Here's how Advanced Budgeting aligns with curriculum standards in Connecticut. Use the filters to change the location, set of standards, and grade level.
Financial Literacy Standards
9.1: Earning Income
12.1: Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs.
12.6: Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes.
12.7: The type and amount of taxes people pay depend on their sources of income, amount of income, and amount and type of spending.
12.9: Tax deductions and credits reduce income tax liability.
12.10: Retirement income typically comes from some combination of continued employment earnings, Social Security, employer sponsored retirement plans, and personal investments.
9.2: Spending
12.1: A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy.
12.3: When purchasing a good that is expected to be used for a long time, consumers consider the product's durability, maintenance costs, and various product features.
12.6: Housing decisions depend on individual preferences, circumstances, and costs, and can impact personal satisfaction and financial well-being.
12.9: Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions.
9.4: Managing Credit
12.1: Borrowers can compare the cost of credit using the Annual Percentage Rate (APR) and other terms in the loan or credit card contract.
12.2: Loans that are secured by collateral have lower interest rates than unsecured loans because they are less risky to lenders.
12.3: Monthly mortgage payments vary depending on the amount borrowed, the repayment period, and the interest rate, which can be fixed or adjustable.
12.6: Down payments reduce the amount needed to borrow.
12.7: Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus.
12.8: A credit score is a numeric rating that assesses a person's credit risk based on information in their credit report.
12.9: Credit reports and credit scores may be requested and used by entities other than lenders.
12.10: Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance.
9.5: Managing Risk
12.3: Some types of insurance coverage are mandatory.
12.4: Insurance premiums are lower for people who take actions to reduce the likelihood and/or financial cost of losses and for those who buy policies with larger deductibles or copayments.
12.5: Health insurance provides coverage for medically necessary health care and may also cover some preventive care. It is sometimes offered as an employee benefit with the employer paying some or all of the premium cost.
12.7: Auto, homeowner's and renter's insurance reimburse policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property.
12.8: Life insurance provides funds for beneficiaries in the event of an insured person's death. Policy proceeds are intended to replace the insured's lost wages and/or to fund their dependents' future financial needs.
12.11: Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud.