Core Curriculum Content Standards

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NJ World Class Standards
Content Area: 21st-Century Life and Careers
9.2 Personal Financial Literacy
Content Area 21st-Century Life and Careers
Standard 9.2 Personal Financial Literacy All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy.
Strand C. Credit and Debt Management
By the end of grade Content Statement CPI# Cumulative Progress Indicator (CPI)
4
Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.
9.2.4.C.1 Explain why people borrow money and the relationship between credit and debt.                                                                                                              
9.2.4.C.2 Identify common sources of credit (e.g., banks, credit card companies) and types of credit (e.g., loans, credit cards, mortgages).                                                                                                              
9.2.4.C.3 Compare and contrast credit cards and debit cards and the advantages and disadvantages of using each.                                                                                                              
9.2.4.C.4 Determine the relationships among income, expenses, and interest.                                                                                                              
Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.
9.2.4.C.5 Determine personal responsibility related to borrowing and lending.                                                                                                              
9.2.4.C.6 Summarize ways to avoid credit problems.                                                                                                              
8
Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.
9.2.8.C.1 Compare and contrast the financial products and services offered by different types of financial institutions.                                                                                                              
9.2.8.C.2 Compare and contrast debt and credit management strategies.                                                                                                              
9.2.8.C.3 Demonstrate an understanding of the terminology associated with different types of credit (e.g., credit cards, installment loans, mortgages) and compare the interest rates associated with each.                                                                                                              
9.2.8.C.4 Calculate the cost of borrowing various amounts of money using different types of credit (e.g., credit cards, installment loans, mortgages).                                                                                                              
Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.
9.2.8.C.5 Determine ways to leverage debt beneficially.                                                                                                              
9.2.8.C.6 Determine potential consequences of using “easy access” credit (e.g., using a line of credit vs. obtaining a loan for a specific purpose).                                                                                                              
9.2.8.C.7 Explain the meaning and possible consequences of “predatory lending practices.”                                                                                                              
9.2.8.C.8 Explain the purpose of a credit score and credit record, and summarize borrowers’ credit report rights.                                                                                                              
9.2.8.C.9 Summarize the causes and consequences of personal bankruptcy.                                                                                                              
9.2.8.C.10 Determine when there is a need to seek credit counseling and appropriate times to utilize it.                                                                                                              
12
Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.
9.2.12.C.1 Compare and contrast the financial benefits of different products and services offered by a variety of financial institutions.                                                                                                              
9.2.12.C.2 Compare and compute interest and compound interest and develop an amortization table using business tools.                                                                                                              
9.2.12.C.3 Compute and assess the accumulating effect of interest paid over time when using a variety of sources of credit.                                                                                                              
9.2.12.C.4 Compare and contrast the advantages and disadvantages of various types of mortgages.                                                                                                              
Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.
9.2.12.C.5 Analyze the information contained in a credit report and explain the importance of disputing inaccurate entries.                                                                                                              
9.2.12.C.6 Explain how predictive modeling determines “credit scores.”                                                                                                              
9.2.12.C.7 Explain the rights and responsibilities of buyers and sellers under consumer protection laws, and discuss common unfair or deceptive business practices.                                                                                                              
9.2.12.C.8 Evaluate the implications of personal and corporate bankruptcy for self and others.