Embedded Files
Theme 2 Overview
Theme 2 Overview
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.
Consumers use financial institutions to help them save and complete transactions safely, quickly, and conveniently and to hold and transfer money in different ways—all while being insured and safe from theft. It is important, therefore, to find a financial institution that meets your needs.
Student Learning Objectives:
Student Learning Objectives:
Compare financial institutions and the types of accounts and services they provide.
Investigate the use of different payment methods.
Implementation:
Implementation:
Teacher-led Session
Volunteer Video: Banker
Many competing claims are made on a person’s money that impede the ability to save. By prioritizing saving, consumers will be able to achieve short-and long-term goals and set aside money for emergencies and the future.
Student Learning Objectives:
Student Learning Objectives:
Recognize the importance of paying yourself first.
Identify the opportunity costs of savings.
Compare simple and compound interest and their impact on savings, including the Rule of 72.
Implementation:
Implementation:
Teacher-led Session
Every individual is responsible for keeping track of his or her own money. Using a transaction register and careful consumer practices and staying informed all help in maintaining a positive cash flow and increasing net worth.
Student Learning Objectives:
Student Learning Objectives:
Record purchases in a transaction register.
Determine which practices demonstrate careful consumer skills.
Apply consumer skills to spending and saving decisions.
Explanation of net worth, how to set SMART financial goals, and ways to build wealth through passive income and long-term investing.
Learn to be smart consumers when purchasing a new or used car.
Implementation:
Implementation:
Teacher-led Session
Student Self-Guided Modules
Volunteer Video: Car Dealer/Salesperson
Examining and monitoring cash flow is an ongoing and critical step in the budgeting process. Having and using a budget, and knowing the types of categories in a budget, helps people maintain positive cash flow.
Student Learning Objectives:
Student Learning Objectives:
Explain cash flow.
Follow a step-by-step guide for creating a budget.
Identify a short-term financial goal.
Arrange income, fixed expenses, and variable expenses in appropriate columns to be equal.
Implementation:
Implementation:
Teacher-led Session
Content Statement
Content Statement
In Theme 2, the following Ohio Financial Literacy Content Statements are addressed:
In Theme 2, 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.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 4: Financial responsibility includes the development of a spending and savings plan (personal budget).
d. Explain how government assistance programs contribute to the financial stability of different individuals
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.
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.
a. Devise a budget for current short- and long-term goals, income and expenses.
b. Identify factors that could force an individual to change his or her budget.
c. Prepare a monthly budget for a family or individual given their income, savings goals and taxes, as well as their fixed and variable expenses.
Statement 7: Financial institutions offer a variety of products and services to address financial responsibility. Analyze the costs and benefits of various types of credit.
a. Evaluate products and services from financial institutions that a student might use, such as a checking and savings account, and discuss advantages and disadvantages of different products.
b. Reconcile a checking and savings account balance using both an account register and an electronic tool.
Statement 11: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
a. An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
b. Advertising impacts consumers. Businesses need to make profits and advertise their products to gain more customers. Consumers must pay close attention to the details of advertisements to make sure they are receiving what is being advertised.
c. Explain the many factors a consumer considers before purchasing goods or services.
Statement 12: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud
c. Describe the consumer protections provided to citizens through government and consumer agencies.
Statement 15: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
a. Identify the difference between [direct and indirect costs.]
b. Compare and contrast the overall costs of goods and services from various distributors (wholesale, retail, online)
Standard 16: Using key investing principles, one can achieve the goal of increasing net worth.
b. Devise plan to increase net worth [given a predetermined amount of money.]
Statement 17: Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor’s risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
a. The [time value of money] is the idea that a dollar today is worth more than a dollar in the future.
Statement 19: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
d. Investigate barriers to individuals that may lead them to be unbanked
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