Credit & Debit
Essential Question:
- Should all consumers have the same beliefs on the creation of debit?
Topics:
- Debt
- Life After High School
- Consumer Awareness
- Business Cycles
Student Outcomes:
- I can describe ways to avoid or correct debt problems.
- I can control my personal information.
- I can summarize major consumer protection laws.
- I can summarize major consumer credit laws.
- I can apply consumer skills to purchase decisions.
Standards (National Standards for Financial Literacy)
Financial Responsibility and Decision Making: Apply reliable information and systematic decision making to personal financial decisions.
• Standard 1: Take responsibility for personal financial decisions.
• Standard 3: Summarize major consumer protection laws
• Standard 4: Make financial decisions by systematically considering alternatives and consequences.
• Standard 5: Develop communication strategies for discussing financial issues.
• Standard 6: Control personal information.
Credit and Debt: Maintain creditworthiness, borrow at favorable terms, and manage debt.
• Standard 1: Identify the costs and benefits of various types of credit.
• Standard 2: Explain the purpose of a credit record and identify borrowers’ credit report rights.
• Standard 3: Describe ways to avoid or correct debt problems.
• Standard 4: Summarize major consumer credit laws.
Income and Careers: Use a career plan to develop personal income potential.
• Standard 1: Explore career options.
• Standard 3: Describe factors affecting takehome pay.
Planning and Money Management: Organize and plan personal finances and use a budget to manage cash flow.
• Standard 1: Develop a plan for spending and saving.
• Standard 2: Develop a system for keeping and using financial records.
• Standard 3: Describe how to use different payment methods.
• Standard 4: Apply consumer skills to purchase decisions.
• Standard 6: Develop a personal financial plan
Saving and Investing: Implement a diversified investment strategy that is compatible with personal goals.
• Standard 2: Discuss how saving contributes to financial well-being