Managing Your Personal Finances
                                                       Topic Guide

IT.PF.10     Examine c...
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Personal Finance Topic Guide.doc

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Personal Finance Topic Guide.doc

  1. 1. Managing Your Personal Finances Topic Guide IT.PF.10 Examine components of a financial planning process that reflects the distinction between needs and wants, values, goals, and economic resources. Indicators Topics Class Activities Assessing Knowledge IT.PF.10.01 Assess opportunity costs impacted by values and goals. IT.PF.10.02 Define and Wants and needs Choices lesson plan: give examples of Opportunity costs http://fefe.arizona.edu/curriculum.php?categoryID=7#20 economic wants and • Monthly choices made by teens needs. • Calculate gains and minuses • Determine balance sheet IT.PF.10.03 Category expenses as fixed or variable. IT.PF.10.04 Determine discretionary income in a budget. IT.PF.10.05 Develop Spending plan (budget) Lesson plan and activities: financial goals for the http://fefe.arizona.edu/curriculum.php?categoryID=20#60 future based on lifestyle expectations and career choices. IT.PF.20 Demonstrate management of individual and family resources including food, clothing, shelter, health care, recreation, and transportation. IT.PF.20.01 Analyze the budgeting process and create a budget. July 2008 Page 1
  2. 2. Indicators Topics Class Activities Assessing Knowledge IT.PF.20.02 Evaluate a monthly spending plan compared to actual monthly expenses. IT.PF.20.03 Apply Food Food: Lesson Plan and activities: http://fefe.arizona.edu/ comparison shopping Auto purchasing curriculum.php?categoryID=10#31 practices. New vs. used • Shopping or a week’s worth of groceries Lemon laws • Stay within a budget Auto insurance • Prepare menus and shopping list Auto loan Transportation: researching an automobile lesson plan: http://fefe.arizona.edu/curriculum.php?categoryID=21#72 • Pre-planning within a budget • New vs. used chart • Compare stickers • PowerPoint and worksheet • Self assessment on needs and wants • Comparison chart of three vehicles • Scenarios • Loan variable cards Auto insurance comparisons Shopping for a loan lesson plan: http://fefe.arizona.edu/curriculum.php?categoryID=21#73 • PowerPoint • Game IT.PF.20.04 Identify alternative sources for purchases (e.g., e-malls, retail stores, and catalogs). July 2008 Page 2
  3. 3. Indicators Topics Class Activities Assessing Knowledge IT.PF.20.05 Identify the Housing Housing: Lesson Plan and activities: advantages and http://fefe.arizona.edu/curriculum.php?categoryID=11 disadvantages of • Locate housing purchasing, leasing, and • List necessities renting. • Compare renting vs. owning IT.PF.30 Evaluate savings and investment options to meet short- and long-term goals. IT.PF.30.01 Describe why and how people save. IT.PF.30.02 Identify the Opportunity costs Time Value of Money lesson plan: opportunity cost of http://fefe.arizona.edu/curriculum.php?categoryID=18#57 saving. • How small costs add up IT.PF.30.03 Differentiate Savings Savings lesson plan: between saving and Investing http://fefe.arizona.edu/curriculum.php?categoryID=18#53 investing. Liquidity • PowerPoint and worksheet Pay yourself first 70-20-10 rule IT.PF.30.04 Analyze the Rule of 72 Rule of 72 lesson plan: power of compounding Compound interest http://fefe.arizona.edu/curriculum.php?categoryID=18#55 and the importance of Simple interest • PowerPoint and worksheet starting early in Interest rates • Math calculations implementing a plan of Time Value of Money lesson plan: saving and investing. http://fefe.arizona.edu/curriculum.php?categoryID=18#57 • Calculations • Examples • How small costs add up • Investment plans at different ages July 2008 Page 3
