Michigan
9th-12th Grades
State Standards
Personal Finance Content Expectations
PF1 Earning IncomeConduct research regarding potential income and employee benefit packages, non-income factors that may influence career choice, benefits, and costs of obtaining the necessary education or technical skills, taxes a person is likely to pay, and other possible sources of income.
PF2 Buying Good and ServicesDescribe the factors that consumers may consider when purchasing a good or service, including the costs, benefits, and the role of government in obtaining the information.
PF3 Budgeting and SavingIdentify the incentives people have to set aside income for future consumption and evaluate the impact of time, interest rates, and inflation upon the value of savings.
PF4 Using CreditEvaluate the benefits, costs, and potential impacts of using credit to purchase goods and services.
4.1Free Application for Federal Student Aid (FAFSA), Student Loans, Scholarships, Work Study and Grants
PF5 Financial InvestingAnalyze the risks, expected rate of return, tax benefits, the impact of inflation, the role of government agencies, and the importance of diversification when investing in financial assets.
PF6 Protecting and InsuringAssess the financial risk of lost income, assets, health, or identity, and determine if a person should accept the risk exposure, reduce risk, or transfer the risk to others by paying a fee now to avoid the possibility of a larger loss later.
PF7 Paying TaxesIdentify and evaluate taxes a person is likely to pay, including federal, state, and local taxes, tax benefits and drawbacks, impacts on take-home pay, types of IRS tax forms, and how these can affect their taxes.