prices of similar items from different sellers. 13
  • 14. F. Safety 1. Demonstrate appropriate safety procedures for hands-on experiences. 2. Demonstrate the use of recommended safety and protective devices. 3. Describe appropriate response procedures for emergency situations. Building upon knowledge and skills gained in preceding grades, by the end of Grade 12, students will: A. Critical Thinking 1. Apply communications and data analysis to the problem-solving and decision making processes in a variety of life situations. 2. Describe and apply constructive responses to criticism. 3. Apply the use of symbols, pictures, graphs, objects, and other visual information to a selected project in academic and/or occupational settings. 4. Recognize bias, vested interest, stereotyping, and the manipulation and misuse of information while formulating solutions to problems that interfere with attaining goals. 5. Apply knowledge and skills needed to use various means of transportation within a community. B. Self-Management 1. Revise and update the personal growth plan to address multiple life roles. 2. Apply project planning and management skills in academic and/or occupational settings. 3. Compare and contrast methods for maximizing personal productivity. C. Interpersonal Communication 1. Model interpersonal and effective conflict resolution skills. 2. Communicate effectively in a variety of settings with a diverse group of people. D. Character Development and Ethics 1. Analyze how character influences work performance. 14
  • 15. 2. Identify and research privileges and duties of citizens in a democratic society. 3. Discuss consequences and sanctions when on-the-job rules and laws are not followed. 4. Compare and contrast a professional code of ethics or code of conduct from various work fields and discuss similarities and differences. 5. Apply a professional code of ethics to a workplace problem or issue. E. Consumer and Personal Finance 1. Analyze factors that influence gross and net income. 2. Design, implement, and critique a personal financial plan. 3. Discuss how to obtain and maintain credit. 4. Prepare and use skills for budget preparation, making predictions about income and expenditures, income tax preparation, and adjusting spending or expectations based on analysis. 5. Use comparative shopping techniques for the acquisition of goods and services. 6. Analyze the impact of advertising, peer pressure, and living arrangements on personal purchasing decisions. 7. Evaluate the actions a consumer might take in response to excess debt and personal financial status. 8. Analyze the interrelationships between the economic system and consumer actions in a chosen career cluster. F. Safety 1. Engage in an informed discussion about rules and laws designed to promote safety and health. 2. Describe and demonstrate basic first aid and safety procedures. 3. Analyze the occurrence of workplace hazards. 4. Practice the safe use of tools and equipment. 5. Implement safety procedures in the classroom and workplace, where appropriate. 6. Discuss motor vehicle safety, including but not limited to, New Jersey motor vehicle laws and regulations, 15
  • 16. methods of defensive driving, and the importance of personal responsibility on public roads/streets. Course Description Personal Finance Personal Finance is a full year, five credit course offered in grades 9 through 12 and is an interdisciplinary area that contributes to students achieving the expected results set forth in the New Jersey Core Curriculum Content Standards for Career Education and Consumer, Family and Life Skills. In addition, this course provides students with the opportunities to apply, and therefore reinforce learning through the core curriculum content areas. The course applies economic concepts in the development of personal goals, values, decision making, resource management, buying of goods and services and financial planning. Areas covered include: Career Decisions (choosing, getting, adapting and keeping a job); Money Management (Paychecks, taxes, budgets, financial records, checking accounts and other banking services); Financial Security (savings, investments, stocks, bonds, other investment alternatives, retirement and estate planning); Credit Management (establishment, responsibilities, cost , and problems with credit); Resource Management (renting and buying a home, buying and caring for a vehicle, and family decisions); Risk Management (property, liability, health and life insurance); Consumer Rights and Responsibilities (roles of consumer, consumer protection, and dispute resolution). 16
  • 17. Personal Finance Goals Personal Finance integrates academic concepts and technology application throughout the curriculum. • Academic Concepts: The study of Personal Finance incorporates many academic areas including language arts, mathematics, science, social studies, etc. • Technology Applications: Technology is a vital component to the success of Personal Finance. As a result of instruction in Personal Finance students should know and be able to do: Career Decisions • Choose and plan a career • Develop the skills necessary to obtain, adapt and keep a job • Create a resume • Communicate effectively in the work environment Money Management • Understand pay, benefits and incentives • File a tax return • Create and keep a budget 17
