# CTE Resource Center - Verso - Economics and Personal Finance Economics and Personal Finance Standards of Learning Correlation by Task

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Economics and Personal Finance Standards of Learning Correlation by Task

In this course, the following tasks/competencies reinforce the standards listed beside them. Teachers may identify additional reinforcements in locally developed instructional materials.

Task/Competency Number Task/Competency Statement Standards
39 Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs. Economics and Personal Finance Standards of Learning: EPF.1
40 Explain that economic choices often have long-term, unintended consequences. Economics and Personal Finance Standards of Learning: EPF.1
41 Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits). Economics and Personal Finance Standards of Learning: EPF.1
42 Identify factors of production. Economics and Personal Finance Standards of Learning: EPF.1
43 Compare economic systems. Economics and Personal Finance Standards of Learning: EPF.1
44 Explain Adam Smith’s characteristics of a market economy. Economics and Personal Finance Standards of Learning: EPF.1
45 Describe how consumers, producers, workers, savers, investors, and other people respond to incentives. Economics and Personal Finance Standards of Learning: EPF.2
46 Explain how businesses respond to consumer sovereignty. Economics and Personal Finance Standards of Learning: EPF.2
47 Identify the role of entrepreneurs. Economics and Personal Finance Standards of Learning: EPF.2
48 Compare the costs and benefits of different forms of business organization. Economics and Personal Finance Standards of Learning: EPF.2
49 Describe how costs and revenues affect profit and supply. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.4
50 Describe how increased productivity affects costs of production and standard of living. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.4
51 Examine how investment in human capital, physical capital, and technology can improve productivity. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.4
52 Describe the effects of competition on producers, sellers, and consumers. Economics and Personal Finance Standards of Learning: EPF.2
53 Explain why monopolies or collusion among sellers reduces competition and raises prices. Economics and Personal Finance Standards of Learning: EPF.2
54 Describe the circular flow of economic activity. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.16
55 Examine the laws of supply and demand and the determinants of each. Economics and Personal Finance Standards of Learning: EPF.3 ♦ EPF.10
56 Explain how the interaction of supply and demand determines equilibrium price. Economics and Personal Finance Standards of Learning: EPF.3
57 Describe the elasticity of supply and demand. Economics and Personal Finance Standards of Learning: EPF.3
58 Examine the purposes and implications of price ceilings and price floors. Economics and Personal Finance Standards of Learning: EPF.3
59 Examine the market value of a worker’s skills and knowledge. Economics and Personal Finance Standards of Learning: EPF.4 ♦ EPF.15
60 Describe how changes in supply and demand for goods and services affect a worker’s income. Economics and Personal Finance Standards of Learning: EPF.1 ♦ EPF.4 ♦ EPF.15
61 Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate. Economics and Personal Finance Standards of Learning: EPF.5
62 Describe the causes and effects of unemployment and inflation. Economics and Personal Finance Standards of Learning: EPF.5
63 Describe the fluctuations of the business cycle. Economics and Personal Finance Standards of Learning: EPF.5
64 Describe strategies for achieving national economic goals. Economics and Personal Finance Standards of Learning: EPF.5
65 Demonstrate knowledge of the nation’s financial system. Economics and Personal Finance Standards of Learning: EPF.6 ♦ EPF.12
66 Demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices. Economics and Personal Finance Standards of Learning: EPF.7
67 Demonstrate knowledge of the role of government in a market economy. Economics and Personal Finance Standards of Learning: EPF.8
68 Demonstrate knowledge of the global economy. Economics and Personal Finance Standards of Learning: EPF.9
69 Examine basic economic concepts and their relation to product prices and consumer spending. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.3 ♦ EPF.10
70 Examine the effect of supply and demand on wages and prices. Economics and Personal Finance Standards of Learning: EPF.10
71 Describe the steps for making a purchase decision. Economics and Personal Finance Standards of Learning: EPF.1 ♦ EPF.10
72 Describe common types of contracts and the implications of each. Economics and Personal Finance Standards of Learning: EPF.10
73 Demonstrate comparison-shopping skills. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.10
74 Maintain a filing system for personal financial records. Economics and Personal Finance Standards of Learning: EPF.10
75 Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace. Economics and Personal Finance Standards of Learning: EPF.10
76 Access reliable financial information from a variety of sources. Economics and Personal Finance Standards of Learning: EPF.10
77 Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance. Economics and Personal Finance Standards of Learning: EPF.10
78 Examine precautions for protecting identity and other personal information. Economics and Personal Finance Standards of Learning: EPF.10
80 Describe consumer protection regulations. Economics and Personal Finance Standards of Learning: EPF.10
81 Describe the role of consumer assistance agencies. Economics and Personal Finance Standards of Learning: EPF.10
82 Compare the costs and benefits of purchasing vs. leasing a vehicle. Economics and Personal Finance Standards of Learning: EPF.11 ♦ EPF.14
83 Compare the advantages and disadvantages of renting vs. purchasing a home. Economics and Personal Finance Standards of Learning: EPF.11
84 Describe the process of renting housing. Economics and Personal Finance Standards of Learning: EPF.11
85 Describe the process of purchasing a home. Economics and Personal Finance Standards of Learning: EPF.11 ♦ EPF.14
86 Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living. Economics and Personal Finance Standards of Learning: EPF.11 ♦ EPF.14
87 Evaluate discretionary spending decisions. Economics and Personal Finance Standards of Learning: EPF.11
