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Personal Finance Standards Database

Washington
Washington

12th Grade

State Standards
12.SSSpending and Saving
Develop a plan for spending and saving.
1Specify how monetary and non-monetary assets can contribute to net worth.
2Investigate changes in personal spending behavior that contribute to wealth building.
Develop a system for keeping and using financial records.
3Differentiate between an expense that is tax deductible and one that is not.
4Devise a system to retain evidence of tax-deductible expenditures.
5Investigate the records required to claim possible tax deductions or credits.
Describe how to use different payment methods.
6Compare the features and costs of online and mobile bill payment services offered by different institutions.
7Compare the costs of cashing a check with various third parties, such as banks and credit unions, check-cashing services, and retail outlets.
8Demonstrate how to schedule and manage bill payments.
9Write a check.
10Reconcile the balance of a checking account and verify the balance of a debit account.
11Explain how to verify printed and online account statements for accuracy.
Apply consumer skills to spending and saving decisions.
12Demonstrate how to use comparison shopping skills to buy or finance a major purchase.
13Compare the advantages and disadvantages of owning a house versus renting a house.
14Evaluate specific charities based on purpose, management, outcomes or results, and reputation.
12.CDCredit and Debt
Analyze the costs and benefits of various types of credit.
1Explain how credit card grace periods, methods of interest calculation (e.g., annual percentage rate) and fees affect borrowing costs.
2Categorize the types of information needed when applying for credit.
3Illustrate 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.
4Decide the most cost-effective loan option for paying for a car.
5Compare alternatives to loans as a means of paying for postsecondary education.
6Predict the potential consequences of deferred payment of student loans.
7Differentiate between adjustable- and fixed-rate mortgages.
8Explain the effect of debt on a person's net worth.
Summarize a borrower's rights and responsibilities related to credit reports.
9Summarize online information about the Fair Credit Reporting Act.
10Explain the usefulness of credit reports to borrowers and to lenders.
11Give examples of permissible uses of a credit report other than granting credit.
12Identify the primary organizations that maintain and provide consumer credit records.
13Categorize the information in a credit report and how long it is retained.
14Investigate ways that a negative credit report can affect a consumer's options.
15Outline the process of disputing inaccurate credit report data.
16Summarize factors that affect a particular credit scoring system.
17Predict how a credit score affects creditworthiness and the cost of credit.
Apply strategies to avoid or correct debt management problems.
18Develop a personal financial plan to manage debt, including working directly with lenders.
19Examine or research the types of services that financial institutions or consumer credit counseling agencies offer for debt restructuring.
20Investigate the purpose of bankruptcy and its possible negative effects on assets, employability, and credit cost and availability.
21Investigate how student loan obligations differ from other kinds of debt.
Summarize major consumer credit laws.
22Summarize online information about the Equal Credit Opportunity Act.
23Research online information about consumer credit rights available from the Federal Trade Commission.
24Give examples of how the Consumer Financial Protection Bureau protects borrowers and provides information about credit issues.
25Research state agencies with responsibility for consumer protection.
26Describe debtors' and creditors' rights related to wage garnishment and repossession when an overdue debt is not paid.
27Give examples of legal, illegal, and fraudulent debt collection practices covered by the Fair Debt Collection Practices Act.
12.EIEmployment and Income
Explore job and career options.
1Revise a career plan that aligns with personal interests, financial goals, and desired lifestyle.
2Develop a résumé and cover letter for a specific job of interest.
Compare sources of personal income and compensation.
3Analyze employee benefits and explain why they are forms of compensation.
4Differentiate between required employer contributions and additional benefits that an employer might offer.
5Analyze the monetary and non-monetary value of employee benefits in addition to wages and salaries.
6Calculate the future income needed to maintain a current standard of living.
7Identify typical sources of income in retirement.
Analyze factors that affect net income.
8Revise IRS form W-4 (Employee's Withholding Allowance Certificate) to determine the optimal amount to withhold for personal income tax.
9Analyze 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.
12.IInvesting
Explain how investing may build wealth and help meet financial goals.
1Compare strategies for investing as part of a comprehensive financial plan.
2Describe the importance of various sources of income in retirement, including Social Security, employer-sponsored retirement savings plans, and personal investments.
Evaluate investment alternatives.
3Differentiate between diversification and asset allocation.
4Compare fees for buying, owning, and selling stocks, bonds, and mutual funds.
5Investigate reasons to use retirement savings plans and health savings accounts.
6Compare the advantages of taxable, tax-deferred, and tax-advantaged investments for new savers, including Roth IRAs (individual retirement accounts) and employer-sponsored savings plans.
Demonstrate how to buy and sell investments.
7Give examples of how economic conditions and business factors affect the market value of a stock.
8Use various sources of information, including prospectuses, online resources, and financial publications to gather data about specific investments.
9Devise evaluation strategies, including risk tolerance, for selecting investments that meet the objectives of a personal financial plan.
10Analyze the advantages and disadvantages of buying and selling investments through various channels including employer-sponsored retirement plans, investment advisors, brokerage firms, and direct purchase.
Investigate how agencies protect investors and regulate financial markets and products.
11Identify warning signs of investment fraud.
12Identify steps and resources a consumer can take to prevent investment fraud.
13Identify the roles of the Securities and Exchange Commission, Washington Department of Financial Institutions, and Consumer Financial Protection Bureau in addressing investment fraud.
12.RMRisk Management and Insurance
Identify common types of risks and basic risk management methods.
1Research insurance for the types of risks that young adults might face after graduation.
2Investigate consequences of insurance fraud.
3Describe the functions of the agency or agencies that regulate insurance in one's state of residence.
Justify reasons to use property and liability insurance.
4Calculate payment expected on an auto insurance claim after applying exclusions and deductibles.
5Identify the factors that influence the cost of homeowners' insurance.
6Analyze the factors that influence the cost of renters' insurance.
Justify reasons to use health, disability, long-term care, and life insurance.
7Analyze the conditions under which it is appropriate for young adults to have health, disability, or life insurance.
8Investigate health, dental, and vision insurance coverage options.
9Identify government programs that provide financial assistance for income loss due to illness, disability, or premature death.