MANCHESTER REGIONAL HIGH SCHOOL BUSINESS EDUCATION PERSONAL MONEY MANAGEMENT

Transcription

1 MANCHESTER REGIONAL HIGH SCHOOL BUSINESS EDUCATION PERSONAL MONEY MANAGEMENT Revised 1/12

2 Manchester Regional High School Board of Education Mrs. Ellen Fischer, President Mr. Joseph Ferrante, Vice-President Mrs. Olla Abbasi Mr. Mounir Almaita Mr. Michael Boyle Mr. Albert Demarest Mrs. Renate Elatab Mr. Joseph Nestico Mr. John Vander Molen Administration Dr. Ray V. Kwak, Superintendent of Schools Mrs. Jeanette Makus, Business Administrator Mr. Richard J. Ney, Principal Mr. Timothy Smithhart, Vice-Principal Supervisor of Business Education Mr. Eric Roberson Curriculum Committee for Freshman Seminar Mr. Eric Roberson Mrs. Rose Margolis

3 MANCHESTER REGIONAL HIGH SCHOOL COURSE TITLE PERSONAL MONEY MANAGEMENT COURSE DESCRIPTION This course offers the student the opportunity to work with forms used in industry and by the citizens in our society. By understanding these forms, a student gains an appreciation for the operations of business. Also, this course reinforces basic skills in mathematics. Instruction is provided in the following areas: checking accounts, maintenance of budgets, business accounts, purchasing and sales procedures and keeping inventory records. COURSE DATA Length of Course: Credits: Periods Per Week: Full Year Five Five Classification: Elective - Grade 10, 11, 12 Prerequisite: None EVALUATION The purpose of evaluation is to provide information about student progress and to determine whether students have learned the subject matter that has been taught. Teachers will evaluate student progress by using tests, quizzes, homework assignments, special projects and simulation activities.

4 MANCHESTER REGIONAL HIGH SCHOOL COURSE TITLE PERSONAL MONEY MANAGEMENT COURSE DESCRIPTION This course offers the student the opportunity to work with forms used in industry and by the citizens in our society. By understanding these forms, a student gains an appreciation for the operations of business. Also, this course reinforces basic skills in mathematics. Instruction is provided in the following areas: checking accounts, maintenance of budgets, business accounts, purchasing and sales procedures and keeping inventory records. COURSE PROFICIENCIES Upon successful completion of the requirements of this course, the student should be able to: Maintain checking account records (writing checks, filling out deposit slips, etc.) Demonstrate the ability to research the purchase of an automobile or house; applying for a loan/mortgage. Understand the purpose and reasons for paying income and payroll taxes. Demonstrate the ability to calculate net worth. Demonstrate the ability to plan monthly budgets. Demonstrate the ability to complete banking transactions. Demonstrate the ability to pay utility bills. Demonstrate the ability to perform credit transactions. Demonstrate the ability to make rent and mortgage payments. Demonstrate the ability to reconcile monthly bank statements. Understand and complete appropriate work forms, such as W-4, social security application, and work permit application forms. Understand and recall employee responsibilities at work, including responsibilities to employers and to other employees. Describe employer responsibilities to employees. List and define provisions of basic employment laws enacted for the protection and security of workers Compute payroll deductions and net pay. Identify optional and required employee benefits and recognize their value as additions to net pay. Explain trends in the workplace such as flexible schedules, job rotation, job sharing, and permanent part-time employment. Understand the role of unions and professional organizations in the workplace. Understand the purpose of taxes, different types of taxes, and the history of taxes in the United States. Describe components of the tax system, including the IRS, the power to tax, and paying your fair-share.

