# CTE Resource Center - Verso - Personal Finance Task/Competency List

CTE Resource Center - Verso

Virginia’s CTE Resource Center

The 2019 edition of this course is still available. Click here.

2020/2021 Competency-Based Task/Competency List for Personal Finance (6121/18 weeks)

Note: As enacted by the General Assembly of 2011 and prescribed by the Board of Education, beginning with students who enter the ninth-grade class of 2011-2012 and beyond, students shall earn one (1) standard credit in Economics and Personal Finance in fulfillment of the graduation requirement for the Standard and Advanced Studies diplomas. The one-half (1/2) standard credit earned for the Personal Finance course (6121) coupled with 1⁄2 credit in economics from History and Social Studies may count as the one credit required for graduation provided all the Economics and Personal Finance Standards of Learning are included in the instruction of the two courses.

Tasks/competencies bordered in blue are considered optional when marked as such; they and/or additional tasks/competencies may be taught at the discretion of the school division. All other tasks are considered essential statewide and are required of all students.

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Demonstrating Personal Qualities and Abilities

  1. Demonstrate creativity and innovation.
  2. Demonstrate critical thinking and problem solving.
  3. Demonstrate initiative and self-direction.
  4. Demonstrate integrity.
  5. Demonstrate work ethic.

Demonstrating Interpersonal Skills

  1. Demonstrate conflict-resolution skills.
  2. Demonstrate listening and speaking skills.
  3. Demonstrate respect for diversity.
  4. Demonstrate customer service skills.
  5. Collaborate with team members.

Demonstrating Professional Competencies

  1. Demonstrate big-picture thinking.
  2. Demonstrate career- and life-management skills.
  3. Demonstrate continuous learning and adaptability.
  4. Manage time and resources.
  5. Demonstrate information-literacy skills.
  6. Demonstrate an understanding of information security.
  7. Maintain working knowledge of current information-technology (IT) systems.
  8. Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.
  9. Apply mathematical skills to job-specific tasks.
  10. Demonstrate professionalism.
  11. Demonstrate reading and writing skills.
  12. Demonstrate workplace safety.

Examining All Aspects of an Industry

  1. Examine aspects of planning within an industry/organization.
  2. Examine aspects of management within an industry/organization.
  3. Examine aspects of financial responsibility within an industry/organization.
  4. Examine technical and production skills required of workers within an industry/organization.
  5. Examine principles of technology that underlie an industry/organization.
  6. Examine labor issues related to an industry/organization.
  7. Examine community issues related to an industry/organization.
  8. Examine health, safety, and environmental issues related to an industry/organization.

Addressing Elements of Student Life

  1. Identify the purposes and goals of the student organization.
  2. Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
  3. Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
  4. Identify Internet safety issues and procedures for complying with acceptable use standards.

Exploring Work-Based Learning

  1. Identify the types of work-based learning (WBL) opportunities.
  2. Reflect on lessons learned during the WBL experience.
  3. Explore career opportunities related to the WBL experience.
  4. Participate in a WBL experience, when appropriate.

Developing Consumer Skills

  1. Examine basic economic concepts and their relation to product prices and consumer spending.
  2. Examine the effect of supply and demand on wages and prices.
  3. Describe the steps for making a purchase decision.
  4. Describe common types of contracts and the implications of each.
  5. Demonstrate comparison-shopping skills.
  6. Maintain a filing system for personal financial records.
  7. Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.
  8. Access reliable financial information from a variety of sources.
  9. Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.
  10. Examine precautions for protecting identity and other personal information.
  11. Interact effectively with salespersons and merchants.
  12. Describe consumer protection regulations.
  13. Describe the role of consumer assistance agencies.

Demonstrating Knowledge of Planning for Living and Leisure Expenses

  1. Compare the costs and benefits of purchasing vs. leasing a vehicle.
  2. Compare the advantages and disadvantages of renting vs. purchasing a home.
  3. Describe the process of renting housing.
  4. Describe the process of purchasing a home.
  5. Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.
  6. Evaluate discretionary spending decisions.

