Common Planner
K–12 Standards

Economics and Personal Finance (6120)

Other Virginia CTE sets

Developing Knowledge and Integration of Basic Economic Concepts and StructuresEPF.1

  • 1

    Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.EPF.1.1

  • 2

    Compare economic systems.EPF.1.2

  • 3

    Explain that economic choices often have long-term, unintended consequences.EPF.1.3

  • 4

    Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).EPF.1.4

  • 5

    Identify factors of production.EPF.1.5

  • 6

    Explain the characteristics of a market economy as described by Adam Smith, the father of modern economics.EPF.1.6

Understanding the Role of Producers and Consumers in a Market EconomyEPF.2

  • 1

    Describe how consumers, producers, workers, savers, investors, and citizens respond to incentives and disincentives.EPF.2.1

  • 2

    Explain how businesses respond to consumer sovereignty.EPF.2.2

  • 3

    Identify the role of entrepreneurs.EPF.2.3

  • 4

    Compare the costs and benefits of different forms of business organization.EPF.2.4

  • 5

    Describe how costs and revenues affect profit and supply.EPF.2.5

  • 6

    Demonstrate how increased productivity affects costs of production and standard of living.EPF.2.6

  • 7

    Examine how investment in human capital, capital goods, and technology can improve productivity.EPF.2.7

  • 8

    Describe the effects of competition on producers, sellers, and consumersEPF.2.8

  • 9

    Explain why monopolies or collusion among sellers reduces competition and raises prices.EPF.2.9

  • 10

    Describe the circular flow of economic activity.EPF.2.10

Exploring the Price SystemEPF.3

  • 1

    Examine the laws of supply and demand and the determinants of each.EPF.3.1

  • 2

    Explain how the interaction of supply and demand determines equilibrium price and wages.EPF.3.2

  • 3

    Describe the elasticity of supply and demand.EPF.3.3

  • 4

    Examine the purposes and implications of price ceilings and price floors.EPF.3.4

Exploring the Many Factors That Affect IncomeEPF.4

  • 1

    Examine the market value of a worker’s education, skills, training, knowledge and credentials.EPF.4.1

  • 2

    Describe how changes in supply and demand for goods and services affect income.EPF.4.2

Demonstrating Knowledge of a Nation's Economic GoalsEPF.5

  • 1

    Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate.EPF.5.1

  • 2

    Describe the causes and effects of unemployment, inflation, and reduced economic growth.EPF.5.2

  • 3

    Describe the fluctuations of the business cycle and how economic indicators change throughout the business cycle.EPF.5.3

  • 4

    Describe strategies for achieving national economic goals.EPF.5.4

  • 5

    Demonstrate knowledge of the nation’s financial system.EPF.5.5

  • 6

    Demonstrate knowledge of how fiscal policy influences employment, output, and prices.EPF.5.6

  • 7

    Demonstrate knowledge of how monetary policy influences employment, output, and prices.EPF.5.7

  • 8

    Demonstrate knowledge of the role of government in a market economy.EPF.5.8

  • 9

    Demonstrate knowledge of the global economy.EPF.5.9

Developing Consumer SkillsEPF.6

  • 1

    Examine basic economic concepts and their relation to product prices and consumer spending.EPF.6.1

  • 2

    Examine the effect of supply and demand on wages and prices.EPF.6.2

  • 3

    Describe the steps for making a purchase decision.EPF.6.3

  • 4

    Describe common types of contracts and the implications of each.EPF.6.4

  • 5

    Demonstrate comparison-shopping skills.EPF.6.5

  • 6

    Maintain a secure system for personal financial records.EPF.6.6

  • 7

    Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.EPF.6.7

  • 8

    Access reliable financial information from a variety of sources.EPF.6.8

  • 9

    Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.EPF.6.9

  • 10

    Examine precautions for protecting identity and other personal information.EPF.6.10

  • 11

    (Optional) Interact effectively with salespersons and merchants.EPF.6.11

  • 12

    (Optional) Describe consumer protection regulations.EPF.6.12

  • 13

    Describe the role of consumer assistance agencies.EPF.6.13

Demonstrating Knowledge of Planning for Living and Leisure ExpensesEPF.7

  • 1

    Compare the costs and benefits of purchasing vs. leasing a vehicle and other methods of transportation.EPF.7.1

  • 2

    Compare the advantages and disadvantages of renting vs. purchasing a residence.EPF.7.2

  • 3

    Describe the process of renting a residence.EPF.7.3

  • 4

    Describe the process of purchasing a residence.EPF.7.4

  • 5

    Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.EPF.7.5

  • 6

    Evaluate discretionary spending decisions.EPF.7.6

Demonstrating Knowledge of Banking TransactionsEPF.8

  • 1

    Describe the types of financial institutions.EPF.8.1

  • 2

    Examine how financial institutions affect personal financial planning.EPF.8.2

  • 3

    Evaluate services and related costs associated with personal banking.EPF.8.3

  • 4

    Compare contemporary, non-traditional methods of payment between parties.EPF.8.4

  • 5

    Differentiate among types and regulations of electronic monetary transactions.EPF.8.5

  • 6

    Prepare all forms necessary for opening and maintaining a checking and a savings account.EPF.8.6

  • 7

    Reconcile bank statements.EPF.8.7

  • 8

    Compare costs and benefits of online, mobile, and traditional banking.EPF.8.8

  • 9

    Explain how certain historical events have influenced the banking system and other financial institutions.EPF.8.9

  • 10

    Compare the U.S. monetary system with the international monetary system.EPF.8.10

Demonstrating Knowledge of Credit and Loan FunctionsEPF.9

  • 1

    Evaluate the various methods of financing a purchase.EPF.9.1

  • 2

    Analyze credit card features and their impact on personal financial planning.EPF.9.2

