Ohio
9th-12th Grades
State Standards
Financial Literacy
Financial Responsibility and Decision Making
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
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.
10: Tax payers may save money by understanding and using tax credits and deductions.
10.1: Tax payers may save money by understanding and using tax credits and deductions.
Informed Consumer
11: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
11.1: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
12: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
12.1: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
13: Part of being an informed consumer is knowing how to utilize financial services and risk management tools, as well as comparing consumer lending terms and conditions and reading financial statements.
13.1: Part of being an informed consumer is knowing how to utilize financial services and risk management tools, as well as comparing consumer lending terms and conditions and reading financial statements.
14: Consumer protections laws help safeguard individuals from fraud and potential loss.
14.1: Consumer protections laws help safeguard individuals from fraud and potential loss.
15: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
15.1: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
Investing
16: Using key investing principles one can achieve the goal of increasing net worth.
16.1: Using key investing principles one can achieve the goal of increasing net worth.
17: Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor's risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
17.1: Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor's risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
18: Government agencies are charged with regulating providers of financial services to help protect investors.
18.1: Government agencies are charged with regulating providers of financial services to help protect investors.
Credit and Debt
19: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
19.1: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
20: Debt is an obligation owed by one party to a second party.
20.1: Debt is an obligation owed by one party to a second party.
21: Effectively balancing credit and debt helps one achieve some short and long-term goals.
21.1: Effectively balancing credit and debt helps one achieve some short and long-term goals.
22: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
22.1: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
23: Many options exist for paying for post-secondary education opportunities.
23.1: Many options exist for paying for post-secondary education opportunities.
Risk Management and Insurance
24: A risk management plan can protect consumers from the potential loss of personal and/or business assets or income.
24.1: A risk management plan can protect consumers from the potential loss of personal and/or business assets or income.
25: Safeguards exist that help protect one's identity.
25.1: Safeguards exist that help protect one's identity.
26: Diversification of assets is one way to manage risk.
26.1: Diversification of assets is one way to manage risk.
27: A comprehensive insurance plan (health, life, disability, auto, homeowners, renters, liability, etc.) serves as a safeguard against potential loss.
27.1: A comprehensive insurance plan (health, life, disability, auto, homeowners, renters, liability, etc.) serves as a safeguard against potential loss.