Demonstrating Knowledge of Banking Transactions

  1. Describe the types of financial institutions.
  2. Examine how financial institutions affect personal financial planning.
  3. Evaluate services and related costs associated with personal banking.
  4. Differentiate among types and regulations of electronic monetary transactions.
  5. Prepare all forms necessary for opening and maintaining a checking and a savings account.
  6. Reconcile bank statements.
  7. Compare costs and benefits of online, mobile, and traditional banking.
  8. Explain how certain historical events have influenced the banking system and other financial institutions.
  9. Compare the U.S. monetary system with the international monetary system.

Demonstrating Knowledge of Credit and Loan Functions

  1. Evaluate the various methods of financing a purchase.
  2. Analyze credit card features and their impact on personal financial planning.
  3. Identify qualifications needed to obtain credit.
  4. Identify basic provisions of credit and loan laws.
  5. Compare terms and conditions of various sources of consumer credit.
  6. Identify strategies for effective debt management, including sources of assistance.
  7. Explain credit rating and credit report.
  8. Compare the costs and conditions of secured and unsecured loans.
  9. Compare the types of voluntary and involuntary bankruptcy and the implications of each.
  10. Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.
  11. Complete a sample credit application.

Demonstrating Knowledge of the Role of Insurance in Risk Management

  1. Evaluate insurance as a risk-management strategy.
  2. Distinguish among the types, costs, and benefits of automobile insurance coverage.
  3. Distinguish among the types, costs, and benefits of life insurance.
  4. Distinguish among the types, costs, and benefits of property insurance.
  5. Distinguish among the types, costs, and benefits of health insurance.
  6. Explain the roles of insurance in financial planning.
  7. Distinguish among the types of professional liability insurance.

Demonstrating Knowledge of Income Earning and Reporting

  1. Examine how personal choices about education, training, skill development, and careers impact earnings.
  2. Differentiate among sources of income.
  3. Calculate net pay.
  4. Investigate employee benefits and incentives.
  5. Complete standard federal employment tax forms.

Demonstrating Knowledge of Taxes

  1. Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.
  2. Explore how tax structures affect consumers, producers, and business owners differently.
  3. Compute local taxes on products and services.
  4. Examine potential tax deductions and credits on a tax return.
  5. Explain the content and purpose of a standard W-2 and 1099 form.
  6. Explain the similarities and differences between state and federal taxation of inheritances.
  7. Define the terminology associated with inheritance.
  8. Compare investment options for a monetary inheritance.
  9. Examine types and purposes of estate planning.
  10. Complete a state income tax form, including electronic formats.
  11. Complete short and itemized federal income tax forms, including electronic formats.

Demonstrating Knowledge of Personal Financial Planning

  1. Identify short-term and long-term personal financial goals.
  2. Identify anticipated and unanticipated income and expenses.
  3. Examine components and purposes of a personal net worth statement.
  4. Develop a personal budget.
  5. Investigate the effects of government actions and economic conditions on personal financial planning.
  6. Explain how economics influences a personal financial plan.

Demonstrating Knowledge of Investment and Savings Planning

  1. Compare the impact of simple interest vs. compound interest on savings.
  2. Compare investment and savings options.
  3. Explain costs and income sources for investments.
  4. Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.
  5. Contrast alternative retirement plans.
  6. Explore how the stock and bond markets work.

Financing Education after High School

  1. Identify sources of financial aid.
  2. Examine types of student loans.
  3. Explain the repayment process for student loans.
  4. Describe types of student grants.
  5. Describe types of scholarships.
  6. Describe investment options to pay for college costs.
  7. Identify ways to make the cost of postsecondary education affordable.

Preparing for Industry Certification

  1. Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.
  2. Identify testing skills/strategies for a certification examination.
  3. Demonstrate the ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).
  4. Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).

Developing Career Exploration and Employability Skills

  1. Investigate career opportunities.
  2. Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.
  3. Prepare a professional portfolio.
  4. Research a company in preparation for a job interview.
  5. Participate in mock interviews to refine interviewing techniques.
  6. Prepare employment-related correspondence.