Washington DC
9th-12th Grades
State Standards
EARNING INCOME
Knowledge Standards
EI.K.1Compare different factors that impact wages, including employment type, career fields, education, race, gender, union membership and level of risk to personal safety and wellbeing.
Students will examine how union membership may impact wages, including the impact of paying union dues and collective bargaining.
Students will distinguish how different career fields will include different wage ranges based on a variety of factors.
Students will differentiate diverse employment types, including but not limited to, part-time, full-time, self-employment, apprenticeships, internships, seasonal, hourly, commission-based, contracted, remote and gig work.
Students will analyze wage inequities based on individual characteristics, including but not limited to education level, race, gender and disability status.
EI.K.2Compare various compensation models for jobs or careers, such as wages, salaries, commissions, tips, bonuses, health insurance, retirement savings plans and education reimbursement programs.
Students will examine the importance of evaluating employee benefits in addition to wages and salaries when choosing between job and career opportunities.
Students will differentiate between income and employee benefit packages offered to new employees by various employers.
EI.K.3Analyze the influence of non-cash factors, including working conditions, work hours, teleworking and career advancement potential, in addition to wages and paid benefits, on employee choices.
Students will analyze the tradeoffs between income and non-income factors when making career or job choices.
Students will examine how union membership may impact working conditions.
Students will compare examples of intangible job benefits.
EI.K.4Analyze the differences between sources of retirement income, including Social Security, employer-sponsored retirement plans, personal investments and continued employment earnings.
Students will analyze the differences between having one or multiple sources of income in retirement.
Students will examine different potential sources of retirement income, including but not limited to Social Security, employer-sponsored accounts, 401(k) accounts, 403(b) accounts, 457(b) accounts, traditional and Roth IRA accounts, etc.
Students will examine Social Security benefits.
EI.K.5Evaluate the accessibility and costs of additional training and education and how it impacts future earning potential.
Students will identify how apprenticeships work to provide training for specific trades or careers.
Students will compare the impact of different life circumstances on an individual's opportunity and interest in pursuing higher education or training.
Students will describe average earning and unemployment rates in at least two different levels of education and training.
Students will examine the costs and benefits of investing in additional education or training in at least two different industries.
Students will compare at least two different opportunities to gain career skills (e.g., the Advanced Technical Center or the Advanced Internship Program).
EI.K.6Evaluate the risks and benefits of starting and owning a business.
Students will examine sources of assistance and guidance available to individuals or groups starting an independent business.
Students will examine the benefits and risks of gig employment.
Students will evaluate the benefits and risks of small business ownership.
Students will evaluate the risks associated with owning a business in the informal economy (e.g., accepting payments via a mobile payment application or cash-only).
Skills Standards
EI.S.1Assess information regarding income opportunities and identify signs and risks associated with predatory financial schemes (e.g., multi-level marketing schemes, pyramid schemes, tax fraud schemes).
Students will critique predatory financial schemes and make informed decisions when interacting with those industries.
EI.S.2Identify unique opportunities and programs available in Washington, DC, that provide financial support for higher education and career advancement, including scholarships, grants, apprenticeships, advanced research courses, dual enrollment and other avenues for educational and professional growth.
Students will research career opportunities and financial support programs within their local community.
EI.S.3Analyze a variety of tools and services that are relevant to the preparation of personal and business taxes to understand how and when to complete taxes.
Students will complete an IRS Form W-4.
Students will prepare a sample tax form using a sample set of financial data.
Students will read and understand an IRS Form W-2.
Students will read and understand an IRS Form 1099.
Students select the appropriate tax forms (1040, Schedule A, Schedule B, Schedule C and Schedule D) needed to complete a tax return.
Students will identify key dates for submitting tax documents.
Students will differentiate between a tax credit and a tax deduction.
Students will navigate tools and services for completing taxes, including accessing Volunteer Income Tax Assistance (VITA) sites.
EI.S.4Identify the different forms and functions of taxation, and determine estimated payroll taxes, income taxes, property taxes and sales taxes.
Students will describe the different methods that the government taxes an individual.
Students will identify the benefits they receive, or may receive in the future, from government-collected tax revenue.
Students will calculate payroll tax, income tax, property tax and sales tax using a set of financial data.
Driving Questions
What is the purpose of taxation?
What factors determine wages across career sectors?
Why do employers provide benefits beyond compensation?
To what extent can individuals influence wages (e.g., salary negotiation)?
How can individuals assess income opportunities effectively to make informed financial decisions?