  • 18. • Understand and keep a checking account Financial Security • Save and invest for the future • Invest in the stock market • Invest in mutual funds, real estate and other alternatives • Plan for retirement Credit Management • Apply and obtain credit • Compute credit costs • Recognize and solve credit problems Resource Management • Rent an apartment • Buy a home • Buy and care for a vehicle Risk Management • Obtain property and liability insurance • Obtain life insurance • Obtain medical insurance Consumer Rights and Responsibilities • Describe their role as a consumer • Know how to protect their consumer rights • Learn dispute resolution 18
  • 19. Course Content and Related students Objectives/Outcomes Personal Finance Unit 1 Career Decisions A. Introduction This unit will help students analyze choices and develop the tools needed to get and keep temporary, part-time, or full time employment. The unit will describe career options and how to cope with the changes that will affect student choices. Students will learn why people work, how to begin career planning, and where to find up-to-date information. Students will also learn important skills necessary to compete with other job applicants. Finally they will explore how to adopt to and keep the job; important skills that lead to good work relations and work history. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B 19
  • 20. Mathematics 4.1, 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2 B, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, Family & Life Skills 9.2E, 9.2F B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Discuss career and job trends, and describe sources of job information. 2. Complete a job analysis, listing the positive and negative features of potential career choices. 3. List reasons why people work and factors that affect career choices. 4. Identify and describe good career planning techniques. 5. List sources of job opportunity information. 6. Itemize and explain good job search techniques, and formulate a personal plan of action to get the job you want. 7. Describe the techniques for coping with change. 8. Explain changing patterns in a world economy and the need for job networking. 9. Identify and describe good career planning techniques. 10.Itemize and explain good job search techniques, and formulate a personal plan to get the job you want. 11.Explain the purpose of, describe the parts of, and prepare a letter of application. 12.List the guidelines for and prepare a resume and scannable resume. 13.Describe the letter of reference and explain why it is useful to job applicants. 20
  • 21. 14.Prepare a job application form, prepare for a job interview, and list methods of making a good first impression. 15.Explain the purpose of, describe the content of, and prepare a thank- you letter. 16.List and describe effective communication strategies, including listening, informal and formal speaking, communication among employees, and communication among employees and employers. 17.Discuss techniques of effective human relations 18.Describe employer expectations and policies such as written and unwritten rules, attitudes, and absenteeism. 19.Explain motivation and levels of need as described by Maslow and Herzberg, and discuss the results of job satisfaction. 20.Understand and complete appropriate work forms, such as W-4, W-2, social security number application and benefits statement, and work permit application forms. 21.List and define provisions of basic employment laws enacted for the protection and security of workers. 22.Explain employee responsibilities at work, including responsibilities to employers ant to other employees. 23.Describe employer responsibilities to employees. Approximate time frame: 4 weeks Chapter 1- 3 days Chapter 2 -4 days Chapter 3 -5 days Chapter 4 -4 days Chapter 5 -4 days 21
  • 22. Unit 2 Money Management A. Introduction This unit will give students an examination of their paycheck and benefits. Students will learn how to prepare their income tax return. Next, students will learn about financial management beginning with budgets and other financial records. They will also learn about informal and formal contracts that they enter into daily. Finally, students will learn how to use a checking account, including writing checks, keeping a checkbook register, and reconciling their account. They will discover how to choose the right bank and services that meet their needs. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.1A, 4.1B, 4.1C, 4.4A, 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C 22