5 Define and show a working knowledge of exemptions, dependents, and taxable and nontaxable income when preparing tax returns. Prepare Forms 1040EZ and 1040A. Understand the purpose, uses, and advantages of a personal checking account. Prepare checking account documents, including a signature card, checks, deposit slips, checkbook register and bank reconciliation. Explain check endorsements and describe the types of checking accounts available to consumers. Define the various banking services available and fees charged to consumers. Open a real checking account (if desired). Understand the need for and purpose of savings, and explain how money grows through the compounding of interest. List and describe the financial institutions where you can save, including the types of savings options available. Describe factors in selecting a savings account and the importance of saving regularly. Explain the features and purposes of savings accounts, certificates of deposit, and money market funds and accounts. Discuss some of the factors that influence the selection of a savings plan. Explain at least two ways to save regularly. Understand investment essentials, including the need for and purpose of investments, and risks involved in investing. Outline effective investment strategies and practices, including how to find and interpret investment information. List and describe sources of financial information useful for making investment decisions. List and define basic investment options, including stocks, bonds, mutual funds, real estate, annuities, and other types of investments. Describe the history of credit in America and define credit vocabulary. List advantages and disadvantages of using credit in today's changing economy. List and describe the kinds of credit available to the American consumer. Describe and compare sources of credit in the American economy. Describe the various housing alternatives and potential living arrangements. List the advantages and disadvantages of renting a residence, complete a rental application, and understand a lease and inventory. Discuss landlord/tenant responsibilities including inventory and condition report and appropriate notices. Discuss considerations of home ownership (positive and negative). List moving costs and installation charges that arise from physical change of residence. Describe the process of buying a new or used car, including selection, financing, and wise buying practices. Explain automobile leasing costs, processes, advantages, and disadvantages. List the costs of owning and operating a car, from depreciation, gas, and taxes to the cost of accessories. Describe methods for extending the life of your car and maintaining its resale value. Discuss consumer protection available for new car buyers. Describe the steps, costs, and planning involved in getting married and making family living decisions.

6 Discuss the planning and costs involved in maintaining a household and being prepared for emergency situation. Outline the steps needed in planning a successful vacation. Define the steps and costs in a divorce. Discuss why a person needs a will, identify types of survivors' benefits, and explain "last expenses." Describe the provisions of the Consumer Bill of Rights. Describe the provisions of significant federal consumer legislation. Identify national sources of consumer information and assistance. List and describe state and local agencies and private organizations that provide consumer assistance and information. Explain how to contact public officials to express opinions. EVALUATION ACTIVITIES Tests/Quizzes 45% Homework/Class Work 45% Participation/Preparedness 10% Grading structure: Benchmark for mastery of course content is 65%; content mastery for students with IEPs may be less than the Board of Education approved minimum for regular education students.

7 MANCHESTER REGIONAL HIGH SCHOOL COURSE OUTLINE PERSONAL MONEY MANAGEMENT STUDENT OUTCOMES: The student will be able to: Maintain checking account records (writing checks, filling out deposit slips, etc.) Demonstrate the ability to research the purchase of an automobile or house; applying for a loan/mortgage. Understand the purpose and reasons for paying income and payroll taxes. Demonstrate the ability to calculate net worth. Demonstrate the ability to plan monthly budgets. Demonstrate the ability to complete banking transactions. Demonstrate the ability to pay utility bills. Demonstrate the ability to perform credit transactions. Demonstrate the ability to make rent and mortgage payments. Demonstrate the ability to reconcile monthly bank statements. Understand and complete appropriate work forms, such as W-4, social security application, and work permit application forms. Understand and recall employee responsibilities at work, including responsibilities to employers and to other employees. Describe employer responsibilities to employees. List and define provisions of basic employment laws enacted for the protection and security of workers Compute payroll deductions and net pay. Identify optional and required employee benefits and recognize their value as additions to net pay. Explain trends in the workplace such as flexible schedules, job rotation, job sharing, and permanent part-time employment. Understand the role of unions and professional organizations in the workplace. Understand the purpose of taxes, different types of taxes, and the history of taxes in the United States. Describe components of the tax system, including the IRS, the power to tax, and paying your fair-share. Define and show a working knowledge of exemptions, dependents, and taxable and nontaxable income when preparing tax returns. Prepare Forms 1040EZ and 1040A. Understand the purpose, uses, and advantages of a personal checking account. Prepare checking account documents, including a signature card, checks, deposit slips, checkbook register and bank reconciliation. Explain check endorsements and describe the types of checking accounts available to consumers. Define the various banking services available and fees charged to consumers. Open a real checking account (if desired).

