MORRIS HILLS REGIONAL DISTRICT
MORRIS HILLS HIGH SCHOOL MORRIS KNOLLS HIGH SCHOOL
Rockaway, New Jersey Denville, New Jersey
Joseph Cacciaguida, Principal William Cleffi, Principal
PERSONAL FINANCE
COURSE OF STUDY
BUSINESS SEPTEWMBER 2008
INSTRUCTIONAL AREA DATE
DR. ERNEST PALESTIS
SUPERINTENDENT OF SCHOOLS
DR. JOHN MUCCIOLO
ASSISTANT SUPERINTENDENT OF
CURRICULUM & INSTRUCTION
PREPARED BY LAUREN JACKSON
TECHNOLOGY LITERACY STANDARDS
8.1 All students will use technology skills and tools to gather and organize information and to solve problems.
CAREER EDUCATION AND LIFE SKILLS
9.1 All students will develop career awareness and planning, employable skills, and foundational knowledge necessary for success in the workplace.
9.2 All students will demonstrate critical life skills to be successful members of society.
PERSONAL FINANCE
PHILOSOPHY
Being able to successfully manage your personal finances is a very valuable skill. This course will provide important information about buying, saving, and spending. Students will learn how to avoid many financial mistakes and how to make good decisions that will lead to a prosperous future.
Personal Finance
Grades 9-12; 5 Credits; One-Year Elective
This course is designed to provide the knowledge needed to solve a wide variety of financial issues. The students are given the tools necessary to address the challenges of living on their own, such as bringing home a paycheck, utilizing a checking and savings account, renting an apartment, purchasing a house, purchasing a car, budgeting, and using credit. Personal Finance is a practical course that helps students become more informed consumers and avoid common mistakes.
The following New Jersey Core Curriculum Content Standards will be addressed in the course of study.
9. Career Education and Consumer, Family and Life Skills
STANDARD 9.1 (Career and Technical Education) All students will develop career awareness and planning, employability skills, and foundational knowledge necessary for success in the workplace.
A. Career Awareness/Preparation
1. Re-evaluate personal interests, abilities, and skills through various measures including self assessments.
2. Evaluate academic and career skills needed in various career clusters.
3. Analyze factors that can impact an individual’s career.
4. Review and update their career plan and include the plan in a portfolio.
5. Research current advances in technology that apply to a selected occupational career cluster.
B. Employability Skills
1. Assess personal qualities that are needed to obtain and retain a job related to career clusters.
2. Communicate and comprehend written and verbal thoughts, ideas, directions, and information relative to educational and occupational settings.
3. Select and utilize appropriate technology in the design and implementation of teacher-approved projects relevant to occupations and/or higher educational settings.
4. Evaluate the following academic and career skills as they relate to home, school, community, and employment:
§ Communication
§ Punctuality
§ Time management
§ Organization
§ Decision making
§ Goal setting
§ Resources allocation
§ Fair and equitable competition
§ Safety
§ Employment application skills
§ Teamwork
5. Demonstrate teamwork and leadership skills that include student participation in real world applications of career and technical education skills.
STANDARD 9.2 (Consumer, Family, and Life Skills) All students will demonstrate critical life skills in order to be functional members of society.
A. Critical Thinking
1. Apply communications and data analysis to the problem-solving and decision making processes in a variety of life situations.
2. Describe and apply constructive responses to criticism.
B. Self-Management
2. Apply project planning and management skills in academic and/or occupational settings.
C. Interpersonal Communication
1. Model interpersonal and effective conflict resolution skills.
2. Communicate effectively in a variety of settings with a diverse group of people.
D. Character Development and Ethics
1. Analyze how character influences work performance.
3. Discuss consequences and sanctions when on-the-job rules and laws are not followed.
E. Consumer and Personal Finance
1. Analyze factors that influence gross and net income.
2. Design, implement, and critique a personal financial plan.
3. Discuss how to obtain and maintain credit.
4. Prepare and use skills for budget preparation, making predictions about income and expenditures, income tax preparation, and adjusting spending or expectations based on analysis.
