2019/2020 Student Competency Record

Economics and Personal Finance

6120 - 36 weeks

Read through each competency. Rate yourself 1-5 in how you feel you are for each category. If there are words you do not know, circle and/or highlight them. We will use this as a reassessment at the end of the school year.

...RATING SCALE... 1 - Can teach others 2 - Can perform without supervision 3 - Can perform with limited supervision 4 - Can perform with supervision 5 - Cannot perform

6120
36 weeks

Economics and Personal Finance
TASKS/COMPETENCIES

Date

Rating

 

Demonstrating Personal Qualities and Abilities

Required

1

Demonstrate creativity and innovation.

 

 

Required

2

Demonstrate critical thinking and problem solving.

 

 

Required

3

Demonstrate initiative and self-direction.

 

 

Required

4

Demonstrate integrity.

 

 

Required

5

Demonstrate work ethic.

 

 

 

Demonstrating Interpersonal Skills

Required

6

Demonstrate conflict-resolution skills.

 

 

Required

7

Demonstrate listening and speaking skills.

 

 

Required

8

Demonstrate respect for diversity.

 

 

Required

9

Demonstrate customer service skills.

 

 

Required

10

Collaborate with team members.

 

 

 

Demonstrating Professional Competencies

Required

11

Demonstrate big-picture thinking.

 

 

Required

12

Demonstrate career- and life-management skills.

 

 

Required

13

Demonstrate continuous learning and adaptability.

 

 

Required

14

Manage time and resources.

 

 

Required

15

Demonstrate information-literacy skills.

 

 

Required

16

Demonstrate an understanding of information security.

 

 

Required

17

Maintain working knowledge of current information-technology (IT) systems.

 

 

Required

18

Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.

 

 

Required

19

Apply mathematical skills to job-specific tasks.

 

 

Required

20

Demonstrate professionalism.

 

 

Required

21

Demonstrate reading and writing skills.

 

 

Required

22

Demonstrate workplace safety.

 

 

 

Examining All Aspects of an Industry

Required

23

Examine aspects of planning within an industry/organization.

 

 

Required

24

Examine aspects of management within an industry/organization.

 

 

Required

25

Examine aspects of financial responsibility within an industry/organization.

 

 

Required

26

Examine technical and production skills required of workers within an industry/organization.

 

 

Required

27

Examine principles of technology that underlie an industry/organization.

 

 

Required

28

Examine labor issues related to an industry/organization.

 

 

Required

29

Examine community issues related to an industry/organization.

 

 

Required

30

Examine health, safety, and environmental issues related to an industry/organization.

 

 

 

Addressing Elements of Student Life

Required

31

Identify the purposes and goals of the student organization.

 

 

Required

32

Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.

 

 

Required

33

Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.

 

 

Required

34

Identify Internet safety issues and procedures for complying with acceptable use standards.

 

 

 

Exploring Work-Based Learning

Required

35

Identify the types of work-based learning (WBL) opportunities.

 

 

Required

36

Reflect on lessons learned during the WBL experience.

 

 

Required

37

Explore career opportunities related to the WBL experience.

 

 

Optional

38

Participate in a WBL experience, when appropriate.

 

 

 

Developing Basic Economic Concepts and Structures

Required

39

Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.

 

 

Required

40

Explain that economic choices often have long-term, unintended consequences.

 

 

Required

41

Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).

 

 

Required

42

Identify factors of production.

 

 

Required

43

Compare economic systems.

 

 

Required

44

Explain Adam Smith’s characteristics of a market economy.

 

 

 

Understanding the Role of Producers and Consumers in a Market Economy

Required

45

Describe how consumers, producers, workers, savers, investors, and other people respond to incentives.

 

 

Required

46

Explain how businesses respond to consumer sovereignty.

 

 

Required

47

Identify the role of entrepreneurs.

 

 

Required

48

Compare the costs and benefits of different forms of business organization.

 

 

Required

49

Describe how costs and revenues affect profit and supply.

 

 

Required

50

Describe how increased productivity affects costs of production and standard of living.

