Washington
11th Grade
State Standards
11.SS: Spending and Saving
Develop a plan for spending and saving.
1: Specify how monetary and non-monetary assets can contribute to net worth.
2: Analyze how changes in life circumstances can affect a personal spending plan.
3: Investigate changes in personal spending behavior that contribute to wealth building.
Develop a system for keeping and using financial records.
4: Identify expenses that are tax deductible and those that are not.
5: Use a system to retain evidence of tax-deductible expenditures.
6: Identify the records required to claim possible tax deductions and credits.
Describe how to use different payment methods.
7: Compare the costs of cashing a check with various third parties such as banks and credit unions, check-cashing services, and retail outlets.
Apply consumer skills to spending and saving decisions.
8: Demonstrate how to use comparison shopping skills to buy or finance a major purchase.
9: Compare the cost of expenses associated with a postsecondary education at three institutions.
10: Compare the costs and benefits of a new versus used car (e.g., maintenance, safety, financing, and gas mileage) with public transportation.
11: Evaluate specific charities based on purpose, management, outcomes or results, and reputation.
11.CD: Credit and Debt
Analyze the costs and benefits of various types of credit.
1: Identify how credit card grace periods, methods of interest calculation (e.g., annual percentage rate), and fees affect borrowing costs.
2: List the types of information needed when applying for a credit card.
3: Compare the total cost of reducing a credit card balance to zero with minimum payments versus above-minimum payments, all other terms being equal and no further purchases being made.
4: Identify loan options for paying for a major purchase.
5: Investigate alternatives to loans as a means of paying for postsecondary education, including scholarships and grants.
6: Analyze the costs, benefits, and impact of investment in post-high school education by career option.
7: Explain the effect of debt on net worth.
Summarize a borrower's rights and responsibilities related to credit reports.
8: Identify online information about the Fair Credit Reporting Act.
9: Explain the importance of credit reports to borrowers and to lenders.
10: Give examples of permissible uses of a credit report other than granting credit.
11: Identify the primary organizations that maintain and provide consumer credit records.
12: List the information in a credit report and how long it is retained.
13: Explain the rights that people have to examine their credit reports (e.g., free annual credit report).
14: Identify ways that a negative credit report can affect a consumer's options.
15: List the process of disputing inaccurate credit report data.
16: Identify factors that affect a particular credit scoring system.
17: Report how a credit score affects creditworthiness and the cost of credit.
18: Investigate how student loan obligations differ from other kinds of debt.
11.EI: Employment and Income
Explore job and career options.
1: Analyze how economic and other conditions can affect income and career opportunities and the need for lifelong training and education.
2: Discuss how non-income factors such as child-care options, cost of living, and work conditions can influence job choice.
3: Modify a career plan that aligns with personal interests, financial goals, and desired lifestyle.
4: Develop a résumé and cover letter for a specific job of interest.
Compare sources of personal income and compensation.
5: Summarize employee benefits and explain why they are forms of compensation.
6: List required employer contributions and additional benefits that an employer might offer.
7: Identify the monetary and non-monetary value of employee benefits in addition to wages and salaries.
Analyze factors that affect net income.
8: Complete IRS form W-4 (Employee's Withholding Allowance Certificate) to determine the optimal amount to withhold for personal income tax.
9: List circumstances that would call for the adjustment of the income tax withholding allowance.
10: Examine the benefits of participating in employer-sponsored retirement savings plans and health care savings plans.
11: Complete IRS Form 1040EZ, Form 1040, and applicable state income tax forms.
11.I: Investing
Explain how investing may build wealth and help meet financial goals.
1: Compare strategies for investing as part of a comprehensive financial plan.
2: Give examples of how employer matching contributions to employer-sponsored retirement savings plans and vesting schedules affect participating employees.
Evaluate investment alternatives.
3: Identify fees for buying, owning, and selling stocks, bonds, and mutual funds.
4: List the advantages of taxable, tax-deferred, and tax-advantaged investments for new savers, including Roth IRAs (individual retirement accounts) and employer-sponsored retirement plans.
Demonstrate how to buy and sell investments.
5: Assess how economic conditions and business factors affect the market value of a stock.
6: Compare various sources of information, including prospectuses, online resources, and financial publications to gather data about specific investments.
7: Explore evaluation strategies, including risk tolerance, for selecting investments that meet the objectives of a personal financial plan.
8: Discuss the advantages and disadvantages of buying and selling investments through various channels, including employer-sponsored retirement plans, investment advisors, brokerage firms, and direct purchase.
11.RM: Risk Management and Insurance
Identify common types of risks and basic risk management methods.
1: Give examples of circumstances in which self-insurance is appropriate.
2: Evaluate the costs and benefits of an extended warranty.
3: Recommend insurance for various types of risk.
Justify reasons to use property and liability insurance.
4: Differentiate among the main types of auto insurance coverage.
5: Analyze factors that determine auto insurance premiums and the factors that cause them to change.
6: Calculate payment expected on an auto insurance claim after applying exclusions and deductibles.
11.FD: Financial Decision-Making
Recognize the responsibilities associated with personal financial decisions.
1: Discuss how individual responsibility for financial well-being will change over a lifetime with changing life circumstances.
2: Develop a definition of wealth based on personal values, priorities, and goals.
Use reliable resources when making financial decisions.
3: Evaluate whether financial information is objective, accurate, and current.
4: Summarize factors to consider when selecting a finance professional.
Make criterion-based financial decisions by systematically considering alternatives and consequences.
5: Develop a backup plan for a specific financial goal when circumstances change (e.g., job loss, illness, major gift, or inheritance).
6: Analyze expenses and risks of alternative financing or predatory lending options such as payday loans and credit card cash advances.
Apply communication strategies when discussing financial issues.
7: Assess the value of sharing financial goals and personal financial information with a partner before combining households.
8: Demonstrate how to negotiate the sales price of a major purchase, such as a car or a motorcycle.
Analyze the requirements of contractual obligations.
9: Identify the factors that make a contract legal and binding.
10: Summarize the terms of a credit card or other loan agreement.
11: Demonstrate how to find information on employment law to resolve an employee issue with an employer.
Control personal information.
12: Identify where to find the steps to resolve identity theft problems as recommended by the Federal Trade Commission and relevant financial institutions.
13: Understand identity theft prevention strategies.
14: List entities that have a right to request certain personal financial data.
15: Investigate consumer safeguards for mobile and online banking.
Use a personal financial plan or budget.
16: Develop a personal financial plan or budget, including goals, spending and saving plan, investing plan, insurance plan, a net worth statement, and an estate plan.
17: List the main components of a simple will.
18: Explain the purpose of a durable power of attorney for health care (living will).