# CTE Resource Center - Verso - Economics and Personal Finance Task 1842202904

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine how financial institutions affect personal financial planning.

Definition

Examination should include an analysis of the impact of each of the following practices:
  • Banks often offer their depositors discount brokerage services.
  • Credit unions and brokerage services may offer checking services to their customers.
  • Financial institutions serve communities by employing people, lending money to build homes and start new businesses, and otherwise helping to improve quality of life. Individuals, as well as entire communities, may prosper partly as a result of the collective services offered by a variety of financial institutions.
Examination should also include the concept of the circular flow of money, as well as factors such as discount rate, federal open market, and interest rates. (Note to teacher: See www.newyorkfed.org for information.)

Related Standards of Learning

English

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.

10.8

The student will find, evaluate, and select credible resources to create a research product.
  1. Verify the accuracy, validity, and usefulness of information.
  2. Analyze information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, and point of view or bias.
  3. Evaluate and select evidence from a variety of sources to introduce counter claims and to support claims.
  4. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).
  5. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.
  6. Demonstrate ethical use of the Internet.

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).

11.8

The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.
  1. Critically evaluate quality, accuracy, and validity of information.
  2. Make sense of information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, point of view or bias.
  3. Synthesize relevant information from primary and secondary sources and present it in a logical sequence.
  4. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).
  5. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.
  6. Demonstrate ethical use of the Internet.

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.

12.8

The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.
  1. Frame, analyze, and synthesize information to solve problems, answer questions, and generate new knowledge.
  2. Analyze information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, point of view, or bias.
  3. Critically evaluate the accuracy, quality, and validity of the information.
  4. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).
  5. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.
  6. Demonstrate ethical use of the Internet.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.2

The student will demonstrate knowledge of the role of producers and consumers in a market economy by
  1. describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
  2. explaining how businesses respond to consumer sovereignty;
  3. identifying the role of entrepreneurs;
  4. comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
  5. describing how costs and revenues affect profit and supply;
  6. describing how increased productivity affects costs of production and standard of living;
  7. examining how investment in human capital, capital goods, and technology can improve productivity;
  8. describing the effects of competition on producers, sellers, and consumers;
  9. explaining why monopolies or collusion among sellers reduces competition and raises prices; and
  10. illustrating the circular flow of economic activity.

EPF.6

The student will demonstrate knowledge of the nation’s financial system by
  1. defining the role of money; and
  2. explaining the role of financial markets and financial institutions.

EPF.7

The student will demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices by
  1. describing the purpose, structure, and function of the Federal Reserve System;
  2. describing government’s role in stabilizing the economy;
  3. describing sources of government revenue; and
  4. explaining balanced budget, deficit, and national debt.

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.

FBLA Competitive Events and Activities Areas

Banking and Financial Systems

 

Economics

 

Introduction to Business

 

Personal Finance