  • 23. Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, Family & Life Skills 9.2E, 9.2F B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Compute payroll deductions and net pay from information and tables provided. 2. Identify optional and required employee benefits and recognize their value as additions to net pay. 3. Explain flexible job arrangements, such as flexible schedules, job rotation, job sharing, and permanent part-time employment. 4. Describe the role of unions and professional organizations in the workplace. 5. Discuss the purpose of taxes, different types of taxes, and the history of taxes in the United States. 6. Describe the components of the tax system, including the IRS, the power to tax, and paying their fair share. 7. Define and discuss the significance of exemptions, dependents, and taxable and nontaxable income on tax returns. 8. Prepare tax Forms 1040EZ 1040A. 9. Describe the budgeting process and prepare personal budgets. 10.Explain the purpose of record keeping and be able to prepare a personal net worth statement and a personal property inventory. 11.Explain the elements of legal contracts and negotiable instruments and describe your rights and responsibilities. 12.Discuss ways to set up a filing system for personal records. 13.Describe the purpose of a checking account. 14.Discuss how to prepare a signature authorization form, checks, check endorsements, deposit slips, a checkbook register, and a bank reconciliation. 15.Be able to distinguish between different types of checking accounts. 16.Describe various banking services other than checking accounts available to consumers. 17.Identify services for which banks commonly charge a fee. Approximate time frame: 5 weeks 23
  • 24. Chapter 6 -5 days Chapter 7 -7 days Chapter 8 -5 days Chapter 9 -8 days Unit 3 Financial Security A. Introduction This unit will give students a basic explanation of saving, investing, investment alternatives, investment risks, and how to invest wisely. Students will explore the different types of stocks. They will look at bonds, mutual funds, real estate, precious metals, gems, and collectibles, as well as futures and options. Students will end this unit by learning about retirement and estate planning, wills, trusts, and the taxation of their estate. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.1, 4.4A, 4.4B, 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2 B, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, Family & Life Skills 9.2E, 9.2F 24
  • 25. B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Describe different purposes of saving. 2. Explain how money grows through compounding interest. 3. List and describe the financial institutions where you can save. 4. Explain the features and purposes of savings accounts, certificates of deposit, and money market accounts. 5. Discuss some of the factors that influence the selection of a savings plan. 6. Explain at least two ways to save regularly. 7. Describe the stages of investing and the relationship between risk and potential return. 8. Explain effective investment strategies, criteria for choosing an investment, and steps for investing wisely. 9. List and describe sources of financial information useful for making investment decisions. 10.List and define basic investment options, rated by risk. 11.Describe the features of common stock and compare it to preferred stock. 12.Discuss stock investing classifications and why you would choose one over the other. 13.Explain how stock values are determined. 14.Discuss factors that affect a stock’s price. 15.Describe market channels and the process for buying and selling securities. 16.Describe short-and long-term investment strategies when buying and selling stock. 17. Explain how to read the stock listings in financial publications and how to use stock indexes. 18.Discuss the features and types of corporate bonds. 19.Explain how to calculate earnings and percentage yield on a corporate bond. 20.Describe federal and municipal government securities, and zero- coupon bonds. 21.Explain how to buy and sell bonds 25
  • 26. 22.Describe how to evaluate different grades of bonds. 23.Explain how to read bond listings in financial publications. 24.Explain why people invest in mutual funds and the types of mutual funds are available. 25.Describe how to evaluate mutual funds before buying. 26.Describe direct real estate investments and explain their advantages. 27.List indirect real estate investments and their features. 28.Discuss some of the risks and responsibilities of owning rental property. 29.Identify potential investment choices in precious metals, gems, and collectibles. 30.Discuss the nature of futures and options markets. 31.Describe how your needs will be different at retirement than they are now. 32.List the features of wills, powers of attorney, trusts, and joint ownership. 33.Discuss inheritance, estate, and gift taxes. 34.Describe the features of personal retirement accounts, including IRAs, Keoghs, SEPs, annuities, and pre-taxed savings. 35.Explain basic benefits available through employer- and government- sponsored pension plans. Approximate time frame: 7 weeks Chapter 10 -6 days Chapter 11 -6 days Chapter 12 -6 days Chapter 13 -6 days Chapter 14 -6 days Chapter 15 -5 days 26
  • 27. Unit 4 Credit Management A. Introduction This unit will give students a general introduction to what credit is and why it is important to them as a consumer in the American economy. Students will learn about credit bureaus, ratings, and reports and their rights and responsibilities as a credit user. They will be given an overview of the many credit laws that have been enacted to protect consumers. Students will study the responsibilities of consumer credit and its cost and explore ways to minimize the cost of credit. Finally, students will discover what happens when people become overextended and run into credit problems. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.1, 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2 B,6.2C, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, 27
