Common Planner
K–12 Standards

Economics and Personal Finance (6120 - 36 weeks)

Other Virginia CTE sets

Economics and Personal Finance (6120 - 36 weeks)EPF

  • A

    Demonstrating Personal Qualities and Abilities EPF.1

    1. 1

      Demonstrate creativity and innovation.EPF.1.1

    2. 2

      Demonstrate critical thinking and problem solving.EPF.1.2

    3. 3

      Demonstrate initiative and self-direction.EPF.1.3

    4. 4

      Demonstrate integrity.EPF.1.4

    5. 5

      Demonstrate work ethic.EPF.1.5

  • B

    Demonstrating Interpersonal SkillsEPF.2

    1. 6

      Demonstrate conflict-resolution skills.EPF.2.6

    2. 7

      Demonstrate listening and speaking skills.EPF.2.7

    3. 8

      Demonstrate respect for diversity.EPF.2.8

    4. 9

      Demonstrate customer service skills.EPF.2.9

    5. 10

      Collaborate with team members.EPF.2.10

  • C

    Demonstrating Professional CompetenciesEPF.3

    1. 11

      Demonstrate big-picture thinking.EPF.3.11

    2. 12

      Demonstrate career- and life-management skills.EPF.3.12

    3. 13

      Demonstrate continuous learning and adaptability.EPF.3.13

    4. 14

      Manage time and resources.EPF.3.14

    5. 15

      Demonstrate information-literacy skills.EPF.3.15

    6. 16

      Demonstrate an understanding of information security.EPF.3.16

    7. 17

      Maintain working knowledge of current information-technology (IT) systems.EPF.3.17

    8. 18

      Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.EPF.3.18

    9. 19

      Apply mathematical skills to job-specific tasks.EPF.3.19

    10. 20

      Demonstrate professionalism.EPF.3.20

    11. 21

      Demonstrate reading and writing skills.EPF.3.21

    12. 22

      Demonstrate workplace safety.EPF.3.22

  • D

    Examining All Aspects of an IndustryEPF.4

    1. 23

      Examine aspects of planning within an industry/organization.EPF.4.23

    2. 24

      Examine aspects of management within an industry/organization.EPF.4.24

    3. 25

      Examine aspects of financial responsibility within an industry/organization.EPF.4.25

    4. 26

      Examine technical and production skills required of workers within an industry/organization.EPF.4.26

    5. 27

      Examine principles of technology that underlie an industry/organization.EPF.4.27

    6. 28

      Examine labor issues related to an industry/organization.EPF.4.28

    7. 29

      Examine community issues related to an industry/organization.EPF.4.29

    8. 30

      Examine health, safety, and environmental issues related to an industry/organization.EPF.4.30

  • E

    Addressing Elements of Student LifeEPF.5

    1. 31

      Identify the purposes and goals of the student organization.EPF.5.31

    2. 32

      Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.EPF.5.32

    3. 33

      Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.EPF.5.33

    4. 34

      Identify Internet safety issues and procedures for complying with acceptable use standards.EPF.5.34

  • F

    Exploring Work-Based LearningEPF.6

    1. 35

      Identify the types of work-bABF1ed learning (WBL) opportunities.EPF.6.35

    2. 36

      Reflect on lessons learned during the WBL experience.EPF.6.36

    3. 37

      Explore career opportunities related to the WBL experience.EPF.6.37

    4. 38

      Participate in a WBL experience, when appropriate.EPF.6.38

  • G

    Developing Knowledge and Integration of Basic Economic Concepts and StructuresEPF.7

    1. 39

      Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.EPF.7.39

    2. 40

      Compare economic systems.EPF.7.40

    3. 41

      Explain that economic choices often have long-term, unintended consequences.EPF.7.41

    4. 42

      Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).EPF.7.42

    5. 43

      Identify factors of production.EPF.7.43

    6. 44

      Explain the characteristics of a market economy as described by Adam Smith, the father of modern economics.EPF.7.44

  • H

    Understanding the Role of Producers and Consumers in a Market EconomyEPF.8

    1. 45

      Describe how consumers, producers, workers, savers, investors, and citizens respond to incentives and disincentives.EPF.8.45

    2. 46

      Explain how businesses respond to consumer sovereignty.EPF.8.46

    3. 47

      Identify the role of entrepreneurs.EPF.8.47

    4. 48

      Compare the costs and benefits of different forms of business organization.EPF.8.48

    5. 49

      Describe how costs and revenues affect profit and supply.EPF.8.49

    6. 50

      Demonstrate how increased productivity affects costs of production and standard of living.EPF.8.50

    7. 51

      Examine how investment in human capital, capital goods, and technology can improve productivity.EPF.8.51

    8. 52

      Describe the effects of competition on producers, sellers, and consumers.EPF.8.52

    9. 53

      Explain why monopolies or collusion among sellers reduces competition and raises prices.EPF.8.53

    10. 54

      Describe the circular flow of economic activity.EPF.8.54

  • I

    Exploring the Price SystemEPF.9

    1. 55

      Examine the laws of supply and demand and the determinants of each.EPF.9.55

    2. 56

      Explain how the interaction of supply and demand determines equilibrium price and wages.EPF.9.56

