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  1. 1. 2008/2009 Student Competency Record Finance 6120 - 36 weeks             Student School Year             School Teacher Signature Traditional letter or numerical grades do not provide adequate documentation of student achievement in competency-based education; therefore, the Virginia Standards for CBE require a recording system to provide information about competencies achieved to employer, student-employee, and teacher. The Student Competency Record provides a means for keeping track of student progress. Ratings are assigned by the teacher for classroom competency achievement and by the teacher-coordinator in conjunction with the training sponsor when competence is evaluated on the job. Tasks/competencies designated by bullets in the left-hand column are considered essential statewide and are required of all students. In some courses, all tasks/competencies have been identified as essential. Tasks/competencies without bullets are considered optional; they and/or additional tasks/competencies may be taught at the discretion of the school division. Tasks/competencies marked with an asterisk (*) are considered sensitive, and teachers should obtain approval by the school division before teaching them. Note: Students with and Individualized Education Plan (IEP) or an Individualized Student Alternative Education Plan (ISAEP) will be rated, using the following scale, only on the competencies identified in their IEP or ISAEP. ...RATING SCALE... 1 - Can teach others 2 - Can perform without supervision 3 - Can perform with limited supervision 4 - Can perform with supervision 5 - Cannot perform 6120 36 Finance Date Rating weeks TASKS/COMPETENCIES Implementing Virginia's CTE Course Requirements • 001 Demonstrate Virginia's Workplace Readiness Skills in course             activities. • 002 Apply Virginia's All Aspects of Industry elements in course             activities. • 003 Identify Internet safety issues and procedures for complying with             acceptable use standards. Participating in the Student Organization • 004 Identify the purposes and goals of the student organization.            
  2. 2. 6120 36 Finance Date Rating weeks TASKS/COMPETENCIES • 005 Explain the benefits and responsibilities of membership in the             student organization as a student and in professional/civic organizations as an adult. • 006 Demonstrate leadership skills through participation in student             organization activities, such as meetings, programs, and projects. Developing Consumer Skills • 007 Examine basic economic concepts and their impact on product             prices and consumer spending. • 008 Analyze how wages and prices are determined in different markets.             • 009 Identify steps in making a purchase decision, using mathematical             skills and a decision-making model as needed. • 010 Describe common types of contracts.             • 011 Demonstrate comparison-shopping skills.             • 012 Interact effectively with salespersons and merchants.             • 013 Differentiate between consumer protection regulations and             assistance agencies. • 014 Develop a filing system for personal finance records.             • 015 Examine the impact of advertising and marketing on consumer             demand and decision-making in the global marketplace. • 016 Access financial information from a variety of sources.             • 017 Explain consumer rights, responsibilities, and remedies.             Planning for Transportation, Housing, and Leisure Expenses • 018 Compare the costs and benefits of purchasing vs. leasing a vehicle.             • 019 Analyze the process of renting housing.             • 020 Describe the process of purchasing a home.             • 021 Compare the advantages and disadvantages of renting vs.             purchasing a residence. • 022 Calculate the cost of utilities, services, maintenance, and other             housing expenses involved in independent living. Handling Banking Transactions • 023 Describe the types of financial institutions.             • 024 Examine how financial institutions affect personal financial             planning. • 025 Evaluate services and related costs associated with financial             institutions in terms of personal banking needs. • 026 Differentiate among types of electronic monetary transactions.             • 027 Prepare all forms necessary for opening and maintaining a checking             and a savings account. • 028 Reconcile bank statements.             • 029 Compare costs and benefits of online and traditional banking.             • 030 Explain how certain historical events have influenced the banking             system and other financial institutions. • 031 Identify the functions of the Federal Reserve System.            
