Name of course:

Personal Finance



Length of course: One semester

Required/elective: Elective Grade level: 11-12

Instructor: Matt Schafer (matt_schafer@rsd.k12.or.us)
(503) 556-4215

Text used: NEFE High School Financial Planning Program

Supplies needed: computer, pencil, paper, notebook, workbook, various simulations

OVERVIEW:

Students will gain an appreciation of personal finance by receiving exposure to a wide array of important financial/personal units:

Goal 1: Income

1.1. Interpret factors affecting income
  • Compare career choices and potential income
  • Education requirements/training
  • Financing post high school academics/training

    1.2 Critique employer benefits packages
  • Savings plan
  • Retirement
  • Insurance
  • Leave (vacation, sick, etc.)
  • Stock purchase
  • Educational reimbursement
  • Incentive plans
  • Cafeteria plan

    1.3 Demonstrate an understanding of inflation and its effect on the economy.

    1.4 Examine the components of paying taxes
  • Different types of taxes (Federal, State, County, City)
  • Personal and employer tax responsibilities
  • Various documents for reporting taxes (W-2, W-4, 1040, 1040-EZ, etc.)

    1.5 Analyze the costs and benefits of paying taxes
  • Cost of government services (Police and fire protection, schools, roads, Social
    Security, AFDC, etc.)

    Goal 2: Money Management

    2.1 Apply a decision making process to personal financial choices

    2.2 Design a personal financial plan Budget income for spending and saving Short-term components Budget for food, entertainment, clothing, personal transportation, etc.
  • Long-term components Estate planning, wills, disability insurance, education, long-term care

    2.3 Create a realistic household budget
  • Items to consider: housing, utilities, transportation, food, clothing, education, applicable expenses of work, entertainment, insurance, long-term expenses, savings, investments, taxes, etc.

    2.4 Understand banking procedures and services
  • Opening a checking and a savings account
  • Maintaining checking accounts
  • Reconciling a bank statement
  • Balancing checking and savings accounts
  • Bank service fees
  • Payment methods
  • Debit and ATM cards
  • Loans

    2.5 Analyze personal risk management
  • Insurance
  • Health
  • Life
  • Homeowners
  • Auto
  • Renters
  • Disability
  • Salary indemnity

    Goal 3: Spending & Credit

    3.1 Demonstrate knowledge of basic principles of consumer finance
  • Comparison shopping
  • Purchasing
  • Goods/ Services
  • Consumer loans/credit
  • Opportunity cost
  • Consequences of purchasing choices

    3.2 Demonstrate awareness of consumer protection and information
  • Laws and regulations
  • Crimes against consumers
  • Fraud
  • Loan Sharking
  • Identify theft
  • Scams
  • Consumer Protections Identify protection Credit reporting services (Equifax, Trans Union, Experian, etc.)
  • Legal Documents
  • Contracts
  • Service
  • Employment
  • Personal
  • Insurance policies
  • Rental/ Lease

    3.3 Analyze consumer debt management
  • Credit card use and abuse
  • Credit costs (interest [including APR], penalties, fees, etc.)
  • Loan consolidation (benefits and disadvantages)
  • Credit Counseling
  • Credit problems including bankruptcy, foreclosure, repossession, surrender of collateral (turn back), delinquency, garnishment, effect on employment and purchase of insurance, etc.

    3.4. Examine various forms of credit payment
  • Installment
  • Bank draft
  • Lay Away
  • Electronic (Internet, debit card, wire transfer)

    3.5 Compare/contrast various types of loans
  • Mortgage
  • Balloon
  • Installment
  • Education/Training
  • Check cashing businesses
  • Personal
  • Secured and unsecured
  • Line of credit
  • Equity
  • Credit union

    Goal 4: Saving & Investing

    4.1 Identify reasons for saving & investing
  • Education
  • Emergencies/ rainy day
  • Personal goals
  • Short term
  • Long term
  • Retirement
  • Down payment

    4.2 Evaluate methods of saving
  • Certificates of Deposit
  • Interest bearing savings account (Passbook savings)
  • Individual Retirement Account (IRA)
  • Pension plans (401K, annuities, etc.)
  • Credit Unions

    4.3. Evaluate methods of investing
  • Stocks and bonds
  • Mutual funds
  • Real estate
  • Annuities

    4.4 Appraise other aspects of saving and investing Diversification Time value of money Compound growth/ Accrued interest Rule of 72 (divide interest rate into 72 to determine number of years in which money will double)
  • Risk and return

    4.5 Identify regulatory agencies and their functions
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal Savings and Loan Insurance Corporation (FSLIC)
  • Securities Exchange Commission (SEC)
  • Federal Reserve
  • Internal Revenue Service (IRS)

    Grading Policy:


    Students may turn in assignments up to two days late for a 30% penalty. After that, 50% credit may be earned. I will not accept assignments during the last week before each grading period. If you miss a test, you must make arrangements to make it up before the next test is given.
    Extremely special circumstances will be handled on a case-by-case basis.

    Absence Policy:


    If a student is absent and presents an excused absence slip the day they return to
    class, he/she will have the number of days absent to make up the work. If the
    absence is unexcused, the student will have the opportunity to make up the work,
    but it will not be accepted for a grade. Your presence in this class is very
    important. If a student is absent more than two days in a row, the parent/guardian
    should call the school and request homework be sent to the office.

    Pre-arranged absences due to school function or personal need should be announced
    to the teacher at least two days in advance. The student is to turn in the
    assignment immediately upon return or the assignment will be counted as late.

    Grading scale:


    100-90% = A
    89-80% = B
    79-70% = C
    69-60% = D
    59% = F