Common Planner
K–12 Standards

Exploring Personal Finance: Grades 7, 8

Other Arkansas CTE sets

Values, Needs, and Wants

  • 1.1

    Define terms related to values, needs, and wants

    1. 1.

      Use terms appropriately in context1.1.1

  • 1.2

    List examples of personal values

    1. 1.

      Explore one's own personal values1.2.1

  • 1.3

    Identify the difference between a need and a want

    1. 1.

      Analyze influences on a person's perception of needs and wants1.3.1

  • 1.4

    Describe how financial decisions are influenced by needs and wants

    1. 1.

      Justify financial decisions based on personal values and individual needs and wants1.4.1

Goals and Decision Making

  • 2.1

    Define terms related to goals and decision making

    1. 1.

      Use terms appropriately in context2.1.1

  • 2.2

    List types of decisions<ul><li>Routine</li><li>Major</li><li>Education</li><li>Financial</li></ul>

    1. 2.

      Give examples of each type of decision2.2.2

  • 2.3

    List, in order, the steps of the decision making process<ul><li>Identify the problem</li><li>List alternatives</li><li>Decide on the best choice</li><li>Evaluate the results</li></ul>

    1. 1.

      Apply the decision making process to both major and financial decisions2.3.1

  • 2.4

    Explain the benefits of making good decisions

    1. 1.

      Compare the outcomes and consequences of good versus poor decisions2.4.1

  • 2.5

    Identify the benefits of setting goals

    1. 1.

      Explain how a personal goal affects an individual's decisions2.5.1

  • 2.6

    Explain the difference between long-term and short-term goals

    1. 1.

      Create a list of personal long-term and short-term goals2.6.1

  • 2.7

    List the elements of a SMART goal<ul><li>S - specific</li><li>M - measurable</li><li>A - attainable</li><li>R - realistic</li><li>T - time bound</li></ul>

    1. 1.

      Using the elements of a SMART goal, develop a personal education goal and a personal financial goal2.7.1

Careers

  • 3.1

    Define terms related careers

    1. 1.

      Use terms appropriately in context3.1.1

  • 3.2

    Explain the relationship between education level and income

    1. 1.

      Compare education level and income in various types of work3.2.1

  • 3.3

    Explain how personal interests can assist an individual in developing education and career goals

    1. 1.

      Complete an interest inventory assessment3.3.1

    2. 2.

      Analyze and discuss the results of the interest inventory3.3.2

  • 3.4

    Identify jobs which relate to specific interests

    1. 1.

      Develop a list of three different jobs which relate to personal interests3.4.1

    2. 2.

      Research the characteristics of the three different jobs3.4.2

  • 3.5

    Describe the benefits of a career plan

    1. 1.

      Develop a four- to six-year career plan which includes education goals, part-time jobs or other work activities, and extra-curricular activities3.5.1

Paychecks

  • 4.1

    Define terms related to paychecks

    1. 1.

      Use terms appropriately in context4.1.1

  • 4.2

    Describe forms which must be completed for employment<ul><li>Form I-9</li><li>Form W2</li><li>Form W4</li></ul>

    1. 1.

      Complete sample employment forms4.2.1

  • 4.3

    Describe methods used to pay employees for work performed<ul><li>Paycheck</li><li>Direct deposit</li><li>Payroll card</li></ul>

    1. 1.

      List advantages and disadvantages of the different methods for paying employees4.3.1

  • 4.4

    Identify different information found on a paycheck

    1. 1.

      Analyze a sample paycheck4.4.1

  • 4.5

    Differentiate between gross pay and net pay

    1. 1.

      Using various scenarios, calculate gross pay and net pay4.5.1

Spending Plans

  • 5.1

    Define terms related to spending plans

    1. 1.

      Use terms appropriately in context5.1.1

  • 5.2

    Name the two parts of a spending plan<ul><li>income</li><li>expenses</li></ul>

    1. 1.

      Categorize items in a spending plan as an income or an expense5.2.1

  • 5.3

    List the four largest categories of expenses in a spending plan<ul><li>Housing</li><li>Transportation</li><li>Food</li><li>Insurance</li></ul>

    1. 1.