8 Understand the need for and purpose of savings, and explain how money grows through the compounding of interest. List and describe the financial institutions where you can save, including the types of savings options available. Describe factors in selecting a savings account and the importance of saving regularly. Explain the features and purposes of savings accounts, certificates of deposit, and money market funds and accounts. Discuss some of the factors that influence the selection of a savings plan. Explain at least two ways to save regularly. Understand investment essentials, including the need for and purpose of investments, and risks involved in investing. Outline effective investment strategies and practices, including how to find and interpret investment information. List and describe sources of financial information useful for making investment decisions. List and define basic investment options, including stocks, bonds, mutual funds, real estate, annuities, and other types of investments. Describe the history of credit in America and define credit vocabulary. List advantages and disadvantages of using credit in today's changing economy. List and describe the kinds of credit available to the American consumer. Describe and compare sources of credit in the American economy. Describe the various housing alternatives and potential living arrangements. List the advantages and disadvantages of renting a residence, complete a rental application, and understand a lease and inventory. Discuss landlord/tenant responsibilities including inventory and condition report and appropriate notices. Discuss considerations of home ownership (positive and negative). List moving costs and installation charges that arise from physical change of residence. Describe the process of buying a new or used car, including selection, financing, and wise buying practices. Explain automobile leasing costs, processes, advantages, and disadvantages. List the costs of owning and operating a car, from depreciation, gas, and taxes to the cost of accessories. Describe methods for extending the life of your car and maintaining its resale value. Discuss consumer protection available for new car buyers. Describe the steps, costs, and planning involved in getting married and making family living decisions. Discuss the planning and costs involved in maintaining a household and being prepared for emergency situation. Outline the steps needed in planning a successful vacation. Define the steps and costs in a divorce. Discuss why a person needs a will, identify types of survivors' benefits, and explain "last expenses." Describe the provisions of the Consumer Bill of Rights. Describe the provisions of significant federal consumer legislation. Identify national sources of consumer information and assistance.

9 List and describe state and local agencies and private organizations that provide consumer assistance and information. Explain how to contact public officials to express opinions.

10 PERSONAL MONEY MANAGEMENT The student will be able to: MANCHESTER REGIONAL HIGH SCHOOL UNIT 1 CAREER STRATEGIES Keeping your Job (Chapter 5) Understand and complete appropriate work forms, such as W-4, social security application, and work permit application forms. Understand and recall employee responsibilities at work, including responsibilities to employers and to other employees. Describe employer responsibilities to employees. List and define provisions of basic employment laws enacted for the protection and security of workers UNIT 2 MONEY MANAGEMENT Employee Pay and Benefits (Chapter 6) Compute payroll deductions and net pay from information and tables provided. Identify optional and required employee benefits and recognize their value as additions to net pay. Explain trends in the workplace such as flexible schedules, job rotation, job sharing, and permanent part-time employment. Understand the role of unions and professional organizations in the workplace. Federal Income Tax (Chapter 7) Understand the purpose of taxes, different types of taxes, and the history of taxes in the United States. Describe components of the tax system, including the IRS, the power to tax, and paying your fair-share. Define and show a working knowledge of exemptions, dependents, and taxable and nontaxable income when preparing tax returns. Prepare Forms 1040EZ and 1040A. Checking Accounts and Other Banking Services (Chapter 9) Understand the purpose, uses, and advantages of a personal checking account. Prepare checking account documents, including a signature card, checks, deposit slips, checkbook register and bank reconciliation. Explain check endorsements and describe the types of checking accounts available to consumers. Define the various banking services available and fees charged to consumers. Open a real checking account (if desired).

11 UNIT 3 FINANCIAL SECURITY Saving for the Future Understand the need for and purpose of savings, and explain how money grows through the compounding of interest. List and describe the financial institutions where you can save, including the types of savings options available. Describe factors in selecting a savings account and the importance of saving regularly. Explain the features and purposes of savings accounts, certificates of deposit, and money market funds and accounts. Discuss some of the factors that influence the selection of a savings plan. Explain at least two ways to save regularly. Managing Your Investments Understand investment essentials, including the need for and purpose of investments, and risks involved in investing. Outline effective investment strategies and practices, including how to find and interpret investment information. List and describe sources of financial information useful for making investment decisions. List and define basic investment options, including stocks, bonds, mutual funds, real estate, annuities, and other types of investments. UNIT 4 CREDIT MANAGEMENT Credit in America Describe the history of credit in America and define credit vocabulary. List advantages and disadvantages of using credit in today's changing economy. List and describe the kinds of credit available to the American consumer. Describe and compare sources of credit in the American economy. UNIT 5 RESOURCE MANAGEMENT Housing Describe the various housing alternatives and potential living arrangements. List the advantages and disadvantages of renting a residence, complete a rental application, and understand a lease and inventory. Discuss landlord/tenant responsibilities including inventory and condition report and appropriate notices. Discuss considerations of home ownership (positive and negative). List moving costs and installation charges that arise from physical change of residence. The Automobile Describe the process of buying a new or used car, including selection, financing, and wise buying practices.