  4. 4. Indicators Topics Class Activities Assessing Knowledge IT.PF.30.05 Describe the Savings Managing your cash lesson plan: http://fefe.arizona.edu/ advantages and Mutual Funds curriculum.php?categoryID=18#54 disadvantages of Savings Bonds • “The Berenstain Bears’ Trouble with Money” different savings and CD’s investing plans. activity • PowerPoint and graphic organizer • Matching cash management tools with features • Four of a kind card game IT.PF.30.06 Identify the risk/return trade-offs for saving and investing. IT.PF.30.07 Apply criteria for choosing a savings or investment instrument (e.g., market risk, inflation risk, interest rate risk, liquidity, and minimum amount needed for investment). IT.PF.30.08 Explain why Time value of money Time Value of Money lesson plan: a savings and investing http://fefe.arizona.edu/curriculum.php?categoryID=18#57 plan changes as one • Calculations proceeds through the life • Investment plans at different ages cycle. IT.PF.30.09 Develop financial goals for the future based on one's lifestyle expectations and career choices. IT.PF.40 Evaluate services provided by financial deposit institutions to manage funds. July 2008 Page 4
  5. 5. Indicators Topics Class Activities Assessing Knowledge IT.PF.40.01 Identify Commercial banks Depository institutions lesson plan: various types of financial Savings and loans http://fefe.arizona.edu/curriculum.php?categoryID=9#28 deposit institutions Credit unions • PowerPoint and graphic organizer • Comparison worksheet for online or phone research IT.PF.40.02 List the Commercial banks Depository institutions lesson plan: basic services provided Savings and loans http://fefe.arizona.edu/curriculum.php?categoryID=9#28 by financial deposit Credit unions • Scenarios on selecting the right institution institutions. Common services Insurance IT.PF.40.03 Compare Checking account types • Create a comparison chart of types of checking and contrast the different Fees accounts at a specific bank – may include minimum types of checking balances, debit cards, credit cards, fees for stop accounts offered by payment, overdraft, and transactions. various financial deposit institutions and the costs associated e.g., overdrafts and stop- payment orders. IT.PF.40.04 Describe the Checking account Checking simulation: steps involved in http://fefe.arizona.edu/curriculum.php?categoryID=9#26 opening, and using a • 3 months transactions checking account. • Bank reconciliation • Paychecks and gift checks • Deposit slips and checks July 2008 Page 5
  6. 6. Indicators Topics Class Activities Assessing Knowledge IT.PF.40.05 Compare Electronic banking Electronic banking: electronic means of Debit card http://fefe.arizona.edu/curriculum.php?categoryID=9#27 transfer (e.g., debit ATM • PowerPoint and worksheet cards, ATM, and Opt in, Opt out • Trivia game including game cards automatic Privacy policies Debit card simulation: deposits/payments) Recurring payments http://fefe.arizona.edu/curriculum.php?categoryID=9#168 offered by various Online banking lesson plan: Checking simulation: financial deposit http://fefe.arizona.edu/curriculum.php?categoryID=9#26 institutions. • PowerPoint and graphic organizer • Interview forms and graphing results • Poster and rubric • Charades type game IT.PF.40.06 Use the Bank reconciliation Checking simulation: steps involved in the http://fefe.arizona.edu/curriculum.php?categoryID=9#26 bank reconciliation • 3 months transactions process. • Bank reconciliation IT.PF.40.07 Compare Endorsements Checking simulation: and explain the various http://fefe.arizona.edu/curriculum.php?categoryID=9#26 forms of endorsement. • Endorsements IT.PF.40.08 Discuss the Wireless payments Contactless payment lesson plan: http://fefe.arizona.edu/ advantages and Issuers curriculum.php?categoryID=9#201 disadvantages of e- Merchants • Examples of companies banking. Consumers • Benefits for various stakeholders POS (point of sale) • Payment types timeline (1700-current) • PowerPoint and worksheet • Create a brochure – includes a rubric IT.PF.40.09 Analyze privacy and security issues associated with financial transactions July 2008 Page 6