      Analyze a spending plan5.3.1

    2. 2.

      Calculate expenditure percentages5.3.2

  • 5.4

    Identify contributing factors affecting major expenditures

    1. 1.

      Considering multiple factors, justify decisions about major expenditures in various scenarios5.4.1

  • 5.5

    Explain the benefits of a spending plan

    1. 1.

      Develop a personal spending plan5.5.1

Saving

  • 6.1

    Define terms related to saving

    1. 1.

      Use terms appropriately in context6.1.1

  • 6.2

    Identify the benefits of comparison shopping

    1. 1.

      Explain the difference between impulse buying and planned buying6.2.1

    2. 2.

      Analyze purchases to determine if they are impulse purchases6.2.2

  • 6.3

    List the basic steps of comparison shopping<ul><li>What is needed before shopping?</li><li>What is the quality of the products I am comparing?</li><li>What is the total cost?</li><li>How will the product be used?</li><li>Consider the opportunity cost and make a decision</li></ul>

    1. 1.

      Apply the steps of comparison shopping6.3.1

  • 6.4

    Explain the value of saving

    1. 1.

      Calculate recommended savings for various income amounts6.4.1

    2. 2.

      Predict the consequences of having an adequate/inadequate savings plan6.4.2

  • 6.5

    List different savings methods<ul><li>Savings account</li><li>Certificate of deposit</li><li>Money market deposit account</li></ul>

    1. 1.

      Compare the three different methods of saving6.5.1

Electronic Banking and Credit

  • 7.1

    Define terms related to electronic banking and credit

    1. 1.

      Use terms appropriately in context7.1.1

  • 7.2

    Describe the benefits of electronic banking

    1. 1.

      Evaluate how electronic banking may personally benefit a consumer7.2.1

  • 7.3

    List safety precautions for electronic banking

    1. 1.

      Predict how the expansion of electronic banking will effect future precautions for consumer protection7.3.1

  • 7.4

    Explain the purpose of a credit card

    1. 1.

      Summarize advantages and disadvantages of credit card usage7.4.1

  • 7.5

    List safety precautions for using credit cards

    1. 1.

      Recommend actions to assure credit card safety in various scenarios7.5.1

Financial Institutions

  • 8.1

    Define terms related to financial institutions

    1. 1.

      Use terms appropriately in context8.1.1

  • 8.2

    List different types of financial institutions

    1. 1.

      Compare services and clients of different types of financial institutions8.2.1

  • 8.3

    Describe the functions of a checking account

    1. 1.

      Explain how different tools are used to accomplish the functions of a checking account<ul><li>Checks</li><li>ATM card</li><li>Debit card</li><li>Check 21</li></ul>8.3.1

    2. 2.

      Research requirements to open a checking/savings account at a local financial institution8.3.2

  • 8.4

    Explain how a debit card is different than a credit card

    1. 1.

      Summarize the pros and cons of using a debit card8.4.1

Checking Accounts

  • 9.1

    Define terms related to checking accounts

    1. 1.

      Use terms appropriately in context9.1.1

  • 9.2

    Describe how to deposit a check

    1. 1.

      Discuss the three methods of endorsement9.2.1

    2. 2.

      Demonstrate the ability to endorse a check and to complete a deposit slip9.2.2

  • 9.3

    Identify common components on a check

    1. 1.

      Demonstrate the ability to write a check correctly9.3.1

    2. 2.

      Describe the possible consequences for bouncing a check9.3.2

  • 9.4

    Explain the purpose of a monthly bank statement

    1. 1.

      Use a monthly statement and outstanding transactions to reconcile a checking account9.4.1

  • 9.5

    Explain safety precautions for checking accounts

    1. 1.

      Describe how fraudulent use of checking accounts effect consumers both individually and as a society9.5.1

Frequently asked questions

What grade levels do these standards cover?
Grade 7 and Grade 8
When were these standards adopted?
2008
Where can I read the official document?
Exploring Personal Finance

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