Indiana
12th Grade
State Standards
Financial and Decision Making
12-1.1: Demonstrate taking responsibility for personal financial decisions.
12-1.1.1: Explain how individuals demonstrate responsibility for financial well-being over a lifetime.
12-1.1.2: Analyze ways financial responsibility is different for individuals with and without dependents.
12-1.2: Analyze financial information from a variety of reliable sources.
12-1.2.1: Analyze financial information for objectivity, accuracy, relevancy to given needs, and currency.
12-1.2.2: Investigate current types of consumer fraud, including online scams.
12-1.3: Utilize consumer protection laws and resources.
12-1.3.1: Describe benefits of Indiana's consumer protection agency.
12-1.3.2: Analyze consumer protection laws for the issues they address and the safeguards they provide.
12-1.3.3: Demonstrate steps for resolving a consumer complaint.
12-1.4: Make financial decisions by systematically considering alternatives and consequences.
12-1.4.1: Set measurable short-term and medium-term, and long-term financial goals.
12-1.4.2: Evaluate the results of financial decisions.
12-1.4.3: Apply systematic decision making to short-term, medium-term, and long-term goals.
12-1.5: Demonstrate communication strategies for discussing financial issues.
12-1.5.1: Compare and contrast the benefits of sharing financial goals and personal finance information with a potential partner before forming a partnership.
12-1.5.2: Describe essential elements of contract between individuals and between individuals and businesses.
12-1.6: Demonstrate strategies to control personal information.
12-1.6.1: Describe the actions a victim of identity theft needs to take to restore personal security.
Relating Income and Careers
12-2.1: Describe how career choice, education, skills, entrepreneurship, and economic conditions affect income.
12-2.1.1: Analyze ways economic, social, cultural, and political conditions can affect income and career potential.
12-2.1.2: Analyze the financial risks and benefits of entrepreneurship as a career choice.
12-2.2: Identify sources of personal income.
12-2.2.1: Define gift, rent, interest, dividend, capital gain, tip, commission, and business profit income.
12-2.2.2: Describe ways people in the community can benefit from local government assistance programs.
12-2.3: Explain how taxes and employee benefits relate to disposable income.
12-2.3.1: Analyze typical employee benefits and explain why they are a form of compensation.
12-2.3.2: Describe benefits of employer sponsored savings plans and other options for shifting current income to the future.
Planning and Managing Money
12-3.1: Demonstrate ability to use money management skills and strategies.
12-3.1.1: Create a basic budget with categories for income, taxes, planned savings, and fixed and variable expenses.
12-3.1.2: Demonstrate budgeting to manage spending and achieve financial goals.
12-3.2: Develop a system for keeping and using financial records.
12-3.2.1: Demonstrate use of a system to record income and spending for purchases, services, and taxes.
12-3.2.2: Demonstrate recordkeeping that utilizes a financial institutions online account management system.
12-3.3: Analyze services of financial institutions.
12-3.3.1: Demonstrate skill in executing different payment methods, including cash, checks, stored-value cards, debit cards, credit cards, and electronic or online payment systems.
12-3.3.2: Demonstrate skill in basic financial tasks, including bill payments, check writing, reconciling checking and debit account statements, and monitoring printed and online account statements for accuracy.
12-3.4: Apply consumer skills to purchase decisions.
12-3.4.1: Evaluate impact of external factors on spending decisions.
12-3.4.2: Apply knowledge of external factors to justify a consumer buying decision.
12-3.4.3: Compare the benefits and costs of owning a house versus renting a house.
12-3.5: Connect the role of charitable giving, volunteer service, and philanthropy to community development and quality of life.
12-3.5.1: Demonstrate budgeting financial and other resources to make contributions to a charitable organization.
12-3.6: Develop a personal financial plan.
12-3.6.1: Analyze ways to modify spending practices to achieve financial goals.
12-3.6.2: Develop a personal financial plan that shows allocation of income, spending, saving/investing, and sharing/giving over a year-long time span.
12-3.6.3: Analyze a plan to secure funding for a financial goal.
12-3.7: Examine the purpose and value of estate planning.
12-3.7.1: Contrast a will, a "living will" and other ways an estate can be transferred.
Managing Credit and Debt
12-4.1: Analyze the costs and benefits of using various types of credit.
12-4.1.1: Calculate the cost of borrowing a set amount of money using various types of credit.
12-4.1.2: Explain how grace periods, methods of calculating interest, and fees affect borrowing costs.
12-4.1.3: Apply systematic decision making to identify the most cost-effective option for making a major purchase.
12-4.2: Analyze factors that influence establishing and maintaining a good credit rating.
12-4.2.1: Explain how a credit report affects creditworthiness and the cost of credit.
12-4.2.2: Describe ways a negative credit report affects a consumer's financial future and steps to take to improve it.
12-4.3: Analyze methods and benefits of avoiding or correcting credit and debt problems.
12-4.3.2: Describe possible consequences of excessive debt.
12-4.4: Analyze major consumer credit laws.
12-4.4.1: Analyze online and printed resources for up-to-date information about consumer credit rights.
Risk Management and Insurance
12-5.1: Analyze the nature of personal financial risk and the importance of protecting against financial loss.
12-5.1.1: Describe ways people can manage risk through avoidance, reduction, retention, and transfer.
12-5.2: Analyze the need for and value of various types of insurance across stages of the life cycle.
12-5.2.1: Analyze the amount of coverage a person needs for health, property, life, disability, and liability insurance.
12-5.2.3: Analyze factors that can reduce or increase insurance costs.
Saving and Investing
12-6.1: Explain how saving contributes to financial wellbeing.
12-6.1.1: Compare saving strategies, including "pay yourself first," payroll deduction, and comparison shopping to spend less.
12-6.1.2: Compare the interest generated by simple and compound interest at various rates.
12-6.2: Apply strategies for creating wealth and building assets.
12-6.2.1: Compare various investing strategies for their potential to build wealth.
12-6.2.2: Analyze an investment utilizing the principles of time value of money.
12-6.2.3: Calculate the end value of lump sum and periodic investments.
12-6.3: Compare investment alternatives.
12-6.3.1: Analyze the benefits of various investment options in the current economy.
12-6.3.2: Analyze an investment utilizing principles of inflation.
12-6.4: Describe how to buy and sell investments.
12-6.4.1: Compare advantages and disadvantages of buying and selling investments through various channels, including financial advisors, investment clubs, and online brokers.
12-6.4.2: Compare the investment objectives and historical rates of return of various stocks and mutual funds.
12-6.5: Analyze factors that affect the rate of return on investments.
12-6.5.1: Analyze the rate of return on investments using time value of money and economic conditions as factors.
12-6.5.2: Calculate the amount of taxes on investments and income tax-free earnings.
12-6.6: Analyze how agencies that regulate financial markets protect investors.
12-6.6.2: Identify additional services and benefits of the Indiana Securities Commission and other federal and state regulators.