Washington
11th Grade
State Standards
11.SSSpending and Saving
Develop a plan for spending and saving.
1Specify how monetary and non-monetary assets can contribute to net worth.
2Analyze how changes in life circumstances can affect a personal spending plan.
3Investigate changes in personal spending behavior that contribute to wealth building.
Develop a system for keeping and using financial records.
4Identify expenses that are tax deductible and those that are not.
5Use a system to retain evidence of tax-deductible expenditures.
6Identify the records required to claim possible tax deductions and credits.
Describe how to use different payment methods.
7Compare the costs of cashing a check with various third parties such as banks and credit unions, check-cashing services, and retail outlets.
Apply consumer skills to spending and saving decisions.
8Demonstrate how to use comparison shopping skills to buy or finance a major purchase.
9Compare the cost of expenses associated with a postsecondary education at three institutions.
10Compare the costs and benefits of a new versus used car (e.g., maintenance, safety, financing, and gas mileage) with public transportation.
11Evaluate specific charities based on purpose, management, outcomes or results, and reputation.
11.CDCredit and Debt
Analyze the costs and benefits of various types of credit.
1Identify how credit card grace periods, methods of interest calculation (e.g., annual percentage rate), and fees affect borrowing costs.
2List the types of information needed when applying for a credit card.
3Compare the total cost of reducing a credit card balance to zero with minimum payments versus above-minimum payments, all other terms being equal and no further purchases being made.
4Identify loan options for paying for a major purchase.
5Investigate alternatives to loans as a means of paying for postsecondary education, including scholarships and grants.
6Analyze the costs, benefits, and impact of investment in post-high school education by career option.
7Explain the effect of debt on net worth.
Summarize a borrower's rights and responsibilities related to credit reports.
8Identify online information about the Fair Credit Reporting Act.
9Explain the importance of credit reports to borrowers and to lenders.
10Give examples of permissible uses of a credit report other than granting credit.
11Identify the primary organizations that maintain and provide consumer credit records.
12List the information in a credit report and how long it is retained.
13Explain the rights that people have to examine their credit reports (e.g., free annual credit report).
14Identify ways that a negative credit report can affect a consumer's options.
15List the process of disputing inaccurate credit report data.
16Identify factors that affect a particular credit scoring system.
17Report how a credit score affects creditworthiness and the cost of credit.
18Investigate how student loan obligations differ from other kinds of debt.
11.EIEmployment and Income
Explore job and career options.
1Analyze how economic and other conditions can affect income and career opportunities and the need for lifelong training and education.
2Discuss how non-income factors such as child-care options, cost of living, and work conditions can influence job choice.
3Modify a career plan that aligns with personal interests, financial goals, and desired lifestyle.
4Develop a résumé and cover letter for a specific job of interest.
Compare sources of personal income and compensation.
5Summarize employee benefits and explain why they are forms of compensation.
6List required employer contributions and additional benefits that an employer might offer.
7Identify the monetary and non-monetary value of employee benefits in addition to wages and salaries.
Analyze factors that affect net income.
8Complete IRS form W-4 (Employee's Withholding Allowance Certificate) to determine the optimal amount to withhold for personal income tax.
9List circumstances that would call for the adjustment of the income tax withholding allowance.
10Examine the benefits of participating in employer-sponsored retirement savings plans and health care savings plans.
11Complete IRS Form 1040EZ, Form 1040, and applicable state income tax forms.
11.IInvesting
Explain how investing may build wealth and help meet financial goals.
1Compare strategies for investing as part of a comprehensive financial plan.
2Give examples of how employer matching contributions to employer-sponsored retirement savings plans and vesting schedules affect participating employees.
Evaluate investment alternatives.
3Identify fees for buying, owning, and selling stocks, bonds, and mutual funds.
4List the advantages of taxable, tax-deferred, and tax-advantaged investments for new savers, including Roth IRAs (individual retirement accounts) and employer-sponsored retirement plans.
Demonstrate how to buy and sell investments.
5Assess how economic conditions and business factors affect the market value of a stock.
6Compare various sources of information, including prospectuses, online resources, and financial publications to gather data about specific investments.
7Explore evaluation strategies, including risk tolerance, for selecting investments that meet the objectives of a personal financial plan.
8Discuss the advantages and disadvantages of buying and selling investments through various channels, including employer-sponsored retirement plans, investment advisors, brokerage firms, and direct purchase.
11.RMRisk Management and Insurance
Identify common types of risks and basic risk management methods.
1Give examples of circumstances in which self-insurance is appropriate.
2Evaluate the costs and benefits of an extended warranty.
3Recommend insurance for various types of risk.
Justify reasons to use property and liability insurance.
4Differentiate among the main types of auto insurance coverage.
5Analyze factors that determine auto insurance premiums and the factors that cause them to change.
6Calculate payment expected on an auto insurance claim after applying exclusions and deductibles.
11.FDFinancial Decision-Making
Recognize the responsibilities associated with personal financial decisions.
1Discuss how individual responsibility for financial well-being will change over a lifetime with changing life circumstances.
2Develop a definition of wealth based on personal values, priorities, and goals.
Use reliable resources when making financial decisions.
3Evaluate whether financial information is objective, accurate, and current.
4Summarize factors to consider when selecting a finance professional.
Make criterion-based financial decisions by systematically considering alternatives and consequences.
5Develop a backup plan for a specific financial goal when circumstances change (e.g., job loss, illness, major gift, or inheritance).
6Analyze expenses and risks of alternative financing or predatory lending options such as payday loans and credit card cash advances.
Apply communication strategies when discussing financial issues.
7Assess the value of sharing financial goals and personal financial information with a partner before combining households.
8Demonstrate how to negotiate the sales price of a major purchase, such as a car or a motorcycle.
Analyze the requirements of contractual obligations.
9Identify the factors that make a contract legal and binding.
10Summarize the terms of a credit card or other loan agreement.
11Demonstrate how to find information on employment law to resolve an employee issue with an employer.
Control personal information.
12Identify where to find the steps to resolve identity theft problems as recommended by the Federal Trade Commission and relevant financial institutions.
13Understand identity theft prevention strategies.
14List entities that have a right to request certain personal financial data.
15Investigate consumer safeguards for mobile and online banking.
Use a personal financial plan or budget.
16Develop a personal financial plan or budget, including goals, spending and saving plan, investing plan, insurance plan, a net worth statement, and an estate plan.
17List the main components of a simple will.
18Explain the purpose of a durable power of attorney for health care (living will).