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Personal Finance Standards Database

South Carolina
South Carolina

10th-12th Grades

State Standards
5131ADVANCED PERSONAL FINANCE
ASAFETY: Financial managers know the academic subject matter, including safety as required for proficiency within their area.
1Review school safety policies and procedures.
2Review classroom safety rules and procedures.
3Review safety procedures for using equipment in the classroom.
4Identify major causes of work-related accidents in office environments.
5Demonstrate safety skills in an office/work environment.
BSTUDENT ORGANIZATIONS: Financial managers know the academic subject matter, including professional development, required for proficiency within their area.
1Identify the purpose and goals of a Career and Technology Student Organization (CTSO).
2Explain how CTSOs are integral parts of specific clusters, majors, and/or courses.
3Explain the benefits and responsibilities of being a member of a CTSO.
4List leadership opportunities that are available to students through participation in CTSO conferences, competitions, community service, philanthropy, and other activities.
5Explain how participation in CTSOs can promote lifelong benefits in other professional and civic organizations.
CTECHNOLOGY KNOWLEDGE: Financial managers know the academic subject matter, including the ethical use of technology.
1Demonstrate proficiency and skills associated with the use of technologies that are common to a specific occupation.
2Identify proper netiquette when using e-mail, social media, and other technologies for communication purposes.
3Identify potential abuse and unethical uses of laptops, tablets, computers, and/or networks.
4Explain the consequences of social, illegal, and unethical uses of technology (e.g., piracy; cyberbullying; illegal downloading; licensing infringement; inappropriate uses of software, hardware, and mobile devices in the work environment).
5Discuss legal issues and the terms of use related to copyright laws, fair use laws, and ethics pertaining to downloading of images, Creative Commons, photographs, documents, video, sounds, music, trademarks, and other elements for personal use.
6Describe ethical and legal practices of safeguarding the confidentiality of business-related information.
7Describe possible threats to a laptop, tablet, computer, and/or network and methods of avoiding attacks.
DPERSONAL QUALITIES AND EMPLOYABILITY SKILLS: Financial managers know the academic subject matter, including positive work practices and interpersonal skills.
1Demonstrate creativity and innovation.
2Demonstrate critical thinking and problem-solving skills.
3Demonstrate initiative and self-direction.
4Demonstrate integrity.
5Demonstrate work ethic.
6Demonstrate conflict resolution skills.
7Demonstrate listening and speaking skills.
8Demonstrate respect for diversity.
9Demonstrate customer service orientation.
10Demonstrate teamwork.
EPROFESSIONAL KNOWLEDGE: Financial managers know the academic subject matter, including positive work practices and interpersonal skills.
1Demonstrate global or "big picture" thinking.
2Demonstrate career and life management skills and goal-making.
3Demonstrate continuous learning and adaptability skills to changing job requirements.
4Demonstrate time and resource management skills.
5Demonstrates information literacy skills.
6Demonstrates information security skills.
7Demonstrates information technology skills.
8Demonstrates knowledge and use of job-specific tools and technologies.
9Demonstrate job-specific mathematics skills.
10Demonstrates professionalism in the workplace.
11Demonstrate reading and writing skills.
12Demonstrates workplace safety.
FPERSONAL FINANCIAL MANAGEMENT: Financial managers analyze how human behaviors impact financial decisions.
1Explain the importance of taking responsibility for personal financial decisions.
2Apply decision-making skills to make personal financial choices through SMART goals. (e.g., needs and wants, cost-benefit analysis).
3Apply strategies for making informed purchasing decisions.
4Explain the impact of debt on personal financial health.
5Describe the importance of budgeting.
6Analyze how retail and media marketing is designed to encourage spending.
7Investigate methods to safeguard financial information against technology-based attacks (e.g., privacy infringement, identity theft, fraud).
GCAREERS AND INCOME: Financial managers understand the relationship between education, income, and earning power.
