| Wisconsin's Model Academic Standards |
| |
| |
Business Education |
| |
C.Financial Procedures |
| |
Twelfth Grade |
| |
|
C.12.4 |
Explain the use of credit cards, bank cards, debit cards, credit ratings, and loan applications |
|
| |
D.Economics |
| |
Eighth Grade |
| |
|
D.8.1 |
Describe the characteristics of a market system (i.e., private property, freedom of choice, self interest, competition, prices set in markets by supply and demand, and limited role of government) |
|
| |
|
D.8.2 |
Give examples to explain how businesses depend upon workers with specialized skills to make production more efficient (see SS D.4.4) |
|
| |
|
D.8.3 |
Identify consumer rights and responsibilities |
|
| |
Twelfth Grade |
| |
|
D.12.2 |
Describe the possible effects of the national debt on the level of economic activity in the long run (see SS D.8.6) |
|
| |
|
D.12.5 |
Describe the roles of business enterprises, consumers, and government in our mixed economy (see SS D.8.10, D.12.7, D.12.14) |
|
| |
|
D.12.6 |
Explain how interest rates are determined by market forces and how they influence the amount of borrowing and saving by business investors, consumers, and government officials (see SS D.12.11) |
|
| |
E.Entrepreneurship |
| |
Eighth Grade |
| |
|
E.8.1 |
Describe the role of entrepreneurs in a market system and explain the benefits and risks of becoming an entrepreneur (see SS D.8.8) |
|
| |
|
E.8.2 |
Recognize opportunities that would lead to a successful business |
|
| |
|
E.8.4 |
Explain the impact of competition on profits |
|
| |
|
E.8.6 |
Define differences between debt and equity and identify factors that can lead to higher and lower prices |
|
| |
Twelfth Grade |
| |
|
E.12.7 |
Define franchising and describe the relationship with other forms of business organizations |
|
| |
|
E.12.9 |
Identify resources available to entrepreneurs when preparing a business plan |
|
| |
|
E.12.10 |
Operate a small business |
|
| |
G.International Business |
| |
|
G.12.2 |
Explain the difference between a domestic and international company |
|
| |
H.Principles of Management |
| |
Eighth Grade |
| |
|
H.8.3 |
Analyze outcomes as a result of business decisions |
|
| |
|
H.8.4 |
Identify personal traits of successful business owners and managers |
|
| |
| |
Marketing Education |
| |
A.Entrepenueurship |
| |
|
A.8.1 |
Define characteristics of successful entrepreneurs (see SS D.8.2, D.8.8, D.8.10) |
|
| |
|
A.8.3 |
Analyze the responsibilities and tasks of an entrepreneur (see SS D.8.2) |
|
| |
|
A.8.4 |
Explain the advantages and disadvantages of being an entrepreneur (see SS D.8.2, D.8.8) |
|
| |
|
A.8.5 |
Identify ways an entrepreneur could raise capital for a venture (see SS D.8.8) |
|
| |
|
A.8.6 |
Explain how and why people who start new businesses take risks to provide goods and services, considering profits as an incentive (see SS D.8.8) |
|
| |
Twelfth Grade |
| |
|
A.12.1 |
Discuss and give examples of entrepreneurs who make contributions to the local, state, national, and global economy (see SS D.12.3) |
|
| |
|
A.12.2 |
Identify common traits, beliefs, and attitudes associated with entrepreneurs |
|
| |
|
A.12.3 |
Compare and contrast various forms of business ownership (see SS D.12.7) |
|
| |
|
A.12.4 |
Analyze the key roles of entrepreneurs in creating jobs in our economic system |
|
| |
|
A.12.5 |
Outline factors associated with business failures and success |
|
| |
B.Free Enterprise |
| |
Eighth Grade |
| |
|
B.8.2 |
Identify and explain individual opportunities in a free enterprise system (see D.8.5, D.8.10, D.8.11) |
|
| |
|
B.8.3 |
Identify and explain basic economic concepts: supply; demand; production; exchange and consumption; labor wages and capital; inflation and deflation; market economy and command economy; and, public and private goods and services (see SS D.8.2) |
|
| |
Twelfth Grade |
| |
|
B.12.2 |
Explain economic concepts that affect consumers and businesses in a free enterprise system (see SS A.12.8, D.12.6, D.12.10) |
|
| |
|
B.12.4 |
Evaluate and give examples of the interactive nature of the global marketplace (see SS D.12.7, D.12.8, D.12.13) |
|
| |
|
B.12.5 |
Identify and analyze significant economic benefits, challenges, and solutions to problems related to our free enterprise system (see SS D.12.10, D.12.12) |
|
| |
D.Marketing Functions |
| |
Eighth Grade |
| |
|
D.8.1 |
Define the importance of marketing related to consumer choice (see SS D.8.2, D.8.10) |
|
| |
|
D.8.7 |
Illustrate how different products and services meet the needs of consumers |
|
| |
Twelfth Grade |
| |
|
D.12.1 |
