Ohio
6th Grade
State Standards
Financial Literacy
Financial Responsibility and Decision Making
1: People have limited resources and must prioritize their needs and wants. Saving and/or investing a percentage of income contributes to an individual's financial well-being. Professionals can help individuals determine financial goals.
1.1: People have limited resources and must prioritize their needs and wants. Saving and/or investing a percentage of income contributes to an individual's financial well-being. Professionals can help individuals determine financial goals.
2: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
2.1: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
3: People may receive money as gifts, allowance or income. Incomes can vary based on knowledge, skills and experiences.
3.1: People may receive money as gifts, allowance or income. Incomes can vary based on knowledge, skills and experiences.
4: Recognize that people pay taxes on the money they earn. Money collected from taxes is used to provide local, state and national government services.
4.1: Recognize that people pay taxes on the money they earn. Money collected from taxes is used to provide local, state and national government services.
1: Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.
1.1: Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.
2: Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.
2.1: Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.
3: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
3.1: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
4: Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month.
4.1: Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month.
5: Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
5.1: Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
Planning and Money Management
5: Financial responsibility includes the development of a spending and savings plan (personal budget).
5.1: Financial responsibility includes the development of a spending and savings plan (personal budget).
6: Financial responsibility includes the development of a spending and savings plan (personal budget).
6.1: Financial responsibility includes the development of a spending and savings plan (personal budget).
7: Financial institutions offer a variety of products and services to address financial responsibility.
7.1: Financial institutions offer a variety of products and services to address financial responsibility.
8: Financial experts provide guidance and advice on a wide variety of financial issues.
8.1: Financial experts provide guidance and advice on a wide variety of financial issues.
9: Planning for and paying local, state and federal taxes is a financial responsibility.
9.1: Planning for and paying local, state and federal taxes is a financial responsibility.
Informed Consumer
6: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
6.1: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
10: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
10.1: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
11: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
11.1: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
12: Compare bank terms before opening an account.
12.1: Compare bank terms before opening an account.
13: Consumer protections laws help safeguard individuals from fraud and potential loss.
13.1: Consumer protections laws help safeguard individuals from fraud and potential loss.
14: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
14.1: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
Investing
15: Using key investing principles one can achieve the goal of increasing net worth.
15.1: Using key investing principles one can achieve the goal of increasing net worth.
16: Investment strategies must take several factors into consideration such as compounding interest, costs, fees, tax implications and the time value of money.
16.1: Investment strategies must take several factors into consideration such as compounding interest, costs, fees, tax implications and the time value of money.
17: Government agencies are charged with regulating providers of financial services to help protect investors.
17.1: Government agencies are charged with regulating providers of financial services to help protect investors.
Credit and Debt
7: Examine the different ways that people pay for goods and services.
7.1: Examine the different ways that people pay for goods and services.
8: People may have to borrow money for large purchases. There are financial responsibilities with borrowing.
8.1: People may have to borrow money for large purchases. There are financial responsibilities with borrowing.
9: Saving today can help meet future goals, including education.
9.1: Saving today can help meet future goals, including education.
18: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
18.1: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
19: Debt is an obligation owed by one party to a second party.
19.1: Debt is an obligation owed by one party to a second party.
20: Effectively balancing credit and debt helps one achieve some short and long-term goals.
20.1: Effectively balancing credit and debt helps one achieve some short and long-term goals.
21: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
21.1: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
22: Many options exist for paying for post-secondary education opportunities.
22.1: Many options exist for paying for post-secondary education opportunities.
Risk Management and Insurance
10: Individuals must protect their identity, money and property.
10.1: Individuals must protect their identity, money and property.
23: Safeguards exist that help protect one's identity, money and property.
23.1: Safeguards exist that help protect one's identity, money and property.