5. Use comparative shopping techniques for the acquisition of goods and services.
6. Analyze the impact of advertising, peer pressure, and living arrangements on personal purchasing decisions.
7. Evaluate the actions a consumer might take in response to excess debt and personal financial status.
8. Analyze the interrelationships between the economic system and consumer actions in a chosen career cluster.
PERSONAL FINANCE
TABLE OF CONTENTS
UNIT / TITLE / TIMELINES / PAGE1 / Career Decisions
Chapters 1, 2, 5 / 10 weeks / 1A
2 / Money Management
Chapters 6, 7, 8, 9 / 8 weeks / 4A
3 / Financial Security
Chapter 10 / 2 weeks / 8A
4 / Credit Management
Chapters 16, 17, 18, 19 / 10 weeks / 9A
5 / Resource Management
Chapter 20, 21, 22, 23 / 10 weeks / 13A
UNIT #1 CAREER DECISIONS
INSTRUCTIONAL OBJECTIVES / SUBJECT MATTER CONTENTChapter 1: Choosing Your Career
Students will be able to:
1. Understand career and job trends.
2. Describe sources of job information.
3. Complete a job analysis.
4. Describe positive and negative features of potential career choices.
5. Describe the techniques for coping with change.
6. Explain changing career patterns and the need for job networking.
7. Understand entrepreneurship and the risks involved in starting your own business.
Chapter 2: Planning Your Career
Students will be able to:
1. List reasons why people work and factors that affect career choices.
2. Identify and describe good career planning techniques.
3. Differentiate among short-term, intermediate, and long term goals, and the importance of setting goals.
4. List sources of job opportunity information and explain good job search techniques.
Chapter 5: Work Laws and Responsibilities
Students will be able to:
1. Discuss the purpose of various work-related forms.
2. Explain provisions of major employment laws.
3. Understand employee and employer responsibilities at work. / Careers of the Future
· Major Occupational Groups
· Job Titles and Descriptions
Job Analysis
· Positive and Negative Features of Employment
· Entrepreneurship
Coping With Change
· Read Widely
· Be a Lifetime Learner
· Take Classes
· Complete a Self-Assessment
Changing Career Opportunities
· Long-Term Planning
· World Economy
· Networking
1A
Why People Work
Factors Affecting Career Choice
· Values and Lifestyle
· Aptitudes and Interests
· Personal Qualities
Career Planning
· Steps in Career Planning
· Importance of Goals
· Role of Experience
Sources of Job Opportunity Information
· Contacts
· School Counseling and Placement Services
· Public and Private Employment Agencies
· Newspaper, Yellow Pages, and Private Job Listings
· Online Job Information
Job Search Techniques
· Get Organized
· Make a Plan
· Follow Up
· Don’t Give Up
2A
Required Work Forms
· Form W-4
· Form W-2
· Social Security Form
· Work Permit Application
Employment Laws
· Social Security Act
· Unemployment Compensation
· Fair Labor Standards Act
· Workers’ Compensation
· Family and Medical Leave Act
· Equal Pay Act
· Civil Rights Act of 1964
· Age Discrimination in Employment Act
· Americans with Disabilities Act
Responsibilities on the Job
· Responsibilities to Employers
· Responsibilities to other Employees
· Responsibilities to Customers
Employer Responsibilities
· Adequate Supervision
· Fair Human Resource Policies
· Safe Working Conditions
· Open Channels of Communication
· Recognition of Achievement
· Compliance with Employment Laws
3A
UNIT #1 CAREER DECISIONS
SUGGESTED TIME ALLOTMENT— 10 WEEKS
INSTRUCTIONAL ACTIVITIES / INSTRUCTIONAL MATERIALS / ASSESSMENTChapter 1 Activities:
1. Career Research Project-- students choose a career and research the following: education, work characteristics, salary, job outlook, positive and negative features. Students will use various career exploration and career planning websites to gather their data.
