Embedded Files
Theme 1 Overview
Theme 1 Overview
A session-by-session Teacher Guide will be provided to educators utilizing JA Financial Literacy - Ohio.
Theme Assessments
Theme Assessments
A variety of formative and summative assessments are available throughout the theme in multiple formats. Visit the Assessments tab to access them.
Project
Project
Theme Projects can be done during or immediately following the completion of the corresponding theme or as a capstone to the course. Please review all project content and the Pacing Guide to plan appropriately for your unique classroom situation.
Income is money that an individual earns by working, making investments, and providing goods and services. Money functions as a medium of exchange, a unit of account, and a store of value. Any item used as money takes on those three essential functions.
Student Learning Objectives:
Student Learning Objectives:
Describe the functions of money.
Evaluate personal requirements for income.
Analyze how and where to earn money.
Design a brochure with possibilities for earning.
Implementation:
Implementation:
Teacher-led Session
Individuals who set realistic financial goals are in more control of their money than those who do not. Although goals are set for short- and long-term periods, it is important to regularly track the progress of each goal.
Student Learning Objectives:
Student Learning Objectives:
Analyze and prioritize personal financial goals (current, 10-year, 25-year).
Explain the relationship between finances, career choices, and personal financial goals.
Identify career fields or options of interest that will lead to financial goals.
Implementation:
Implementation:
Teacher-led Session
Volunteer Video: Goal Setting
An investment in a career requires time, money, and resources that can open doors to opportunities. Studies show that employees with more than a high school education earn significantly more money throughout their lifetime than those without. The emphasis in this session is that the more education you have, the higher quality of life you will have.
Student Learning Objectives:
Student Learning Objectives:
Examine the cost of college.
Evaluate the costs and/or benefits of post-secondary education (trade school, apprenticeships, etc.).
Compare and contrast the costs and benefits of various postsecondary educational options.
Evaluate personal decisions relating to career choice and education requirements and plans.
Assess personal skills, abilities, and aptitudes and personal strengths and weaknesses as they relate to career exploration and development.
Implementation:
Implementation:
Teacher-led Session
Volunteer Videos: College Advisor and Trade School Representative
Taxes are collected by governments to pay for many public services such as highways, schools, police, and fire protection. The main goal of taxation is to provide revenue for a government to pay its bills. The two taxes most people pay are federal and state income taxes. Federal income tax goes to the U.S. government, and state income tax is paid to the state government. Income may also be offset by tax-free benefit packages provided by an employer.
Student Learning Objectives:
Student Learning Objectives:
Identify the difference between gross pay and net pay.
Define taxes and explain their purpose and impact on income.
Demonstrate an understanding of various taxes such as FICA and Medicare.
Calculate net monthly income.
Recognize employee benefits and apply knowledge to job opportunities.
Determine the impact taxes have on financial decision making.
Explore the IRS W-4 Form and withholdings.
Implementation:
Implementation:
Student Self-Guided Modules
Teacher-led Session
Volunteer Videos: Tax Specialist and State Representative and/or County Commissioner
Content Statement
Content Statement
In Theme 1, the following Ohio Financial Literacy Content Statements are addressed:
In Theme 1, the following Ohio Financial Literacy Content Statements are addressed:
Statement 1: Financial responsibility entails being accountable for managing money to satisfy one’s current and future economic choices.
a. Identify responsible ways for managing money for short- and long-term goals.
Statement 2: Financial responsibility involves lifelong decision-making strategies which include consideration of alternatives and consequences.
a. List financial decisions made at different stages of life and factors that will affect those decisions.
b. Explain how education and career decisions affect incomes and job opportunities.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 3: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one’s earning potential and employability.
a. Identify how various training and education options beyond high school can further one’s employability.
b. Explore individual interests and skill sets to identify potential careers and opportunities to pursue.
c. Explain how one can become more employable through training and education.
Statement 4: Financial responsibility includes the development of a spending and savings plan (personal budget).
a. Compare and contrast different sources of income, including wages and salaries.
c. Research the average costs of all expenses associated with a four-year college education, a wedding and a new versus used car.
Statement 5: Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
a. Calculate the difference between net pay and gross pay of a fictional employee.
b. Compare [several] sample paystubs and the different deductions. Some are pre-tax, such as Flexible Spending Accounts (FSA) or Healthcare Savings Accounts (HSA), that are included and will result in reduced personal tax liability.
Statement 6: Financial responsibility includes the development of a spending and savings plan (personal budget).
S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, Time-bound) goals help individuals determine and remember what their financial goals should reflect.
Statement 23: Many options exist for paying for post-secondary education opportunities.
a. Evaluate choices for funding postsecondary education options considering amount available, interest, repayment options and total cost.
b. Evaluate the advantages and limitations of various career opportunities
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