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The Math Of Finance - 7th Grade Math TEKS

The content below is derived from the Mathworks Math Explorations middle school math textbooks.

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:

  • calculate the sales tax for a given purchase and calculate income tax for earned wages;
  • identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;
  • create and organize a financial assets and liabilities record and construct a net worth statement;
  • use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby;
  • calculate and compare simple interest and compound interest earnings; and
  • analyze and compare monetary incentives, including sales, rebates, and coupons.