88 Describe the types of financial institutions. Economics and Personal Finance Standards of Learning: EPF.6 ♦ EPF.10 ♦ EPF.12
89 Examine how financial institutions affect personal financial planning. Economics and Personal Finance Standards of Learning: EPF.2 ♦ EPF.6 ♦ EPF.7 ♦ EPF.10 ♦ EPF.12
90 Evaluate services and related costs associated with personal banking. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12
91 Differentiate among types and regulations of electronic monetary transactions. Economics and Personal Finance Standards of Learning: EPF.12
92 Prepare all forms necessary for opening and maintaining a checking and a savings account. Economics and Personal Finance Standards of Learning: EPF.12
93 Reconcile bank statements. Economics and Personal Finance Standards of Learning: EPF.12
94 Compare costs and benefits of online, mobile, and traditional banking. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12
95 Explain how certain historical events have influenced the banking system and other financial institutions. Economics and Personal Finance Standards of Learning: EPF.7 ♦ EPF.12
96 Compare the U.S. monetary system with the international monetary system. Economics and Personal Finance Standards of Learning: EPF.12
97 Evaluate the various methods of financing a purchase. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12 ♦ EPF.13
98 Analyze credit card features and their impact on personal financial planning. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12 ♦ EPF.13
99 Identify qualifications needed to obtain credit. Economics and Personal Finance Standards of Learning: EPF.13
100 Identify basic provisions of credit and loan laws. Economics and Personal Finance Standards of Learning: EPF.8 ♦ EPF.13
101 Compare terms and conditions of various sources of consumer credit. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12 ♦ EPF.13
102 Identify strategies for effective debt management, including sources of assistance. Economics and Personal Finance Standards of Learning: EPF.13
103 Explain credit rating and credit report. Economics and Personal Finance Standards of Learning: EPF.13
104 Compare the costs and conditions of secured and unsecured loans. Economics and Personal Finance Standards of Learning: EPF.10 ♦ EPF.12 ♦ EPF.13
105 Compare the types of voluntary and involuntary bankruptcy and the implications of each. Economics and Personal Finance Standards of Learning: EPF.13
106 Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools. Economics and Personal Finance Standards of Learning: EPF.13
108 Evaluate insurance as a risk-management strategy. Economics and Personal Finance Standards of Learning: EPF.14
109 Distinguish among the types, costs, and benefits of automobile insurance coverage. Economics and Personal Finance Standards of Learning: EPF.14
110 Distinguish among the types, costs, and benefits of life insurance. Economics and Personal Finance Standards of Learning: EPF.14
111 Distinguish among the types, costs, and benefits of property insurance. Economics and Personal Finance Standards of Learning: EPF.14
112 Distinguish among the types, costs, and benefits of health insurance. Economics and Personal Finance Standards of Learning: EPF.14
113 Explain the roles of insurance in financial planning. Economics and Personal Finance Standards of Learning: EPF.14
115 Examine how personal choices about education, training, skill development, and careers impact earnings. Economics and Personal Finance Standards of Learning: EPF.4 ♦ EPF.15
116 Differentiate among sources of income. Economics and Personal Finance Standards of Learning: EPF.15
117 Calculate net pay. Economics and Personal Finance Standards of Learning: EPF.15
118 Investigate employee benefits and incentives. Economics and Personal Finance Standards of Learning: EPF.15
119 Complete standard federal employment tax forms. Economics and Personal Finance Standards of Learning: EPF.15
120 Describe the types and purposes of local, state, and federal taxes and the way each is levied and used. Economics and Personal Finance Standards of Learning: EPF.7 ♦ EPF.16
121 Explore how tax structures affect consumers, producers, and business owners differently. Economics and Personal Finance Standards of Learning: EPF.8 ♦ EPF.16
122 Compute local taxes on products and services. Economics and Personal Finance Standards of Learning: EPF.16
123 Examine potential tax deductions and credits on a tax return. Economics and Personal Finance Standards of Learning: EPF.16
124 Explain the content and purpose of a standard W-2 and 1099 form. Economics and Personal Finance Standards of Learning: EPF.16
125 Explain the similarities and differences between state and federal taxation of inheritances. Economics and Personal Finance Standards of Learning: EPF.16
131 Identify short-term and long-term personal financial goals. Economics and Personal Finance Standards of Learning: EPF.17
132 Identify anticipated and unanticipated income and expenses. Economics and Personal Finance Standards of Learning: EPF.17
133 Examine components and purposes of a personal net worth statement. Economics and Personal Finance Standards of Learning: EPF.17
135 Investigate the effects of government actions and economic conditions on personal financial planning. Economics and Personal Finance Standards of Learning: EPF.8 ♦ EPF.17
136 Explain how economics influences a personal financial plan. Economics and Personal Finance Standards of Learning: EPF.1 ♦ EPF.2 ♦ EPF.8 ♦ EPF.17
137 Compare the impact of simple interest vs. compound interest on savings. Economics and Personal Finance Standards of Learning: EPF.18
138 Compare investment and savings options. Economics and Personal Finance Standards of Learning: EPF.18
139 Explain costs and income sources for investments. Economics and Personal Finance Standards of Learning: EPF.18
140 Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning. Economics and Personal Finance Standards of Learning: EPF.18
141 Contrast alternative retirement plans. Economics and Personal Finance Standards of Learning: EPF.18
142 Explore how the stock and bond markets work. Economics and Personal Finance Standards of Learning: EPF.18
144 Examine types of student loans. Economics and Personal Finance Standards of Learning: EPF.13
145 Explain the repayment process for student loans. Economics and Personal Finance Standards of Learning: EPF.13
148 Describe investment options to pay for college costs. Economics and Personal Finance Standards of Learning: EPF.18