Washington
8th GradeState Standards
8.SS: Spending and Saving
Develop a plan for spending and saving.
1: Analyze how spending and saving behavior can affect overall well-being.
2: Discuss the components of a personal spending plan, including income, planned saving, and expenses.
3: Compare saving strategies, including pay yourself first and comparison shopping.
4: Predict how inflation can affect spending power over time.
5: Analyze the usefulness of an emergency fund.
6: Explain why saving is a prerequisite to investing.
Develop a system for keeping and using financial records.
7: Assess a personal property inventory, including descriptions, locations, and estimates of value.
8: Develop a system for organizing personal financial records, both paper and electronic.
9: Investigate ways to secure vital personal financial data and records.
Describe how to use different payment methods.
10: Compare and contrast different types of local financial institutions and the services they provide.
11: Compare the advantages and disadvantages of checks, prepaid cards, debit cards, gift cards, and online and mobile payment systems.
Apply consumer skills to spending and saving decisions.
12: Evaluate the relationship between spending practices and achieving financial goals.
13: Analyze how external factors, such as marketing and advertising techniques, might influence spending decisions for different individuals.
14: When making a consumer decision, consider a range of spending and non-spending alternatives.
15: Predict the effect of inflation on buying power.
16: Compare private charitable organizations and their purposes.
8.CD: Credit and Debt
Analyze the costs and benefits of various types of credit.
1: Assess whether a specific purchase justifies the use of credit.
2: Summarize how the interest rate, compounding frequency, and loan length affect the cost of using credit.
3: Calculate the total cost of repaying a loan under various rates of interest and over different periods.
4: Discuss potential consequences of using "easy access" credit.
5: Explain how individuals use debt as an investment.
Apply strategies to avoid or correct debt management problems.
6: Identify indicators of excessive debt.
7: Predict possible consequences of excessive debt.
8: Recommend actions that a borrower could take to reduce or better manage excessive debt.
8.EI: Employment and Income
Explore job and career options.
1: Assess the relationship between education and training and lifetime income.
2: Match personal skills and interests to various career options.
3: Compare the costs of postsecondary education with the potential increase in income from a career of choice.
4: Devise a strategy to minimize the costs of postsecondary education.
5: Identify individuals who could provide positive job references.
6: Complete a part-time job application.
Compare sources of personal income and compensation.
7: Explain the difference between earned and unearned income and give an example of each.
8: Give an example of a situation that qualifies for a government transfer payment.
9: List local government services that are available to assist people.
Analyze factors that affect net income.
10: Compare common types of payroll deductions.
11: Calculate how payroll deductions affect take-home pay.
12: Summarize Social Security, Medicare, and Affordable Care Act benefit structures.
8.I: Investing
Explain how investing may build wealth and help meet financial goals.
1: Explain how rate of return, frequency of compounding, taxes, and inflation can affect changes in investment returns.
2: Devise an investment plan for accumulating money for a major expense, such as a college education or the down payment on a car.
3: Compare gambling and other games of chance with investments as a means of building wealth.
Evaluate investment alternatives.
4: Explain the difference between stocks and bonds.
5: Give examples of investments for current income and investments for future growth.
6: Compare investing in individual stocks and bonds with investing in mutual funds and exchange-traded funds.
7: Use online data to compare investment performance of selected mutual funds and exchange-traded funds over different time periods.
8: Analyze the potential benefits of a long-term investing strategy.
9: Suggest types of investments appropriate for people who have a low risk tolerance for investment volatility.
10: Illustrate the benefits of tax-advantaged investments for young people.
11: Select appropriate investments for accumulating money for a major financial goal.
Demonstrate how to buy and sell investments.
12: Demonstrate how to open a basic deposit account at a financial institution or brokerage firm.
13: Explain how stock markets facilitate the buying and selling of securities.
14: Interpret the financial market price quotations of stocks, mutual funds, and exchange-traded funds.
15: Describe how to buy and sell individual stocks, mutual fund shares, and exchange-traded fund shares.
16: Analyze the impact on the value of their holdings when investors sell stocks when the stock market is falling (panic selling) and buy when prices are rising (exuberant buying).
17: Calculate the average cost per share of an investment using a dollar cost averaging strategy.
Investigate how agencies protect investors and regulate financial markets and products.
18: Research federal government depository insurance coverage and limits related to consumer bank and credit union accounts.
19: Explain how federal and state regulators help protect investors.
8.RM: Risk Management and Insurance
Identify common types of risks and basic risk management methods.
1: Summarize how people manage the risk of financial loss through avoidance, acceptance, control and reduction, and transfer through insurance.
2: Summarize the consequences of accepting risk with insufficient or no insurance.
3: Illustrate how to use insurance to share the risk of financial loss.
4: Discuss factors that affect insurance premiums.
5: Investigate a specific product safety recall.
Justify reasons to use property and liability insurance.
6: Explain the use of liability insurance to cover accidental bodily harm or damage to another person's property.
7: Categorize the kinds of expenses that typical auto insurance policies cover.
8: Categorize the kinds of expenses that typical renters' policies and homeowners' policies cover.
Justify reasons to use health, disability, long-term care, and life insurance.
9: Categorize the kinds of expenses that health insurance can cover.
8.FD: Financial Decision-Making
Recognize the responsibilities associated with personal financial decisions.
1: Analyze money-handling decisions that young adults commonly face.
2: Compare the benefits of financial responsibility with the consequences of financial irresponsibility.
3: Analyze how influences such as current fashion trends, peer pressure, and procrastination can affect financial decisions.
Use reliable resources when making financial decisions.
4: Analyze the strengths and weaknesses of various online and printed sources of product information.
5: Devise a way to test an advertising claim.
6: Determine whether information sources are accurate and reliable when comparing products and services.
7: Describe a process for making a consumer decision by combining pre-purchase information with point-of-purchase information, such as unit price data and discounts.
8: Investigate types of consumer fraud, including online scams and phone solicitations.
Summarize major consumer protection laws.
9: Summarize the types of behaviors that make consumers vulnerable to fraud.
10: Compare the consumer protection agencies and their responsibilities in one's state and community.
11: Investigate examples of unfair or deceptive business practices that consumer protection laws prohibit.
12: Summarize the information needed to resolve a specific consumer complaint.
Make criterion-based financial decisions by systematically considering alternatives and consequences.
13: Apply systematic decision-making to setting and achieving financial goals.
14: Prioritize personal financial goals.
15: Determine the cost of achieving a financial goal.
16: Evaluate the results of a financial decision.
17: Give examples of how decisions made today can affect future opportunities.
Apply communication strategies when discussing financial issues.
18: Analyze how discussing financial matters with household members could help reduce conflict.
19: Assess differences in peers' personal values and attitudes about money.
20: Demonstrate how to negotiate a fee for services such as babysitting or lawn care.
Analyze the requirements of contractual obligations.
21: Categorize the types of rights and responsibilities typically found in employee handbooks.
22: Devise a family agreement that establishes the terms of use of a family resource.
Control personal information.
23: Compare ways that thieves fraudulently obtain personal information.
24: Predict problems that might occur to a victim of identity theft.
25: Apply strategies for creating and maintaining strong online passwords.
26: Recommend ways to use social media safely.
Use a personal financial plan or budget.
27: Differentiate between assets and liabilities.
28: Assess a net worth statement.