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Personal Financial Literacy

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(14)  Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:

(A)  compare the features and costs of a checking account and a debit card offered by different local financial institutions;

(B)  distinguish between debit cards and credit cards;

(C)  balance a check register that includes deposits, withdrawals, and transfers;

(D)  explain why it is important to establish a positive credit history;

(E)  describe the information in a credit report and how long it is retained;

(F)  describe the value of credit reports to borrowers and to lenders;

(G)  explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study; and

(H)  compare the annual salary of several occupations requiring various levels of post-secondary education or vocational training and calculate the effects of the different annual salaries on lifetime income.