12 Explain automobile leasing costs, processes, advantages, and disadvantages. List the costs of owning and operating a car, from depreciation, gas, and taxes to the cost of accessories. Describe methods for extending the life of your car and maintaining its resale value. Discuss consumer protection available for new car buyers. Family Decisions Describe the steps, costs, and planning involved in getting married and making family living decisions. Discuss the planning and costs involved in maintaining a household and being prepared for emergency situation. Outline the steps needed in planning a successful vacation. Define the steps and costs in a divorce. Discuss why a person needs a will, identify types of survivors' benefits, and explain "last expenses." UNIT 7 CONSUMER RIGHTS AND RESPONSIBILITIES Consumer Protection Describe the provisions of the Consumer Bill of Rights. Describe the provisions of significant federal consumer legislation. Identify national sources of consumer information and assistance. List and describe state and local agencies and private organizations that provide consumer assistance and information. Explain how to contact public officials to express opinions.

13 PERSONAL MONEY MANAGEMENT Workplace Readiness Standards: Standard 1: ALL STUDENTS WILL DEVELOP CAREER PLANNING AND WORKPLACE READINESS SKILLS. 1.1 Demonstrate employability skills and work habits, such as work ethic, dependability, promptness, and getting along with others, needed to get and keep a job. 1.2 Describe the importance of personal skills and attitudes to job success. 1.3 Identify career interests, abilities, and skills. 1.7 Describe the importance of academic and occupational skills to achievement in the work world Demonstrate consumer and other financial skills. Standard 2: ALL STUDENTS WILL USE INFORMATION, TECHNOLOGY,AND OTHER TOOLS. 2.2 Select appropriate tools and technology for specific activities 2.5 Access technology-based communication and information systems. 2.6 Access and assess information on specific topics using both technological (e.g., computer, telephone, satellite) and print resources available in libraries or media centers. 2.7 Use technology and other tools to solve problems, collect data, and make decisions. Standard 3: ALL STUDENTS WILL USE CRITICAL THINKING, DECISIONMAKINGAND PROBLEM- SOLVING SKILLS. 3.1 Recognize and define a problem, or clarify decisions to be made. 3.3 Formulate questions and hypotheses. 3.8 Organize, synthesize, and evaluate information for appropriateness and completeness Interpret and analyze data to draw conclusions Select and apply appropriate solutions to problem-solving and decision-making situations. Standard 4: ALL STUDENTS WILL DEMONSTRATE SELF-MANAGEMENTSKILLS. 4.3 Evaluate their own actions and accomplishments. 4.9 Use time efficiently and effectively Apply study skills to expand their own knowledge and skills.

14 PERSONAL MONEY MANAGEMENT LITERACY STANDARDS Reading RH Analyze how a text uses structure to emphasize key points or advance an explanation or analysis. Writing W Use technology, including the Internet, to produce, publish, and update individual or shared writing products, taking advantage of technology s capacity to link to other information and to display information flexibly and dynamically. W Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. W Write routinely over extended time frames (time for reflection and revision) and shorter time frames (a single sitting or a day or two) for a range of discipline-specific tasks, purposes, and audiences CAREERS 9.1: Career and Technical Education A. Career Awareness/Preparation 3. Analyze factors that can impact an individual s career. B. Employability Skills 2. Communicate and comprehend written and verbal thoughts, ideas, directions, and information relative to educational and occupational settings. 9.2: Consumer, Family, and Life Skills A. Critical Thinking 2. Describe and apply constructive responses to criticism. B. Self-Management 3. Compare and contrast methods for maximizing personal productivity. C. Interpersonal Communication 2. Communicate effectively in a variety of settings with a diverse group of people. D. Character Development and Ethics 1. Analyze how character influences work performance. 3. Discuss consequences and sanctions when on-the-job rules and laws are not followed. E. Consumer and Personal Finance 1. Analyze factors that influence gross and net income. 2. Design, implement, and critique a personal financial plan. 3. Discuss how to obtain and maintain credit. 4. Prepare and use skills for budget preparation, making predictions about income and expenditures, income tax preparation, and adjusting spending or expectations based on analysis. 5. Use comparative shopping techniques for the acquisition of goods and services. 6. Analyze the impact of advertising, peer pressure, and living arrangements on personal purchasing decisions. 7. Evaluate the actions a consumer might take in response to excess debt and personal financial status.

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16 PERSONAL MONEY MANAGEMENT BIBLIOGRAPHY: TEXTBOOK: Ryan, Joan S. Managing Your Personal Finances, South-Western Educational Publishing, Cincinnati, Ohio, WORKBOOK: Ryan, Joan S. Managing Your Personal Finances, South-Western Educational Publishing, Cincinnati, Ohio, 1997.