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INCOME STANDARDS
Students will be able to:
- Identify sources of income.
- Analyze how career choice, education, skills, and
economic conditions affect income.
- Explain how taxes, government transfer payments, and
employee benefits relate to disposable income.
GRADE 4 BENCHMARKS |
KNOWLEDGE
(Students will know that):
- People can get income by earning wages and salaries or by
receiving money gifts.
- Income can be earned or unearned.
- Workers can improve their ability to earn income by
gaining new knowledge, skills, and experiences.
- Many workers receive employee benefits in addition to
their pay.
- Entrepreneurs, who work for themselves by starting new
businesses, hope to earn a profit, but accept the risk of a
loss.
- People are required to pay taxes, for which they receive
government services.
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APPLICATION EXAMPLES
(Students could use this knowledge to)
- Identify jobs that children can do to earn income.
- Give two examples each of earned and unearned income.
- Explain why learning new skills, such as technology and
communication skills, can increase a person’s ability to earn
income.
- Explain how health insurance and paid vacation are forms
of compensation.
- Identify entrepreneurs in the community, and describe the
risks and rewards of starting a new business.
- Describe taxes that they and their families pay and
identify government services they receive.
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MONEY MANAGEMENT STANDARDS
Students will be able to:
- Explain how limited personal financial resources affect the
choices people make.
- Identify the opportunity cost of financial decisions.
- Discuss the importance of taking responsibility for personal
financial decisions.
- Apply a decision-making process to personal financial choices.
- Explain how inflation affects spending and investing
decisions.
- Describe how insurance and other risk-management strategies
protect against financial loss.
- Design a plan for earning, spending, saving, and investing.
- Explain how to use money-management tools available from
financial institutions.
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KNOWLEDGE
(Students will know that):
- People make choices because they have limited financial
resources and cannot have everything they want.
- A first step toward reaching financial goals is to identify
needs and wants and rank them in order of importance.
- A decision-making process can help people make money
decisions.
- A budget is a plan for spending and saving income.
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APPLICATION EXAMPLES
(Students could use this knowledge to)
- Give examples of situations in which they wanted to buy
something but didn’t have enough money.
- List personal financial goals and indicate which goals are
needs and which are wants.
- Make a financial decision, such as choosing between going to a
movie or saving money to buy a video game, using the following
steps:
- Identify the problem or issue.
- Gather and evaluate information
- Consider the costs and benefits of various alternatives
- Make a decision and take action
- Modify the decision and action as conditions change
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| SPENDING AND CREDIT STANDARDS
Students will be able to:
- Compare the benefits and costs of spending decisions.
- Evaluate information about products and services.
- Compare the advantages and disadvantages of different
payment methods.
- Analyze the benefits and costs of consumer credit.
- Compare sources of consumer credit.
- Explain factors that affect creditworthiness and the
purpose of credit records.
- Identify ways to avoid or correct credit problems.
- Describe the rights and responsibilities of buyers
and sellers under consumer protection laws.
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KNOWLEDGE
(Students will know that):
- To make a decision, careful consumers compare the
benefits and costs of spending alternatives.
- Information about goods and services comes from
many sources.
- Every spending decision has an opportunity cost.
- People pay for goods and services in different
ways.
- Credit is a basic financial tool.
- Borrowing money to buy something usually costs more
than paying cash because there is a fee for credit.
- Responsible borrowers repay as promised, showing
that they are worthy of getting credit in the future.
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APPLICATION EXAMPLES
(Students could use this knowledge to)
- Identify the benefits and costs of buying a
specific product, such as a video game.
- Identify whether print, television, and online
advertising statements are fact or opinion.
- Identify the opportunity cost of a recent purchase.
- Compare the advantages and disadvantages of paying
with cash, checks, debit cards, credit cards, or money orders.
- Explain the advantages and disadvantages of using
credit.
- Explain the difference in cost between cash and
credit purchases.
- Explain why lenders would be willing to make loans
to some people and not to others.
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| SAVING AND INVESTING STANDARDS
Students will be able to:
- Explain the relationship between saving and
investing.
- Describe reasons for saving and reasons for
investing.
- Compare the risk, return, and liquidity of
investment alternatives.
- Describe how to buy and sell investments.
- Explain how different factors affect the rate of
return of investments.
- Evaluate sources of investment information.
- Explain how agencies that regulate financial
markets protect investors.
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KNOWLEDGE
(Students will know that):
- People save for future financial goals.
- Every saving decision has an opportunity cost.
- Banks, savings and loan associations, and credit
unions are places people can save money and earn interest.
- Piggy banks, savings accounts, and savings bonds are
alternatives for savings.
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APPLICATION EXAMPLES
(Students could use this knowledge to)
- Identify a financial goal and develop a saving plan
to reach it.
- Give an example of how saving means giving up the
purchase of something today for the purchase of some thing in the
future.
- Identify financial institutions in their community
and the interest paid on accounts at each place.
- Compare the advantages and disadvantages of savings
alternatives.
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