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Advanced Budgeting

Advanced Budgeting

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

II: Group II - Personal Finance

SPECIFIC EVALUATION CRIT.: SPECIFIC EVALUATION CRIT.

2: Earning Income

Standards
Defined by WV SPECIFIC EVALUATION CRITERIA 8th-12th Grades and align with Advanced Budgeting
1451.2.4: Read a pay stub and describe the different deductions.
1451.2.5: Differentiate between gross, net, and taxable income.

3: Banking

Standards
Defined by WV SPECIFIC EVALUATION CRITERIA 8th-12th Grades and align with Advanced Budgeting
1451.3.7: Exhibit understanding of credit and/or debit cards.

4: Spending and Budgeting

Standards
Defined by WV SPECIFIC EVALUATION CRITERIA 8th-12th Grades and align with Advanced Budgeting
1451.4.1: Classify expenses into needs or wants (e.g., living expenses, transportation, food, hobbies, entertainment, etc.).
1451.4.5: Analyze the pros and cons of buying versus renting/leasing.
1451.4.9: Construct, utilize, and monitor a budget to allocate current income to necessary and desired spending including estimates for both fixed and variable expenses.
1451.4.10: Explain the method of adjusting a budget for unexpected expenses or emergencies.

5: Credit

Standards
Defined by WV SPECIFIC EVALUATION CRITERIA 8th-12th Grades and align with Advanced Budgeting
1451.5.1: Explain how a borrower’s credit score can impact their cost of credit and their ability to obtain credit.
1451.5.11: Understand the importance of reviewing one’s credit report and the steps to take to find and dispute errors.
1451.5.2: Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers and identify the primary organizations that maintain and provide consumer credit reports.
1451.5.3: Explain how credit card grace periods, methods of interest calculation, payments, and fee affect borrowing.
1451.5.4: Give examples of unsecured and secured loans.
1451.5.5: Differentiate adjustable rate and fixed rate loans (e.g., balloon payments, mortgages, etc.).
1451.5.6: Identify and analyze examples of loans with various down payment scenarios, the effect on loans, and repayment motivation incentives.
1451.5.7: Calculate how much an auto loan will cost given special offers as well as standard factors such as down payment, APR, and term.
1451.5.8: Describe how failing to repay a loan can negatively impact a person’s finances and life.
1451.5.9: Enumerate the components of a credit report, how long each data type is retained, what type of organizations can review credit reports (e.g., landlords, banks, employers, insurance, cell phone, etc.), and how one’s credit score can impact a person’s finances and life.

6: Savings, Investing, and Risks

Standards
Defined by WV SPECIFIC EVALUATION CRITERIA 8th-12th Grades and align with Advanced Budgeting
1451.6.18: Describe the advantages of investing through a tax-deferred account such as an IRA or 401(k) versus a taxable account.
1451.6.20: Analyze the conditions under which it is appropriate for young adults to have life, health, and disability insurance to prevent risk, liabilities, and/or loss.
1451.6.21: Differentiate between types of insurance (e.g., homeowner’s, automobile, accidental, disability, and life).
1451.6.22: Explain different factors that impact insurance premiums, deductibles, and out-of-pocket costs.
1451.6.25: Provide examples of how online behavior, email and text message scams, telemarketers, and other methods make consumers vulnerable to privacy infringement, identity theft, and fraud and identity theft victim steps and strategies.
1451.6.26: Recommend strategies to reduce the risk of identity theft and financial fraud.