Demonstrate lifelong-learning skills.
- continually acquiring new industry-related knowledge
- improving professional skills to stay current in the field and to promote personal advancement
- seeking education and experiences that enhance personal growth.
Related Standards of Learning
History and Social Science
The student will demonstrate knowledge of citizenship and the rights, duties, and responsibilities of citizens by
- describing the processes by which an individual becomes a citizen of the United States;
- describing the First Amendment freedoms of religion, speech, press, assembly, and petition, and the rights guaranteed by due process and equal protection of the laws;
- describing the duties of citizenship, including obeying the laws, paying taxes, defending the nation, and serving in court;
- examining the responsibilities of citizenship, including registering and voting, communicating with government officials, participating in political campaigns, keeping informed about current issues, and respecting differing opinions in a diverse society;
- evaluating how civic and social duties address community needs and serve the public good.
The student will demonstrate knowledge of personal finance and career opportunities by
- identifying talents, interests, and aspirations that influence career choice;
- identifying attitudes and behaviors that strengthen the individual work ethic and promote career success;
- identifying abilities, skills, and education and the changing supply and demand for them in the economy;
- examining the impact of technological change and globalization on career opportunities;
- describing the importance of education to lifelong personal finances;
- examining the financial responsibilities of citizenship, including evaluating common forms of credit, savings, investments, purchases, contractual agreements, warranties, and guarantees.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will develop consumer skills by
- examining basic economic concepts and their relation to product prices and consumer spending;
- examining the effect of supply and demand on wages and prices;
- describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;
- determining the consequences of conspicuous consumption;
- describing common types of contracts and the implications of each;
- demonstrating comparison-shopping skills;
- maintaining a filing system for personal financial records;
- examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;
- accessing reliable financial information from a variety of sources;
- explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and
- examining precautions for protecting identity and other personal information.
The student will demonstrate knowledge of planning for living and leisure expenses by
- comparing the costs and benefits of purchasing vs. leasing a vehicle;
- comparing the advantages and disadvantages of renting vs. purchasing a home;
- describing the process of renting housing;
- describing the process of purchasing a home;
- calculating the cost of utilities, services, maintenance, and other housing expenses; and
- evaluating discretionary spending decisions.
The student will demonstrate knowledge of banking transactions by
- comparing the types of financial institutions;
- examining how financial institutions affect personal financial planning;
- evaluating services and related costs associated with personal banking;
- differentiating among types of electronic monetary transactions;
- preparing all forms necessary for opening and maintaining a checking and a savings account;
- reconciling bank statements;
- comparing costs and benefits of online and traditional banking; and
- explaining how certain historical events have influenced the banking system and other financial institutions.
The student will demonstrate knowledge of credit and loan functions by
- evaluating the various methods of financing a purchase;
- analyzing credit card features and their impact on personal financial planning;
- identifying qualifications needed to obtain credit;
- identifying basic provisions of credit and loan laws;
- comparing terms and conditions of various sources of consumer credit;
- identifying strategies for effective debt management, including sources of assistance;
- explaining the need for a good credit rating;
- comparing the costs and conditions of secured and unsecured loans; and
- comparing the types of voluntary and involuntary bankruptcy and the implications of each.
The student will demonstrate knowledge of the role of insurance in risk management by
- evaluating insurance as a risk management strategy;
- distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and
- explaining the roles of insurance in financial planning.
The student will demonstrate knowledge of income earning and reporting by
- examining how personal choices about education, training, skill development, and careers impact earnings;
- differentiating among sources of income;
- calculating net pay;
- investigating employee benefits and incentives; and
- completing a standard W-4 form.
The student will demonstrate knowledge of taxes by
- describing the types and purposes of local, state, and federal taxes and the way each is levied and used;
- exploring how tax structures affect consumers, producers, and business owners differently;
- computing local taxes on products and services;
- examining potential tax deductions and credits on a tax return;
- explaining the content and purpose of a standard W-2 form; and
- explaining the similarities and differences between state and federal taxation of inheritances.
The student will demonstrate knowledge of personal financial planning by
- identifying short-term and long-term personal financial goals;
- identifying anticipated and unanticipated income and expenses;
- examining components and purposes of a personal net worth statement;
- developing a personal budget;
- investigating the effects of government actions and economic conditions on personal financial planning; and
- explaining how economics influences a personal financial plan.
The student will demonstrate knowledge of investment and savings planning by
- comparing the impact of simple interest vs. compound interest on savings;
- comparing and contrasting investment and savings options;
- explaining costs and income sources for investments;
- examining the fundamental workings of Social Security and the system's effects on retirement planning;
- contrasting alternative retirement plans; and
- describing how the stock market works.