    3. 57

      Describe the elasticity of supply and demand.EPF.9.57

    4. 58

      Examine the purposes and implications of price ceilings and price floors.EPF.9.58

  • J

    Exploring the Many Factors That Affect IncomeEPF.10

    1. 59

      Examine the market value of a worker’s education, skills, training, knowledge and credentials.EPF.10.59

    2. 60

      Describe how changes in supply and demand for goods and services affect income.EPF.10.60

  • K

    Demonstrating Knowledge of a Nation's Economic GoalsEPF.11

    1. 61

      Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate.EPF.11.61

    2. 62

      Describe the causes and effects of unemployment, inflation, and reduced economic growth.EPF.11.62

    3. 63

      Describe the fluctuations of the business cycle and how economic indicators change throughout the business cycle.EPF.11.63

    4. 64

      Describe strategies for achieving national economic goals.EPF.11.64

    5. 65

      Demonstrate knowledge of the nation’s financial system.EPF.11.65

    6. 66

      Demonstrate knowledge of how fiscal policy influences employment, output, and prices.EPF.11.66

    7. 67

      Demonstrate knowledge of how monetary policy influences employment, output, and prices.EPF.11.67

    8. 68

      Demonstrate knowledge of the role of government in a market economy.EPF.11.68

    9. 69

      Demonstrate knowledge of the global economy.EPF.11.69

  • L

    Developing Consumer SkillsEPF.12

    1. 70

      Examine basic economic concepts and their relation to product prices and consumer spending.EPF.12.70

    2. 71

      Examine the effect of supply and demand on wages and prices.EPF.12.71

    3. 72

      Describe the steps for making a purchase decision.EPF.12.72

    4. 73

      Describe common types of contracts and the implications of each.EPF.12.73

    5. 74

      Demonstrate comparison-shopping skills.EPF.12.74

    6. 75

      Maintain a secure system for personal financial records.EPF.12.75

    7. 76

      Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.EPF.12.76

    8. 77

      Access reliable financial information from a variety of sources.EPF.12.77

    9. 78

      Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.EPF.12.78

    10. 79

      Examine precautions for protecting identity and other personal information.EPF.12.79

    11. 80

      Interact effectively with salespersons and merchants.EPF.12.80

    12. 81

      Describe consumer protection regulations.EPF.12.81

    13. 82

      Describe the role of consumer assistance agencies.EPF.12.82

  • M

    Demonstrating Knowledge of Planning for Living and Leisure ExpensesEPF.13

    1. 83

      Compare the costs and benefits of purchasing vs. leasing a vehicle and other methods of transportation.EPF.13.83

    2. 84

      Compare the advantages and disadvantages of renting vs. purchasing a residence.EPF.13.84

    3. 85

      Describe the process of renting a residence.EPF.13.85

    4. 86

      Describe the process of purchasing a residence.EPF.13.86

    5. 87

      Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.EPF.13.87

    6. 88

      Evaluate discretionary spending decisions.EPF.13.88

  • N

    Demonstrating Knowledge of Banking TransactionsEPF.14

    1. 89

      Describe the types of financial institutions.EPF.14.89

    2. 90

      Examine how financial institutions affect personal financial planning.EPF.14.90

    3. 91

      Evaluate services and related costs associated with personal banking.EPF.14.91

    4. 92

      Compare contemporary, non-traditional methods of payment between parties.EPF.14.92

    5. 93

      Differentiate among types and regulations of electronic monetary transactions.EPF.14.93

    6. 94

      Prepare all forms necessary for opening and maintaining a checking and a savings account.EPF.14.94

    7. 95

      Reconcile bank statements.EPF.14.95

    8. 96

      Compare costs and benefits of online, mobile, and traditional banking.EPF.14.96

    9. 97

      Explain how certain historical events have influenced the banking system and other financial institutions.EPF.14.97

    10. 98

      Compare the U.S. monetary system with the international monetary system.EPF.14.98

  • O

    Demonstrating Knowledge of Credit and Loan FunctionsEPF.15

    1. 99

      Evaluate the various methods of financing a purchase.EPF.15.99

    2. 100

      Analyze credit card features and their impact on personal financial planning.EPF.15.100

    3. 101

      Identify qualifications needed to obtain credit.EPF.15.101

    4. 102

      Identify basic provisions of credit and loan laws.EPF.15.102

    5. 103

      Compare terms and conditions of various sources of consumer credit.EPF.15.103

    6. 104

      Identify strategies for effective debt management, including sources of assistance.EPF.15.104

    7. 105

      Explain credit rating and credit report.EPF.15.105

    8. 106

      Compare the costs and conditions of secured and unsecured loans.EPF.15.106

    9. 107

      Compare amortization schedules for loans.EPF.15.107

    10. 108

      Compare the types of voluntary and involuntary bankruptcy and the implications of each.EPF.15.108