  • 3

    Identify qualifications needed to obtain credit.EPF.9.3

  • 4

    Identify basic provisions of credit and loan laws.EPF.9.4

  • 5

    Compare terms and conditions of various sources of consumer credit.EPF.9.5

  • 6

    Identify strategies for effective debt management, including sources of assistance.EPF.9.6

  • 7

    Explain credit rating and credit report.EPF.9.7

  • 8

    Compare the costs and conditions of secured and unsecured loans.EPF.9.8

  • 9

    Compare amortization schedules for loans.EPF.9.9

  • 10

    Compare the types of voluntary and involuntary bankruptcy and the implications of each.EPF.9.10

  • 11

    Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.EPF.9.11

  • 12

    Complete a sample credit application.EPF.9.12

Demonstrating Knowledge of the Role of Insurance in Risk ManagementEPF.10

  • 1

    Evaluate insurance as a risk-management strategy.EPF.10.1

  • 2

    Distinguish among the types, costs, and benefits of automobile insurance coverage.EPF.10.2

  • 3

    Distinguish among the types, costs, and benefits of life insurance.EPF.10.3

  • 4

    Distinguish among the types, costs, and benefits of property insurance.EPF.10.4

  • 5

    Distinguish among the types, costs, and benefits of health insurance.EPF.10.5

  • 6

    Explain the roles of insurance in financial planning.EPF.10.6

  • 7

    Distinguish among the types of professional liability insurance.EPF.10.7

Demonstrating Knowledge of Income Earning and ReportingEPF.11

  • 1

    Examine how personal choices about education, training, skill development, and careers impact earnings.EPF.11.1

  • 2

    Differentiate among employment arrangements and sources of income.EPF.11.2

  • 3

    Explain the content and purpose of a standard W-2 and 1099 form.EPF.11.3

  • 4

    Calculate net pay.EPF.11.4

  • 5

    Investigate employee benefits and incentives.EPF.11.5

  • 6

    Complete standard federal employment tax forms.EPF.11.6

Demonstrating Knowledge of TaxesEPF.12

  • 1

    Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.EPF.12.1

  • 2

    Explore how tax structures affect consumers, producers, business owners, and individual of varying income levels differently.EPF.12.2

  • 3

    Compute local taxes on products and services.EPF.12.3

  • 4

    (Optional) Explain the similarities and differences between state and federal taxation of inheritances.EPF.12.4

  • 5

    Examine potential tax deductions and credits on a tax return.EPF.12.5

  • 6

    Define the terminology associated with inheritance.EPF.12.6

  • 7

     (Optional) Compare investment options for a monetary inheritance.EPF.12.7

  • 8

    (Optional) Examine types and purposes of estate planning.EPF.12.8

  • 9

    (Optional) Complete a state income tax form, including electronic formats.EPF.12.9

  • 10

    (Optional) Complete short and itemized federal income tax forms, including electronic formats.EPF.12.10

Demonstrating Knowledge of Personal Financial PlanningEPF.13

  • 1

    Identify short-term and long-term personal financial goals.EPF.13.1

  • 2

    Identify anticipated and unanticipated income and expenses.EPF.13.2

  • 3

    Examine components and purposes of a personal net worth statement.EPF.13.3

  • 4

    Develop a personal budget.EPF.13.4

  • 5

    Investigate the effects of government actions and economic conditions on personal financial planning.EPF.13.5

  • 6

    Explain how economics influences a personal financial plan.EPF.13.6

  • 7

    Examine the fundamental workings of the Social Security system and the system’s effects on retirement planning.EPF.13.7

  • 8

    Compare alternative retirement plans.EPF.13.8

Demonstrating Knowledge of Investment and Savings PlanningEPF.14

  • 1

    Compare the impact of simple interest vs. compound interest on savings.EPF.14.1

  • 2

    Compare investment and savings options.EPF.14.2

  • 3

    (Optional) Explain costs and income sources for investments.EPF.14.3

  • 4

    Explore how the stock and bond markets work.EPF.14.4

  • 5

    Identify investment products.EPF.14.5

Financing Education after High SchoolEPF.15

  • 1

    Identify sources of financial aid.EPF.15.1

  • 2

    Explain how to apply for financial aid for post-secondary education and training.EPF.15.2

  • 3

    Explain how to remain eligible for financial aid for post-secondary education and training.EPF.15.3

  • 4

    Examine types of student loans.EPF.15.4

  • 5

    Explain the repayment process for student loans.EPF.15.5

  • 6

    Describe types of student grants.EPF.15.6

  • 7

    Describe types of scholarships.EPF.15.7

  • 8

    Describe investment options to pay for postsecondary education costs.EPF.15.8

  • 9

    Identify ways to make the cost of postsecondary education affordable.EPF.15.9

Preparing for Industry CertificationEPF.16

  • 1

    Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.EPF.16.1

  • 2

    Identify testing skills/strategies for a certification examination.EPF.16.2

  • 3

    Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).EPF.16.3

  • 4

    Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).EPF.16.4

Developing Career Exploration and Employability SkillsEPF.17

  • 1

    (Optional) Investigate career opportunities.EPF.17.1

  • 2

    (Optional) Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.EPF.17.2

  • 3

    (Optional) Prepare a professional portfolio.EPF.17.3

  • 4

    (Optional) Research a company in preparation for a job interview.EPF.17.4

  • 5

    (Optional) Participate in mock interviews to refine interviewing techniques.EPF.17.5

  • 6

    (Optional) Prepare employment-related correspondence.EPF.17.6

Frequently asked questions

What grade levels do these standards cover?
PROFESSIONALEDUCATION-DEVELOPMENT
Where can I read the official document?
Virtual Virginia Standards

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