1. Financial Literacy Skills
Unit 1: Managing Money

2. Objective 1: Identify trends in career opportunities.
What will happen to the labor force in the near future?
Slower growth
More diversity
Older
Highest growth in service-producing industries
Fastest growth in computer technology and health care services

3. Objective 2: List sources for career information.
Career consultants
Counselors
Educational institutions
Employers
Internet networks and resources
Personal contacts
Professional societies and journals
Public libraries, career centers, guidance offices
Trade associations and magazines

4. Objective 3: Research careers of interest.

5. Objective 4: State guidelines for pricing a job offer.
Set your personal priorities.
Compare the job offer to your current job or other offers.
Be realistic about negotiating.
Calculate your value in advance.

6. Objective 5: Identify ways to earn and save money.
Live below your means.
Create a realistic spending plan and stick to it.
Stop impulsive buying.
Reconsider any purchase over a certain amount.
Purchase medical and vehicle insurance.
Charge items only if you can afford to pay for them now.

7. Objective 5: Identify ways to earn and save money.
Put away your credit cards.
Never co-sign a loan or assume a joint debt with someone who has a shaky financial history.
Do not make high-risk investments.
Let your savings work for you.
Shop for the smartest investments.
Diversify your investments.

8. Objective 5: Identify ways to earn and save money.
Find alternatives to spending.
Earn money whenever you can.
Use your own time, ability, and talent.
It is smarter to earn interest than to pay interest.

9. Objective 6: Distinguish between fixed and variable expenses.
Fixed expenses
Rent or mortgage
Taxes
Loans
Leases
Insurance
Regular payments to others
Regular contributions
Dues
Regular savings
Variable expenses
Utilities
Charge accounts/credit cards
Medical bills
Transportation
Food
Non-regular savings
Other items

10. Objective 7: List the basic steps in a financial plan.
Establish your financial goals.
Estimate and total your income.
Estimate and total your expenses.
Analyze your current income and spending.
Prepare a trial financial plan.
Put your plan into action.
Evaluate your plan periodically.

11. Objective 8: Summarize three methods of managing personal finances.
Prevention
Preparation
Coping with financial challenges

12. Objective 9: State guidelines for using a budget.
Determine your goals.
Estimate your income.
Estimate your expenses.
Earmark money available for expenses.
Spend money according to your budget.
Regularly compare your estimated expenses to your actual spending.
Evaluate your budget and revise as needed.

13. Objective 10 Develop a budget.

14. Objective 11 Analyze budgeting case studies.

15. Objective 12 Apply money management principles.

16. Objective 13 Calculate and compare unit prices of consumable items.

17. Objective 14 List items deducted by law from a paycheck
Social Security (FICA)
Unemployment insurance
Workers’ Compensation
Federal income tax
State and city income tax

18. Objective 15 List items deducted by request from a paycheck
Labor union dues
Group insurance plans
Savings account
Flexible spending account
Investments
Retirement plans

19. Objective 16 List benefits often reflected in a paycheck.
Health insurance
Life insurance
Tax sheltered investments
Sick leave
Annual leave, vacation time, or personal time
Holiday leave or holiday pay
Workers’ compensation and unemployment compensation
Retirement (group pension plans)
Profit-sharing and stock purchase programs

20. Objective 17 Explain how games of chance work.
Outcome depends on a random event.
Unlike games of skill, you cannot increase your odds of winning.
Many are used in gambling, including slot machines and lottery tickets.
In a truly random game of chance, the player has a fairly consistent chance of winning.
Games of chance used in gambling are not always truly random.
In the long run, the casino or lottery always wins.

21. Objective 18 Compare the costs and benefits of gambling.
Gambling creates jobs for people who work in the gambling industry.
Income from gambling may be used to benefit society.
Gambling provides entertainment for many people.
Gambling can be an addiction.
Gamblers can easily spend more than they can afford to lose.
Gambling can increase crime.

22. Objective 19 Identify types of charitable giving.
Monetary donations
Volunteer service
Gifts-in-kind

23. Objective 20 Discuss the impact of charitable giving.
Tax benefits
Personal satisfaction
Creation of jobs
Reducing waste
Benefit to the community

24. Objective 21 Research a charitable organization.

25. End of Unit 1