Personal Financial Literacy

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(13)  Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:

(A)  calculate the sales tax for a given purchase and calculate income tax for earned wages;

(B)  identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;

(C)  create and organize a financial assets and liabilities record and construct a net worth statement;

(D)  use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby;

(E)  calculate and compare simple interest and compound interest earnings; and

(F)  analyze and compare monetary incentives, including sales, rebates, and coupons.