Do the risks and benefits of starting a business differ in the formal and informal economy?
What are the advantages and costs of different tools and services for filing individual taxes (e.g., Internal Revenue Service free filing, commercial preparation services, accountant)?
What are the risks and benefits of different types of employment?
What are the different returns on investment for different post-secondary education options?
If individuals want to start a business, what steps should they take?
What are the advantages and disadvantages of different models of taxation?
SAVING AND INVESTING
Knowledge Standards
SI.K.1Compare the functions, benefits and drawbacks of different types of checking and savings accounts, including but not limited to regular savings, high-yield savings, money market, certificates of deposit (CDs), college savings, health savings and retirement savings accounts.
Students will justify using different types of checking and savings accounts based on a comparison of the benefits and drawbacks of each.
Students will examine the average interest rate of various savings accounts.
Students will analyze how different types of savings accounts differ in minimum deposits, rates and deposit insurance coverage.
SI.K.10Compare the trade-offs involved with investing in riskier assets with the potential for higher rates of return.
Students will compare the rates of return among higher- and lower-risk investments.
SI.K.11Assess the extent to which federal regulation of financial markets helps ensure that investors have access to accurate information about potential investments and are protected from fraud.
Students will draw conclusions about how federal regulations help promote transparency in financial markets.
Students will examine historical situations highlighting instances of regulatory successes and failures in ensuring investor access to accurate information and protection from fraud.
SI.K.2Identify the intricacies and risks of mobile payment accounts, stock trading applications and cryptocurrency accounts that are not federally insured.
Students will identify the impact of storing money in a mobile payment account on an individual's ability to grow savings.
Students will describe why mobile payment accounts and cryptocurrency accounts are not federally insured.
Students will recognize the attributes of mobile payment accounts, stock trading apps and cryptocurrency accounts.
SI.K.3Analyze the influence of generational wealth and inherited assets on personal savings and investing.
Students will examine how generational wealth is generated through savings and investing and the advantages it provides.
Students will analyze how financial education amongst family members contributes to wealth accumulation through savings and investing.
Students will examine how the absence of generational wealth can contribute to cycles of inequity.
SI.K.4Assess the impact of inflation and deflation on the value of savings.
Students will assess the impact of inflation and deflation on nominal interest rates.
Students will assess how inflation can reduce the purchasing power of savings over time if the nominal interest rate is lower than the inflation rate.
SI.K.5Interpret the different types and purposes of various financial institutions available to an individual, including banks, credit unions and brokerage firms.
Students will compare the differences between various banking options such as banks, credit unions and brokerage firms.
SI.K.6Describe the role of government agencies such as the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the National Credit Union Administration, along with their counterparts in state government in supervising and regulating financial institutions.
Students will identify areas of financial institution operations that are subject to state and/or federal regulation and supervision.
Students will identify the state agency responsible for regulating financial institutions in Washington, DC.
SI.K.7Assess how tax policies promote savings by allowing individuals to save pretax earnings or by providing tax advantages on interest earned.
Students will evaluate the tax savings advantages associated with traditional IRAs (individual retirement accounts), Roth IRAs and education savings accounts.
SI.K.8Examine the incentives that drive companies to issue and sell stock and motivate individuals to invest.
Students will analyze the primary drivers compelling companies to issue and sell stocks to the public.
Students will examine the diverse motivations prompting individuals to invest in stocks, evaluating factors such as potential returns and ownership benefits.
SI.K.9Investigate the ethical dimensions of investment choices, considering the environmental, social and governance (ESG) principles related to specific industries or companies.
Students will analyze the ethical trade-offs involved in investment decisions, considering the balance between financial returns and ESG-related ethical considerations.
Students will describe frameworks for evaluating investment options that integrate ESG principles.
Skills Standards
SI.S.1Identify practices for saving towards short- and long-term financial goals.
Students identify the processes for opening and managing various savings accounts to meet their financial goals.
Students demonstrate financial goal-setting and decision-making skills for saving.
SI.S.2Compare nominal annual rates of return, including cash flows and price changes over time on different types of investments.
Students will simulate investment scenarios using historical data to calculate and compare hypothetical returns, emphasizing the impact of timing, diversification and asset allocation.
Students will calculate nominal annual rates of return for various investment types.
Students will identify different types of investments, including stocks, bonds, collectibles, real estate, index funds and mutual funds.
SI.S.3Analyze diversification and asset allocation decisions by considering an individual's risk tolerance, goals and investing time horizon.
