Course Standards
Name | Description | |
SS.912.E.1.9: | Describe how the earnings of workers are determined. | |
SS.912.E.1.10: | Explain the use of fiscal policy (taxation, spending) to promote price stability, full employment, and economic growth. | |
SS.912.E.1.11: | Explain how the Federal Reserve uses the tools of monetary policy (discount rate, reserve requirement, open market operations) to promote price stability, full employment, and economic growth. | |
SS.912.E.1.14: | Compare credit, savings, and investment services available to the consumer from financial institutions. | |
SS.912.E.1.15: | Describe the risk and return profiles of various investment vehicles and the importance of diversification. | |
SS.912.E.1.16: | Construct a one-year budget plan for a specific career path including expenses and construction of a credit plan for purchasing a major item. | |
SS.912.E.2.7: | Identify the impact of inflation on society. | |
SS.912.E.2.8: | Differentiate between direct and indirect taxes, and describe the progressivity of taxes (progressive, proportional, regressive). | |
SS.912.FL.1.1 (Discontinued after 2023-2024): | Discuss that people choose jobs or careers for which they are qualified based on non-income factors, such as job satisfaction, independence, risk, family, or location. | |
SS.912.FL.1.2 (Discontinued after 2023-2024): | Explain that people vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Describe how discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer. | |
SS.912.FL.1.3 (Discontinued after 2023-2024): | Evaluate ways people can make more informed education, job, or career decisions by evaluating the benefits and costs of different choices. | |
SS.912.FL.1.4 (Discontinued after 2023-2024): | Analyze the reasons why the wage or salary paid to workers in jobs is usually determined by the labor market and that businesses are generally willing to pay more productive workers higher wages or salaries than less productive workers. | |
SS.912.FL.1.5 (Discontinued after 2023-2024): | Discuss reasons why changes in economic conditions or the labor market can cause changes in a worker’s income or may cause unemployment. | |
SS.912.FL.1.6 (Discontinued after 2023-2024): | Explain that taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals and that the major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes. | |
SS.912.FL.1.7 (Discontinued after 2023-2024): | Discuss how people’s sources of income, amount of income, as well as the amount and type of spending affect the types and amounts of taxes paid. | |
SS.912.FL.2.1 (Discontinued after 2023-2024): | Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences. | |
SS.912.FL.2.2 (Discontinued after 2023-2024): | Analyze situations in which when people consume goods and services, their consumption can have positive and negative effects on others. | |
SS.912.FL.2.3 (Discontinued after 2023-2024): | Discuss that when buying a good, consumers may consider various aspects of the product including the product’s features. Explain why for goods that last for a longer period of time, the consumer should consider the product’s durability and maintenance costs. | |
SS.912.FL.2.4 (Discontinued after 2023-2024): | Describe ways that consumers may be influenced by how the price of a good is expressed. | |
SS.912.FL.2.5 (Discontinued after 2023-2024): | Discuss ways people incur costs and realize benefits when searching for information related to their purchases of goods and services and describe how the amount of information people should gather depends on the benefits and costs of the information. | |
SS.912.FL.2.6 (Discontinued after 2023-2024): | Explain that people may choose to donate money to charitable organizations and other not-for-profits because they gain satisfaction from donating. | |
SS.912.FL.2.7 (Discontinued after 2023-2024): | Examine governments establishing laws and institutions to provide consumers with information about goods or services being purchased and to protect consumers from fraud. | |
SS.912.FL.3.1 (Discontinued after 2023-2024): | Discuss the reasons why some people have a tendency to be impatient and choose immediate spending over saving for the future. | |
SS.912.FL.3.2 (Discontinued after 2023-2024): | Examine the ideas that inflation reduces the value of money, including savings, that the real interest rate expresses the rate of return on savings, taking into account the effect of inflation and that the real interest rate is calculated as the nominal interest rate minus the rate of inflation. | |
SS.912.FL.3.3 (Discontinued after 2023-2024): | Compare the difference between the nominal interest rate which tells savers how the dollar value of their savings or investments will grow, and the real interest rate which tells savers how the purchasing power of their savings or investments will grow. | |