2. Complete a job analysis.
3. Research the accomplishments of a famous entrepreneur.
4. Graffiti wall activity sharing characteristics of entrepreneurs.
Chapter 2 Activities:
1. Outline the steps in career planning.
2. Set various short-term, intermediate, and long-term goals and share.
3. Find ads for jobs from various sources to share with class.
4. Outline a plan to get a job.
Chapter 5 Activities:
1. KWL (What do you know? Want to know? What have you learned?) on work-related topics—minimum wage, work laws, work forms.
2. Learn how to fill out common work forms and understand their purposes.
3. Jigsaw activity to learn and explain different work laws.
4. Create posters outlining employer and employee responsibilities. / Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
Study Guide
Career Planning Websites:
COIN
www.coin3.com
Peterson’s Total Online Prep Solution
http://www.guidancenet.com/GuidanceNetTOPS/default.asp?sponsor=8846
http://online.onetcenter.org
www.bls.gov/oco
1B
Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
Newspapers
Job postings in Guidance office
2B
Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
www.state.nj.us (labor and child labor laws)
Study Guide
Sample W-2 Form
Sample W4 Form
Sample Job Application Form
3B / End of Chapter quiz or test
Student Workbook
Completion of Career Assessment at Peterson’s Online Prep Solution.
Preparation of a report on a career of their choice using the information found at the Occupational Outlook Handbook (US Department of Labor website) and Coin website.
Students will give oral presentations on their career choice.
Prepare a poster describing the life of the entrepreneur chosen.
End of Chapter quiz or test
Student Workbook
Analyze their plan that outlines the steps they can take to prepare for a job, and include ways to improve their preparation techniques.
End of Chapter quiz or test
Student Workbook
Presentation of responsibility posters.
Complete sample work forms.
Research the New Jersey and United States’ work laws for minors and prepare a presentation on these important facts.
Research the varying minimum wages in different states throughout the country. Reflect on why minimum wage in some areas of the country may be higher than others.
UNIT #2 MONEY MANAGEMENT
INSTRUCTIONAL OBJECTIVES / SUBJECT MATTER CONTENTChapter 6: Pay, Benefits, and Working Conditions
Students will be able to:
1. Compute gross pay, payroll deductions, and net pay.
2. Compute overtime pay.
3. Identify optional and required employee benefits and recognize their value.
4. Explain several flexible job arrangements.
5. Describe the role of unions and professional organizations in the workplace.
Chapter 7: Federal Income Tax
Students will be able to:
1. Describe the purpose of taxes and different types of taxes in the United States.
2. Describe components of the US tax system.
3. Understand the concept of filing taxes.
4. Identify different tax forms.
Chapter 8: Budgets and Financial Records
Students will be able to:
1. Describe and prepare a personal budget.
2. Explain the purpose of record keeping.
3. Prepare a net worth statement and personal property inventory.
Chapter 9: Checking Accounts and Other Banking Services
Students will be able to:
1. Describe the purpose of a checking account.
2. Understand how to prepare banking forms.
3. Be able to distinguish between different types of checking accounts.
4. Understand how to use and maintain a checkbook register.
5. Understand how to reconcile your checking account.
6. Understand how to endorse a check.
7. Describe various banking services.
8. Identify services for which banks commonly charge fees. / Gross Pay, Deductions, and Net Pay
· Hourly Wages, Overtime, Salary
· Deductions, Net Pay
· Self-Employed Requirements
Benefits and Incentives
· Profit Sharing
· Paid Vacations and Holidays
· Employee Services, Child Care
· Sick Pay and Leaves of Absence
· Insurance, Bonuses and Stock Options
· Pension and Savings Plans
· Travel Expenses
· Evaluating Employee Benefits
Flexible Work Arrangements
· Altered Workweeks
· Job Rotation
· Job Sharing
· Permanent Part-Time and Telecommuting
Labor Unions and Professional Organizations
· Functions of Unions
· Types of Unions
· Professional Organizations
4A
Types of Taxes
Components of the Tax System
· IRS
· The Power to Tax
· Paying Your Fair Share
· IRS Audit
Definition of Tax Form Terms
· Filing Status
· Exemptions
· Gross Income
· Adjusted Gross Income
· Taxable Income
· Tax Credits
Preparing to File
· Who Must File?
