Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.
DefinitionCalculation should include
- utility and related expenses (e.g., installation, deposit, taxes, maintenance, and repairs related to electricity, gas, oil, water, cable, Internet, and telephone)
- furniture and appliances (e.g., costs of purchased vs. rental items; hidden costs of “free” items acquired from relatives or friends, such as cleaning/painting, upholstering, transporting, repairing, installing, upgrading plumbing and electrical services, and maintaining without a warranty)
- property insurance (renters/homeowners)
- other expenses, such as painting, carpet cleaning/repair, plumbing, basic home linen, equipment, and supplies.
Related Standards of Learning
The student will investigate and analyze function (linear and quadratic) families and their characteristics both algebraically and graphically, including
- determining whether a relation is a function;
- domain and range;
- zeros of a function;
- x- and y-intercepts;
- finding the values of a function for elements in its domain; and
- making connections between and among multiple representations of functions including concrete, verbal, numeric, graphic, and algebraic.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of planning for living and leisure expenses by
- comparing the costs and benefits of purchasing vs. leasing a vehicle;
- comparing the advantages and disadvantages of renting vs. purchasing a home;
- describing the process of renting housing;
- describing the process of purchasing a home;
- calculating the cost of utilities, services, maintenance, and other housing expenses; and
- evaluating discretionary spending decisions.
The student will demonstrate knowledge of the role of insurance in risk management by
- evaluating insurance as a risk management strategy;
- distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and
- explaining the roles of insurance in financial planning.