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