Lenape Regional High School District

Personal Finance, Level 2 Course of Study

Final BOE Approval May 2011

Revised October 2009

Table of Contents

Members of Revision Committee

Statement of Purpose

Program of Studies Description

Core Content Standards

Textbook and Resource Materials

Course Objectives/Activities

Content Outline/Timeline

Members of Revision Committee:

Debbie Hodulik - Lenape

Jack Lamplugh - Cherokee

Pat Costello - Seneca

Joan Colgan- Shawnee

Rollin Peoples - Cherokee

Statement of Purpose:

The purpose of all curriculum guides is to provide direction for instruction. They identify the written outcomes in a subject and /or grade as the basis for classroom activities and student assessment. In order to achieve maximum understanding, the objectives identified as learning outcomes must be written clearly and reflect the specific learning and behavior which are expected.

Objectives are written as major outcomes and stated to require critical thinking. Teachers should understand that they must make careful decisions about the specific sub skills and prior learning needed to reach these objectives. These professionals are encouraged to reflect with others teaching the same curriculum for this purpose and also to identify the most appropriate resources and methods of assessment. The assessments are directly aligned with the objectives. Therefore, the objectives in this guide are designed to provide direction to the teacher in order to facilitate instructional planning.

All teachers, parents and students should be informed of the expected outcomes (i.e. objectives) for the subject and/or grade level.

Program of Studies Description:

Students need a sound financial foundation from which to build their careers. This course will develop financial literacy and investigate career choices. Students will learn to manage, utilize, and reconcile checking and savings accounts, including electronic banking. Personal decision-making, regarding budgeting, career choices, investments, loans and insurance, will be covered. Career research, employment documents, and interviewing techniques will also be emphasized. Quicken personal financial software and guest speakers will be used to reinforce concepts learned.

Core Content Standards for  Personal Finance Level 2:

Textbook and Resource Materials:

Ryan, Joan S. “Managing Your Personal Finances” 5th edition, South-Western Publishing Co. 2006 Textbook and Workbook

Quicken financial software

Internet availability

Career software program or Internet Program

Course Objectives/Activities:

Tip: Objectives must be aligned to the Core Curriculum Content Standards. This section must include technology infusion, multiculturalism, reading and writing across the curriculum, critical thinking, HSPA/SAT, and career awareness.

Objective 1:

The learner will analyze positive and negative features of potential career choices and be able to implement career-planning techniques and research in choosing a career. (9.1A, 9.1B, 9.1F, 9.2A, 9.3C)

Activities to meet objective:

• The learner will identify reasons people work.
• The learner will use critical thinking skills to access pros and cons of career interests.
• The learner will participate in a self-assessment process that assists the learner in finding careers that may be of special interest.
• The learner will use Internet and library resources (including government publications) to research and explore career choices.
• The learner will set short, intermediate and long-range goals.

Assessment:

Teacher will check for results of self-assessment.

The learner will be assessed through an objective test.

Assessment will include a research report of a chosen or assigned career with citations and bibliography page. A list of positive and negative features of the career will also be included within the report.

Objective 2:

The learner will identify the current demands and the constant changes in the workforce environment and be able to explain how a worker can meet current and changing expectations to assist in keeping his or her job. (8.1C, 8.1E, 8.2B, 9.1E, 9.1F, 9.2A)

Activities to meet objective:

• The learner will participate in a discussion of what change is and how it is handled: such as what changes they have had to implement within their lives to stay current with technology and/or the changes in the way we now can shop and/or the changes in the international work force.
• The learner will list and explain various educational opportunities available to the employee to remain a life long learner.
• The learner will identify what employee characteristics are valued most by employers.
• The learner will practice effective communication (listening, speaking, reading and writing) and technology skills within the class.
• The learner will make a presentation (of the instructor's choice) depicting proper business etiquette in a multicultural society and/or while visiting another country.

Assessment:

The learner will be assessed through use of a combination objective and essay test.

The learner will be assessed through use of oral presentation of research report and/or business etiquette project.

Objective 3:

The learner will simulate the proper procedures an applicant should follow to apply, interview, and follow up on employment opportunities. (9.2A, 9.3C)

Activities to meet objective:

• The learner will identify and explain several methods of finding job leads.
• The learner will begin his or her own personal networking system.
• The learner will complete a letter of application to a business advertised in the paper.
• The learner will complete at least two job applications.
• The learner will complete a personal resume hard copy and electronic copy.
• The learner will complete a follow up letter (thank-you letter).
• The learner will participate in a mock interview and illustrate the proper behavior that should be exhibited before, during, and after an interview.
• The learner will identify appropriate dress attire for specific jobs.

