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Mathematics TEKS on Personal Financial Literacy

(Texas Essential Knowledge and Skills - Adopted April 2012)

 

Kindergarten

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
K.9Aidentify ways to earn income;
K.9Bdifferentiate between money received as income and money received as gifts;
K.9Clist simple skills required for jobs;
K.9Ddistinguish between wants and needs and identify income as a source to meet one’s wants and needs.

 

Grade 1

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
1.9Adefine money earned as income;
1.9Bidentify income as a means of obtaining goods and services, oftentimes making choices between wants and needs;
1.9Cdistinguish between spending and saving; and
1.9Dconsider charitable giving. 

 

Grade 2

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
2.11Acalculate how money saved can accumulate into a larger amount over time;
2.11Bexplain that saving is an alternative to spending;
2.11Cdistinguish between a deposit and a withdrawal;
2.11Didentify examples of borrowing and distinguish between responsible and irresponsible borrowing;
2.11Eidentify examples of lending and use concepts of benefits and costs to evaluate lending decisions; and
2.11Fdifferentiate between producers and consumers and calculate the cost to produce a simple item.

 

Grade 3

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
3.9Aexplain the connection between human capital/labor and income;
3.9Bdescribe the relationship between the availability or scarcity of resources and how that impacts cost;
3.9Cidentify the costs and benefits of planned and unplanned spending decisions;
3.9Dexplain that credit is used when wants or needs exceed the ability to pay and that it is the borrower’s responsibility to pay it back to the lender, usually with interest;
3.9Elist reasons to save and explain the benefit of a savings plan, including for college; and
3.9Fidentify decisions involving income, spending, saving, credit, and charitable giving.

 

Grade 4

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
4.10Adistinguish between fixed and variable expenses;
4.10Bcalculate profit in a given situation;
4.10Ccompare the advantages and disadvantages of various savings options;
4.10Ddescribe how to allocate a weekly allowance among spending; saving, including for college; and sharing; and
4.10Edescribe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending.

 

Grade 5

Personal Financial Literacy. The student applies mathematical process standards to manage one’s financial resources effectively for lifetime financial security. The student is expected to:
5.10Adefine income tax, payroll tax, sales tax, and property tax;
5.10Bexplain the difference between gross income and net income;
5.10Cidentify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;
5.10Ddevelop a system for keeping and using financial records;
5.10Edescribe actions that might be taken to balance a budget when expenses exceed income; and
5.10Fbalance a simple budget. 

 

Grade 6

Personal Financial Literacy.The student applies mathematical process standards to help students develop an economic way of thinking and problem solving useful in one’s life as a knowledgeable consumer and investor. The student is expected to:
6.14Acompare the features and costs of a checking account and a debit card offered by different local financial institutions;
6.14Bdistinguish between debit cards and credit cards;
6.14Cbalance a check register that includes deposits, withdraws, and transfers;
6.14Dexplain why it is important to establish a positive credit history;
6.14Edescribe the information in a credit report and how long it is retained;
6.14Fdescribe the value of credit reports to borrowers and to lenders;
6.14Gexplain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study; and
6.14Hcompare the annual salary of several occupations requiring various levels of postsecondary education or vocational training and calculate the effects of different annual salaries on lifetime income.

 

Grade 7

Personal Financial Literacy.The student applies mathematical process standards to help students develop an economic way of thinking and problem solving useful in one’s life as a knowledgeable consumer and investor. The student is expected to:
7.13Acalculate the sales tax for a given purchase and calculate income tax for earned wages;
7.13Bidentify the components of a personal budget, including income, planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses and calculate what percentage each category comprises of the total budget;
7.13Ccreate and organize a financial assets and liabilities record and construct a net worth statement;
7.13Duse a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student’s city or another large city nearby;
7.13Ecalculate and compare simple interest and compound interest earnings;
7.13Fanalyze and compare monetary incentives including sales, rebates and coupons.

 


Grade 8

Personal Financial Literacy.The student applies mathematical process standards to help students develop an economic way of thinking and problem solving useful in one’s life as a knowledgeable consumer and investor. The student is expected to:
8.12Asolve real-world problems comparing how interest rate and loan length affect the cost of credit;
8.12Bcalculate the total cost of repaying a loan, including credit cards and easy access loans,  under various rates of interest and over different periods using an online calculator;
8.12Cexplain how small amounts of money invested regularly, including money saved for college and retirement, grow over time;
8.12Dcalculate and compare simple interest and compound interest earnings;
8.12Eidentify and explain the advantages and disadvantages of different payment methods;
8.12Fanalyze financial situations to determine if they represent financially responsible decisions and identify the benefits of financial responsibility and the costs of financial irresponsibility;
8.12Gestimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the 1st year of college.

The final math TEKS approved by the SBOE in April can be found at http://www.tea.state.tx.us/index2.aspx?id=2147499971.

 

High School Courses With Personal Financial Literacy Standards Embedded