1Complete and analyze the results of a career inventory.
2Compare positive and negative trends in career opportunities, growth, and wages.
3Demonstrate an understanding of different sources of income (e.g. salaries, wages, commission, tips, and fringe benefit packages).
4Research career choices, required education and skills, and potential income for various careers, including regional opportunities and cost of living considerations.
5Analyze the relationship between educational options and earning power.
6Calculate the cost of living based on various career choices in selected geographic locations.
7Develop a career plan.
8Compute gross earnings, payroll deductions (taxes, retirement, etc.), and net pay.
9Evaluate how taxes, government transfer payments, and employee benefits relate to disposable income.
10Identify employer-sponsored and individual retirement plans.
HBUDGETING AND FINANCIAL PLANNING: Financial managers understand the importance of budgeting for financial success.
1Contrast needs and wants.
2Identify components of a budget.
3Create a spending log to track personal expenses over time.
4Explain how the budgeting process prepares for unplanned expenses or emergencies.
5Identify technological and traditional tools used for organizing and maintaining financial records.
6Evaluate the impact of budget surpluses and deficits.
7Develop a personal budget based on expected earnings from a chosen career and lifestyle including short and long-term financial SMART goals.
IFINANCIAL INSTITUTIONS AND BANKING SERVICES: Financial managers demonstrate knowledge of banking services.
1Differentiate between various financial institutions (e.g., banks, credit unions, payday lenders, consumer finance companies).
2Distinguish between different types of banking accounts and evaluate services and related costs associated with them.
3Describe how FDIC and FSLIC insurance protect customer accounts.
4Explain how Internet access and technology have impacted banking services.
5Differentiate among types and regulations of electronic monetary transactions (e.g., e-checks, EFT).
6Compare modern payment services between parties (e.g., Peer 2 Peer, digital wallet).
7Assess different fees and incentives associated with online, mobile, and traditional banking (i.e. overdraft, ATM, and checking account fees).
8Identify and compare examples of savings options (e.g., CDs, money markets, savings accounts, holiday accounts).
9Differentiate between and calculate simple and compound interest.
10Explain the difference between debit and credit cards.
11Evaluate the causes and risks of being 'unbanked' or 'underbanked.'
12List requirements and forms to open checking and savings accounts (e.g., social security number, state-issued ID, minimum opening deposit).
13Maintain a check register, including proper procedures for handling deposits, withdrawals, and check writing.
14Reconcile a checking account.
JPOST-SECONDARY EDUCATION AND TRAINING: Financial managers demonstrate how to financially prepare for post-secondary education and training.
1Compare the various costs associated with post-secondary education or training.
2Identify sources of financial aid.
3Explain how to apply for financial aid for post-secondary education and training.
4Compare the impact of various education funding options on net cost (e.g., scholarships, grants, loans, work-study, apprenticeship, loan forgiveness).
5Analyze the Free Application for Federal Student Aid (FAFSA) and other federal, state, and local financial aid application processes and their impacts on student financial aid.
6Evaluate the characteristics of different types of student loans and their various repayment options.
7Describe investment options to pay for post-secondary education costs (e.g., 529 Plan, Coverdell).
KCREDIT AND DEBT: Financial managers develop effective strategies for controlling and managing credit and debt.
1Identify types and sources of credit/debt (credit card, personal loan, mortgage, student loans).
2Evaluate the costs and benefits of using credit including interest rates, terms, and fees.
3Calculate the cost of credit.
4Explain the 5 C's of credit (character, collateral, capacity, conditions, and capital) and how they affect credit scores.
5Evaluate credit card features and their impact on personal financial planning.
6Identify the three major credit bureaus and their impact on borrowing.
7Evaluate how credit scores are determined.
8Describe how to contest an incorrect billing statement.
9Create a plan for solving credit problems.
10Explain consumers' rights and responsibilities using various consumer protection laws (e.g., Fair Credit Reporting Act, bankruptcy, Equal Credit Opportunity Act).