· When to File?
· Which Forms to Use?
· Where to Begin?
· Filing Electronically
Preparing Your Income Tax Return
· Tax Preparation Software
· Form 1040EZ
· Form 1040A
5A
Importance of Financial Planning
Preparing a Budget
· Steps in preparing a budget
· A typical monthly budget
Personal Records
· Records of Income and Expenses
· Net Worth Statement
· Personal Property Inventory
· Tax Records
6A
Purpose of a Checking Account
Opening a Checking Account
Parts of a Check
Using Your Checking Account
· Writing Checks
· Paying Bills Online
· Making Deposits
· Using a Checkbook Register
· Reconciling Your Checking Account
Endorsing Checks
Types of Checking Accounts
· Joint Accounts
· Special Accounts
· Standard Accounts
· Interest-Bearing Accounts
· Share Accounts
Other Banking Services
· Guaranteed-Payment Checks
· Money Orders
· Debit Cards
· Bank Credit Cards
· Automated Teller Machines
· Online and Telephone Banking
· Stop Payment Orders
· Safe Deposit Boxes
· Loans and Trusts
· Financial Services
Bank Fees
7A
UNIT #2 MONEY MANAGEMENT
SUGGESTED TIME ALLOTMENT— 8 WEEKS
INSTRUCTIONAL ACTIVITIES / INSTRUCTIONAL MATERIALS / ASSESSMENTChapter 6 Activities:
1. Students will compute gross pay of various jobs.
2. Students will calculate overtime pay based on a given hourly wage.
3. Students will calculate net pay given gross pay and deductions.
4. Students will review state laws regarding minimum wage and working conditions for minors.
Chapter 7 Sample Activities:
1. Students will differentiate among proportional, progressive, and regressive taxes.
2. Students will research the role of the IRS.
3. Students will use the tax brackets to determine various tax rates.
4. Students will compare various income tax return forms.
5. Students will research who must file, when to file, and what form to use when filing tax returns.
6. Students will research the different terms involved in filing a tax return.
Chapter 8 Sample Activities:
1. Students will keep track of their expenses for a given amount of time.
2. Students will create a budget.
3. Students will create a net worth statement.
4. Students will understand purposed of contracts and warranties.
5. Complete graphic organizer defining the elements of an enforceable contract.
Chapter 9 Sample Activities:
1. Students will keep a fictitious checking account for a “month”
2. Students will reconcile account with bank statement at the end of the month.
3. Students will complete Jigsaw activity to teach each other check topics.
4. Students will be knowledgeable of various types of checking accounts that banks offer. / Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
Study Guide
Sample pay stubs to calculate gross pay, overtime, deductions, and net pay.
Sample tax table to look up withholdings
4B
Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
www.irs.gov
Study Guide
Sample tax forms
5B
Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Internet
Study Guide
Sample budgets
Graphic Organizer
6B
Text: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Workbook: Managing Your Personal Finances, Fifth Edition
Thomson South-Western, 2006
Activity Book: Your Checking Account: Lessons in Personal Banking, Third Edition
Internet
Study Guide
7B / End of Chapter quiz or test
Student Workbook
Accurate computation of gross pay, overtime, net pay
End of Chapter quiz or test
Student Workbook
Students will correctly categorize taxes into progressive, regressive, or proportional.
Identify and label parts of different tax return forms.
End of Chapter quiz or test
Student Workbook
Essay reflecting what they learned from keeping track of their expenses. Address why this process is important when preparing a budget.
End of Chapter quiz or test
Student Workbook
Completion of checking account simulation
UNIT #3 FINANCIAL SECURITY