Students will determine portfolio allocation between major asset classes for a short- and long-term goal.
Students will assess the level of risk of asset allocation for a very risk-averse person versus a very risk-tolerant person.
Students will examine how target date retirement funds reallocate investments over time to meet their investment objective.
SI.S.4Examine how the expenses of buying, selling and holding financial assets, as well as different tax rules, impact the rate of return from different investments.
Students will examine how the expenses associated with buying and selling investments can impact rates of return and investment outcomes.
Students will compare the expense ratios for several mutual funds.
Students will examine why an actively managed mutual fund usually has a higher expense ratio than an index fund.
SI.S.5Analyze interest, dividends and capital appreciation (gains) and identify examples of passive income derived from financial investments.
Students will differentiate between earned and passive income.
Students will compare the tax rates assessed on earned income, interest income and capital gains income.
SI.S.6Evaluate criteria for selecting financial professionals for investment advice include licensing, certifications, education, experience and cost.
Students will select a discount broker and research the minimum starting account balance, minimum monthly investment and trading costs.
Students will evaluate how financial technology streamlines investing in financial markets for people of varied incomes and education levels.
Driving Questions
How can individuals make informed decisions to learn about and mitigate any known or likely financial risks?
How do tax policies influence the motivation and ability to save of an individual?
What is the impact of regulatory measures on the financial system?
What methods can be used to achieve a balanced and effective investment portfolio?
What steps should an individual take to begin investing?
How can individuals effectively manage and utilize financial investments for financial growth?
What is the role of government in providing benefits, such as guaranteed retirement income or retirement insurance, to help individuals in retirement?
What steps can an individual take to safeguard and grow their savings in various economic conditions?
How, and to what extent, does federal regulation contribute to investor confidence?
What steps should individuals take to begin short- and long-term saving?
What risk factors should individuals consider when formulating their investing strategies?
What factors should individuals consider when hiring a financial professional?
SPENDING
Driving Questions
How does the government work to ensure consumer safety and fairness?
What steps should an individual take to conduct due diligence before buying a good or service?
How can individuals access financial relief agencies and resources?
How do income and wealth impact the ability to spend money and make financial decisions?
What information impacts consumer decision making?
How can individuals foster empathy and non-judgmental understanding around diverse perspectives of spending?
How do income, debt, interest rates and other factors impact individual choices about housing affordability?
What local financial relief agencies and resources are available to individuals and families in Washington, DC?
What factors influence individual values and attitudes toward spending?
How can individuals access consumer services and protections?
How do current and historical factors impact housing accessibility?
Knowledge Standards
SP.K.1Assess factors influencing individual and community values and attitudes towards spending, including the role of marketing, community, personal lived experiences and psychology.
Students will compare how different individuals have different attitudes towards spending.
Students will foster empathy and non-judgmental understanding around diverse perspectives of and priorities for spending.
SP.K.2Analyze how management of financial resources changes at different income and wealth levels, considering budgeting, savings and expenditures.
Students will analyze budgetary differences of two different income levels.
Students will examine common examples of financial management tools and services at various income levels and ages.
SP.K.3Identify financial relief agencies and resources in the Washington, DC area and understand their value.
Students will identify existing financial resources in Washington, DC and describe the purpose of these resources (e.g., DC Open Doors and Home Purchase Assistance Program (HPAP)).
SP.K.4Interpret various factors that impact consumer decisions, including the availability of goods and services, marketing strategies and individual preferences.
Students will examine different ways retailers advertise their products and how advertising impacts purchasing.
Students will identify the various factors that may influence a consumer's purchase decision (e.g., availability of goods and services).
Students will compare how different individual preferences impact consumer decision-making.
SP.K.5Analyze factors influencing housing decisions and accessibility, such as individual preferences, discriminatory practices, costs, tax credits, budgets and housing availability and evaluate the consequences of various choices on personal satisfaction and financial well-being.
Students will examine discriminatory practices for housing ownership.
Students will examine short-term and long-term costs and benefits of renting versus buying a home.
Students will identify financial and personal reasons that individuals often choose to rent a home instead of buying.
SP.K.6Identify the legal protections for homeowners and renters, including safeguards and sources of assistance specific to Washington, DC.
Students will describe local and federal protections for owning and renting.
Students will identify examples of resources to go to for assistance to safeguard their homeowner and renter rights.