  • 28. Family & Life Skills 9.2E, 9.2F B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Describe the history of credit in America. 2. Define basic credit vocabulary. 3. Discuss the advantages and disadvantages of using credit. 4. List and describe the kinds of credit available to the American consumer. 5. Describe and compare sources of credit. 6. Discuss the importance of credit records and summarize how and why records are compiled. 7. Describe the five C’s of credit. 8. Explain how to get started using credit. 9. Describe credit ratings and a point system for determining creditworthiness. 10.Outline the contents of a credit report. 11.Discuss the protections provided by the major credit laws. 12.Describe the responsibilities of consumer credit. 13.Discuss how to protect your credit card from fraud. 14.Explain how you can reduce or avoid credit costs. 15.Explain why credit costs vary. 16.Compute and explain simple interest and APR. 17.Compare methods of computing finance charges on revolving credit. 18.List and explain different methods for solving credit problems. 19.Outline bankruptcy laws, including exempted items, types of income excluded, and the bankruptcy options. 20.Discuss the major causes of bankruptcy. 21.Describe the advantages and disadvantages of declaring bankruptcy. Approximate time frame: 4 weeks Chapter 16 -5 days Chapter 17 -5 days Chapter 18 -5 days Chapter 19 -5 days 28
  • 29. Unit 5 Resource Management A. Introduction This unit begins with personal decision making, and helps students learn how to make good decisions based on their needs and wants. Areas covered in this unit include housing options; renting or buying, car purchases; leasing or buying and car maintenance. Finally, family decisions are covered from marriage, family financial responsibility, divorce and the financial aspects related to the death of a family member. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.1, 4.4A, 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2B, 6.2C, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, Family & Life Skills 9.2E, 9.2F 29
  • 30. B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Apply the decision-making process to solve consumer problems. 2. Explain economic needs and wants that influence consumer decision making. 3. List and describe factors that influence spending decisions. 4. Analyze marketing strategies that influence spending decisions. 5. Describe the various housing rental alternatives, including commuting to school or work from home, living on campus, apartments, duplexes, and houses. 6. Discuss potential living arrangements and decisions related to moving choices. 7. List the advantages and disadvantages of renting a place to live. 8. Describe the elements of a rental application, rental inventory, and lease. 9. Discuss landlord and tenant responsibilities. 10.Discuss the financial and quality-of-life advantages of home ownership. 11.Describe the costs and responsibilities that accompany home ownership. 12.Describe the steps in the home-buying process, from selecting a home to buy through taking possession of it. 13.Discuss how to obtain financing and the events that occur at closing. 14.Describe the process of buying a new or used car, including selection, financing, and wise buying practices. 15.Explain automobile leasing costs, processes, advantages, and disadvantages. 16.Discuss consumer protection available for new- and used-car buyers. 17.List the costs of owning and operating a car, from depreciation, gas and taxes to the cost of accessories. 18.Describe methods of extending the life of your car and maintaining its resale value. 19.Describe the steps, costs, and planning involved in getting married. 20.Discuss important family living decisions and why financial goals are important. 21.Outline the steps needed to plan a successful vacation. 22.Describe the steps and costs in a divorce. 30
  • 31. 23.Discuss preparations for death, life’s final plans. Approximate time frame: 5 weeks Chapter 20 -5 days Chapter 21 -5 days Chapter 22 -5 days Chapter 23 -5 days Chapter 24 -5 days Unit 6 Risk Management A. Introduction This unit begins with a discussion of risk- what it is and how individuals manage it, usually through insurance. Students will be given an opportunity to examine different types of risks along with a strategy to manage those risks. Students will also learn the specifics of property insurance; how to protect their residence and personal possessions and how to protect themselves from liability as a result of their negligence or errors in judgment. The importance of health insurance and the rising health costs are also covered. Finally, students will learn about life insurance; who needs it, how it works, and the types available. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.1, 4.4A, 4.4B,4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2 B, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C 31
