Washington
7th Grade
State Standards
7.SSSpending and Saving
Develop a plan for spending and saving.
1Assess how spending priorities reflect goals and personal values.
2Illustrate how spending and saving behavior can affect overall well-being.
3Understand the components of a personal spending plan, including income, planned saving, and expenses.
4Compare saving strategies, including pay yourself first and comparison shopping.
5Compare the advantages and disadvantages of saving for financial goals.
6Illustrate how inflation can affect spending power over time.
7Predict the usefulness of an emergency fund.
8Explain why saving is a prerequisite to investing.
Develop a system for keeping and using financial records.
9Prepare a personal property inventory, including descriptions, locations, and estimates of value.
10Describe a system for organizing personal financial records, both paper and electronic.
Describe how to use different payment methods.
11Identify different types of local financial institutions and the services they provide.
12Verify sales receipts for accuracy, including calculations, sales tax, and any fees.
Apply consumer skills to spending and saving decisions.
13Identify the relationship between spending practices and achieving financial goals.
14Investigate a private charitable organization and its purpose.
7.CDCredit and Debt
Analyze the costs and benefits of various types of credit.
1Compare debit cards and credit cards.
2Explain how the interest rate, compounding frequency, and loan length affect the cost of using credit.
3Compare the total cost of repaying a loan under various rates of interest and over different periods.
7.EIEmployment and Income
Explore job and career options.
1Predict how education and training can affect lifetime income.
2Match personal skills and interests to various career options.
3Compare the education and training requirements, income potential, and primary duties of at least two jobs of interest.
4Determine the costs of postsecondary education and the potential increase in income from a career of choice.
5Identify a strategy to minimize the costs of postsecondary education.
6Identify individuals who could provide positive job references.
7Complete a part-time job application.
Compare sources of personal income and compensation.
8Explain the difference between earned and unearned income and give an example of each.
9Give two examples of situations that qualify for a government transfer payment.
10Explore how local government services assist people, such as those who are unemployed, elderly, disabled, or low-income.
Analyze factors that affect net income.
11List common types of payroll deductions.
12Calculate how payroll deductions affect take-home pay.
13Compare Social Security, Medicare, and Affordable Care Act benefits.
7.IInvesting
Explain how investing may build wealth and help meet financial goals.
1Devise an investment plan for accumulating money for a major expense.
Evaluate investment alternatives.
2Compare stocks and bonds.
3List the potential benefits of a long-term investing strategy.
4Categorize types of investments appropriate for people who have a low risk tolerance for investment volatility.
5List appropriate investments for accumulating money for a major financial goal.
Demonstrate how to buy and sell investments.
6Explain how stock markets facilitate the buying and selling of securities.
7Explain the financial market price quotations of stocks, mutual funds, and exchange-traded funds.
8Describe how to buy and sell individual stocks, mutual fund shares, and exchange-traded fund shares.
9Discuss why some investors sell stocks when the stock market is falling (panic selling) and buy when prices are rising (exuberant buying).
Investigate how agencies protect investors and regulate financial markets and products.
10Research federal government depository insurance coverage and limits related to consumer bank and credit union accounts.
11Identify which federal and state regulatory agencies help protect investors.
7.RMRisk Management and Insurance
Identify common types of risks and basic risk management methods.
1Give examples of how people manage the risk of financial loss through avoidance, acceptance, control and reduction, and transfer through insurance.
2Give examples of the consequences of accepting risk with insufficient or no insurance.
3Identify which organizations issue product safety recalls.
Justify reasons to use property and liability insurance.
4Determine the types of expenses paid by liability insurance that covers accidental bodily harm or damage to another person's property.
5Determine the kinds of expenses that typical auto insurance policies cover.
6Determine the kinds of expenses that typical renters' policies and homeowners' policies cover.
Justify reasons to use health, disability, long-term care, and life insurance.
7Determine the kinds of expenses that health insurance can cover.
7.FDFinancial Decision-Making
Recognize the responsibilities associated with personal financial decisions.
1Analyze money-handling decisions that young adults commonly face.
2Categorize the benefits of making sound financial decisions and the costs of making unsound financial decisions.
3Predict how influences such as current fashion trends, peer pressure, and procrastination can affect financial decisions.
Use reliable resources when making financial decisions.
4Analyze the strengths and weaknesses of various online and printed sources of product information.
5Compare methods used to test advertising claims.
6Determine whether information sources are accurate and reliable when comparing products and services.
7Describe a process for making a consumer decision by combining pre-purchase information with point-of-purchase information, such as unit price data and discounts.
8Compare types of consumer fraud, including online scams and phone solicitations.
Summarize major consumer protection laws.
9Categorize behaviors that make consumers vulnerable to fraud.
10Describe the consumer protection agencies and their responsibilities in one's state and community.
11Collect examples of unfair or deceptive business practices that consumer protection laws prohibit.
12Compare the information needed to resolve different types of consumer complaints.
Make criterion-based financial decisions by systematically considering alternatives and consequences.
13Apply systematic decision-making to setting and achieving financial goals.
14Prioritize personal financial goals.
15Determine the cost of achieving a financial goal.
16Evaluate the results of a financial decision.
17Give examples of how decisions made today can affect future opportunities.
Apply communication strategies when discussing financial issues.
18Show how discussing financial matters with household members could help reduce conflict.
19Summarize differences in peers' personal values and attitudes about money.
20Demonstrate how to negotiate a fee for services such as babysitting or lawn care.
Analyze the requirements of contractual obligations.
21List the types of rights and responsibilities typically found in employee handbooks.
22Devise a sample family agreement that establishes the terms of use of a family resource.
Control personal information.
23Give examples of ways that thieves fraudulently obtain personal information.
24Identify problems that might occur to a victim of identity theft.
25Apply strategies for creating and maintaining strong online passwords.
26Recommend ways to use social media safely.
Use a personal financial plan or budget.
27Classify assets and liabilities.
28Construct a hypothetical student's net worth statement.