Indiana
8th Grade
State Standards
Financial and Decision Making
8-1.1: Demonstrate taking responsibility for personal financial decisions.
8-1.1.1: Describe the benefits of financial responsibility and the costs of financial irresponsibility.
8-1.2: Analyze financial information from a variety of reliable sources.
8-1.2.1: Analyze online and printed sources of financial information by describing strengths and weaknesses of each.
8-1.3: Utilize consumer protection laws and resources.
8-1.3.1: Identify the primary consumer protection agency in Indiana.
8-1.3.2: Describe unfair or deceptive business practices that are forbidden by consumer protection laws.
8-1.3.3: Explain steps for resolving a consumer complaint.
8-1.4: Make financial decisions by systematically considering alternatives and consequences.
8-1.4.1: Set measurable short-term, medium-term, and long-term financial goals.
8-1.4.2: Evaluate the results of financial decisions.
8-1.4.3: Apply systematic decision making to short-term, medium-term, and long-term goals.
8-1.5: Demonstrate communication strategies for discussing financial issues.
8-1.5.1: Explain benefits of discussing important financial matters with household members and/or financial personnel.
8-1.6: Demonstrate strategies to control personal information.
8-1.6.1: Describe the possible consequences of disclosing particular types of personal information to others.
Relating Income and Careers
8-2.1: Describe how career choice, education, skills, entrepreneurship, and economic conditions affect income.
8-2.1.1: Explain how an individual's interests, knowledge, abilities, and career and job choices affect income.
8-2.1.2: Summarize the financial risks and benefits of entrepreneurship as a career choice.
8-2.2: Identify sources of personal income.
8-2.3: Explain how taxes and employee benefits relate to disposable income.
8-2.3.1: Describe taxable income and employee benefits.
8-2.3.2: Describe the items commonly included in payroll deductions.
Planning and Managing Money
8-3.1: Demonstrate ability to use money management skills and strategies.
8-3.1.1: Explain basic budget categories, including income, taxes, planned savings, and fixed and variable expenses.
8-3.1.2: Explain the relationship between spending practices and achieving financial goals.
8-3.2: Develop a system for keeping and using financial records.
8-3.2.1: Create a system to record income and spending for purchases, services, and taxes.
8-3.2.2: Create a system for organizing product information and warranties and financial documents such as receipts and account statements.
8-3.3: Analyze services of financial institutions.
8-3.3.1: Compare the advantages and disadvantages of different payment methods, including cash, checks, stored-value cards, debit cards, credit cards, and electronic or online payment systems.
8-3.3.2: Demonstrate steps in establishing and maintaining financial accounts including checking and savings accounts, online banking, investments, and other financial services.
8-3.4: Apply consumer skills to purchase decisions.
8-3.4.1: Analyze how external factors, such as marketing and advertising techniques, influence spending decisions for different individuals.
8-3.4.2: Use reliable consumer resources and practices to make buying decisions.
8-3.4.3: Apply systematic decision making to choose among courses of action that include a range of spending, delayed spending, and non-spending alternatives.
8-3.5: Connect the role of charitable giving, volunteer service, and philanthropy to community development and quality of life.
8-3.5.1: Determine how charitable giving can fit into a personal budget and appropriate percentages for giving.
8-3.7: Examine the purpose and value of estate planning.
Managing Credit and Debt
8-4.1: Analyze the costs and benefits of using various types of credit.
8-4.1.1: Compare advantages and disadvantages of various types of credit.
8-4.1.2: Explain factors to consider when using credit or obtaining a loan.
8-4.1.3: Determine the total cost of repaying credit and loans under various rates of interest and over different periods.
8-4.2: Analyze factors that influence establishing and maintaining a good credit rating.
8-4.2.1: Describe the information in a credit report and how long it is retained.
8-4.2.2: Explain the value of a positive credit history and credit reports to consumers, borrowers and lenders.
8-4.3: Analyze methods and benefits of avoiding or correcting credit and debt problems.
8-4.3.1: Identify possible credit and debt problems and ways to avoid them.
8-4.3.2: Describe actions that a consumer can take to reduce or better manage excessive debt.
8-4.4: Analyze major consumer credit laws.
8-4.4.1: Explain the rights, responsibilities, and protections of buyers and sellers under consumer credit laws.
Risk Management and Insurance
8-5.1: Analyze the nature of personal financial risk and the importance of protecting against financial loss.
8-5.1.1: Explain the relationship between risk and insurance.
8-5.2: Analyze the need for and value of various types of insurance across stages of the life cycle.
8-5.2.1: Describe the need for and value of health, property, life, disability, and liability insurance.
8-5.2.2: Identify factors to consider when determining the amount of protection needed.
8-5.2.3: Identify factors that can influence insurance costs.
8-5.3: Apply concepts related to financial risk, protection from loss, and financial planning.
8-5.3.1: Apply opportunity-cost analysis to potential situations that can threaten personal and family income and assets.
8-5.3.2: Analyze the importance of developing plans for protecting current and future personal and family assets against financial loss.
Saving and Investing
8-6.1: Explain how saving contributes to financial wellbeing.
8-6.1.1: Describe the advantages and disadvantages of saving for short-term and medium-term financial goals.
8-6.1.2: Explain simple interest, compound interest, and the benefits of a compound rate of return.
8-6.2: Apply strategies for creating wealth and building assets.
8-6.2.1: Compare reasons and risk/return trade-offs for saving and for investing.
8-6.2.2: Define the time value of money and explain how small amounts of money invested regularly over time grow exponentially.
8-6.2.3: Devise a periodic investment plan for accumulating the money for a major life goal.
8-6.3: Compare investment alternatives.
8-6.3.1: Compare the investment potential of options such as stocks, bonds, certificates of deposit, and savings accounts.
8-6.3.2: Explain how inflation affects investment returns.
8-6.4: Describe how to buy and sell investments.
8-6.4.1: Describe various sources of investment information, including prospectuses, online resources, and financial publications.
8-6.4.2: Research and track publicly traded stock and record daily market values and gains or losses between two specified dates.
8-6.5: Analyze factors that affect the rate of return on investments.
8-6.5.1: Explain how the time value of money and economic conditions affect the rate of return on investments.
8-6.5.2: Identify taxes on investments and income tax-free earnings limit for an investor under the age of 18.
8-6.6: Analyze how agencies that regulate financial markets protect investors.
8-6.6.1: Describe benefits and limits of deposit insurance.
8-6.6.2: Utilize the Indiana Securities Commission to investigate legitimacy of one or more investment opportunities.