Assessment:

The learner will be assessed through use of a combination objective and essay test.

Instructor will assess the learner's portfolio of employment documents.

Instructor will assess participation of learner in mock interview.

Objective 4:

The learner will compare and contrast the responsibilities of the employer to the employee with the responsibilities of the employee to the employer. (8.2C,9.1B)

Activities to meet objective:

• The learner will participate in mock labor negotiations between employer and employees to create a list of responsibilities acceptable to the employer and a list of responsibilities acceptable to the employee.
• The learner will discuss the results of job satisfaction.
• The learner will list some of the responsibilities of the Human Resource department of a company.
• The learner will explain why human relationships can be so important at work.

Assessment:

The learner will be assessed through use of a combination objective and essay test.

Instructor will assess results of mock labor negotiations.

Objective 5:

The learner will define and discuss the basic employment laws enacted for the protection and security of employee/employers and complete forms required for complying with those laws. (9.2D)

Activities to meet objective:

• The learner will explain the need for government's intervention in creating employment laws.
• The learner will define and explain the following employment laws through use of textbook and government agencies online.
  • Social Security Act
  • Fair Labor Standards Act
  • Family and Medical Leave Act
  • Equal Pay Act
  • Civil Rights Act of 1964
  • Age Discrimination in Employment Act
  • Americans with Disabilities Act
  • Unemployment and Worker's Compensation Insurance
• The learner will successfully complete a W-4 Form and Working Papers.
• The learner will explain the need and purpose of a W-2 form.
• The learner will give reasons and site examples of the importance of safety in the workplace for both the employer and the employee

Assessment:

The learner will be assessed through use of a combination objective and essay test.

Instructor will assess successful completion of required employment forms.

Objective 6:

The learner will evaluate job compensation through identifying, analyzing and computing payroll deductions and net pay while remaining conscious of required and optional employee benefits. (9.3B)

Activities to meet objective:

• The learner will compute gross pay calculations considering regular, overtime, and contractual salary situations.
• The learner will explain the concept, as well as compute state, federal, and optional employee deductions.
• The learner will complete various employee withholding sheets.
• The learner will utilize payroll tax tables.
• The learner will critically analyze employee benefits and incentives.
• The learner will role play Human Resource Manager/Employee negotiations regarding employee benefits.
• The learner will discuss current European employee issues.

Assessment:

The learner will be assessed through use of objective and essay tests.

The learner will be assessed through evaluation of financial software output.

The learner will be assessed through a role play presentation matrix.

Objective 7:

The learner will identify the current trends in working arrangements, as well as the functions of labor unions and professional organizations. (9.2A, 9.2E)

Activities to meet objective:

• The learner will research a local union and report on the benefit/cost analysis provided by a union.
• The learner will evaluate job rotation, altered working weeks, job sharing, and telecommuting.

Assessment:

The learner will be assessed through oral presentation of their union analysis.

The learner will be assessed through working arrangement case study analysis report.

Objective 8:

The learner will identify and discuss payroll taxes in conjunction with completing tax Forms 1040EZ and 1040A. (9.2A, 9.2B)

Activities to meet objective:

• The learner will participate in discussions concerning the United States Tax System.
• The learner will utilize the IRS Tax Interactive Website to discover

line by line explanations for each section of the 1040EZ and 1040A tax forms.

• The learner will utilize the IRS Tax Interactive Website to discover

a detailed explanation of the most common tax deductions.

• The learner will participate in a cooperative learning experience concerning the pros and cons of flat verses accelerated tax programs.
• The learner will complete a 1040EZ and 1040A Tax Forms manually and electronically.

Assessment:

The learner will be assessed through objective and essay tests.

The learner will be assessed through case study evaluations.

The learner will be assessed through evaluation of completed tax reports.

Objective 9:

The learner will prepare a personal inventory and budget. (8.1A, 9.2A, 9.2B)

Activities to meet objective:

• The learner will develop budgets manually/electronically.
• The learner will develop net worth statements manually/electronically.
• The learner will develop property inventories manually/electronically.

Assessment:

The learner will be assessed through objective and essay tests.

The learner will be assessed through case study evaluations.

The learner will be assessed through evaluation and output of Financial Reports.