Determine the need for and availability of financial resources to fund business activities |
|
| |
|
D.12.7 |
Describe the role of selling in a free market economy |
|
| |
| |
Personal Financial Literacy |
| |
A.Relating Income and Education |
| |
Eighth Grade |
| |
|
A.8.2 |
Understand the sources of income and alternative resources. |
|
| |
|
A.8.3 |
Explain how income affects lifestyle choices and spending decisions. |
|
| |
|
A.8.4 |
Explain how taxes and employee benefits relate to disposable income. |
|
| |
Twelfth Grade |
| |
|
A.12.1 |
Understand how career choice, education, skills, entrepreneurship, and economic conditions affect income. |
|
| |
|
A.12.1.1 |
Evaluate and demonstrate how career choices, education choices, skills, entrepreneurship, and economic conditions affect income. |
|
| |
|
A.12.1.2 |
Analyze how personal and cultural values may impact financial decisions. |
|
| |
|
A.12.2.1 |
Understand and critique sources of income and resources available that may substitute for income |
|
| |
|
A.12.2 |
Understand the sources of income and alternative resources. |
|
| |
|
A.12.3 |
Explain how income affects lifestyle choices and spending decisions. |
|
| |
|
A.12.3.1 |
Develop a plan to designate how income affects decisions to purchase and spend. |
|
| |
|
A.12.4 |
Explain how taxes and employee benefits relate to disposable income. |
|
| |
B.Money Management |
| |
Eighth Grade |
| |
|
B.8.1 |
Demonstrate ability to use money management skills and strategies, |
|
| |
|
B.8.2 |
Understand the purposes and services of financial institutions. |
|
| |
|
B.8.3 |
Develop a financial vision based on an examination of personal values. |
|
| |
|
B.8.4 |
Understand the history, purposes, roles, and responsibilities related to taxation. |
|
| |
Twelfth Grade |
| |
|
B.12.1 |
Demonstrate ability to use money management skills and strategies. |
|
| |
|
B.12.1.1 |
Apply various money management strategies to authentic situations and predict results over time. |
|
| |
|
B.12.1.2 |
Analyze and compare income and spending plans as affected by age, needs, and resources. |
|
| |
|
B.12.2.1 |
Develop a plan that uses the services of various financial institutions to meet personal and family financial goals. |
|
| |
|
B.12.2 |
Understand the purposes and services of financial institutions. |
|
| |
|
B.12.3 |
Develop a financial vision based on an examination of personal values. |
|
| |
|
B.12.3.2 |
Correlate long-range personal goals with financial needs and resources |
|
| |
|
B.12.4 |
Understand the history, purposes, roles, and responsibilities related to taxation. |
|
| |
C.Credit and Debt Management |
| |
Eighth Grade |
| |
|
C.8.1 |
Identify and evaluate credit products and services. |
|
| |
|
C.8.2 |
Identify and compare sources of credit. |
|
| |
|
C.8.3 |
Identify and evaluate interest rates, fees, and other charges. |
|
| |
|
C.8.4 |
Interpret credit sources and reports. |
|
| |
|
C.8.5 |
Calculate the cost of borrowing. |
|
| |
|
C.8.6 |
Explain the rights and responsibilities of buyers and sellers under consumer protection laws. |
|
| |
|
C.8.7 |
Understand how to leverage debt. |
|
| |
|
C.8.8 |
Describe the implications of bankruptcy. |
|
| |
|
C.8.9 |
Analyze the pros and cons of high cost alternative financial services. |
|
| |
Twelfth Grade |
| |
|
C.12.1 |
Identify and evaluate credit products and services. |
|
| |
|
C.12.2 |
Identify and compare sources of credit. |
|
| |
|
C.12.3 |
Identify and evaluate interest rates, fees, and other credit charges. |
|
| |
|
C.12.4 |
Interpret credit sources and reports. |
|
| |
|
C.12.4.1 |
Explain how a credit score is used |
|
| |
|
C.12.4.2 |
Explain factors that affect creditworthiness and the purpose of credit records |
|
| |
|
C.12.5.3 |
Calculate and compare the total cost of borrowing for various amounts and types of purchases |
|
| |
|
C.12.5 |
Calculate the cost of borrowing. |
|
| |
|
C.12.6 |
Explain the rights and responsibilities of buyers and sellers under consumer protection laws. |
|
| |
|
C.12.7 |
Understand how to leverage debt. |
|
| |
|
C.12.8 |
Describe the implications of bankruptcy. |
|
| |
|
C.12.9 |
Analyze the pros and cons of high cost alternative financial services. |
|
| |
D.Planning, Saving, and Investing |
| |
Eighth Grade |
| |
|
D.8.1 |
Apply strategies for creating wealth/ building assets. |
|
| |
|
D.8.2 |
Match appropriate financial services and products with specified goals. |
|
| |
|
D.8.3 |
Describe the relationships between saving and investing. |
|
| |
|
D.8.4 |
Apply the concepts of supply and demand to stock market price changes. |
|
| |
|
D.8.5 |
