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Advanced Budgeting

Advanced Budgeting

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Here's how Advanced Budgeting aligns with curriculum standards in South Carolina. Use the filters to change the location, set of standards, and grade level.

5131: ADVANCED PERSONAL FINANCE

F: PERSONAL FINANCIAL MANAGEMENT: Financial managers analyze how human behaviors impact financial decisions.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
1: Explain the importance of taking responsibility for personal financial decisions.
2: Apply decision-making skills to make personal financial choices through SMART goals. (e.g., needs and wants, cost-benefit analysis).
3: Apply strategies for making informed purchasing decisions.
4: Explain the impact of debt on personal financial health.
5: Describe the importance of budgeting.

H: BUDGETING AND FINANCIAL PLANNING: Financial managers understand the importance of budgeting for financial success.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
1: Contrast needs and wants.
2: Identify components of a budget.
3: Create a spending log to track personal expenses over time.
4: Explain how the budgeting process prepares for unplanned expenses or emergencies.
5: Identify technological and traditional tools used for organizing and maintaining financial records.
6: Evaluate the impact of budget surpluses and deficits.
7: Develop a personal budget based on expected earnings from a chosen career and lifestyle including short and long-term financial SMART goals.

I: FINANCIAL INSTITUTIONS AND BANKING SERVICES: Financial managers demonstrate knowledge of banking services.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
10: Explain the difference between debit and credit cards.

K: CREDIT AND DEBT: Financial managers develop effective strategies for controlling and managing credit and debt.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
1: Identify types and sources of credit/debt (credit card, personal loan, mortgage, student loans).
2: Evaluate the costs and benefits of using credit including interest rates, terms, and fees.
3: Calculate the cost of credit.
7: Evaluate how credit scores are determined.

M: PERSONAL TAXES: Financial managers analyze personal taxes and their impact on income.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
8: Demonstrate how to compute and file state and federal income taxes.

N: HOUSING CHOICES AND FINANCES: Financial managers research and apply reliable information to make a systematic decision for renting or purchasing a home.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
1: Compare the advantages and disadvantages of renting versus purchasing a property.
5: Identify the similarities/differences between leasing and buying.
6: Calculate the cost of ownership (e.g., amortization schedule).
9: Complete a mortgage application.

P: RISK AND INSURANCE: Financial managers apply appropriate and cost-effective risk management strategies.

Standards
Defined by Advanced Personal Finance Code: 5131 10th-12th Grades and align with Advanced Budgeting
3: Explain personal auto policy terms and features (e.g., liability, deductible, comprehensive, collision, underinsured, uninsured).
7: Investigate the features and benefits of other insurance products, including homeowners and renters, long-term disability, liability.