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K–12 Standards

Financial Management (2010): Grades 9, 10, 11, 12

Other North Carolina CTE sets

Adopted

Understand personal financial planning.OFM.1

  • 1.

    Identify steps in financial planning.OFM.1.1

  • 2.

    Compare personal and family needs versus wants.OFM.1.2

  • 3.

    Identify various sources of income.OFM.1.3

  • 4.

    Compare fixed, variable, and periodic expenses.OFM.1.4

  • 5.

    Identify income and expenses to prepare a budget.OFM.1.5

  • 6.

    Understand forms of record keeping involved with budgeting and cash management.OFM.1.6

Understand appropriate methods for personal financial management and independent living.OFM.2

  • 1.

    Compare the various types of financial institutions and their purposes.OFM.2.1

  • 2.

    Demonstrate the maintenance of a checking account.OFM.2.2

  • 3.

    Understand how checking and savings accounts work.OFM.2.3

  • 4.

    Compare the advantages and disadvantages of the use of credit cards and debit cards.OFM.2.4

Understand state and federal income taxes.OFM.3

  • 1.

    Identify records needed for tax purposes.OFM.3.1

  • 2.

    Understand how to obtain sources of free and low cost assistance for completing tax forms.OFM.3.2

  • 3.

    Understand the process to complete a W-4 form, 1040 EZ federal income tax form, and an equivalent state income tax form.OFM.3.3

  • 4.

    Explain the consequences of failure to comply with federal and state tax laws.OFM.3.4

Understand wages and compensation.OFM.4

  • 1.

    Identify the various sections of a paycheck stub.OFM.4.1

  • 2.

    Calculate hourly wage including overtime wages.OFM.4.2

  • 3.

    Calculate gross and net pay.OFM.4.3

  • 4.

    Calculate production rates and gross pay for piecework. compensation.OFM.4.4

  • 5.

    Identify possible job related expenses.OFM.4.5

Understand the use of credit.OFM.5

  • 1.

    Compare the advantages and disadvantages of using cash versus credit.OFM.5.1

  • 2.

    Interpret billing statements.OFM.5.2

  • 3.

    Compare methods of paying bills and the advantages and disadvantages of each.OFM.5.3

  • 4.

    Identify actions to take if unable to pay bills on time.OFM.5.4

  • 5.

    Understand the impact of debt on credit history.OFM.5.5

  • 6.

    Understand the impact of credit use on personal debt.OFM.5.6

Understand different types of insurance in terms of their ability to meet personal needs.OFM.6

  • 1.

    Compare the features and purposes of major types of insurance to determine which meet personal needs.OFM.6.1

  • 2.

    Understand why insurance needs vary from person to person because of lifestyle and life situation.OFM.6.2

  • 3.

    Explain how insurance needs should fit into a person's overall financial plan.OFM.6.3

Apply math skills to consumer spending.OFM.7

  • 1.

    Identify the value of a set of coins and bills.OFM.7.1

  • 2.

    Calculate and count back the correct amount of change when purchasing items.OFM.7.2

  • 3.

    Calculate sales tax.OFM.7.3

  • 4.

    Explain ways of saving money when making consumer purchases.OFM.7.4

  • 5.

    Demonstrate ability to make purchases from stores, vending machines, and by electronic means.OFM.7.5

  • 6.

    Compute the cost of a restaurant meal including tax and gratuity.OFM.7.6

Frequently asked questions

What grade levels do these standards cover?
Grade 9, Grade 10, Grade 11, and Grade 12
When were these standards adopted?
2010
Where can I read the official document?
Occupational Course of Study - Financial Management

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