# 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.