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High School Personal Finance

High School Personal Finance

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Here's how High School Personal Finance aligns with curriculum standards in Utah. Use the filters to change the location, set of standards, and grade level.

STRAND 3: Students will understand sources of income and the relationship between career preparation and lifetime earning power.

Standard 1: Identify sources of income and specific employability skills.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with High School Personal Finance
Compare the risks and rewards of entrepreneurship/self‑employment.
Compare income to the cost‑of‑living in various geographical areas and the impact it has on purchasing power.
Understand the effects of FICA (Social Security and Medicare), state, local, and federal taxes and voluntary deductions on wages and income, and the similarities and differences between wages and income.
Contrast the differences between gross income, net income, and taxable income.
Understand the effects of state (Form TC‑40) and federal (Form 1040) taxes and the requirement to file, including income, filing status and dependency tax law, and adjustments.
Understand basic employment forms and processes, including W‑2, W‑4, and I‑9.

STRAND 4: Students will evaluate saving methods and investment strategies.

Standard 3: Discuss the risks and returns of investing.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with High School Personal Finance
Compare and contrast the basic types of investment products, including stocks, mutual funds, real estate, commodities, collectibles, and bonds.
Discuss the relationship between risk and return.

Standard 4: Understand the role of risk management in asset protection.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with High School Personal Finance
Define common insurance products and their purposes, such as automobile, health, homeowner/renter, whole/term life, and disability.
Define terms of a basic insurance policy, such as contract, limits of coverage, premium, deductible, grace period, and lifetime limit.

STRAND 5: Students will understand principles of personal money management, including budgeting and managing accounts, and the role and impact of credit on personal finance.

Standard 1: Identify and explain the process of budgeting based on projected income and expenses.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with High School Personal Finance
Develop a budget that includes the following categories: spending/debt, savings, investing, charitable contributions (such as the 70‑20‑10 rule).
Define fixed, variable, and periodic budget categories.

Standard 2: Describe and discuss the impact of credit and debt on personal money management.

Standards
Defined by General Financial Literacy 11th-12th Grades and align with High School Personal Finance
Explore and discuss the pros and cons of basic types of credit, including unsecured vs. secured credit, credit cards, installment loans, revolving credit, student loans, mortgage, and payday/predatory lenders. Evaluate the costs and risks of each type.
Define and understand the terms associated with credit, including APR, grace period, late fees, finance charges, default rates, interest, and closing costs.
Calculate how long it takes to repay debt by making minimum payments on installment loans or revolving accounts.