SS.912.FL.3.4 (Discontinued after 2023-2024): | Describe ways that money received (or paid) in the future can be compared to money held today by discounting the future value based on the rate of interest. | |
SS.912.FL.3.5 (Discontinued after 2023-2024): | Explain ways that government agencies supervise and regulate financial institutions to help protect the safety, soundness, and legal compliance of the nation’s banking and financial system. | |
SS.912.FL.3.6 (Discontinued after 2023-2024): | Describe government policies that create incentives and disincentives for people to save. | |
SS.912.FL.3.7 (Discontinued after 2023-2024): | Explain how employer benefit programs create incentives and disincentives to save and how an employee’s decision to save can depend on how the alternatives are presented by the employer. | |
SS.912.FL.4.1 (Discontinued after 2023-2024): | Discuss ways that consumers can compare the cost of credit by using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments. | |
SS.912.FL.4.10 (Discontinued after 2023-2024): | Analyze the fact that, in extreme cases, bankruptcy may be an option for consumers who are unable to repay debt, and although bankruptcy provides some benefits, filing for bankruptcy also entails considerable costs, including having notice of the bankruptcy appear on a consumer’s credit report for up to 10 years. | |
SS.912.FL.4.11 (Discontinued after 2023-2024): | Explain that people often apply for a mortgage to purchase a home and identify a mortgage is a type of loan that is secured by real estate property as collateral. | |
SS.912.FL.4.12 (Discontinued after 2023-2024): | Discuss that consumers who use credit should be aware of laws that are in place to protect them and that these include requirements to provide full disclosure of credit terms such as APR and fees, as well as protection against discrimination and abusive marketing or collection practices. | |
SS.912.FL.4.13 (Discontinued after 2023-2024): | Explain that consumers are entitled to a free copy of their credit report annually so that they can verify that no errors were made that might increase their cost of credit. | |
SS.912.FL.4.2 (Discontinued after 2023-2024): | Discuss that banks and financial institutions sometimes compete by offering credit at low introductory rates, which increase after a set period of time or when the borrower misses a payment or makes a late payment. | |
SS.912.FL.4.3 (Discontinued after 2023-2024): | Explain that loans can be unsecured or secured with collateral, that collateral is a piece of property that can be sold by the lender to recover all or part of a loan if the borrower fails to repay. Explain why secured loans are viewed as having less risk and why lenders charge a lower interest rate than they charge for unsecured loans. | |
SS.912.FL.4.4 (Discontinued after 2023-2024): | Describe why people often make a cash payment to the seller of a good—called a down payment—in order to reduce the amount they need to borrow. Describe why lenders may consider loans made with a down payment to have less risk because the down payment gives the borrower some equity or ownership right away and why these loans may carry a lower interest rate. | |
SS.912.FL.4.5 (Discontinued after 2023-2024): | Explain that lenders make credit decisions based in part on consumer payment history. Credit bureaus record borrowers’ credit and payment histories and provide that information to lenders in credit reports. | |
SS.912.FL.4.6 (Discontinued after 2023-2024): | Discuss that lenders can pay to receive a borrower’s credit score from a credit bureau and that a credit score is a number based on information in a credit report and assesses a person’s credit risk. | |
SS.912.FL.4.7 (Discontinued after 2023-2024): | Describe that, in addition to assessing a person’s credit risk, credit reports and scores may be requested and used by employers in hiring decisions, landlords in deciding whether to rent apartments, and insurance companies in charging premiums. | |
SS.912.FL.4.8 (Discontinued after 2023-2024): | Examine the fact that failure to repay a loan has significant consequences for borrowers such as negative entries on their credit report, repossession of property (collateral), garnishment of wages, and the inability to obtain loans in the future. | |
SS.912.FL.4.9 (Discontinued after 2023-2024): | Explain that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors. | |
SS.912.FL.5.1 (Discontinued after 2023-2024): | Compare the ways that federal, state, and local tax rates vary on different types of investments. Describe the taxes effect on the after-tax rate of return of an investment. | |
