Explanation should include
- examples of economic, environmental, and sociopolitical influences (e.g., recession, catastrophic weather, war)
- discussion of current, local, and global conditions and their impact on personal consumer decisions
- exploration of the relationship between educational level and income
- discussion of types of compensation (e.g., hourly, salary, commission, benefits)
- demonstration of a basic knowledge of paychecks (e.g., gross pay, net pay, deductions, taxes).
Process/Skill Questions:
Thinking
- How does the national or global economy affect personal finances?
- How does the current economy affect consumer decisions?
- How does education level correlate with income?
Communication
- What resources are available for helping a person adjust to a reduction in or loss of income?
- Why is it important to keep family members informed about financial matters?
- How can differing values about money create family conflicts?
Leadership
- Why is it important for family members to work together in making wise financial decisions?
- How could you influence others in making wise financial decisions?
Management
- What are some consequences of poor financial management?
- What can you do to recover from poor financial management?