# CTE Resource Center - Verso - Independent Living Task 871652961

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify savings and investment options.

Definition

Identification should include
  • defining saving and investing
  • discussing the risk-to-reward relationship, rate of return, diversification, and Rule of 72
  • investigating and comparing savings and investment options, including
    • after-tax and tax-advantaged personal savings vehicles (e.g., 401k, 403b, and IRA)
    • stocks
    • bonds
    • savings bonds
    • real estate
    • mutual funds
    • retirement accounts
    • passbook savings
    • certificates of deposit
    • collectibles/valuables
    • money market accounts
    • prepaid college plans
  • investigating the purpose of estate planning.

Process/Skill Questions

Thinking
  • What are some reasons for saving money?
  • What are the factors that influence decisions regarding the balance you keep between future needs and present needs?
  • Why is it important to have a will?
Communications
  • What advances in technology are available to help you manage your finances?
  • How do you communicate the necessity of savings in your household?
  • What luxury items would you be willing to sacrifice in order to save money?
  • When can word-of-mouth signal the existence of a will, if ever?
Leadership
  • How can your savings impact your long-term financial goals? Short-term?
  • How can a budget help you understand and realize your savings goals?
  • How do you decide when it's more important to save rather than to invest?
Management
  • What are the benefits and disadvantages of using cash, checks, debit cards, and credit cards for purchases?
  • What are some money-saving strategies you might use when your paycheck barely covers your expenses?
  • How can efficient household energy management increase your ability to save?
  • What management skills help to deal with the right of survivorship?

Related Standards of Learning

Mathematics

8.1

The student will compare and order real numbers.

8.4

The student will solve practical problems involving consumer applications.

8.12

The student will
  1. represent numerical data in boxplots;
  2. make observations and inferences about data represented in boxplots; and
  3. compare and analyze two data sets using boxplots.

8.13

The student will
  1. represent data in scatterplots;
  2. make observations about data represented in scatterplots; and
  3. use a drawing to estimate the line of best fit for data represented in a scatterplot.

8.14

The student will
  1. evaluate an algebraic expression for given replacement values of the variables; and
  2. simplify algebraic expressions in one variable.

8.16

The student will
  1. recognize and describe the graph of a linear function with a slope that is positive, negative, or zero;
  2. identify the slope and y-intercept of a linear function, given a table of values, a graph, or an equation in y = mx + b form;
  3. determine the independent and dependent variable, given a practical situation modeled by a linear function;
  4. graph a linear function given the equation in y = mx + b form; and
  5. make connections between and among representations of a linear function using verbal descriptions, tables, equations, and graphs.

A.1

The student will
  1. represent verbal quantitative situations algebraically; and
  2. evaluate algebraic expressions for given replacement values of the variables.

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.

Other Related Standards

FCCLA National Programs

Families First: Meet the Challenge

 

Financial Fitness: Earning

 

Financial Fitness: Protecting

 

Financial Fitness: Saving

 

Financial Fitness: Spending

 

Power of One: A Better You

 

FCCLA: STAR Events (2019)

Event Management

 

National Programs in Action

 

Professional Presentation

 

Public Policy Advocate

 

National Standards for Family and Consumer Sciences Education

2.5.3

Analyze economic effects of laws and regulations that pertain to consumers and providers of services.

2.5.4

Analyze practices that allow families to maintain economic self-sufficiency.

2.6.1

Evaluate the need for personal and family financial planning.

2.6.4

Evaluate personal and legal documents related to effective management of individual and family finances.

2.6.3

Apply management principles to decisions about insurance for individuals and families.

3.2.4

Analyze the effects of consumer protection laws on advocacy.

3.2.5

Apply strategies to reduce the risk of consumer fraud.

3.3.1

Explain the effects of the economy on personal income, individual and family security, and consumer decisions.

3.3.2

Demonstrate components of a financial planning process that reflect the distinction between needs, wants, values, goals, and economic resources for a variety of diverse populations.

3.3.4

Compare investment and savings alternatives.

3.3.5

Examine the effects of risk management strategies on long-term financial planning.

3.3.6

Analyze the effect of key lifecycle transitions on financial planning.

3.3.7

Explain the role of estate planning in long-term financial planning.

3.3.8

Analyze factors that influence establishing and maintaining a good credit rating and the effect of credit ratings on rates and terms for credit and insurance.