# Standard 2: Develop an understanding of basic accounting and economic principles.

General Information
Number: MA.912.FL.2
Title: Develop an understanding of basic accounting and economic principles.
Type: Standard
Subject: Mathematics (B.E.S.T.)
Strand: Financial Literacy

## Related Benchmarks

This cluster includes the following benchmarks.

## Related Access Points

This cluster includes the following access points.

## Access Points

MA.912.FL.2.AP.2
Calculate the profit when given the expenses and revenue from a real-world problem.
MA.912.FL.2.AP.3
Given the consumer price index (CPI), stock indices, or unemployment rates for two different time periods, identify whether the rates are increasing or decreasing.
MA.912.FL.2.AP.4
Given current exchange rates, convert between currencies.
MA.912.FL.2.AP.5
Given typical monthly expenses (housing, utilities, food, etc.), determine the monthly income needed.
MA.912.FL.2.AP.6
Given a paycheck, identify the taxes taken out.

## Related Resources

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

## Lesson Plans

Budgeting: Finding Personal Financial Success:

During this lesson, students will learn about budgets, checking and savings accounts, and interest. They will then have a research activity to focus on their future lives, which they will use to create a budget for their lives after they have finished their education and/or job training. This budget will be created using a spreadsheet or other technology to explore how various factors, such as interest rates, will affect their budget and necessary income.

Type: Lesson Plan

Balanced Budgets:

Students will create and format spreadsheets to build a balanced budget for personal and business situations using income and expenses, in this lesson.

Type: Lesson Plan

Cost of Living:

Students will create budgets to compare the cost of living in two different locations.

Type: Lesson Plan

Marketing Mix: Price Setting:

Using the case study, "Colossal Cookie Profit Dilemma," students will identify pricing objectives for Ella’s business and they will discuss various factors business owners must consider when setting prices for the products. Students will select one of the pricing strategies and calculate the price for one of Ella’s cookies.

Type: Lesson Plan

What are my options?:

Using the case study, Drowning in Debt: Making Healthy Decisions to Manage Money, students will consider various actions a consumer can take to minimize expenses and budget their money.

Type: Lesson Plan

## Student Resources

Vetted resources students can use to learn the concepts and skills in this topic.

## Parent Resources

Vetted resources caregivers can use to help students learn the concepts and skills in this topic.