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Topic: Money management 

Family/Consumer Sciences

 Standard 4.  Understand how knowledge and skills related to consumer and resources management affect the well-being of individuals, families, and society
  Level IV (Grade 9-12)
   Benchmark 1.Understands the economics of the family household (e.g., income, expenditures, savings) and the role of the family in the economic system
    Knowledge/skill statements
     1.Understands the economics of the family household
     2.Understands that income is a part of the economics of the family household
     3.Understands that expenditures are a part of the economics of the family household
     4.Understands that savings are a part of the economics of the family household
     5.Understands the role of the family in the economic system
   Benchmark 2.Understands how to budget personal income
    Knowledge/skill statements
     1.Understands what a budget is
     2.Understands how to prepare a personal budget
   Benchmark 4.Understands the need for personal and family financial planning
    Knowledge/skill statements
     1.Understands the need for personal financial planning
     2.Understands the need for family financial planning
   Benchmark 5.Knows techniques (e.g., prioritizing, planning, saving, delegation, evaluation, time allocation) used to manage individual and family resources (e.g., food, clothing, shelter, health care, recreation, transportation)
    Knowledge/skill statements
     1.Knows techniques used to manage individual resources
     2.Knows techniques used to manage family resources
     3.Knows that prioritizing is a technique used to manage individual resources
     4.Knows that planning is a technique used to manage individual resources
     5.Knows that saving is a technique used to manage individual resources
     6.Knows that delegation is a technique used to manage individual resources
     7.Knows that evaluation is a technique used to manage individual resources
     8.Knows that time allocation is a technique used to manage individual resources
     9.Knows that prioritizing is a technique used to manage family resources
     10.Knows that saving is a technique used to manage family resources
     11.Knows that delegation is a technique used to manage family resources
     12.Knows that evaluation is a technique used to manage family resources
     13.Knows that time allocation is a technique used to manage family resources
   Benchmark 6.Knows the types, sources, advantages, and disadvantages of using credit
    Knowledge/skill statements
     1.Understands the concept of credit
     2.Knows the types of credit
     3.Knows sources of credit
     4.Knows the advantages of using credit
     5.Knows the disadvantages of using credit
   Benchmark 9.Understands how purchasing decisions relate to wants, needs, goals, values, and standards
    Knowledge/skill statements
     1.Understands how purchasing decisions relate to wants
     2.Understands how purchasing decisions relate to needs
     3.Understands how purchasing decisions relate to goals
     4.Understands how purchasing decisions relate to values
     5.Understands how purchasing decisions relate to standards
 Standard 5.  Understand importance concepts and skills related to careers in consumer sciences
  Level IV (Grade 9-12)
   Benchmark 4.Understands factors involved in developing a long-term financial management plan (e.g., clients’ needs, wants, goals, and economic situations)
    Knowledge/skill statements
     1.Understands the factors involved in developing a client’s long-term financial management plan
     2.Understands how a client’s needs are involved in developing a long-term financial management plan
     3.Understands how a client’s wants are involved in developing a long-term financial management plan
     4.Understands how a client’s goals are involved in developing a long-term financial management plan
     5.Understands how a client’s economic situation is involved in developing a long-term financial management plan
 Standard 6.  Understand how knowledge and skills related to living environments affect the well-being of individuals, families, and society
  Level IV (Grade 9-12)
   Benchmark 5.Understands the differences between renting and owning personal living space, and the advantages and disadvantages of each
    Knowledge/skill statements
     1.Understands the differences between renting and owning personal living space
     2.Understands the advantages of renting personal living space
     3.Understands the advantages of owning personal living space
     4.Understands the disadvantages of renting personal living space