  3. 3. 6120 36 Finance Date Rating weeks TASKS/COMPETENCIES • 032 Compare the U.S. monetary system with the international monetary             system. Handling Credit/Loan Functions • 033 Calculate payment schedules for a loan, using spreadsheets,             calculators, and online tools. • 034 Evaluate the various methods of financing a purchase.             • 035 Analyze credit card features and their impact on personal financial             planning. • 036 Identify qualifications needed to obtain credit.             • 037 Identify basic provisions of credit and loan laws.             • 038 Compare terms and conditions of various sources of consumer             credit. • 039 Complete a sample credit application.             • 040 Identify strategies for effective debt management.             • 041 Analyze sources of assistance for debt management.             • 042 Explain the need for a sound credit rating.             • 043 Compare the costs and conditions of secured and unsecured loans.             • 044 Explain the implications of bankruptcy.             Analyzing Insurance as Risk Management • 045 Evaluate insurance as a risk management strategy.             • 046 Distinguish among the types of automobile insurance coverage.             • 047 Distinguish among the types of property coverage.             • 048 Distinguish among the major types of life insurance coverage.             • 049 Distinguish among the types of health insurance coverage.             • 050 Distinguish among the types of professional liability insurance.             • 051 Explain the roles of insurance in financial planning.             Earning and Reporting Income • 052 Differentiate among sources of income.             • 053 Calculate net pay.             • 054 Investigate employee benefits and incentives.             • 055 Complete a standard W-4 form.             Conducting Tax Functions • 056 Describe the types and purposes of local, state, and federal taxes             and the way each is levied. • 057 Compute local taxes on products and services.             • 058 Explore potential tax deductions and credits on a tax return.             • 059 Examine a standard W-2 form.             • 060 Complete a state income tax form, including electronic formats.             • 061 Complete short and itemized federal income tax forms, including             electronic formats. Examining the Financial Implications of an Inheritance
  4. 4. 6120 36 Finance Date Rating weeks TASKS/COMPETENCIES • 062 Explain the similarities and differences between state and federal             taxation of inheritances. • 063 Define the terminology associated with inheritance.             • 064 Compare investment options for a monetary inheritance.             • 065 Examine types and purposes of estate planning.             Planning for Personal Financial Success • 066 Identify short-term and long-term personal financial goals.             • 067 Identify anticipated and unanticipated income and expenses.             • 068 Examine components and purposes of a personal net worth             statement. • 069 Develop a budget.             • 070 Investigate the effects of government actions and economic             conditions. • 071 Explain how economics influences a financial plan.             Devising an Investment and Savings Plan • 072 Compare the impact of simple interest vs. compound interest on             savings. • 073 Compare and contrast investment and savings options.             • 074 Explain costs and income sources for investments.             • 075 Examine the fundamental workings of the Social Security System             and the system's effects on retirement planning. • 076 Contrast alternative retirement plans.             • 077 Explore how the stock market works.             Planning Financial Aspects of a Business Enterprise • 078 Compare the various types of business ownership.             • 079 Examine the impact of a company's goals on the financial planning             of the business. • 080 Describe the major factors in production.             • 081 Identify sources of financial capital.             082 Analyze the financial position of a business.             • 083 Investigate government regulations affecting financial aspects of a             business. • 084 Analyze the impact of the global economy on American business.             085 Analyze characteristics of major economic systems.             Managing Financial Activities for a Business Enterprise • 086 Complete daily business forms.             • 087 Record cash receipts.             • 088 Record receipts and payments in journals and ledgers.             • 089 Prepare a proof of cash.             • 090 Maintain a petty cash system.             • 091 Prepare payroll journals.             • 092 Analyze spreadsheet data.            
  5. 5. 6120 36 Finance Date Rating weeks TASKS/COMPETENCIES Exploring Management Functions • 093 Analyze the effects of ethics on business and financial management             decisions. • 094 Explain the need for confidentiality in the workplace.             095 Identify the short- and long-term options for financial planning and             working capital management. 096 Prepare a business plan.             • 097 Describe the effects of group dynamics on decision making and             consensus building. Developing Career Exploration and Employability Skills • 098 Explain why investing in human capital benefits the employer and             can increase productivity. • 099 Identify characteristics of a successful entrepreneur.             • 100 Explain how the economy benefits from entrepreneurship.             • 101 Investigate career opportunities.             • 102 Identify personal interests, aptitudes, and attitudes related to the             characteristics found in successful workers. • 103 Prepare a professional portfolio.             • 104 Research a company in preparation for a job interview.             • 105 Participate in mock interviews to refine interviewing techniques.             • 106 Prepare employment-related correspondence.             Locally Developed Tasks/Competencies