Demonstrate ability to use decision-making processes in making financial decisions related to planning, saving, and investing. |
|
| |
Twelfth Grade |
| |
|
D.12.1 |
Apply strategies for creating wealth/ building assets. |
|
| |
|
D.12.2 |
Match appropriate financial services and products with specified goals. |
|
| |
|
D.12.2.1 |
Demonstrate the use of financial services and products to achieve personal financial goals |
|
| |
|
D.12.3 |
Describe the relationships between saving and investing. |
|
| |
|
D.12.4 |
Apply the concepts of supply and demand to stock market price changes. |
|
| |
|
D.12.5 |
Demonstrate ability to use decision-making processes in making financial decisions related to planning, saving, and investing. |
|
| |
E.Becoming a Critical Consumer |
| |
Eighth Grade |
| |
|
E.8.1 |
Understand the impact of contextual factors associated with consumer decision making. |
|
| |
|
E.8.2 |
Investigate the purposes, strategies, and effects of various business practices, including sales schemes or scams. |
|
| |
|
E.8.3 |
Understand the cost of interest rates and fees associated with financial services. |
|
| |
|
E.8.4 |
Understand that verbal contracts are as binding as written agreements. |
|
| |
|
E.8.5 |
Identify sources of consumer protection and assistance including public institutions and private organizations (professionals, publications, and internet). |
|
| |
|
E.8.6 |
Examine critically the impact of sociocultural norms and demographics related to money, saving, spending, and so forth. |
|
| |
Twelfth Grade |
| |
|
E.12.1 |
Understand the impact of contextual factors associated with consumer decision making. (e.g., social, historical, political, family, cultural, philosophical) |
|
| |
|
E.12.2 |
Investigate the purposes, strategies, and effects of various business practices, including sales schemes or scams. |
|
| |
|
E.12.3 |
Understand the cost of interest rates and fees associated with financial services. |
|
| |
|
E.12.3.1 |
Determine the cost of various interest rates and fees to a consumer. |
|
| |
|
E.12.4 |
Understand that verbal contracts are as binding as written agreements. |
|
| |
|
E.12.5 |
Identify sources of consumer protection and assistance including public institutions and private organizations (professionals, publications, and internet). |
|
| |
|
E.12.6 |
Examine critically the impact of sociocultural norms and demographics related to money, saving, and spending. |
|
| |
F.Community and Financial Responsibility |
| |
Eighth Grade |
| |
|
F.8.1 |
Understand factors that affect citizen financial decisions and actions. |
|
| |
|
F.8.2 |
Practice skills related to fiscal responsibility and personal decision making. |
|
| |
|
F.8.3 |
Integrate and apply financial knowledge, attitudes, and skills. |
|
| |
|
F.8.4 |
Understand the interdependent role of government, business, the consumer, and personal finance in the economy. |
|
| |
|
F.8.5 |
Examine the impact that government, business, consumer, and financial decisions and actions have on the individual, family, community, society, and world. |
|
| |
Twelfth Grade |
| |
|
F.12.1 |
Understand factors that affect citizen financial decisions and actions. |
|
| |
|
F.12.2 |
Practice skills related to fiscal responsibility and personal decision making. |
|
| |
|
F.12.3 |
Integrate and apply financial knowledge, attitudes, and skills. |
|
| |
|
F.12.4 |
Understand the interdependent role of government, business, consumer, and personal finance in the economy. |
|
| |
|
F.12.5 |
Examine the impact that government, business, consumer, and financial decisions and actions have on the individual, family, community, society, and world. |
|
| |
G.Risk Management |
| |
Eighth Grade |
| |
|
G.8.1 |
Understand the nature of personal financial risk and the importance of protecting against financial loss. |
|
| |
|
G.8.2 |
Examine the need for and value of various types of insurance (such as health, property, life, disability, and liability) within the life cycle. |
|
| |
|
G.8.3 |
Integrate and apply concepts related to personal financial risk, protection from loss, and financial planning |
|
| |
Twelfth Grade |
| |
|
G.12.1 |
Understand the nature of personal financial risk and the importance of protecting against financial loss. |
|
| |
|
G.12.1.1 |
Analyze risk vs. benefit in various financial situations |
|
| |
|
G.12.2 |
Examine the need for and value of various types of insurance (such as health, property, life, disability, and liability) within the life cycle. |
|
| |
|
G.12.3 |
Integrate and apply concepts related to personal financial risk, protection from loss, and financial planning. |
|