SP.K.7Explain the role of federal and state laws, regulations and consumer protection agencies designed to help individuals avoid unsafe products, unfair practices and marketplace fraud (e.g., the Federal Trade Commission, Consumer Affairs offices, including the DC Department of Licensing and Consumer Protection and the Consumer Financial Protection Bureau).
Students will describe common types of consumer fraud and unfair or deceptive business practices, including online scams, phone solicitations and redlining and how to protect themselves.
Students will identify the local and federal government agencies and consumer protection laws that help safeguard consumers from fraud.
Skills Standards
SP.S.1Create a budget based on changing individual inputs, constraints and goals.
Students will create a system to efficiently track their expenditures using different methods.
Students will develop a budget to allocate current income to necessary and desired spending, including estimates for both fixed and variable expenses.
Students will investigate the limitations of a budget to plan out allocation of income.
Students adjust a budget for unexpected expenses or emergencies.
Students will identify their short-term and long-term financial goals.
SP.S.2Analyze the various forms of payment an individual can utilize for expenditures.
Students will distinguish between different forms and functions of payment, including cash, check, cashier's check, debit card, credit card, money orders and electronic payments.
Students will accurately write a check and understand the potential risks of check writing.
SP.S.3Assess the impact of unexpected expenses (e.g., medical emergencies, layoffs, car accidents), and develop effective strategies for managing these expenses.
Students will determine strategies to respond to unexpected expenses.
SP.S.4Identify local and federal resources and programs that help individuals achieve their financial goals, beyond budgeting, such as public benefits, loans and other resources.
Students will identify and research local and federal resources for receiving money.
SP.S.5Interpret the cost of purchasing or leasing a new or used vehicle, including down payment, interest rate, loans and registration.
Students will calculate the required down payment for a vehicle purchase or lease.
Students will compare different vehicle options, including electric vehicles, hybrid vehicles and gas vehicles.
Students will determine total interest that will be paid over the lifetime of loan used to purchase a vehicle.
Students will identify required processes for registering a vehicle after purchase.
CREDIT
Knowledge Standards
CR.K.1Understand the purpose, risks and benefits of credit.
Students will describe the concept of credit and how it is used in certain situations.
Students will identify the risks and benefits of leveraging credit, including, using a credit card, leveraging a payment plan and taking out a loan.
CR.K.2Assess different methods of debt management assistance.
Students will evaluate the costs and benefits associated with for-profit versus non-profit credit counseling services.
Students will evaluate the elements of a plan for a person who is having difficulty repaying debt.
Students will identify where to find sources of assistance with debt management.
CR.K.3Identify the implications of declaring bankruptcy.
Students will explain the effects of bankruptcy on assets, employment and future access to credit.
Students will describe the purpose of bankruptcy laws.
CR.K.4Analyze the reasons for and the risks of using financial services such as payday loans, check cashing services, pawnshops and instant tax refunds which provide access to credit at a relatively high cost.
Students will identify products and practices that are classified as alternative financial services.
Students will analyze the costs and benefits of using alternative financial services relative to traditional banking.
Driving Questions
What are the advantages and disadvantages of financial services such as payday loans, check cashing services, pawnshops and instant tax refunds that offer access to credit?
What factors should individuals consider when financing post-secondary education?
How does an individual learn about and apply for different methods of financial post-secondary education (e.g., federal loans, private loans, grants, scholarships)?
What are different ways to improve your credit, including the risks of credit repair services?
How does an individual apply for a mortgage?
How do down payments influence the amount an individual needs to borrow?
How has historical access to credit shaped contemporary financial disparities?
What are the ways that lenders determine creditworthiness?
Why do individuals and businesses declare bankruptcy? What are the repercussions of declaring bankruptcy?
What factors should individuals consider when applying for a credit card?
Skills Standards
CR.S.1Examine the cost of credit using the Annual Percentage Rate (APR), Effective Annual Rate (EAR) or the actual rate to be paid based on the period of compounding and other terms in the contract for a credit card or loan for purchases.
Students will compare the cost of borrowing $1,000 using consumer credit options that differ in rates and fees.
Students will analyze how credit card grace periods, methods of interest calculation and fees affect borrowing costs.
CR.S.2Compare the risks and benefits of different mortgage payment plans depending on the amount borrowed, the repayment period and the interest rate, which can be fixed or adjustable.
Students will identify the type of collateral required for a mortgage loan.
Students will differentiate between adjustable-rate and fixed-rate mortgages.
Students will compare monthly mortgage payments for loans that differ in repayment period, amount borrowed and interest rate
CR.S.3Assess the impact of down payments and interest rates on the amount needed to borrow and pay overtime for major financial transactions.