Business Education

 Standard 1.  Understands and applies basic procedures in the accounting cycle
  Level IV (Grade 9-12)
   Benchmark 3.Understands the rules of debit and credit
    Knowledge/skill statements
     1.Understands the rules of debit
     2.Understands the rules of credit
   Benchmark 5.Understands the concepts of accounts receivable and accounts payable
    Knowledge/skill statements
     1.Understands the concept of accounts receivable
     2.Understands the concept of accounts payable
 Standard 2.  Understands and applies payroll theories and procedures
  Level IV (Grade 9-12)
   Benchmark 2.Calculates earnings (e.g., at an hourly rate, salary basis, commission basis)
    Knowledge/skill statements
     1.Calculates earnings at an hourly rate
     2.Calculates earnings on a salary basis
     3.Calculates earnings on a commission basis
   Benchmark 6.Understands the relationship between gross pay, net pay, and deductions (i.e., net pay = gross pay less deductions)
    Knowledge/skill statements
     1.Understands that net pay equals gross pay less deductions
 Standard 3.  Interprets and creates basic financial statements
  Level IV (Grade 9-12)
   Benchmark 3.Calculates financial ratios (e.g., gross profit, net profit, equity, debt ratios; ratios of expenses to sales; rate of turnover of inventories)
    Knowledge/skill statements
     1.Calculates gross profit
     2.Calculates net profit
     3.Calculates equity
     4.Calculates debt ratios
     5.Calculates ratios of expenses to sales
     6.Calculates rate of turnover of inventories
   Benchmark 5.Prepares trial balances (i.e., summaries of ledger account balances used to check the arithmetical accuracy of ledgers)
    Knowledge/skill statements
     1.Knows that trial balances are summaries of ledger account balances used to check the arithmetical accuracy of ledgers
     2.Prepares trial balances by summarizing the ledger account balances
   Benchmark 7.Prepares and utilizes budgets (e.g., makes cost and revenue forecasts, track budget performance, makes appropriate adjustments)
    Knowledge/skill statements
     1.Prepares budgets
     2.Utilizes budgets
     3.Knows how to make cost forecasts
     4.Knows how to make revenue forecasts
     5.Knows how to track budget performance
     6.Knows how to make appropriate adjustments to a budget
 Standard 4.  Understands and uses accounting software and spreadsheets
  Level IV (Grade 9-12)
   Benchmark 4.Uses financial spreadsheets or accounting software for budget analysis and forecasting
    Knowledge/skill statements
     1.Uses financial spreadsheets for budget analysis
     2.Uses financial spreadsheets for budget forecasting
     3.Uses accounting software for budget analysis
     4.Uses accounting software for budget forecasting
   Benchmark 5.Knows various accounting software available for financial analysis and management (e.g., programs pertaining to productivity, payroll, investments, inventory control, ratio analysis)
    Knowledge/skill statements
     1.Knows various accounting software available for financial analysis
     2.Knows various accounting software available for financial management
     4.Knows various accounting software pertaining to payroll
     7.Knows various accounting software pertaining to ratio analysis
 Standard 5.  Understands the concepts of assets, liabilities, and owner’s equity
  Level IV (Grade 9-12)
   Benchmark 4.Understands the concept of liabilities (i.e., debts incurred by the business to acquire assets)
    Knowledge/skill statements
     1.Understands that liabilities are debts incurred by a business to acquire assets
 Standard 14.  Uses basic mathematical operations to solve business problems
  Level IV (Grade 9-12)
   Benchmark 2.Uses percentages to calculates interest in various situations (e.g., simple annuity, sinking fund, mortgage loan)
    Knowledge/skill statements
     1.Uses percentages to calculate interest for simple annuities
     2.Uses percentages to calculate interest for sinking funds
     3.Uses percentages to calculate interest for mortgage loans
   Benchmark 3.Differentiates between various savings and investment opportunities
    Knowledge/skill statements
     1.Differentiates between various savings opportunities
     2.Differentiates between various investment opportunities
   Benchmark 4.Understands cash management (e.g., reconciling bank statements with check registers, reconciling and replenishing petty cash funds and cash drawers)
    Knowledge/skill statements
     1.Understands how to reconcile bank statements with check registers
     2.Understands how to reconcile petty cash funds
     3.Understands how to replenish petty cash funds
     4.Understands how to reconcile cash drawers
     5.Understands how to replenish cash drawers
   Benchmark 6.Understands credit management (e.g., calculates outstanding amount for installment purchases, calculates finance charges, compare cash prices to installment prices, calculates the effects of early payoff of an installment plan)
    Knowledge/skill statements
     1.Understands how to calculate the outstanding amount for installment purchases
     2.Understands how to calculate finance charges
     3.Understands how to compare cash prices to installment prices
     4.Understands how to calculate the effects of early payoff of an installment plan

Life Work

 Standard 3.  Manages money effectively
  Level IV (Grade 9-12)
   Benchmark 1.Prepares and follows a budget (e.g., develops spending plan, saving plan, record keeping system, investment plan, tracks budget performance)
    Knowledge/skill statements
     1.Prepares a budget
     2.Follows a budget
     3.Develops and follows a spending plan
     4.Develops and follows a saving plan
     5.Develops and uses a record keeping system
     6.Develops and follows an investment plan
     7.Tracks budge performance
   Benchmark 2.Uses sound buying principles(e.g., comparing costs and benefits, making informed choices) for purchasing goods and services
    Knowledge/skill statements
     1.Uses sound buying principles for purchasing goods
     2.Uses sound buying principles for purchasing services
     3.Knows that comparing costs and benefits is a sound buying principle
     4.Knows that making informed choices is a sound buying principle
   Benchmark 3.Understands credit (e.g., different types of credit; finance charges, outstanding balance, effects of early payoff) and uses it effectively
    Knowledge/skill statements
     1.Understands credit
     2.Uses credit effectively
     3.Understands different types of credit
     4.Understands finance charges
     5.Understands outstanding balances
     6.Understands the effects of early payoff
   Benchmark 4.Understands the benefits and dangers of using credit
    Knowledge/skill statements
     1.Understands the benefits of credit
     2.Understands the dangers of credit
   Benchmark 5.Knows ways to avoid or correct credit problems
    Knowledge/skill statements
     1.Knows ways to avoid credit problems
     2.Knows ways to correct credit problems