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Financial Literacy TEKS

Financial Literacy TEKS:

Kindergarten

 

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • K.9A       identify ways to earn income;
  • K.9B       differentiate between money received as income and money received as gifts;
  • K.9C       list simple skills required for jobs;
  • K.9D       distinguish between wants and needs and identify income as a source to meet one’s wants and needs.

Grade 1

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • 1.9A       define money earned as income;
  • 1.9B       identify income as a means of obtaining goods and services, oftentimes making choices between wants and needs;
  • 1.9C       distinguish between spending and saving; and
  • 1.9D       consider charitable giving.

Grade 2

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • 2.11A     calculate how money saved can accumulate into a larger amount over time;
  • 2.11B     explain that saving is an alternative to spending;
  • 2.11C     distinguish between a deposit and a withdrawal;
  • 2.11D     identify examples of borrowing and distinguish between responsible and irresponsible borrowing;
  • 2.11E     identify examples of lending and use concepts of benefits and costs to evaluate lending decisions; and
  • 2.11F     differentiate between producers and consumers and calculate the cost to produce a simple item.

Grade 3

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • 3.9A       explain the connection between human capital/labor and income;
  • 3.9B       describe the relationship between the availability or scarcity of resources and how that impacts cost;
  • 3.9C       identify the costs and benefits of planned and unplanned spending decisions;
  • 3.9D       explain that credit is used when wants or needs exceed the ability to pay and that it is the borrower’s responsibility to pay it back to the lender, usually with interest;
  • 3.9E        list reasons to save and explain the benefit of a savings plan, including for college; and
  • 3.9F        identify decisions involving income, spending, saving, credit, and charitable giving.

 

Grade 4

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • 4.10A     distinguish between fixed and variable expenses;
  • 4.10B     calculate profit in a given situation;
  • 4.10C     compare the advantages and disadvantages of various savings options;
  • 4.10D     describe how to allocate a weekly allowance among spending; saving, including for college; and sharing; and
  • 4.10E     describe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending.

Grade 5

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:

  • 5.10A     define income tax, payroll tax, sales tax, and property tax;
  • 5.10B     explain the difference between gross income and net income;
  • 5.10C     identify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;
  • 5.10D     develop a system for keeping and using financial records;
  • 5.10E     describe actions that might be taken to balance a budget when expenses exceed income; and
  • 5.10F     balance a simple budget. 

Grade 6

Personal Financial Literacy.The student applies mathematical process standards to help students 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:

  • 6.14A     compare the features and costs of a checking account and a debit card offered by different local financial institutions;
  • 6.14B     distinguish between debit cards and credit cards;
  • 6.14C     balance a check register that includes deposits, withdraws, and transfers;
  • 6.14D     explain why it is important to establish a positive credit history;
  • 6.14E     describe the information in a credit report and how long it is retained;
  • 6.14F     describe the value of credit reports to borrowers and to lenders;
  • 6.14G    explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study; and
  • 6.14H     compare the annual salary of several occupations requiring various levels of postsecondary education or vocational training and calculate the effects of different annual salaries on lifetime income.

Grade 7

Personal Financial Literacy.The student applies mathematical process standards to help students 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:

  • 7.13A     calculate the sales tax for a given purchase and calculate income tax for earned wages;
  • 7.13B     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;
  • 7.13C     create and organize a financial assets and liabilities record and construct a net worth statement;
  • 7.13D     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;
  • 7.13E     calculate and compare simple interest and compound interest earnings;
  • 7.13F     analyze and compare monetary incentives including sales, rebates and coupons.

 

Grade 8

 

Personal Financial Literacy.The student applies mathematical process standards to help students 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:

 

  • 8.12A     solve real-world problems comparing how interest rate and loan length affect the cost of credit;
  • 8.12B     calculate the total cost of repaying a loan, including credit cards and easy access loans,  under various rates of interest and over different periods using an online calculator;
  • 8.12C     explain how small amounts of money invested regularly, including money saved for college and retirement, grow over time;
  • 8.12D     calculate and compare simple interest and compound interest earnings;
  • 8.12E     identify and explain the advantages and disadvantages of different payment methods;
  • 8.12F     analyze financial situations to determine if they represent financially responsible decisions and identify the benefits of financial responsibility and the costs of financial irresponsibility;
  • 8.12G    estimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the 1st year of college.