11Differentiate the three types of bankruptcies, the major causes, and how to avoid them.
12Calculate borrowing capacity based on financial guidelines (e.g., 20/10 Rule).
LCONSUMER PROTECTION AND DECISION MAKING: Financial managers make informed consumer decisions.
1Examine the influences of advertising and marketing on consumer demand and decision-making.
2Identify major consumer protection laws and organizations (e.g., Better Business Bureau, U.S. Consumer Protection Agency, Consumer Product Safety Commission).
MPERSONAL TAXES: Financial managers analyze personal taxes and their impact on income.
1Compare taxable and non-taxable income.
2Evaluate earned and unearned income.
3Differentiate mandatory and voluntary withholdings.
4Summarize types and purposes of local, state, and federal tax assessments.
5Compute local taxes on products and services.
6Explain the purpose of W-2, 1099, and W-4 forms.
7Evaluate the difference between standard and itemized deductions.
8Demonstrate how to compute and file state and federal income taxes.
NHOUSING CHOICES AND FINANCES: Financial managers research and apply reliable information to make a systematic decision for renting or purchasing a home.
1Compare the advantages and disadvantages of renting versus purchasing a property.
2Calculate the cost of utilities, services, maintenance, homeowners' fees, and other housing expenses involved in independent living.
3Explore the differences between fixed and adjustable-rate mortgages.
4Analyze the process of renting property (e.g., lease agreement, security deposit, pet fee).
5Identify the similarities/differences between leasing and buying.
6Calculate the cost of ownership (e.g., amortization schedule).
7Identify sources for determining fair market value.
8Identify state and federal laws concerning financing a home purchase.
9Complete a mortgage application.
OINVESTMENTS AND LONG-TERM PLANNING: Financial managers create diversified investment strategies consistent with personal financial goals.
1Calculate an investment using the Rule of 72.
2Describe the importance of the relationship between risk and rate of return.
3Analyze the history, function, and risks of the stock market and online trading applications.
4Identify and evaluate different investment alternatives (e.g., stocks, bonds, mutual funds, ETFs, digital assets, real estate).
5Evaluate sources of investment information (e.g., financial advisors, online resources, media outlets, periodicals).
6Explain the role of the Securities and Exchange Commission (SEC) to regulate investments and protect investors.
7Create and manage an investment portfolio.
8Describe how to buy and sell various investments including associated costs/fees.
9Analyze tax implications of various investments.
10Describe how financial planning needs change in different stages of life (e.g., post-secondary, parenthood, housing, retirement).
11Describe the purpose and importance of estate planning (e.g., wills, trusts, gifts, charitable contributions, inheritance/estate taxes).
12Analyze the impact of Social Security benefits on retirement planning.
13Compare and contrast types of long-term retirement investments (e.g., Roth and traditional IRAs, 403(b), 401(k), defined-benefit plans, annuities, target date funds).
14Identify illegal investment practices (e.g., Ponzi schemes, insider trading, embezzlement).
15Defend how saving and investing will build wealth and meet financial goals.
PRISK AND INSURANCE: Financial managers apply appropriate and cost-effective risk management strategies.
1Define the principles of insurance and fundamental insurance terminology (e.g., claim, beneficiary, deductible, policy, premium, insured).
2Describe risk management methods: risk avoidance, reduction, assumption, transfer.
3Explain personal auto policy terms and features (e.g., liability, deductible, comprehensive, collision, underinsured, uninsured).
4Analyze factors that affect insurance premiums (e.g., driving record, driver's age, type of vehicle, coverage limits).
5Identify the purpose and features of health insurance (e.g., copay, covered/non-covered expenses, deductible, medical expenses, out-of-pocket costs, pre-existing conditions).
6Compare different types of life insurance products (e.g., term, whole life, variable life).
7Investigate the features and benefits of other insurance products, including homeowners and renters, long-term disability, liability.