Related NBEA Achievement Standards for Personal Finance
NBEA Achievement Standards for Personal Finance
NBEA (National Business Education Association) standards have been correlated to ensure that students and adults are afforded equal access to fundamental business knowledge and skills and, therefore, an equal opportunity for success in life" (National Standards for Business Education, NBEA, 2007).
Analyze factors that affect the choice of credit, the cost of credit, and the legal aspects of using credit.
Analyze various sources and types of credit (e.g., short- and long-term) and related costs.
Apply a decision-making model to maximize consumer satisfaction when buying goods and services.
Apply criteria for choosing a savings or investment instrument (e.g., market risk, inflation risk, interest rate risk, liquidity, and minimum amount needed for investment).
Apply opportunity costs and trade-offs to personal decision making.
Compare and contrast the different types of checking accounts offered by various financial deposit institutions.
Compare and contrast the legal aspects of different forms of credit (e.g., title transfer, responsibility limits, collateral requirements, and co-signing).
Compare and contrast the various aspects of credit cards (e.g., APR, grace period, incentive buying, methods of calculating interest, and fees).
Compare costs and benefits of online and traditional banking.
Describe consumers rights, responsibilities and remedies, giving examples of each.
Describe how saving and investing influence economic growth (capital formation).
Describe the advantages and disadvantages of different savings and investing plans.
Describe the risks and responsibilities associated with using credit.
Determine advantages and disadvantages of using credit.
Develop a plan for family financial security (e.g., secure storage of documents, cash reserve, household inventory, medical records retention) in case of a disaster.
Develop and evaluate a spending/savings plan.
Develop recommended insurance coverage for individuals/families for various risks and different income levels
Differentiate among types of electronic monetary transactions (e.g., debit cards, ATM, and automatic deposits/payments) offered by various financial institutions.
Differentiate between saving and investing.
Discuss various ways competition among buyers helps the consumer.
Evaluate savings and investment options to meet short- and long-term goals.
Evaluate services and related costs associated with financial institutions in terms of personal banking needs.
Evaluate services provided by financial deposit institutions to transfer funds.
Examine the impact of advertising and marketing on consumer demand and decision-making in the global marketplace.
Examine the impact of advertising, peer pressure, and family history on personal financial decisions.
Examine the role of saving and investing in creating a financial plan.
Explain credit ratings and credit reports and describe why they are important to consumers.
Explain how a consumer can identify and report fraudulent behavior and practices observed on the Internet.
Explain the need for a sound credit rating.
Explain why a savings and investing plan changes as one proceeds through the life cycle.
Identify and describe consumer assistance services provided by public and private organizations (e.g., government, the Better Business Bureau, and manufacturers).
Identify methods of establishing and maintaining a good credit rating.
Identify risks in life and how to gain protection against the consequences of risk.
Identify the components listed on a credit report and explain how that information is used and how it is received by and reported from the credit reporting agencies.
Identify the type of insurance associated with different types of risk (e.g., automobile, personal and professional liability, home and apartment, health, life, long-term care, disability).
Identify various types of financial institutions.
List the basic services provided by financial institutions.
Recognize that laws are available to protect the rights of the consumer.
Research consumer advocacy groups that address consumer rights and responsibilities and describe how an individual can participate.