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Personal Finance Standards Database

Virginia
Virginia

9th-12th Grades

State Standards
Standards of Learning for Economics and Personal Finance
EPF.1The student will demonstrate knowledge and integration of basic economic concepts and structures by
EPF.1.1Describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs.
EPF.1.2Explaining that choices often have long-term, unintended consequences.
EPF.1.3Describing how effective decision making requires a comparison of the additional costs (marginal costs) and additional benefits (marginal benefits), using a cost-benefit analysis chart and PACED decision-making grid (i.e., state the problem; list alternatives; identify the criteria; evaluate the alternatives based on the criteria; make a decision) for economic and personal finance decisions.
EPF.1.4Describing the factors of production.
EPF.1.5Comparing the characteristics and applications of market, command, traditional, and mixed economies.
EPF.1.6Identifying Adam Smith and describing the characteristics of a market economy.
EPF.2The student will demonstrate knowledge of the role of producers and consumers in a market economy by
EPF.2.1Describing how consumers, producers, workers, savers, investors, and citizens respond to incentives.
EPF.2.2Explaining how businesses respond to consumer sovereignty.
EPF.2.3Identifying the role of entrepreneurs.
EPF.2.4Comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative.
EPF.2.5Describing how costs and revenues affect profit and supply.
EPF.2.6Describing how increased productivity affects costs of production and standards of living.
EPF.2.7Examining how investment in human capital, capital goods, and technology can improve productivity.
EPF.2.8Describing the effects of competition on producers, sellers, and consumers.
EPF.2.9Explaining why monopolies or collusion among sellers reduces competition and raises prices.
EPF.2.10Illustrating the circular flow of economic activity.
EPF.3The student will demonstrate knowledge of the price system by
EPF.3.1Analyzing the laws of supply and demand and the determinants of each.
EPF.3.2Explaining how the interaction of supply and demand determines equilibrium price and wages.
EPF.3.3Describing the elasticity of supply and demand.
EPF.3.4Examining the purposes and implications of price ceilings and price floors.
EPF.4The student will demonstrate knowledge of the many factors that affect income by
EPF.4.1Examining the market value of a worker's education, skills, training, knowledge, and credentials.
EPF.4.2Identifying the impact of human capital on production costs.
EPF.4.3Explaining the relationship between a person's own human capital and the resulting income potential.
EPF.4.4Performing an analysis of expenses and financial aid required for continuing education to expand human capital.
EPF.4.5Describing how changes in supply and demand for goods and services affect income.
EPF.5The student will demonstrate knowledge of a nation's economic goals, including full employment, stable prices, and economic growth by
EPF.5.1Distinguishing among economic indicators, for example, gross domestic product (GDP), consumer price index (CPI), and unemployment rate.
EPF.5.2Analyzing the causes and effects of unemployment, inflation, and reduced economic growth.
EPF.5.3Describing the fluctuations of the business cycle and how economic indicators change throughout the business cycle.
EPF.5.4Describing strategies for achieving national economic goals.
EPF.6The student will demonstrate knowledge of the nation's financial system by
EPF.6.1Comparing the role of money and currency.
EPF.6.2Explaining the roles and types of financial markets and financial institutions.
EPF.6.3Describing the purpose, structure, and function of the Federal Reserve System, including the role of monetary policy.
EPF.6.4Identifying the tools of monetary policy (e.g., Fed funds rate).
EPF.6.5Comparing the U.S. monetary system with the international monetary system.
EPF.6.6Explaining how certain historical events have influenced the banking system and other financial institutions.
EPF.7The student will demonstrate knowledge of how fiscal policy influences employment, output, and prices by
EPF.7.1Describing government's role in stabilizing the economy through congressional spending and tax policy.
EPF.7.2Describing sources of government revenue.
EPF.7.3Explaining balanced budget, deficit, and national debt.
EPF.8The student will demonstrate knowledge of the role of government in a market economy by
EPF.8.1Identifying goods and services provided by government to benefit society.
EPF.8.2Identifying the role government plays in providing a legal structure to protect property rights and enforce contracts.
EPF.8.3Providing examples of government regulation of the market.
EPF.8.4Explaining that governments redistribute wealth.
EPF.9The student will demonstrate knowledge of the global economy by
EPF.9.1Explaining that when parties trade voluntarily, all benefit.
EPF.9.2Distinguishing between absolute and comparative advantage.
EPF.9.3Distinguishing between trade deficit and trade surplus.
EPF.9.4Explaining exchange rates and the impact of the strength of the dollar on economic decisions.
EPF.9.5Describing the costs and benefits of trade barriers.
EPF.9.6Describing the effects of international trade agreements and the World Trade Organization.
EPF.9.7Explaining growing economic interdependence.
EPF.10The student will develop consumer skills by
EPF.10.1Examining basic economic concepts (such as scarcity and opportunity cost) and their relation to product prices and consumer spending.
EPF.10.2Describing common types of contracts and the implications of each.
EPF.10.3Demonstrating comparison-shopping skills.
EPF.10.4Examining the importance of maintaining a system for personal financial records.
EPF.10.5Examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace.
EPF.10.6Accessing reliable financial information from a variety of sources.
