Mississippi
9th-12th Grades
State Standards
Mississippi Personal Finance Standards (2022)
1Personal Decision-Making
1.1Define and explain individual wants and needs. DOK1
aDefine the following terms: Wants, Needs, Values, Goals, Scarcity, Opportunity costs, Trade-off.
bDifferentiate between wants and needs.
cIdentify the various factors that influence wants and needs.
1.2Apply opportunity costs and trade-offs to personal decision-making. DOK2
1.3Apply the steps of a decision-making process. DOK2
aIdentify and discuss the steps involved in the PACED decision-making process (P: Identify the problem; A: List alternatives; C: Select criteria; E: Evaluate alternatives based on criteria; D: Decide).
bApply the steps of the PACED decision-making process to a situation involving a personal financial decision.
1.4Recognize and analyze the consequences of a decision. DOK2
2Earning and Reporting Income
2.1Differentiate between and give examples of earned and unearned income. DOK1
aIdentify types of earned income (e.g., wages, salary, tips, commission).
bIdentify types of unearned income from government and private sources (e.g., transfer payments, interest, dividends, gifts).
cDiscuss variable income, such as that of an entrepreneur.
2.2Discuss human capital and how personal choices influence income. DOK1
aDiscuss how education, experiences, technology skills, and so forth affect future careers and income.
bIdentify the training and education necessary to obtain a desired job.
cIdentify and discuss the common challenges of citizens in low-income areas related to financial decision making and job placement (e.g., payday loans, staffing agencies, background checks, required drug tests).
2.3Differentiate between gross and net income. DOK2
aCalculate gross income, including hourly wage, overtime, holiday pay, commission, and so forth.
bExplain the various types of taxes and their impact on income and purchasing power.
cDiscuss and give examples of deductions (e.g., taxes, insurance).
dCalculate net income.
2.4Describe information and required forms relevant to the completion of state and federal income-tax forms. DOK2
aComplete pre-employment forms, such as a W-4, a state tax form, and an I-9.
bComplete end-of-year tax returns (e.g., 1040, state tax form).
cDiscuss reasons why one would receive a W-2 or a 1099.
3Banking and Financial Institutions
3.1Identify the various types of financial institutions and list the basic products and services provided by those institutions. DOK1
aIdentify and discuss various types of financial institutions (e.g., banks, credit unions, online banking).
bList and describe the products and services provided by financial institutions (e.g., savings, checking, credit cards, loans, safe-deposit boxes).
3.2Research and describe various concepts related to checking accounts. DOK2
aIdentify steps involved in opening a checking account.
bCompare and contrast different types of checking accounts offered by various institutions.
cDescribe and demonstrate the steps involved in the bank-reconciliation process.
3.3Identify and describe the various options for monetary transactions. DOK2
aDiscuss the various ways to deposit funds (e.g., deposit slip, online).
bDemonstrate how to write and endorse a check.
cDifferentiate among types of electronic monetary transactions (e.g., debit cards, ATM, direct deposit, online banking transfers).
dResearch and discuss new and emerging ways to transfer money (e.g., PayPal, Zelle, Venmo, ApplePay) and how they affect financial institutions.
eDiscuss other ways to transfer money (e.g., cashier's check, money order).
4Budgeting
4.1Identify short- and long-term financial goals to construct a personal spending and/or savings plan. DOK1
4.2Define and categorize fixed and variable expenses. DOK1
4.3Discuss and create a budget. DOK3
aResearch budgeting applications and discuss the pros and cons of each.
bIdentify various rules for budgeting to determine what percent of income is allocated to each type of expense.
cEvaluate an example monthly statement/budget and identify income, fixed expenses, variable expenses, and so forth.
dCreate a monthly budget using a given scenario.
eDiscuss how income and spending patterns change throughout the life cycle.
5Buying Goods and Services
5.1Distinguish between goods and services. DOK1
5.2Apply comparison-shopping practices. DOK2
aIdentify differences between name-brand and generic items.
bDemonstrate couponing and the use of various applications to help save money and compare prices.
5.3Research and identify various ways to purchase goods and services (e.g., online, storefronts, retail, wholesale). DOK1
5.4Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace. DOK2
aDiscuss impulse buying and buyer's remorse.
bDiscuss influence of product placement, packaging, and other characteristics that influence purchasing.
5.5Describe the role that supply and demand and market structure play in determining the availability and price of goods and services. DOK2
aDefine supply and demand and market structure.
bDiscuss how these factors influence price and purchasing behavior.
5.6Describe how to identify and report fraudulent behavior and practices when purchasing goods and services. DOK2
6Saving and Investing
6.1Compare saving and investing and apply principles to make decisions regarding each. DOK2
aDifferentiate between saving and investing.
bIdentify and discuss the advantages and disadvantages of various savings and investing plans.
cApply criteria for choosing a savings or investment instrument (e.g., market risk, inflation risk, interest-rate risk, liquidity, and minimum amount needed for investment).
6.2Analyze and apply concepts about simple and compound interest. DOK2
aCompare and contrast simple and compound interest and the impact each have on savings.
bAnalyze the power of compounding and the importance of starting early in implementing a plan for savings and investing.
cCalculate and apply the Rule of 72.
dApply the concept of Time Value of Money.
6.3Research and describe other considerations and items related to savings and investing. DOK2
aExplain how and why the stock market functions.
bExamine the fundamental workings of the Social Security System and the system's effects on retirement.
cDiscuss various items related to a monetary inheritance (e.g., financial implications, investment options, taxation).
7Using Credit
7.1Investigate credit and the effects one's credit score has on financial decisions. DOK1
aDiscuss the advantages and disadvantages of using credit.
bExplain the need for a sound credit rating and the importance of annually monitoring one's own credit rating.
cRead and interpret a credit report.
7.2Research, discuss, and apply principles about loans. DOK2
aDefine interest as a cost of credit and explain why it is charged.
bExplain how the amount of principal, the period of the loan, and the interest rate affect the amount of interest charged.
cCalculate a payment schedule for a loan.
dEvaluate various loan scenarios to discern the best option available (e.g., APR, cash back).
7.3Research and discuss ways to identify and prevent identity theft related to credit cards and loans. DOK2
aIdentify the most common and current methods of identity theft to be aware of.
bAnalyze various real-life scenarios of identity theft and discuss how they could have been avoided.
8Types of Insurance
8.1Discuss risk and the role of insurance. DOK1
aIdentify risks in life and how to protect against the consequences of those risks.
bExplain the role of insurance in financial planning as a wealth-building and wealth preservation tool.
8.2Identify and discuss the various types of insurance and basic insurance concepts. DOK2
aDefine basic insurance terms (e.g., deductible, premium).
bIdentify the various types of insurance and the legal expectations for certain ones.
8.3Explain how insurance needs vary among individuals, families, and seasons of life. DOK2
aDiscuss the various factors that influence choice of insurance type and amount.
bDevelop a recommended insurance coverage for a given scenario with various factors, including family/individual, income, and age.