Earning Income PF1
Conduct research regarding potential income and employee benefit packages, non-income factors that may influence career choice, benefits, and costs of obtaining the necessary education or technical skills, taxes a person is likely to pay, and other possible sources of income.
Buying Goods and ServicesPF2
Describe the factors that consumers may consider when purchasing a good or service, including the costs, benefits, and the role of government in obtaining the information.
Budgeting and SavingPF3
Identify the incentives people have to set aside income for future consumption and evaluate the impact of time, interest rates, and inflation upon the value of savings.
Using CreditPF4
Evaluate the benefits, costs, and potential impacts of using credit to purchase goods and services.
- 1
Free Application for Federal Student Aid (FAFSA), Student Loans, Scholarships, Work Study and GrantsPF4.1
- 1
Financial InvestingPF5
Analyze the risks, expected rate of return, tax benefits, the impact of inflation, the role of government agencies, and the importance of diversification when investing in financial assets.
Protecting and InsuringPF6
Assess the financial risk of lost income, assets, health, or identity, and determine if a person should accept the risk exposure, reduce risk, or transfer the risk to others by paying a fee now to avoid the possibility of a larger loss later.
Paying TaxesPF7
Identify and evaluate taxes a person is likely to pay, including federal, state, and local taxes, tax benefits and drawbacks, impacts on take-home pay, types of IRS tax forms, and how these can affect their taxes.
Frequently asked questions
- What grade levels do these standards cover?
- Grade 9, Grade 10, Grade 11, and Grade 12
- Where can I read the official document?
- Michigan Merit Curriculum Personal Finance 9 – 12 CONTENT EXPECTATIONS
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