SS.912.FL.5.10 (Discontinued after 2023-2024): | Explain that people vary in their willingness to take risks because the willingness to take risks depends on factors such as personality, income, and family situation. | |
SS.912.FL.5.11 (Discontinued after 2023-2024): | Describe why an economic role for a government may exist if individuals do not have complete information about the nature of alternative investments or access to competitive financial markets. | |
SS.912.FL.5.12 (Discontinued after 2023-2024): | Compare the Securities and Exchange Commission (SEC), the Federal Reserve, and other government agencies that regulate financial markets. | |
SS.912.FL.5.2 (Discontinued after 2023-2024): | Explain how the expenses of buying, selling, and holding financial assets decrease the rate of return from an investment. | |
SS.912.FL.5.3 (Discontinued after 2023-2024): | Discuss that buyers and sellers in financial markets determine prices of financial assets and therefore influence the rates of return on those assets. | |
SS.912.FL.5.4 (Discontinued after 2023-2024): | Explain that an investment with greater risk than another investment will commonly have a lower market price, and therefore a higher rate of return, than the other investment. | |
SS.912.FL.5.5 (Discontinued after 2023-2024): | Explain that shorter-term investments will likely have lower rates of return than longer-term investments. | |
SS.912.FL.5.6 (Discontinued after 2023-2024): | Describe how diversifying investments in different types of financial assets can lower investment risk. | |
SS.912.FL.5.7 (Discontinued after 2023-2024): | Describe how financial markets adjust to new financial news and that prices in those markets reflect what is known about those financial assets. | |
SS.912.FL.5.8 (Discontinued after 2023-2024): | Discuss ways that the prices of financial assets are affected by interest rates and explain that the prices of financial assets are also affected by changes in domestic and international economic conditions, monetary policy, and fiscal policy. | |
SS.912.FL.5.9 (Discontinued after 2023-2024): | Examine why investors should be aware of tendencies that people have that may result in poor choices, which may include avoiding selling assets at a loss because they weigh losses more than they weigh gains and investing in financial assets with which they are familiar, such as their own employer’s stock or domestic rather than international stocks. | |
SS.912.FL.6.1 (Discontinued after 2023-2024): | Describe how individuals vary with respect to their willingness to accept risk and why most people are willing to pay a small cost now if it means they can avoid a possible larger loss later. | |
SS.912.FL.6.10 (Discontinued after 2023-2024): | Compare federal and state regulations that provide some remedies and assistance for victims of identity theft. | |
SS.912.FL.6.2 (Discontinued after 2023-2024): | Analyze how judgment regarding risky events is subject to errors because people tend to overestimate the probability of infrequent events, often because they’ve heard of or seen a recent example. | |
SS.912.FL.6.3 (Discontinued after 2023-2024): | Describe why people choose different amounts of insurance coverage based on their willingness to accept risk, as well as their occupation, lifestyle, age, financial profile, and the price of insurance. | |
SS.912.FL.6.4 (Discontinued after 2023-2024): | Explain that people may be required by governments or by certain types of contracts (e.g., home mortgages) to purchase some types of insurance. | |
SS.912.FL.6.5 (Discontinued after 2023-2024): | Describe how an insurance contract can increase the probability or size of a potential loss because having the insurance results in the person taking more risks, and that policy features such as deductibles and copayments are cost-sharing features that encourage the policyholder to take steps to reduce the potential size of a loss (claim). | |
SS.912.FL.6.6 (Discontinued after 2023-2024): | Explain that people can lower insurance premiums by behaving in ways that show they pose a lower risk. | |
SS.912.FL.6.7 (Discontinued after 2023-2024): | Compare the purposes of various types of insurance, including that health insurance provides for funds to pay for health care in the event of illness and may also pay for the cost of preventative care; disability insurance is income insurance that provides funds to replace income lost while an individual is ill or injured and unable to work; property and casualty insurance pays for damage or loss to the insured’s property; life insurance benefits are paid to the insured’s beneficiaries in the event of the policyholder’s death. | |
