Mathematics of Personal Finance Core

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	Mathematics of Personal Finance
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Course Description

Prerequisites:
Successful completion of Elementary Algebra or Applied Math I
Successful completion of Geometry or Applied Math II

Introduction:
The Mathematics of Personal Finance Core is designed for junior and senior students and represents those standards of learning that are essential and necessary for all students. The implementation of the ideas, concepts, knowledge, and skills contained in the Mathematics of Personal Finance Core will enable students to implement the mathematical and decision-making skills they must apply and use to become wise and knowledgeable consumers, savers, investors, users of credit, money managers, citizens, and members of a global workforce and society.

The Core should be taught with respect for differences in learning styles, learning rates, and individual capabilities without losing sight of the common goals. Instruction will incorporate a “hands-on” approach involving techniques such as problem solving, reasoning, simulation, representing and interpreting data, and application of related mathematical topics. Direct application of the concepts of this Core to the world in which students live will empower them to incorporate the concepts of the Mathematics of Personal Finance Core into their lives. The Mathematics of Personal Finance Core will also incorporate skills from language arts, social studies, applied technology, character education, and applied service learning.

Successful completion of ALL four quarters of this course will fulfill a .5 credit toward the supplemental or applied mathematics requirements AND complete the General Financial Literacy requirement. Beginning with the class of 2008, all students will be required to successfully complete the General Financial Literacy requirement to graduate.

Intended Learning Outcomes:
The Intended Learning Outcomes (ILOs) describe the skills and attitudes students should learn as a result of successful participation in the Mathematics of Personal Finance (MPF) course. Intended Learning Outcomes are an essential part of the MPF Core and provide teachers with a standard for evaluation of student learning. Significant understanding occurs when teachers incorporate ILOs in planning instruction for the MPF course.

By the end of the MPF course students will:

Apply sound mathematical principles in their financial decisions.
Interpret and analyze graphical representations of real-world data.
Be informed and prepared to be prudent managers of financial resources, enabling them to achieve long- and short-term financial goals and security.
Be engaged in establishing career goals that will provide adequate income and personal fulfillment.
Demonstrate an understanding of personal financial planning and sound money management skills.
Actively participate in and understand management of personal savings and investments.
Accept responsibility for and understand personal and societal consequences of financial decisions.

Core Standards of the Course
It is intended that students will incorporate the following mathematical skills to be successful in the Mathematics of Personal Finance.

Compute fluently and make reasonable estimates.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).
Interpret the meaning of integers in real-life situations and identify the need to use integer representation.
Perform simple probability experiments and calculations.

Evaluate, solve, and analyze mathematical situations using algebraic properties and symbols.

Identify meanings of variables in formulas such as A = P(1+r/n )^nt and A = Pe^rt.
Identify the effects of changing the variables within equations and how the graph of the equation is affected.
Solve equations for a specified variable.
Interpret the rate of growth of functions.
Graph functions (e.g., linear, quadratic, exponential).

Formulate and answer questions by collecting, organizing, and analyzing data.

Collect, organize and display data using graphical representations including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.
Interpret and analyze data to make predictions.
Calculate mean, median, mode, and range.
Identify the line of best fit for the relationship of two variables and interpret the correlation as being positive, negative, or no correlation.
Use spreadsheets to evaluate data.
Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Core Standards of the Course

Standard 1
Students will use a rational decision-making process to set and implement financial goals.

Objective 1
Explain how goals, decision making, and planning affect personal financial choices and behaviors.

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Calculate mean, median, mode, and range.

Objective 2
Analyze the role of cultural, social, and emotional influences on financial behavior.

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 3
Relate financial decisions to personal and societal consequences.

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret the rate of growth of functions.

Standard 2
Students will understand sources of income and the relationship between income and career preparation.

Objective 1
Identify various forms of income and analyze factors that affect income.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, irrational numbers such as e).

Identify meanings of variables in formulas such as A = P(1+r/n )^nt and A = Pe^rt.

Identify the effects of changing the variables within equations and how the graph of the equation is affected.

Interpret the rate of growth of functions.

Graph functions (e.g., linear, quadratic, exponential).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Calculate mean, median, mode, and range.

Identify the line of best fit for the relationship of two variables and interpret the correlation as being positive, negative, or no correlation.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 2
Identify and understand required income withholdings.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, irrational numbers such as e).

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 3
Analyze criteria for selecting a career and the impact of career choices on income and financial stability.

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Calculate mean, median, mode, and range.

Identify the line of best fit for the relationship of two variables and interpret the correlation as being positive, negative, or no correlation.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Standard 3
Students will understand principles of money management.

Objective 1
Describe the role of planning and maintaining a balanced budget.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Interpret the meaning of integers in real-life situations and identify the need to use integer representation.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 2
Understand credit uses and costs.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Identify meanings of variables in formulas such as A = P(1+r/n )^nt and A = Pe^rt.

Identify the effects of changing the variables within equations and how the graph of the equation is affected.

Solve equations for a specified variable.

Objective 3
Describe the impact of credit on money management.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Objective 4
Describe the rights and responsibilities of buyers and sellers under consumer protection laws.

dentify meanings of variables in formulas such as A = P(1+r/n )^nt and A = Pe^rt.

Identify the effects of changing the variables within equations and how the graph of the equation is affected.

Solve equations for a specified variable.

Interpret the rate of growth of functions.

Graph functions (e.g., linear, quadratic, exponential).

Objective 5
Discuss the purposes for insurance and risk management.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Perform simple probability experiments and calculations.

Standard 4
Students will understand savings, investing, and retirement planning.

Objective 1
Describe the value and use of savings in financial planning.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 2
Describe the value of investing and types of investments in the financial planning process.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 3
Compare savings and investments.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

Objective 4
Analyze the financial preparation for retirement.

Perform operations with real numbers (e.g., fractions, decimals, percents, integers, and irrational numbers such as e).

Identify meanings of variables in formulas such as A = P(1+r/n )^nt and A = Pe^rt.

Identify the effects of changing the variables within equations and how the graph of the equation is affected.

Solve equations for a specified variable.

Interpret the rate of growth of functions.

Graph functions (e.g., linear, quadratic, exponential).

Collect, organize and display data using graphical representations, including scatter plots, line graphs, bar graphs, circle graphs, histograms and pictographs.

Interpret and analyze data to make predictions.

Use spreadsheets to evaluate data.

Use a chart, table, or graph to find information (e.g., tax tables or amortization charts).

These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Office of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Office of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.

For more information about this core curriculum, contact the USOE Specialist, DIANA SUDDRETH or visit the Mathematics - Secondary Home Page. For general questions about Utah's Core Curriculum, contact the USOE Curriculum Director, Sydnee Dickson . UEN Contact Info: 801-581-2999 | 800-866-5852 | Contact Us