Financial Literacy: debit vs credit; credit history & reports; paying for college; comparison of salaries over time
Personal Financial Literacy
Understandings:
- Understand the components of a personal budget.
- Build a personal budget.
- Understand the difference between sales tax and income tax and be able to calculate each.
- Establish the difference between simple interest and compound interest earnings.
Vocabulary:
- Sales tax, income tax, earned wages, budget, income, savings, retirement, variable expenses, financial assets, assets, liabilities, net worth, net worth statement, hourly wage, simple interest, earning, compound interest, earning, sales, rebates, coupons, fixed expenses, expenses, Credit, Debit, Deposit, Overdraft, Withdraw, Original Price, Sales Price, PFL Taxes, Interest, and Incentives, Discount Price, Budgets, Assets, and Liabilities.
“I can” Statements
- I can identify fixed and variable expenses.
- I can understand the meaning of Credit and Debit (representing them as positive and negative numbers),
- I can understand the meaning of Deposit, Withdraw, Overdraft, and solve real-world problems.
- I can understand the meaning of Original Price, Discount, Taxes, and Sales Price, and solve real-world problems.
- I can solve the following types of multistep and percent problems: simple interest, taxes, markups, gratuities and commissions, fees, percent increase, and decrease, and percent error.