SS.912.FL.6.8 (Discontinued after 2023-2024): | Discuss the fact that, in addition to privately purchased insurance, some government benefit programs provide a social safety net to protect individuals from economic hardship created by unexpected events. | |
SS.912.FL.6.9 (Discontinued after 2023-2024): | Explain that loss of assets, wealth, and future opportunities can occur if an individual’s personal information is obtained by others through identity theft and then used fraudulently, and that by managing their personal information and choosing the environment in which it is revealed, individuals can accept, reduce, and insure against the risk of loss due to identity theft. | |
MA.K12.MTR.1.1: | Actively participate in effortful learning both individually and collectively. Mathematicians who participate in effortful learning both individually and with others:
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MA.K12.MTR.2.1: | Demonstrate understanding by representing problems in multiple ways. Mathematicians who demonstrate understanding by representing problems in multiple ways:
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MA.K12.MTR.3.1: | Complete tasks with mathematical fluency. Mathematicians who complete tasks with mathematical fluency:
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MA.K12.MTR.4.1: | Engage in discussions that reflect on the mathematical thinking of self and others. Mathematicians who engage in discussions that reflect on the mathematical thinking of self and others:
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MA.K12.MTR.5.1: | Use patterns and structure to help understand and connect mathematical concepts. Mathematicians who use patterns and structure to help understand and connect mathematical concepts:
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MA.K12.MTR.6.1: | Assess the reasonableness of solutions. Mathematicians who assess the reasonableness of solutions:
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MA.K12.MTR.7.1: | Apply mathematics to real-world contexts. Mathematicians who apply mathematics to real-world contexts:
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ELA.K12.EE.1.1: | Cite evidence to explain and justify reasoning.
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ELA.K12.EE.2.1: | Read and comprehend grade-level complex texts proficiently.
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ELA.K12.EE.3.1: | Make inferences to support comprehension.
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ELA.K12.EE.4.1: | Use appropriate collaborative techniques and active listening skills when engaging in discussions in a variety of situations.
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ELA.K12.EE.5.1: | Use the accepted rules governing a specific format to create quality work.
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ELA.K12.EE.6.1: | Use appropriate voice and tone when speaking or writing.
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ELD.K12.ELL.SS.1: | English language learners communicate information, ideas and concepts necessary for academic success in the content area of Social Studies. |
General Course Information and Notes
GENERAL NOTES
This grade 9-12 course consists of the following content area and literacy strands: Economics, Financial Literacy, Mathematics, Languages Arts for Literacy in History/Social Studies and Speaking and Listening. Basic economic concepts of scarcity, choice, opportunity cost, and cost/benefit analysis are interwoven throughout the standards and objectives. Emphasis will be placed on economic decision-making and real-life applications using real data.
The primary content for the course pertains to the study of learning the ideas, concepts, knowledge and skills that will enable students to implement beneficial personal decision-making choices; to become wise, successful, and knowledgeable consumers, savers, investors, users of credit and money managers; and to be participating members of a global workforce and society.
Content should include, but not be limited to:
- cost/Benefit analysis of economic decisions
- earning an income
- understanding state and federal taxes
- utilizing banking and financial services
- balancing a checkbook and managing a bank account
- savings, investment and planning for retirement
- understanding loans and borrowing money, including predatory lending and payday loans
- understanding interest, credit card debt and online commerce
- how to prevent identify fraud and theft
- rights and responsibilities of renting or buying a home
- understanding and planning for major financial purchases
- understanding the costs and benefits of insurance
- understanding the financial impact and consequence of gambling
- avoiding and filing bankruptcy
- reducing tax liability.
