Advanced Budgeting

Game • 4.0 hrs of learning

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

Location

Standard

Grades

PFL.1: The student will describe the importance of earning an income and explain how to manage personal income through the use of a budget.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

PFL 1.4: Identify the components of a personal/family budget (e.g., income, savings/investments, taxes, emergency fund, expenses, and charitable giving) based on specific goals (e.g., financial, personal, educational, and career).

PFL 1.5: Explain how fiscally responsible individuals use various strategies and spending plans for tracking their income and expenses, both anticipated and unanticipated.

PFL.2: The student will identify and describe the impact of local, state, and federal taxes on income and standard of living.

PFL 2.1: Analyze the obligation of paying taxes and how individuals, as well as communities, might benefit from taxes.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Identify and explain various types of taxes, including income, payroll, sales, and property taxes, and when these types of taxes are due.

PFL 2.2: Describe the individual importance of meeting one's tax obligations.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Explain the requirements to file taxes and compare basic tax forms, such as W-2, W-4, and 1040.

PFL.4: The student will demonstrate the ability to manage a bank account and reconcile financial accounts.

PFL 4.1: Analyze the purpose of maintaining accurate financial accounts.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

B: Explain the reasons for balancing personal records and reconciling an account statement.

PFL 4.2: Develop useful account management skills.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

C: Explain how to manage financial accounts (e.g., reading and reconciling statements, navigating online platforms and apps).

D: Describe the potential consequences of account mismanagement, such as non-sufficient funds, overdraft processing, and associated fees.

PFL.7: The student will identify the process and analyze the responsibilities of borrowing money.

PFL 7.1: Compare sources and products related to borrowing money.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Identify sources of credit (e.g., banks, credit unions, retail businesses, private lenders, and the federal government).

B: Describe various credit products (e.g., credit cards, car loans, and mortgages).

PFL 7.2: Analyze how one's credit history impacts borrowing money and maintaining credit.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Explain the importance of establishing a positive credit history (e.g., favorable interest rates, employment, and financial opportunities).

B: Describe how credit reports compiled by credit bureaus are used to determine creditworthiness.

C: Identify the information contained in a credit report and how to access a free credit report.

D: Explain that a credit score is a numeric rating assessing an individual's credit risk based on information from their credit report.

E: Identify factors that affect a credit score, such as payment history, credit utilization, amount owed, length of credit history, debt owed, and types of credit used.

PFL 7.3: Describe the process of borrowing money.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Identify factors involved in borrowing (e.g., credit history, credit report, debt-to-income ratio, loan-to-value ratio, and length of employment).

B: Explain how the terms of borrowing (e.g., interest rates, APR, fees, repayment schedules, terms, and conditions) affect the cost of borrowing.

PFL 7.4: Analyze the responsibilities and consequences of borrowing money.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

B: Explain why responsible borrowers monitor their credit reports and how errors can be corrected.

PFL.9: The student will identify and explain consumer fraud and identity theft.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

PFL 9.3: Explain necessary responses if victimized by fraudulent business practices or identity theft (e.g., alert appropriate law enforcement agencies and credit bureaus, freeze credit histories, and change passwords).

PFL 9.1: Analyze how consumers can become victims of deceptive practices that significantly impact their financial well-being.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

C: Differentiate between consumer fraud and identity theft, including common methods used to steal one's identity, such as dumpster diving, hacking, and social media.

PFL.10: The student will explain and compare the costs and benefits of renting versus buying a home.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

PFL 10.1: Explain the advantages and disadvantages of renting versus buying a home by comparing how various housing options meet different needs and wants.

PFL 10.3: Analyze financial considerations when purchasing a place to live.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

A: Identify types of lenders and mortgage loans, including fixed versus adjustable-rate mortgage loans.

B: Explain the elements of a mortgage (e.g., down payment, escrow account, home insurance, property taxes, late fees, potential early payment penalties, and amortization tables).

PFL.14: The student will explain the costs and benefits of charitable giving.

PFL 14.1: Explain civic responsibilities and opportunities related to charitable giving.

Standards

Defined by Personal Financial Literacy 7th-12th Grades and align with Advanced Budgeting

C: Describe how charitable giving can fit into one's spending plan.