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A project of the Texas Council on Economic Education

PFL 12th Grade Economics Standards

PFL Standards

(16) Personal financial literacy. The student understands types of business ownership. The student is expected to:

(A) explain the characteristics of sole proprietorships, partnerships, and corporations;

(B) analyze the advantages and disadvantages of sole proprietorships, partnerships, and corporations;

(C) analyze the economic rights and responsibilities of businesses, including those involved in starting a small business; and

(D) explain how corporations raise money through stocks and bonds.

(17) Personal financial literacy. The student understands the role of financial markets/institutions in saving, borrowing, and capital formation. The student is expected to:

(A) explain the functions of financial institutions and how they affect households and businesses;

(B) explain how the amount of savings in an economy is the basis of capital formation;

(C) analyze the role of interest and risk in allocating savings to its most productive use; and

(D) examine the types of accounts available to consumers from financial institutions and the risks, monetary costs, and benefits of maintaining these accounts.

 

 

18) Personal financial literacy. The student understands the role of individuals in financial markets. The student is expected to:

(A) assess ways to be a wise investor in the stock market and in other personal investment options;

(B) explain how to begin a savings program;

(C) examine investment options available in a personal retirement plan;

(D) demonstrate how to maintain a checking account, including reconciling a bank statement;

(E) identify the types of loans available to consumers;

(F) explain the responsibilities and obligations of borrowing money; and

(G) develop strategies to become a low-risk borrower by improving one’s personal credit score.

(19) Personal financial literacy. The student applies critical-thinking skills to analyze the costs and benefits of personal financial decisions. The student is expected to:

(A) examine ways to avoid and eliminate credit card debt;

(B) evaluate the costs and benefits of declaring personal bankruptcy;

(C) evaluate the costs and benefits of buying insurance; and

(D) evaluate the costs and benefits of charitable giving.

(20) Personal financial literacy. The student understands how to provide for basic needs while living within a budget. The student is expected to:

(A) evaluate the costs and benefits of renting a home;

(B) evaluate the costs and benefits of buying a home; and

(C) assess the financial aspects of making the transition from renting to home ownership.

 

 

(21) Personal financial literacy. The student understands the various methods available to pay for college and other postsecondary education and training. The student is expected to:

(A) understand how to complete the Free Application for Federal Student Aid (FAFSA) provided by the United States Department of Education;

(B) research and evaluate various scholarship opportunities such as those from state governments, schools, employers, individuals, private companies, nonprofits, and professional organizations;

(C) analyze and compare student grant options;

(D) analyze and compare student loan options, including private and federal loans;

(E) research and evaluate various work-study program opportunities; and

(F) investigate nontraditional methods of paying for college or postsecondary education and training.