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Personal Finance Standards Database

Washington
Washington

12th Grade

State Standards
12.SS: Spending and Saving
Develop a plan for spending and saving.
1: Specify how monetary and non-monetary assets can contribute to net worth.
2: Investigate changes in personal spending behavior that contribute to wealth building.
Develop a system for keeping and using financial records.
3: Differentiate between an expense that is tax deductible and one that is not.
4: Devise a system to retain evidence of tax-deductible expenditures.
5: Investigate the records required to claim possible tax deductions or credits.
Describe how to use different payment methods.
6: Compare the features and costs of online and mobile bill payment services offered by different institutions.
7: Compare the costs of cashing a check with various third parties, such as banks and credit unions, check-cashing services, and retail outlets.
8: Demonstrate how to schedule and manage bill payments.
9: Write a check.
10: Reconcile the balance of a checking account and verify the balance of a debit account.
11: Explain how to verify printed and online account statements for accuracy.
Apply consumer skills to spending and saving decisions.
12: Demonstrate how to use comparison shopping skills to buy or finance a major purchase.
13: Compare the advantages and disadvantages of owning a house versus renting a house.
14: Evaluate specific charities based on purpose, management, outcomes or results, and reputation.
12.CD: Credit and Debt
Analyze the costs and benefits of various types of credit.
1: Explain how credit card grace periods, methods of interest calculation (e.g., annual percentage rate) and fees affect borrowing costs.
2: Categorize the types of information needed when applying for credit.
3: Illustrate the total cost of reducing a credit card balance to zero with minimum payments versus above-minimum payments, all other terms being equal and no further purchases being made.
4: Decide the most cost-effective loan option for paying for a car.
5: Compare alternatives to loans as a means of paying for postsecondary education.
6: Predict the potential consequences of deferred payment of student loans.
7: Differentiate between adjustable- and fixed-rate mortgages.
8: Explain the effect of debt on a person's net worth.
Summarize a borrower's rights and responsibilities related to credit reports.
9: Summarize online information about the Fair Credit Reporting Act.
10: Explain the usefulness of credit reports to borrowers and to lenders.
11: Give examples of permissible uses of a credit report other than granting credit.
12: Identify the primary organizations that maintain and provide consumer credit records.
13: Categorize the information in a credit report and how long it is retained.
14: Investigate ways that a negative credit report can affect a consumer's options.
15: Outline the process of disputing inaccurate credit report data.
16: Summarize factors that affect a particular credit scoring system.
17: Predict how a credit score affects creditworthiness and the cost of credit.
Apply strategies to avoid or correct debt management problems.
18: Develop a personal financial plan to manage debt, including working directly with lenders.
19: Examine or research the types of services that financial institutions or consumer credit counseling agencies offer for debt restructuring.
20: Investigate the purpose of bankruptcy and its possible negative effects on assets, employability, and credit cost and availability.
21: Investigate how student loan obligations differ from other kinds of debt.
Summarize major consumer credit laws.
22: Summarize online information about the Equal Credit Opportunity Act.
23: Research online information about consumer credit rights available from the Federal Trade Commission.
24: Give examples of how the Consumer Financial Protection Bureau protects borrowers and provides information about credit issues.
25: Research state agencies with responsibility for consumer protection.
26: Describe debtors' and creditors' rights related to wage garnishment and repossession when an overdue debt is not paid.
27: Give examples of legal, illegal, and fraudulent debt collection practices covered by the Fair Debt Collection Practices Act.
12.EI: Employment and Income
Explore job and career options.
1: Revise a career plan that aligns with personal interests, financial goals, and desired lifestyle.
2: Develop a résumé and cover letter for a specific job of interest.
Compare sources of personal income and compensation.
3: Analyze employee benefits and explain why they are forms of compensation.
4: Differentiate between required employer contributions and additional benefits that an employer might offer.
5: Analyze the monetary and non-monetary value of employee benefits in addition to wages and salaries.
6: Calculate the future income needed to maintain a current standard of living.
7: Identify typical sources of income in retirement.
Analyze factors that affect net income.
8: Revise IRS form W-4 (Employee's Withholding Allowance Certificate) to determine the optimal amount to withhold for personal income tax.
9: Analyze circumstances that would call for the adjustment of the income tax withholding allowance.
10: Examine the benefits of participating in employer-sponsored retirement savings plans and health care savings plans.
12.I: Investing
Explain how investing may build wealth and help meet financial goals.
1: Compare strategies for investing as part of a comprehensive financial plan.
2: Describe the importance of various sources of income in retirement, including Social Security, employer-sponsored retirement savings plans, and personal investments.
Evaluate investment alternatives.
3: Differentiate between diversification and asset allocation.
4: Compare fees for buying, owning, and selling stocks, bonds, and mutual funds.
5: Investigate reasons to use retirement savings plans and health savings accounts.
6: Compare the advantages of taxable, tax-deferred, and tax-advantaged investments for new savers, including Roth IRAs (individual retirement accounts) and employer-sponsored savings plans.
Demonstrate how to buy and sell investments.
7: Give examples of how economic conditions and business factors affect the market value of a stock.
8: Use various sources of information, including prospectuses, online resources, and financial publications to gather data about specific investments.
9: Devise evaluation strategies, including risk tolerance, for selecting investments that meet the objectives of a personal financial plan.
10: Analyze the advantages and disadvantages of buying and selling investments through various channels including employer-sponsored retirement plans, investment advisors, brokerage firms, and direct purchase.
Investigate how agencies protect investors and regulate financial markets and products.
11: Identify warning signs of investment fraud.
12: Identify steps and resources a consumer can take to prevent investment fraud.
13: Identify the roles of the Securities and Exchange Commission, Washington Department of Financial Institutions, and Consumer Financial Protection Bureau in addressing investment fraud.
12.RM: Risk Management and Insurance
Identify common types of risks and basic risk management methods.
1: Research insurance for the types of risks that young adults might face after graduation.
2: Investigate consequences of insurance fraud.
3: Describe the functions of the agency or agencies that regulate insurance in one's state of residence.
Justify reasons to use property and liability insurance.
4: Calculate payment expected on an auto insurance claim after applying exclusions and deductibles.
5: Identify the factors that influence the cost of homeowners' insurance.
6: Analyze the factors that influence the cost of renters' insurance.
Justify reasons to use health, disability, long-term care, and life insurance.
7: Analyze the conditions under which it is appropriate for young adults to have health, disability, or life insurance.
8: Investigate health, dental, and vision insurance coverage options.
9: Identify government programs that provide financial assistance for income loss due to illness, disability, or premature death.