# CTE Resource Center - Verso - Economics and Personal Finance Task 1537870973

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Evaluate the various methods of financing a purchase.

Definition

Evaluating the various methods of financing a purchase (e.g., loan, installment plan, layaway, credit card) should include use of a decision-making model, as well as the following steps:
  • Defining terms used to describe credit
  • Examining the opportunity cost of credit
  • Weighing risks involved in no-payment/no-interest financing
  • Explaining the types of credit (open- and closed-end, service credit, layaway plans, secured and unsecured loans)
  • Describing sources of credit (retail stores, banks and credit unions, finance companies, pawn shops, payday loans, title loans, private lenders)
  • Determining the best type and source of credit for sample purchases
  • Verifying the credibility of online lenders

Source: SCC Bureau of Financial Institutions

Related Standards of Learning

English

10.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms, and literary and classical allusions in text.
  5. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Mathematics

A.4

The student will solve
  1. multistep linear and quadratic equations in one variables algebraically;
  2. quadratic equations in one variables algebraically;
  3. literal equations for a specified variable;
  4. systems of two linear equations in two variables algebraically and graphically; and
  5. practical problems involving equations and systems of equations.

A.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.

AII.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.10

The student will develop consumer skills by
  1. examining basic economic concepts and their relation to product prices and consumer spending;
  2. examining the effect of supply and demand on wages and prices;
  3. describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;
  4. determining the consequences of conspicuous consumption;
  5. describing common types of contracts and the implications of each;
  6. demonstrating comparison-shopping skills;
  7. maintaining a filing system for personal financial records;
  8. examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;
  9. accessing reliable financial information from a variety of sources;
  10. explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and
  11. examining precautions for protecting identity and other personal information.

EPF.12

The student will demonstrate knowledge of banking transactions by
  1. comparing the types of financial institutions;
  2. examining how financial institutions affect personal financial planning;
  3. evaluating services and related costs associated with personal banking;
  4. differentiating among types of electronic monetary transactions;
  5. preparing all forms necessary for opening and maintaining a checking and a savings account;
  6. reconciling bank statements;
  7. comparing costs and benefits of online and traditional banking; and
  8. explaining how certain historical events have influenced the banking system and other financial institutions.

EPF.13

The student will demonstrate knowledge of credit and loan functions by
  1. evaluating the various methods of financing a purchase;
  2. analyzing credit card features and their impact on personal financial planning;
  3. identifying qualifications needed to obtain credit;
  4. identifying basic provisions of credit and loan laws;
  5. comparing terms and conditions of various sources of consumer credit;
  6. identifying strategies for effective debt management, including sources of assistance;
  7. explaining the need for a good credit rating;
  8. comparing the costs and conditions of secured and unsecured loans; and
  9. comparing the types of voluntary and involuntary bankruptcy and the implications of each.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Business Calculations

 

Business Math

 

Introduction to Business

 

Personal Finance