Students will compare the monthly loan payment and potential additional fees with a 10% down payment versus a 20% down payment for a specific loan amount.
Students will identify examples of loans that may require down payments.
Students will evaluate the benefits and risks of a large down payment.
CR.S.4Compare different methods of financing postsecondary education including federal loans, private loans, opportunities for loan forgiveness, grants, scholarships and savings.
Students will identify existing scholarships and grants for postsecondary education.
Students will compare the different sources of funding for postsecondary education.
CR.S.5Identify factors that impact an individual's credit score, and ways individuals can improve their credit.
Students will understand how to check their credit scores using at least one of the freely available credit reporting services (e.g., Experian, Equifax, TransUnion).
Students will identify the primary factors that are included in credit score calculations.
Students will identify ways that a person can increase their credit score.
MANAGING RISK
Skills Standards
MR.S.1Analyze the factors that influence insurance premiums including copayments and deductibles and determine the costs and benefits of plans with different costs.
Students compare the pros and cons of buying an insurance policy with a higher deductible.
Students will research factors that result in lower insurance premiums.
Students will calculate the costs of different plans based on a case study scenario.
MR.S.2Compare the costs, benefits and risks of different health insurance plans, including the extent to which health insurance covers preventative care.
Students will compare the cost of health insurance to the potential financial consequences of not having health insurance.
Students will examine the advantages of obtaining health insurance coverage through an employer plan versus buying private insurance or being uninsured.
Students will estimate the impact of different health insurance deductibles and coinsurance rates on out-of-pocket medical costs.
MR.S.3Analyze the financial risks and consequences of gambling activities.
Students will analyze the financial risks and consequences associated with gambling activities, including sports betting and playing the lottery.
Driving Questions
How do insurance policies differ in terms of reimbursements for financial losses and coverage of legal liability for damages to others?
What are the motivations and considerations that lead individuals to obtain life insurance?
Why are certain kinds of insurance coverage mandated by law?
What are the benefits and risks of insurance provided by the government, as compared to insurance provided by private companies?
How does an individual file an insurance claim?
What strategies can be implemented to protect personal documents and the security of online transactions?
What societal costs are incurred when individuals do not have insurance?
How does an individual sign up for a health insurance plan?
What factors do individuals consider when deciding between insurance options for insurance in the selected category (health, homeowners, renters, auto, life, long-term care, disability)?
How do different factors impact insurance premiums?
Knowledge Standards
MR.K.1Explain why some types of insurance coverage are mandatory.
Students will describe why most states mandate auto liability coverage.
Students will describe why homeowners insurance is required when taking out a mortgage.
Students will identify the minimum auto liability insurance required in Washington, DC and whether it is sufficient to cover typical auto accident financial losses.
MR.K.2Compare the costs and benefits of disability insurance for replacing income lost when a person is unable to earn their regular income due to injury or illness.
Students will analyze the extent of financial risk and need for disability insurance using hypothetical disability scenarios.
Students will compare disability coverage offered by individual policies, employee benefit plans, Social Security, workers' compensation and temporary disability programs.
Students will identify government-provided health care coverage including Medicaid.
MR.K.3Explain different auto, homeowners and renters insurance reimbursements to policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property.
Students will explain situations where someone may be liable for injuries or damage to another person or their property.
Students will explain the primary types of losses covered by auto, homeowners and renters insurance policies.
Students will explain factors that influence the cost of renters insurance and homeowners insurance.
MR.K.4Analyze the need for life insurance that provides funds for beneficiaries in the event of an insured individual's death or disability.
Students will describe how an individual's death can result in financial losses to others.
Students will analyze the benefits and costs of purchasing life insurance on the primary earners in a household.
MR.K.5Assess ways to secure online transactions and safeguard personal documents from privacy infringement, identity theft and fraud.
Students will identify examples of how online behavior, email and text-message scams, telemarketers and other methods make consumers vulnerable to privacy infringement, identity theft and fraud.
Students will examine strategies to reduce the risk of identity theft and financial fraud.
Students will describe the steps an identity theft victim should take to limit losses and restore personal security.
MR.K.6Evaluate the utility of extended warranties and service contracts on different kinds of purchases.
Students will compare extended warranties or service contracts and insurance.
Students will evaluate the costs and benefits of buying an extended warranty on a specific item (e.g., cellphone, laptop, or vehicle) considering the likelihood of product failure, cost of replacing the item and price of the warranty.