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Advanced Budgeting

Advanced Budgeting

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Here's how Advanced Budgeting aligns with curriculum standards in Tennessee. Use the filters to change the location, set of standards, and grade level.

1: Financial Responsibility and Personal Decision Making

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
1.1: Personal Finance: Define the concept of personal finance. Consider how personal finance concepts fit into key life events or stages and explain the importance of personal financial planning using information sources such as instructional materials, news articles, blogs from reputable sources, personal narratives, and industry publications.

2: Education, Careers, and Income

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
2.5: Take Home Pay: Describe factors affecting take-home pay such as tax withholdings, benefits (e.g., insurance, 401k), and plan payroll deductions. Complete a 1040 and a W-4 Employee's Withholding Allowance paperwork and analyze the W-2 Wage and Tax Statement for federal income tax purposes.

3: Planning and Money Management

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
3.1: Net Worth: Using money management tools such as online computer-based budgeting tools or hardcopy forms, create a personal balance sheet, determine assets and liabilities, and calculate net worth for an identified career.
3.2: Monthly Budget: Using research from local sources (such as cost of living calculators, newspapers, chambers of commerce, local government, and company websites), create a monthly personal budget that reflects household living expenses, taxes, potential savings, and an emergency fund. Develop a saving/spending plan for a week and track actual spending for comparison.

3.4: Financial Institutions: Research a variety of financial institutions including digital financial services. Compare and contrast services and products such as checking accounts, savings accounts, certificates of deposits, etc. Identify one service that best supports the student's personal financial goals and craft an argumentative essay supporting the choice. Using a banking transaction scenario, demonstrate an ability to:

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
3.4.a: reconcile an account,
3.4.c: verify account accuracy.

4: Credit and Debt

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
4.1: Consumer Credit: Evaluate the various sources and types of consumer credit, such as student loans, auto loans, store credit cards, flex loans, consumer installment loans, title loans, and payday loans. Draw conclusions about the types of credit best suited for financing and/or purchasing various goods and services, defending claims with specific textual evidence. Explain how taking on debt early in life may affect financial stability and security later in life.
4.2: Credit Reporting: Examine information from sources such as major credit reporting agencies, federal agencies, or other credible organizations to describe credit reports and credit scores. Describe the relationship between consumers and credit reports/credit scores, discussing their importance and citing specific textual evidence from research. Analyze a sample credit report and interpret how the contents may affect the credit score. Explain how the credit score may impact borrowing opportunities and the cost of credit. Summarize specific activities used to maintain a good credit score.

4.3: Cost of Borrowing: Citing evidence found in credit applications, compare and contrast various types of credit and calculate the real cost of borrowing. Explain factors that can affect the approval process associated with each type. Identify typical information and procedures required in the credit application process. Analyze factors associated with the purchase of an automobile and defend a specific buying decision, including:

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
4.3.a: Define and understand factors most often included in negotiations (such as cash vs. financing, inclusion of trade-in, etc.).
4.3.c: Compare and contrast available financing options based on consumer characteristics and size of down payment.
4.3.d: Discuss the differences in owning vs. leasing a car (such as down payment, terms, and contracts).

5: Risk Management

Standards
Defined by Personal Finance 9th-12th Grades and align with Advanced Budgeting
5.1: Insurance: Differentiate the benefits and costs associated with various types of insurance, such as health, life, property, and auto. Describe the risks associated with a lack of appropriate coverage in specific situations. Determine the role of insurance in personal financial planning to preserve and build wealth with financial stability and security.