    11. 109

      Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.EPF.15.109

    12. 110

      Complete a sample credit application.EPF.15.110

  • P

    Demonstrating Knowledge of the Role of Insurance in Risk ManagementEPF.16

    1. 111

      Evaluate insurance as a risk-management strategy.EPF.16.111

    2. 112

      Distinguish among the types, costs, and benefits of automobile insurance coverage.EPF.16.112

    3. 113

      Distinguish among the types, costs, and benefits of life insurance.EPF.16.113

    4. 114

      Distinguish among the types, costs, and benefits of property insurance.EPF.16.114

    5. 115

      Distinguish among the types, costs, and benefits of health insurance.EPF.16.115

    6. 116

      Explain the roles of insurance in financial planning.EPF.16.116

    7. 117

      Distinguish among the types of professional liability insurance.EPF.16.117

  • Q

    Demonstrating Knowledge of Income Earning and ReportingEPF.17

    1. 118

      Examine how personal choices about education, training, skill development, and careers impact earnings.EPF.17.118

    2. 119

      Differentiate among employment arrangements and sources of income.EPF.17.119

    3. 120

      Explain the content and purpose of a standard W-2 and 1099 form.EPF.17.120

    4. 121

      Calculate net pay.EPF.17.121

    5. 122

      Investigate employee benefits and incentives.EPF.17.122

    6. 123

      Complete standard federal employment tax forms.EPF.17.123

  • R

    Demonstrating Knowledge of TaxesEPF.18

    1. 124

      Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.EPF.18.124

    2. 125

      Explore how tax structures affect consumers, producers, business owners, and individual of varying income levels differently.EPF.18.125

    3. 126

      Compute local taxes on products and services.EPF.18.126

    4. 127

      Explain the similarities and differences between state and federal taxation of inheritances.EPF.18.127

    5. 128

      Examine potential tax deductions and credits on a tax return.EPF.18.128

    6. 129

      Define the terminology associated with inheritance.EPF.18.129

    7. 130

      Compare investment options for a monetary inheritance.EPF.18.130

    8. 131

      Examine types and purposes of estate planning.EPF.18.131

    9. 132

      Complete a state income tax form, including electronic formats.EPF.18.132

    10. 133

      Complete short and itemized federal income tax forms, including electronic formats.EPF.18.133

  • S

    Demonstrating Knowledge of Personal Financial PlanningEPF.19

    1. 134

      Identify short-term and long-term personal financial goals.EPF.19.134

    2. 135

      Identify anticipated and unanticipated income and expenses.EPF.19.135

    3. 136

      Examine components and purposes of a personal net worth statement.EPF.19.136

    4. 137

      Develop a personal budget.EPF.19.137

    5. 138

      Investigate the effects of government actions and economic conditions on personal financial planning.EPF.19.138

    6. 139

      Explain how economics influences a personal financial plan.EPF.19.139

    7. 140

      Examine the fundamental workings of the Social Security system and the system’s effects on retirement planning.EPF.19.140

    8. 141

      Compare alternative retirement plans.EPF.19.141

  • T

    Demonstrating Knowledge of Investment and Savings PlanningEPF.20

    1. 142

      Compare the impact of simple interest vs. compound interest on savings.EPF.20.142

    2. 143

      Compare investment and savings options.EPF.20.143

    3. 144

      Explain costs and income sources for investments.EPF.20.144

    4. 145

      Explore how the stock and bond markets work.EPF.20.145

    5. 146

      Identify investment products.EPF.20.146

  • U

    Financing Education after High SchoolEPF.21

    1. 147

      Identify sources of financial aid.EPF.21.147

    2. 148

      Explain how to apply for financial aid for post-secondary education and training.EPF.21.148

    3. 149

      Explain how to remain eligible for financial aid for post-secondary education and training.EPF.21.149

    4. 150

      Examine types of student loans.EPF.21.150

    5. 151

      Explain the repayment process for student loans.EPF.21.151

    6. 152

      Describe types of student grants.EPF.21.152

    7. 153

      Describe types of scholarships.EPF.21.153

    8. 154

      Describe investment options to pay for postsecondary education costs.EPF.21.154

    9. 155

      Identify ways to make the cost of postsecondary education affordable.EPF.21.155

  • V

    Preparing for Industry CertificationEPF.22

    1. 156

      Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.EPF.22.156

    2. 157

      Identify testing skills/strategies for a certification examination.EPF.22.157

    3. 158

      Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).EPF.22.158

    4. 159

      Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).EPF.22.159

  • W

    Developing Career Exploration and Employability SkillsEPF.23

    1. 160

      Investigate career opportunities.EPF.23.160

    2. 161

      Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.EPF.23.161

    3. 162

      Prepare a professional portfolio.EPF.23.162

    4. 163

      Research a company in preparation for a job interview.EPF.23.163

    5. 164

      Participate in mock interviews to refine interviewing techniques.EPF.23.164

    6. 165

      Prepare employment-related correspondence.EPF.23.165

Frequently asked questions

What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, Grade 12, and VOCATIONALTRAINING
Where can I read the official document?
VA's CTE Resource Center

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