  • 32. Career Education & Consumer , 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, Family & Life Skills 9.2E, 9.2F B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Explain the concept of insurance: what it is and how it works. 2. Define basic insurance terminology and types of risk. 3. List the steps and discuss the risk-management process. 4. Explain how to create a risk-management plan. 5. Discuss ways to reduce the costs of insurance. 6. Explain why renters and homeowners need property insurance. 7. Describe fire, theft, and other forms of property insurance and types of policies. 8. Discuss common types of automobile insurance coverage and what each coverage is designed to protect. 9. Explain the concept of liability insurance as it relates to an umbrella policy. 10.Describe group and individual health insurance plans. 11.Discuss common types of health insurance coverage and plans. 12.Explain Medicare and Medicaid coverage available to those who qualify. 13.Discuss different types of disability insurance. 14.Describe the characteristics of different life insurance plans. Approximate time frame: 4 weeks Chapter 25 -7 days Chapter 26 -7 days Chapter 27 -6 days 32
  • 33. Unit 7 Consumer Rights and Responsibilities A. Introduction This unit focuses on the role of the consumer in determining what is produced or sold. Students will examine the market economy in which they live. They will explore wise buying practices and discover both their rights and responsibilities. They will also take a look at federal law and agencies that have been formed to help protect them. Finally students will learn about the legal system of the United States. They will learn how a trial happens- the personnel, the process, and the results. They will discover other methods of reaching redress, from negotiating in small-claim courts and government assistance. References from the NJ Core Curriculum Content Standards are as follows: Language Arts 3.1A, 3.1E, 3.1F, 3.1G, 3.1H, 3.2A, 3.2B, 3.2C, 3.2D, 3.3A, 3.3B, 3.3D, 3.4A, 3.4B Mathematics 4.5A, 4.5B, 4.5C, 4.5D, 4.5E, 4.5F Science 5.1A, 5.1B, 5.1C Social Studies 6.1, 6.2A, 6.2B, 6.2C, 6.2D, 6.5A, 6.5B Technology 8.1A, 8.1B, 8.2A, 8.2B, 8.2C Career Education & Consumer , Family & Life Skills 9.1A, 9.1B, 9.2A, 9.2B, 9.2C, 9.2D, 9.2E, 9.2F 33
  • 34. B. Student Outcomes/Objectives Given appropriate learning activities students will be able to successfully: 1. Discuss the basic characteristics of the marketplace. 2. List and describe the three basic components of a free enterprise system. 3. Describe deceptive practices used to defraud consumers and explain how consumers can protect themselves. 4. Discuss how to be responsible consumer by shopping wisely, staying informed, and seeking redress when you have a consumer problem. 5. Describe your rights as set forth in the Consumer Bill of Rights. 6. Describe the protections provided by major federal consumer protection laws. 7. Identify national sources of consumer information and assistance. 8. List and describe state and local agencies and private organizations that provide consumer assistance and information. 9. Explain how to contact public officials to express opinions. 10.Describe the organization of the legal system in the United States at federal, state, and local levels. 11.Explain the legal procedures involved from the time a complaint is filed until the court enters a judgment. 12.Define remedies available to consumers other than individual lawsuits. 13.Explain alternative dispute resolution (ADR) options. Approximate time frame: 4 weeks Chapter 28 -6 days Chapter 29 -7 days Chapter 30 -7 days 34
  • 35. Assessment Student proficiency (satisfactory achievement) in each of the outcomes/objectivies listed in this guide shall be determined by student attainment of the 70% district –passing requirement. Such proficiency shall be measured by a multiplicity of evaluation techniques and instruments, which includes, but is not restricted to the following: 1. Teacher-made tests/quizzes 2. Class participation 3. Workbook activities 4. Projects 5. Cooperative group projects/activities 6. Notebooks Current curriculum objectives focus on the acquisition of knowledge and skills that will help students analyze situations and create plans to address those situations. The following are additional proposed assessment strategies to measure student progress: 1. Objective Measures a. Multiple choice b. Matching c. True/False 2. Written Measures a. Essays b. Restricted response c. Written simulations 35
  • 36. d. Case analysis 3. Performance Measures a. Demonstrations b. Presentations c. Observation 4. Student self evaluation Instructional Resources Managing Your Personal Finances – 4th edition South-Western Thomson Learning Managing Your Personal Finances – Student Activity Guide – 4th edition South-Western Thomson Learning Computers – Internet 36
  • 37. Internet Resources www.sec.gov www.moneyadvise.com www.jumpstart.org www.federalreserveeducation.com www.moneyinstructor.com www.irs.ustreas.gov www.smartmoney.com www.personalfinanceinfor.com www.creditcards.com www.credit.com www.creditinforcenter.com www.nfcc.org www.moneycentral.msn.com 37
  • 38. www.cars.com www.state.nj.us/ 38