Objective 10:

The learner will explain the elements of legal contracts and responsibilities including credit agreements. (9.2E)

Activities to meet objective:

• The learner will discuss the concepts of contracts, negotiable drafts, warranties, and the consumer responsibilities associated with them.
• The learner will use the Internet to find credit agreements for local banks, department stores, and car manufacturers.
• The learner will complete a credit card and loan application.

Assessment:

The learner will be assessed through oral presentation and explanation of warranty.

The learner will be assessed through essay on responsible credit decisions.

Objective 11:

The learner will analyze the procedure, procurement, and proper use of personal banking services. (9.2B)

Activities to meet objective:

• The learner will research the banking system.
• The learner will complete a signature card authorization form.
• The learner will prepare checks and deposit slips.
• The learner will complete a bank reconciliation.
• The learner will participate in a checking account simulation.
• The learner will contact local bank websites and compare/contrast the types of accounts and services they offer.
• The learner will use manual and electronic financial software to develop a personal banking system.

Assessment:

The learner will be assessed through an objective and essay test.

The learner will be assessed through presentation of research materials.

The learner will be assessed through completion of a checkbook project.

Objective 12:

The learner will list reasons why they need short-term and long-term savings plans and list the advantages and disadvantages of these plans. (9.2B)

Activities to meet objective:

• The learner will list some of their short- and long-term savings goals.
• The learner will list and explain some of the advantages of saving money.
• The learner will list 3 questions to consider when selecting a financial institution for savings.
• The learner will list and explain the differences among the most common saving methods.
• The learner will calculate the future value of amounts comparing interest rates, period of time, and compounded annually, semiannually, and quarterly.

Assessment:

Students will create a bar chart comparing interest earned. For example have students create a chart comparing interest earned on $1,000.00 at 8% interest when the interest is computed annually, semiannually, and quarterly, over a 4 year period of time.

Students will list at least one advantage and one disadvantage of using a regular saving account, a time certificate of deposit, an individual retirement account, and a money market fund.

Students will use the Rule of 72 to estimate how long it will take an amount to double.

The learner will be assessed through objective and/or essay tests.

Objective 13:

The learner will list reasons why short-term and long-term investing options are necessary. (9.2B, 9.2D)

Activities to meet objective:

• The learned will list why an individual would invest.
• The learner will compare safety, liquidity, rate of return, risks and potential for growth in value for the following investments types:
  • stocks
  • treasury bills
  • mutual funds
  • real estate
• The learner will compare investments options to determine which plan(s) would be the best place to invest their money.
• Students will interpret a stock quote from either a newspaper or online.

Assessment:

Students will be given real life scenarios and they will have to decide how much and where to invest the money. For example you have a regular job and your budget shows that you have an extra $100 a month that you can invest; whom would you consult and what questions would you ask.

Students will locate a copy of an annual report of a corporation and will get the necessary information to help them determine if this company is worth investing in.

Students will answer questions about the attitude towards risks to determine what types of investments are best for them.

The learner will be assessed through objective and/or essay tests.

Objective 14:

The learner will calculate stock dividends for a corporation and determine how to figure the return on an investment. (9.2D)

Activities to meet objective:

• The learner will compute yearly total dividends as well as dividend per share paid to common and preferred stockholders.
• The learner will calculate the profit on the sale of stock taking into consideration the dividends earned over the life of the stock and the profit made by selling the stock.
• Students will identify the purpose of stock splits, and compute the number of shares an investor would own after a stock dividend and/or stock split.
• Students identify the purpose of the Dow Jones Industrial Average and stock indexes such as the S & P 500.

Assessment:

Students will compute the annual yield on an investment using time value of money tables, financial calculators, and or calculators on the Web.

The learner will be assessed through objective and/or essay tests.

Objective 15:

The learner will estimate the future retirement needs and list advantages and disadvantages of retirement plans. (9.2B, 9.2D)

Activities to meet objective:

• The learner will estimate the age at which they will retire and create a listing of the amounts needed to retire at that age.
• The learner will list the advantages and disadvantages of the following retirement plans:
  • IRA
  • Roth IRA
  • Keogh Plans
  • Pensions
  • Tax-deferred investments
  • 401 (k)
  • 401 (b)
  • Social Security
• Students will compare the basic features of traditional individual retirement accounts and Roth IRAs.

Assessment:

Students will create a worksheet to estimate the future retirement needs of an individual or family.

Students will compute the amount by which an individual's taxes are reduced as a result of making a contribution to qualified retirement plans.

Students will create a spreadsheet comparing how much income they will receive from social security if they retire at 65 or 75.

The learner will be assessed through objective and/or essay tests.