  7. 7. Indicators Topics Class Activities Assessing Knowledge IT.PF.50 Analyze factors that affect the choice of credit, the cost of credit, and the legal aspects of using credit. IT.PF.50.01 Describe the 5 C’s of credit What is credit? Lesson plan: risks and responsibilities Types of credit http://fefe.arizona.edu/curriculum.php?categoryID=6#18 associated with using • Define and explain the 5 C’s of credit credit. • Game IT.PF.50.02 Identify the opportunity cost of credit. IT.PF.50.03 Identify methods of establishing and maintaining a good credit rating. IT.PF.50.04 Determine Advantages What is credit? Lesson plan: advantages and Disadvantages http://fefe.arizona.edu/curriculum.php?categoryID=6#18 disadvantages of credit. • Case studies • Game IT.PF.50.05 Define interest as a cost of credit and explain why it is charged. IT.PF.50.06 Identify the Selecting a credit card Selecting a credit card lesson plan: various types of credit http://fefe.arizona.edu/curriculum.php?categoryID=6#16 including the different • PowerPoint with worksheet types of credit cards. • Trivia game complete with game cards IT.PF.50.07 Explain why the interest rate varies with the amount of assumed risk. July 2008 Page 7
  8. 8. Indicators Topics Class Activities Assessing Knowledge IT.PF.50.08 Compare Vocabulary Take charge of credit lesson plan: http://fefe.arizona.edu/ and contrast the various Safety tips curriculum.php?categoryID=6#149 aspects of credit cards Fees • PowerPoint with graphic organizer required by law in the Schumer box • Matching activity Schumer box. • True/False statistics trivia • Scenario cards Schumer box: http://fefe.arizona.edu/curriculum.php? categoryID=6 IT.PF.50.09 Explain Credit history Understanding Credit Reports lesson plan: credit ratings and credit Credit reports http://fefe.arizona.edu/curriculum.php?categoryID=6#16 reports and describe and • Building credit history their impact on the cost • Scenarios: positive vs. negative report of credit. • Take steps to correct an error • Analyze several credit reports IT.PF.50.10 Recognize the early warning signs of credit problems. IT.PF.50.11 Analyze the advantages and disadvantages of various alternatives for resolving credit problems. IT.PF.50.12 Research rights and responsibilities of consumers according to credit legislation (e.g., truth-in-lending, fair credit reporting, equal credit opportunity, and fair debt collection). July 2008 Page 8
  9. 9. Indicators Topics Class Activities Assessing Knowledge IT.PF.50.13 Develop ID’s ID Theft lesson plan and activities: skills necessary to How ID theft occurs http://fefe.arizona.edu/curriculum.php?categoryID=5#15 prevent identity theft. Prevention • Scenarios • Interview adults – questions included • Interview essay and rubric • PowerPoint and worksheet IT.PF.50.14 Understand Personal liability ID Theft lesson plan and activities: how identity theft can Steps to take when it http://fefe.arizona.edu/curriculum.php?categoryID=5#15 ruin financial resources happens and personal credit. IT.PF.60 Analyze choices available to consumers for protection against risk and financial loss. IT.PF.60.01 Identify risks Vocabulary Types of insurance lesson plan: in life and how to gain Auto http://fefe.arizona.edu/curriculum.php?categoryID=12#36 protection against the Health • Vocabulary scramble worksheet consequences of risk. Life • PowerPoint and graphic organizer Disability • Interview worksheet Renters • Spoons activity with cards IT.PF.60.02 Explain how all types of insurance are based on the concept of risk sharing and statistical probability. IT.PF.60.03 Identify the Auto insurance Auto Insurance lesson plan: type of insurance http://fefe.arizona.edu/curriculum.php?categoryID=21#71 associated with different types of risk (automobile, life, health, and renters). IT.PF.60.04 Explain why insurance needs change throughout the life cycle. July 2008 Page 9
  10. 10. Indicators Topics Class Activities Assessing Knowledge IT.PF.60.05 Identify various suppliers of insurance (e.g., public and private). July 2008 Page 10
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