 

 

Required

51

Examine how investment in human capital, physical capital, and technology can improve productivity.

 

 

Required

52

Describe the effects of competition on producers, sellers, and consumers.

 

 

Required

53

Explain why monopolies or collusion among sellers reduces competition and raises prices.

 

 

Required

54

Describe the circular flow of economic activity.

 

 

 

Exploring the Price System

Required

55

Examine the laws of supply and demand and the determinants of each.

 

 

Required

56

Explain how the interaction of supply and demand determines equilibrium price.

 

 

Required

57

Describe the elasticity of supply and demand.

 

 

Required

58

Examine the purposes and implications of price ceilings and price floors.

 

 

 

Exploring the Many Factors That Affect Income

Required

59

Examine the market value of a worker’s skills and knowledge.

 

 

Required

60

Describe how changes in supply and demand for goods and services affect a worker’s income.

 

 

 

Demonstrating Knowledge of a Nation's Economic Goals

Required

61

Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate.

 

 

Required

62

Describe the causes and effects of unemployment and inflation.

 

 

Required

63

Describe the fluctuations of the business cycle.

 

 

Required

64

Describe strategies for achieving national economic goals.

 

 

Required

65

Demonstrate knowledge of the nation’s financial system.

 

 

Required

66

Demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices.

 

 

Required

67

Demonstrate knowledge of the role of government in a market economy.

 

 

Required

68

Demonstrate knowledge of the global economy.

 

 

 

Developing Consumer Skills

Required

69

Examine basic economic concepts and their relation to product prices and consumer spending.

 

 

Required

70

Examine the effect of supply and demand on wages and prices.

 

 

Required

71

Describe the steps for making a purchase decision.

 

 

Required

72

Describe common types of contracts and the implications of each.

 

 

Required

73

Demonstrate comparison-shopping skills.

 

 

Required

74

Maintain a filing system for personal financial records.

 

 

Required

75

Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.

 

 

Required

76

Access reliable financial information from a variety of sources.

 

 

Required

77

Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.

 

 

Required

78

Examine precautions for protecting identity and other personal information.

 

 

Optional

79

Interact effectively with salespersons and merchants.

 

 

Optional

80

Describe consumer protection regulations.

 

 

Optional

81

Describe the role of consumer assistance agencies.

 

 

 

Demonstrating Knowledge of Planning for Living and Leisure Expenses

Required

82

Compare the costs and benefits of purchasing vs. leasing a vehicle.

 

 

Required

83

Compare the advantages and disadvantages of renting vs. purchasing a home.

 

 

Required

84

Describe the process of renting housing.

 

 

Required

85

Describe the process of purchasing a home.

 

 

Required

86

Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.

 

 

Required

87

Evaluate discretionary spending decisions.

 

 

 

Demonstrating Knowledge of Banking Transactions

Required

88

Describe the types of financial institutions.

 

 

Required

89

Examine how financial institutions affect personal financial planning.

 

 

Required

90

Evaluate services and related costs associated with personal banking.

 

 

Required

91

Differentiate among types and regulations of electronic monetary transactions.

 

 

Required

92

Prepare all forms necessary for opening and maintaining a checking and a savings account.

 

 

Required

93

Reconcile bank statements.

 

 

Required

94

Compare costs and benefits of online, mobile, and traditional banking.

 

 

Required

95

Explain how certain historical events have influenced the banking system and other financial institutions.

 

 

Optional

96

Compare the U.S. monetary system with the international monetary system.

 

 

 

Demonstrating Knowledge of Credit and Loan Functions

Required

97

Evaluate the various methods of financing a purchase.

 

 

Required

98

Analyze credit card features and their impact on personal financial planning.

 

 

Required

99

Identify qualifications needed to obtain credit.

 

 

Required

100

Identify basic provisions of credit and loan laws.

 

 

Required

101

Compare terms and conditions of various sources of consumer credit.

 

 

Required

102

Identify strategies for effective debt management, including sources of assistance.

