Standard 4: Identify and analyze the benefits, risks, associated fees and laws that consumers should consider when choosing to buy on credit.

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General Information
Number: SS.8.FL.4
Title: Identify and analyze the benefits, risks, associated fees and laws that consumers should consider when choosing to buy on credit.
Type: Standard
Subject: Social Studies
Grade: 8
Strand: Financial Literacy

Related Benchmarks

This cluster includes the following benchmarks.

Related Access Points

This cluster includes the following access points.

Access Points

SS.8.FL.4.AP.1
Identify interest rate as the price of using someone else’s money expressed as an annual percentage of the loan principle.
SS.8.FL.4.AP.2
Identify a credit card purchase as a loan from the financial institution that issued the card, as expressed on a credit card statement.
SS.8.FL.4.AP.3
Identify how credit card interest is charged monthly, leading to much higher costs if not paid in full.
SS.8.FL.4.AP.4
Identify how lenders charge different interest rates based on the risk of nonpayment by borrowers.

Related Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Lesson Plans

Analyzing a Credit Card Statement:

Students will analyze a credit card statement to identify charges and fees associated with using a credit card, in this lesson plan.

Type: Lesson Plan

Exploring Credit Cards:

Students will conduct research to explore and compare credit cards offered by different financial institutions, in this lesson plan.

Type: Lesson Plan

Simple Interest vs. Compound Interest:

Students will analyze and manipulate a spreadsheet to explore simple interest and compound interest, in this lesson plan.

Type: Lesson Plan

Types of Loans:

Students will conduct and synthesize research on common types of loans offered by financial institutions, in this lesson plan.

Type: Lesson Plan

Comparing Simple Interest and Compound Interest:

Students will analyze and manipulate a spreadsheet to compare the effects of simple interest and compound interest when borrowing or saving money, in this lesson plan.

Type: Lesson Plan

Analyzing a Credit Card Statement, Part 2:

Students will analyze a credit card statement, focusing on the calculations, to determine how the interest charged, new balance, available credit, and minimum monthly payment are determined.

Type: Lesson Plan

In Whose Best Interest is Interest?:

Students will use simple interest to explore real world examples of interest rates. Students will explore loan rates, CD rates and compare benefits of different rates versus different terms of loans.

Type: Lesson Plan

Student Resources

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Parent Resources

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