Objective 16:

The learner will describe the history of credit in America utilizing proper credit terminology. (9.2C)

Activities to meet objective:

• The learner will participate in discussions involving the use of credit today compared to its use in this country's earlier years.
• The learner will research living conditions during the Great Depression (1930s).
• The learner will match vocabulary words to appropriate definitions.
• The learner will utilize proper usage of basic credit vocabulary during classroom discussions and in all writing samples.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through research presentation.

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through teacher evaluation of written samples; for example,

projects, research assignments, and case study responses.

Objective 17:

The learner will list the advantages and disadvantages of using credit. (9.2C)

Activities to meet objective:

• The learner will list at least three advantages and disadvantages, of credit. The learner will complete a case study answering questions about their beliefs regarding the use of credit.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through case study evaluation.

Objective 18:

The learner will list, describe, and compare the kinds of credit available and the various sources of credit. (9.2C)

Activities to meet objective:

• The learner will list and describe the following open-ended types of credit:
  • Open 30-day accounts
  • Revolving credit accounts
  • Credit cards
    • Annual percentage rate
    • Free period
    • Annual fees
    • Transaction fees and late fees
    • Method of calculating the finance charge.
• The learner will describe closed-end types of credit.
• The learner will describe service credit.
• The learner will explain and compare the following sources of credit:
  • Retail stores
  • Banks and credit unions
  • Finance companies
  • Pawnbrokers
  • Private lenders.
• The learner will complete a credit questionnaire.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will successfully complete a credit card application.

Objective 19:

The learner will explain the importance of credit records and summarize how and why such records are compiled. (9.2C)

Activities to meet objective:

• The learner will identify and participate in discussions concerning the components of individual and company credit histories.
  • The learner will describe the information given in a credit report using a legend of symbols.
  • The learner will outline the contents of a credit report.
  • The learner will explain how credit report information is gathered, used, and stored.
• The learner will list and explain the 5 Cs of credit.
• The learner will evaluate case studies involving credit reports.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through case study evaluation.

Objective 20:

The learner will identify and explain the process of establishing creditworthiness. (9.2C)

Activities to meet objective:

• The learner will participate in discussions regarding the following path to establishing good credit:
  • Open a savings account
  • Open a checking account
  • Open a store credit account
  • Get a small loan
  • Apply for a credit card.
• The learner will complete a loan application form.
• The learner will explain the importance of making payments on time.

Assessment:

The learner will be assessed through the completion of a loan application form.

The learner will be assessed through objective and/or essay tests.

Objective 21:

The learner will define the various credit ratings and describe a point system for determining creditworthiness as well as define and discuss the major credit laws enacted for the protection of consumers from unfair credit practices. (9.2C)

Activities to meet objective:

• The learner will define excellent, good, fair, and poor credit ratings.
• The learner will explain the factors upon which the credit bureau assigns points used by business subscribers to make decisions about granting or denying credit.
• The learner will list questions to ask credit bureau representative focusing on the practices of the bureau in regards to gathering information, determining credit ratings, and assessing fees.
• The learner will explain the rationale for government's intervention in creating credit laws.
• The learner will define and explain the following employment laws through the use of the textbook and government agencies online:
  • Consumer Credit Protection Act
  • Fair Credit Reporting Act
  • Fair Billing Act
  • Equal Credit Opportunity Act
  • Fair Debt Collection Practices Act.

Assessment:

The learner will be assessed through role-play of mock credit bureau interview.

The learner will be assessed through objective and/or essay tests.

Objective 22:

The learner will describe both the consumer and creditor responsibilities of consumer credit. (9.2C, 9.2E, 9.2F)

Activities to meet objective:

• The learner will participate in discussions regarding careful management of consumer credit including elaboration on the responsibilities of the consumer and the creditor.
• The learner will explain the consumer's responsibility in preventing unauthorized use of credit cards.
• The learner will discuss three steps that can be taken to protect the consumer's credit card and personal information during online transactions.
• The learner will use the Internet to research current articles about online privacy and share the results with the class.
• The learner will discuss the guidelines of avoiding unnecessary credit costs.

Assessment:

The learner will be assessed through presentation of research materials.

The learner will be assessed through objective and/or essay tests.

Objective 23:

The learner will be able to analyze, compute, and compare credit costs. (9.2C)

Activities to meet objective:

• The learner will explain why credit costs vary including the following:
  • Source of credit
  • Total amount financed
  • Length of time you make payments
  • Ability to repay debt
  • Type of credit selected
  • Collateral or security offered
  • Interest rates
  • Economic conditions
  • The business's cost of providing credit.
• The learner with compute and compare methods of assessing finance charges on revolving credit for the adjusted balance method, the previous balance method, and the average daily method manually/electronically.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through evaluation of financial reports.