 

 

Required

103

Explain credit rating and credit report.

 

 

Required

104

Compare the costs and conditions of secured and unsecured loans.

 

 

Required

105

Compare the types of voluntary and involuntary bankruptcy and the implications of each.

 

 

Optional

106

Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.

 

 

Optional

107

Complete a sample credit application.

 

 

 

Demonstrating Knowledge of the Role of Insurance in Risk Management

Required

108

Evaluate insurance as a risk-management strategy.

 

 

Required

109

Distinguish among the types, costs, and benefits of automobile insurance coverage.

 

 

Required

110

Distinguish among the types, costs, and benefits of life insurance.

 

 

Required

111

Distinguish among the types, costs, and benefits of property insurance.

 

 

Required

112

Distinguish among the types, costs, and benefits of health insurance.

 

 

Required

113

Explain the roles of insurance in financial planning.

 

 

Required

114

Distinguish among the types of professional liability insurance.

 

 

 

Demonstrating Knowledge of Income Earning and Reporting

Required

115

Examine how personal choices about education, training, skill development, and careers impact earnings.

 

 

Required

116

Differentiate among sources of income.

 

 

Required

117

Calculate net pay.

 

 

Required

118

Investigate employee benefits and incentives.

 

 

Required

119

Complete standard federal employment tax forms.

 

 

 

Demonstrating Knowledge of Taxes

Required

120

Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.

 

 

Required

121

Explore how tax structures affect consumers, producers, and business owners differently.

 

 

Required

122

Compute local taxes on products and services.

 

 

Required

123

Examine potential tax deductions and credits on a tax return.

 

 

Required

124

Explain the content and purpose of a standard W-2 and 1099 form.

 

 

Required

125

Explain the similarities and differences between state and federal taxation of inheritances.

 

 

Optional

126

Define the terminology associated with inheritance.

 

 

Optional

127

Compare investment options for a monetary inheritance.

 

 

Optional

128

Examine types and purposes of estate planning.

 

 

Optional

129

Complete a state income tax form, including electronic formats.

 

 

Optional

130

Complete short and itemized federal income tax forms, including electronic formats.

 

 

 

Demonstrating Knowledge of Personal Financial Planning

Required

131

Identify short-term and long-term personal financial goals.

 

 

Required

132

Identify anticipated and unanticipated income and expenses.

 

 

Required

133

Examine components and purposes of a personal net worth statement.

 

 

Required

134

Develop a personal budget.

 

 

Required

135

Investigate the effects of government actions and economic conditions on personal financial planning.

 

 

Required

136

Explain how economics influences a personal financial plan.

 

 

 

Demonstrating Knowledge of Investment and Savings Planning

Required

137

Compare the impact of simple interest vs. compound interest on savings.

 

 

Required

138

Compare investment and savings options.

 

 

Required

139

Explain costs and income sources for investments.

 

 

Required

140

Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.

 

 

Required

141

Contrast alternative retirement plans.

 

 

Required

142

Explore how the stock and bond markets work.

 

 

 

Financing Education after High School

Required

143

Identify sources of financial aid.

 

 

Required

144

Examine types of student loans.

 

 

Required

145

Explain the repayment process for student loans.

 

 

Required

146

Describe types of student grants.

 

 

Required

147

Describe types of scholarships.

 

 

Required

148

Describe investment options to pay for college costs.

 

 

Required

149

Identify ways to make the cost of postsecondary education affordable.

 

 

 

Preparing for Industry Certification

Required

150

Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.

 

 

Required

151

Identify testing skills/strategies for a certification examination.

 

 

Required

152

Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).

 

 

Required

153

Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).

 

 

 

Developing Career Exploration and Employability Skills

Optional

154

Investigate career opportunities.

 

 

Optional

155

Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.

 

 

Optional

156

Prepare a professional portfolio.

 

 

Optional

157

Research a company in preparation for a job interview.

 

 

Optional

158

Participate in mock interviews to refine interviewing techniques.

 

 

Optional

159

Prepare employment-related correspondence.