EPF.10.7Explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance.
EPF.10.8Examining precautions for protecting identity and other personal information.
EPF.11The student will demonstrate knowledge of planning for living and leisure expenses by
EPF.11.1Comparing the costs and benefits of purchasing vs. leasing a vehicle.
EPF.11.2Calculating the total costs of owning and operating a vehicle.
EPF.11.3Comparing the costs and benefits of renting vs. purchasing a residence.
EPF.11.4Describing the process of renting a residence.
EPF.11.5Describing the process of purchasing a residence.
EPF.11.6Calculating the cost of utilities, services, maintenance, and other residential expenses.
EPF.11.7Evaluating discretionary spending decisions.
EPF.12The student will demonstrate knowledge of banking transactions by
EPF.12.1Evaluating services and related costs associated with personal banking.
EPF.12.2Differentiating among types of electronic monetary transactions.
EPF.12.3Preparing all forms necessary for opening and maintaining a checking and a savings account.
EPF.12.4Reconciling bank statements.
EPF.12.5Comparing costs and benefits of online and traditional banking.
EPF.12.6Examining how financial institutions affect personal financial planning.
EPF.13The student will demonstrate knowledge of credit and loan functions by
EPF.13.1Evaluating the various methods of financing a purchase.
EPF.13.2Analyzing credit card features and their impact on personal financial planning.
EPF.13.3Identifying qualifications needed to obtain credit and the information needed to complete a credit application.
EPF.13.4Examining basic provisions of credit and loan laws.
EPF.13.5Comparing terms and conditions of various sources of consumer credit.
EPF.13.6Identifying strategies for effective debt management, including sources of assistance.
EPF.13.7Explaining the ways to build and maintain a good credit rating and the ramifications of an individual's credit score.
EPF.13.8Comparing the costs and conditions of secured and unsecured loans.
EPF.13.9Comparing the types of voluntary and involuntary bankruptcy and the implications of each.
EPF.13.10Comparing amortization schedules for a loan based on principal, time, annual percentage rate (APR), and different credit ratings.
EPF.14The student will demonstrate knowledge of the role of insurance in risk management by
EPF.14.1Identifying different ways to manage risk.
EPF.14.2Evaluating insurance as a risk management strategy.
EPF.14.3Distinguishing among the types, costs, and benefits of insurance coverage, including identity theft, automobile, life, property, and health.
EPF.14.4Examining potential ramifications of lifestyle choices on premiums, insurability, and employability.
EPF.15The student will demonstrate knowledge of income earning, taxes, and reporting by
EPF.15.1Differentiating among sources of income.
EPF.15.2Calculating gross and net pay.
EPF.15.3Investigating employee benefits and incentives (e.g., pretax savings opportunities).
EPF.15.4Describing the types and purposes of local, state, and federal taxes and the way each is levied and used.
EPF.15.5Exploring how tax structures affect individuals of different income levels.
EPF.15.6Computing local taxes on products and services.
EPF.15.7Explaining the content and purpose of a standard W-2 form.
EPF.15.8Completing standard employment tax forms.
EPF.15.9Describing information relevant to the completion of state and federal income tax forms.
EPF.16The student will demonstrate knowledge of personal financial planning by
EPF.16.1Identifying short-term and long-term personal financial goals.
EPF.16.2Identifying anticipated and unanticipated income and expenses.
EPF.16.3Defining terminology associated with inheritance and estate planning.
EPF.16.4Examining components and purposes of a personal net worth statement.
EPF.16.5Developing a personal budget.
EPF.16.6Investigating the effects of government actions and economic conditions on personal financial planning.
EPF.16.7Explaining how economics influences a personal financial plan.
EPF.17The student will demonstrate knowledge of investment and savings planning by
EPF.17.1Comparing the impact of simple interest vs. compound interest on savings.
EPF.17.2Comparing various options for investment and savings.
EPF.17.3Examining the fundamental workings of Social Security and the system's effects on retirement planning.
EPF.18The student will demonstrate knowledge of financing postsecondary education by
EPF.18.1Identifying costs and benefits of postsecondary education.
EPF.18.2Identifying sources of postsecondary education funding.
EPF.18.3Identifying the purpose of the Free Application for Federal Student Aid (FAFSA) in determining eligibility for grants, scholarships, and loans and the essential information needed to complete it.
EPF.18.4Describing types of aid which do not require repayment, including federal, state, and institutional grants.
EPF.18.5Describing types of scholarships and identifying scholarship scams.
EPF.18.6Examining types of student loans, including federal and private, and understanding the associated risks.
EPF.18.7Examining the requirements to remain eligible for financial aid.
EPF.18.8Explaining repayment requirements and options for student loans, including income-appropriate repayment plans and options for loan forgiveness, cancellation, and discharge.
EPF.18.9Describing the options for borrowers struggling to make payments and the consequences of failure to repay student loans.
EPF.18.10Describing benefits, eligibility requirements, and tax implications of state-sponsored tax-advantage-qualified tuition plans as investment options for postsecondary education (e.g., Virginia529 Plan).
EPF.18.11Identifying the multiple pathways to postsecondary education and career preparedness.
EPF.18.12Identifying parts of a financial award letter.
EPF.18.13Identifying the student loan default rates of postsecondary institutions in Virginia.
EPF.18.14Describing appropriate income levels needed to support student loan borrowing.