Objective 24:

The learner will list and explain methods for solving credit problems. (9.2C, 9.2E)

Activities to meet objective:

• The learner will discuss the 20/10 Rule and apply it to at least three situations.
• The learner will participate in class discussions on the concepts of credit counseling, debt adjustment, credit repair, and legal recourse.
• The learner will outline bankruptcy laws, including exempted items, types of income excluded, and bankruptcy options.
• The learner will list and discuss the causes of bankruptcy including business failure, emotional spending, failure to budget and plan, and catastrophic injury or illness.
• The learner will analyze legal notices of bankruptcies and answer questions regarding the notices.
• The learner will contrast Chapter 7, Chapter 11, and Chapter 13 bankruptcy conditions.
• The learner will list four advantages and disadvantages of declaring bankruptcy.
• The learner will search the Internet and make a list of five tips for staying out of credit trouble.
• The learner will search the yellow pages, business directories, or online and write a brief summary of the kinds of information and services provided by each of the following:
  • Not for profit credit counseling services
  • Commercial debt-adjustment firms
  • Attorneys specializing in bankruptcy
  • Classes or other credit counseling services.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through the completion of research assignments.

Objective 25:

The learner will apply a step-by-step process to make purchasing decisions. (9.2E)

Activities to meet objective:

• The learner will participate in class discussion about the six steps necessary to make purchasing decisions.
• The learner will list and discuss economic wants and needs.
• The learner will analyze the factors which influence spending decisions.
• The learner will contrast marketing strategies that influence spending.

Assessment:

The learner will be assessed through objective and/or essay tests.

The learner will be assessed through the completion of a purchase decision-making assignment.

Objective 26:

The learner will describe various housing rental alternatives and discuss different living arrangements. (9.2E, 9.2G)

Activities to meet objective:

• The learner will use the Internet/newspapers to research the differences between renting apartments, duplexes, condominiums and houses.
• The learner will list reasons for choosing roommates, deciding where to live, and how to arrive at group financial decisions.
• The learner will complete rental application.
• The learner will discuss landlord and tenant responsibilities.

Assessment:

The learner will be assessed through use of a combination objective and essay test.

The learner will be assessed through the use of a chapter research assignment.

The learner will be assessed through successful completion of rental application.

Objective 27:

The learner will list the quality of life and financial advantages of owning a home. (9.2G)

Activities to meet objective:

• The learner will use the Internet to research home costs and property taxes.
• The learner will compute current equity in a home.
• The learner will research mortgages and discuss the types available.
• The learner will use the Yellow Pages to review different types of home repair and maintenance services.
• The learner will discuss the home-buying process and the events that occur at closing.

Assessment:

The learner will be assessed through objective and essay tests.

The learner will be assessed through research projects.

Objective 28:

The learner will describe the process of buying versus leasing a vehicle and discuss the cost of operating a car. (9.2E)

Activities to meet objective:

• The learner will research the process of buying new or used car.
• The learner will compare the advantages and disadvantages of leasing a car.
• The learner will develop a lease versus buy comparison.
• The learner will discuss the costs of owning and maintaining a car.
• The learner will identify possible auto repair scams.

Assessment:

The learner will be assessed through objective and essay tests.

The learner will write a car research report.

Objective 29:

The learner will evaluate different kinds of risks and develop strategies to manage the risks. (9.2A, 9.2F, 9.2G)

Activities to meet objective:

• The learner will be able to explain the concept of insurance.
• The learner will be able to define basic insurance terminology and types of risk.
• The learner will explain how to create a risk-management plan and discuss ways to reduce the costs of insurance.
• The learner will identify the types of property and liability insurance plans.
• The learner will discuss common types of automobile insurance coverage.
• The learner will discuss common types of health insurance coverage.
• The learner will discuss different life insurance plans and the need for disability insurance.

Assessment:

The learner will be assessed through objective and essay tests.

The learner will plan a personal insurance portfolio.

Content Outline/Timeline

1. Career Decisions 6 Weeks Approximately

2. Money Management 6 Weeks Approximately

3. Financial Security 6 Weeks Approximately

4. Credit Management 6 Weeks Approximately

5. Resource Management 6 Weeks Approximately

6. Risk Management 6 Weeks Approximately