Honors and Advanced Level Course Note: Advanced courses require a greater demand on students through increased academic rigor. Academic rigor is obtained through the application, analysis, evaluation, and creation of complex ideas that are often abstract and multi-faceted. Students are challenged to think and collaborate critically on the content they are learning. Honors level rigor will be achieved by increasing text complexity through text selection, focus on high-level qualitative measures, and complexity of task. Instruction will be structured to give students a deeper understanding of conceptual themes and organization within and across disciplines. Academic rigor is more than simply assigning to students a greater quantity of work.
Instructional Practices: Teaching using real world materials, examples and simulations enhances students' content area knowledge and also strengthens their ability to comprehend concepts related to personal financial literacy. Using the following instructional practices will also help student learning.
- Incorporating current event articles on economic developments related to personal financial literacy.
- Having students create economic models that reflect key concepts and economic decisions.
- Use real world data and evidence to answer complex high-level questions that are based on real world scenarios.
- Require students to make and support personal financial decisions using evidence and trends.
- Provide extended learning opportunities that simulate economic scenarios including, but not limited to:
o planning and managing a household budget
o purchasing a home or automobile
o planning for retirement
o filing a tax return
o managing an investment portfolio
o affording college for dependent children
Florida’s Benchmarks for Excellent Student Thinking (B.E.S.T.) Standards:
This course includes Florida’s B.E.S.T. ELA Expectations (EE) and Mathematical Thinking and Reasoning Standards (MTRs) for students. Florida educators should intentionally embed these standards within the content and their instruction as applicable. For guidance on the implementation of the EEs and MTRs, please visit https://www.cpalms.org/Standards/BEST_Standards.aspx and select the appropriate B.E.S.T. Standards package.
English Language Development ELD Standards Special Notes Section:
Teachers are required to provide listening, speaking, reading and writing instruction that allows English language learners (ELL) to communicate information, ideas and concepts for academic success in the content area of Social Studies. For the given level of English language proficiency and with visual, graphic, or interactive support, students will interact with grade level words, expressions, sentences and discourse to process or produce language necessary for academic success. The ELD standard should specify a relevant content area concept or topic of study chosen by curriculum developers and teachers which maximizes an ELL's need for communication and social skills. To access an ELL supporting document which delineates performance definitions and descriptors, please click on the following link: https://cpalmsmediaprod.blob.core.windows.net/uploads/docs/standards/eld/ss.pdf.
Finance Your Future
The Division of Consumer Services at the Florida Department of Financial Services offers a free financial literacy resource designed for middle and high students. Finance Your Future is comprised of eight main modules on the topics of: Budgeting & Saving, Credit Cards, Banking, Credit Report & Score, Debt, Frauds & Scams, Insurance & Benefits and Life Events. Each module includes lessons, activities, games and a comprehensive knowledge check at the end. Visit the Finance Your Future website to access this resource. It should be noted that this resource does not include all of the financial literacy content needed to satisfy the standard high school diploma requirement per s. 1003.4282, Florida Statutes. A crosswalk of Financial Literacy standards and benchmarks can be found here.
VERSION REQUIREMENTS
This course meets the statutory requirement outlined in Section 1003.4282(3)(g), Florida Statutes, which states that beginning with the 2019-2020 school year, all school districts must offer a financial literacy course consisting of at least 0.5 credit as an elective.
General Information
Course Number: 2102374 |
Course Path: Section: Grades PreK to 12 Education Courses > Grade Group: Grades 9 to 12 and Adult Education Courses > Subject: Social Studies > SubSubject: Economics > |
Abbreviated Title: PERSONAL FIN LIT HON | |
Number of Credits: Half credit (.5) | |
Course Attributes:
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Course Type: Elective Course | Course Level: 3 |
Course Status: Terminated | |
Grade Level(s): 9,10,11,12,30,31 | |
Educator Certifications
Mathematics (Grades 6-12) |
Business Education (Grades 6-12) |
Economics (Grades 6-12) |
Social Science (Grades 6-12) |
State Adopted Instructional Materials
Foundations in Personal Finance - Honors Ramsey Solutions - The Lampo Group, LLC DBA Ramsey Solutions - 4th Edition - 2022 |