Virginia Crosswalk Rick · PDF file · 2017-09-29appropriate agency in each state to confirm specific ... describing government’s role in stabilizing the economy; Unit 1 ... comparing

State Standards and Benchmarks Chart Foundations in Personal Finance

The information herein is accurate upon date gathered, but is not intended to be used as an authoritative reference. Please consult the appropriate agency in each state to confirm specific standards and benchmarks. 0417. The Lampo Group, Inc.

Virginia STATE STANDARD OR BENCHMARK: CORRELATES WITH:

Economics and Personal Finance

EPF.1 The student will demonstrate knowledge of basic economic concepts and structures by

a) describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs

Unit 2, Ch. 6

b) explaining that choices often have long-term unintended consequences Unit 1, Ch. 1 Unit 2, Ch. 4, 5

c) describing how effective decision making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits)

Unit 3, Ch. 7 Global Econ Digital Module

d) identifying factors of production Global Econ Digital Module

e) comparing the characteristics of market, command, tradition, and mixed economies

Global Econ Digital Module

f) identifying Adam Smith and describing the characteristics of a market economy.

Global Econ Digital Module

EPF.2 The student will demonstrate knowledge of the role of producers and consumers in a market economy by

a) describing how consumers, producers, workers, savers, investors, and citizens respond to incentives

Unit 1, Ch. 1, 3 Unit 2, Ch. 5 Unit 4, Ch. 11

b) explaining how businesses respond to consumer sovereignty Unit 2, Ch. 6

c) identifying the role of entrepreneurs Unit 2, Ch. 5 Unit 4, Ch. 11

d) comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation,

N/A



franchise, and cooperative

e) describing how costs and revenues affect profit and supply N/A

f) describing how increased productivity affects costs of production and standard of living

N/A

g) examining how investment in human capital, capital goods, and technology can improve productivity

N/A

h) describing the effects of competition on producers, sellers, and consumers

Unit 2, Ch. 4, 6 Global Econ Digital Module

i) explaining why monopolies or collusion among sellers reduces competition and raises prices

N/A

j) illustrating the circular flow of economic activity. Global Econ Digital Module

EPF.3 The student will demonstrate knowledge of the price system by

a) examining the laws of supply and demand and the determinants of each


b) explaining how the interaction of supply and demand determines equilibrium price


c) describing the elasticity of supply and demand Global Econ Digital Module (limited)

d) examining the purposes and implications of price ceilings and price floors.

N/A

EPF. 4 The student will demonstrate knowledge that many factors affect income by

N/A

EPF.5 The student will demonstrate knowledge of a nation’s economic goals, including full employment, stable prices, and

economic growth by

N/A



EPF.6 The student will demonstrate knowledge of the nation’s financial system by

a) defining the role of money Unit 1, Ch. 3

b) explaining the role of financial markets and financial institutions Unit 1, Ch. 3 Unit 3, Ch. 8

EPF.7 The student will demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices by

a) describing the purpose, structure, and function of the Federal Reserve System

Unit 1, Ch. 1 (Limited)

b)describing government’s role in stabilizing the economy; Unit 1, Ch. 1 (Limited)

c) describing sources of government revenue; and Unit 4, Ch. 11 (Limited)

d) explaining balanced budget, deficit, and national debt. Unit 2, Ch. 4 (Limited)

EPF.8 The student will demonstrate knowledge of the role of government in a market economy by

a) identifying goods and services provided by government to benefit society


b) identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts

Unit 2, Ch. 4, 6 Unit 3, Ch. 7, 8, 9

c) providing examples of government regulation of the market Unit 2, Ch. 4, 6 Unit 3, Ch. 7, 8 Global Econ Digital Module

d) explaining that governments redistribute wealth Unit 4, Ch. 11

e) explaining that taxes and fees fund all government-provided goods and services.


EPF.9 The student will demonstrate knowledge of the global economy by

N/A



EFP 10. The student will develop consumer skills by:

a) examining basic economic concepts and their relation to product prices and consumer spending;

Unit 1, Ch. 1 Unit 2, Ch. 6 Unit 3, Ch. 7 Global Econ Digital Module

b) examining the effect of supply and demand on wages and prices; Unit 2, Ch. 6

c) describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;

Unit 2, Ch. 6 Unit 3, Ch. 7

d) determining the consequences of conspicuous consumption; Unit 1, Ch. 1 Unit 2, Ch. 4, 6 Unit 3, Ch. 7

e) describing common types of contracts and the implications of each; Unit 2, Ch. 4 Unit 3, Ch. 9 Unit 4, Ch. 10

f) demonstrating comparison-shopping skills; Unit 2, Ch. 6 Unit 3, Ch. 7 Global Econ Digital Module

g) maintaining a filing system for personal financial records; Unit 1, Ch. 3

h) examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;

Unit 1, Ch. 1 Unit 2, Ch. 4, 6

i) accessing reliable financial information from a variety of sources; Unit 1, Ch. 3 Unit 2, Ch. 4, 6 Unit 3, Ch. 7, 8, 9

j) explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and

Unit 2, Ch. 4, 6 Unit 3, Ch. 7

k) examining precautions for protecting identity and other personal information.


EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses by



a) comparing the costs and benefits of purchasing vs. leasing a vehicle Unit 2, Ch. 4, 6 Unit 3, Ch. 7

b) comparing the advantages and disadvantages of renting vs. purchasing a home


c) describing the process of renting housing Unit 4, Ch. 10

d) describing the process of purchasing a home Unit 2, Ch. 4

e) calculating the cost of utilities, services, maintenance, and other housing expenses

Unit 2, Ch. 5

f) evaluating discretionary spending decisions. Unit 1, Ch. 3

EPF.12 The student will demonstrate knowledge of banking transactions by

a) comparing the types of financial institutions Unit 1, Ch. 3 Unit 2, Ch. 4 Unit 3, Ch. 8

b) examining how financial institutions affect personal financial planning Unit 1, Ch. 3 Unit 2, Ch. 4 Unit 3, Ch. 8

c) evaluating services and related costs associated with personal banking Unit 1, Ch. 3 Unit 2, Ch. 4 Unit 3, Ch. 8

d) differentiating among types of electronic monetary transactions Unit 1, Ch. 3

e) preparing all forms necessary for opening and maintaining a checking and a savings account

Unit 1, Ch. 2, 3

f) reconciling bank statements Unit 1, Ch. 3

g) comparing costs and benefits of online and traditional banking Unit 1, Ch. 3

h) explaining how certain historical events have influenced the banking system and other financial institutions.

Unit 1, Ch. 1

EPF.13 The student will demonstrate knowledge of credit and loan functions by



a) evaluating the various methods of financing a purchase Unit 2, Ch. 4, 5

b) analyzing credit card features and their impact on personal financial planning

Unit 2, Ch. 4

c) identifying qualifications needed to obtain credit Unit 2, Ch. 4

d) identifying basic provisions of credit and loan laws Unit 2, Ch. 4

e) comparing terms and conditions of various sources of consumer credit Unit 2, Ch. 4, 5

f) identifying strategies for effective debt management, including sources of assistance

Unit 2, Ch. 4

g) explaining the need for a good credit rating Unit 2, Ch. 4

h) comparing the costs and conditions of secured and unsecured loans Unit 2, Ch. 4, 5

i) comparing the types of voluntary and involuntary bankruptcy and the implications of each.

Unit 2, Ch. 4

EPF.14 The student will demonstrate knowledge of the role of insurance in risk management by

a) evaluating insurance as a risk management strategy; Unit 3, Ch. 9

b) distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability

Unit 3, Ch. 9

c) explaining the roles of insurance in financial planning Unit 3, Ch. 9

EPF.15 The student will demonstrate knowledge of income earning and reporting by

a) examining how personal choices about education, training, skill development, and careers impact earnings


b) differentiating among sources of income Unit 2, Ch. 5 Unit 4, Ch. 11

c) calculating net pay Unit 2, Ch. 5 Unit 4, Ch. 11



d) investigating employee benefits and incentives; and Unit 3, Ch. 8

e) completing a standard W-4 form Unit 4, Ch. 11

EPF.16 The student will demonstrate knowledge of taxes by

a) describing the types and purposes of local, state, and federal taxes and the way each is levied and used

Unit 4, Ch. 11

b) exploring how tax structures affect consumers, producers, and business owners differently

Unit 4, Ch. 11

c) computing local taxes on products and services Unit 4, Ch. 11

d) examining potential tax deductions and credits on a tax return Unit 4, Ch. 11, 12

e) explaining the content and purpose of a standard W-2 form Unit 4, Ch. 11

f) explaining the similarities and differences between state and federal taxation of inheritances

Unit 3, Ch. 9

EPF.17 The student will demonstrate knowledge of personal financial planning by

a) identifying short-term and long-term personal financial goals Unit 1, Ch. 2, 3 Unit 3, Ch. 8 Unit 4, Ch. 11

b) identifying anticipated and unanticipated income and expenses Unit 1, Ch. 2, 3

c) examining components and purposes of a personal net worth statement Unit 1, Ch. 1, 3

d) developing a personal budget Unit 1, 2, 3, 4

e) investigating the effects of government actions and economic conditions on personal financial planning

Unit 1, Ch. 1, 2 Unit 3, Ch. 8

f) explaining how economics influences a personal financial plan Unit 1, Ch. 1, 2

EPF.18 The student will demonstrate knowledge of investment and savings planning by

a) comparing the impact of simple interest vs. compound interest on savings




b) comparing and contrasting investment and savings options Unit 1, Ch. 2 Unit 3, Ch. 8

c) explaining costs and income sources for investments Unit 1, Ch. 2 Unit 3, Ch. 8

d) examining the fundamental workings of Social Security and the system's effects on retirement planning


e) contrasting alternative retirement plans Unit 3, Ch. 8

f) describing how the stock market works Unit 3, Ch. 8

Documents

Virginia Crosswalk Rick · PDF file · 2017-09-29appropriate agency in each state to confirm specific ... describing government’s role in stabilizing the economy; Unit 1 ... comparing