| (a) General requirements. This course is recommended
for students in Grades 10-12. Prerequisite: Algebra I. This course
satisfies a high school mathematics graduation requirement. Students
shall be awarded one credit for successful completion of this course.
(b) Introduction.
(1) Career and technical education instruction provides
content aligned with challenging academic standards and relevant technical
knowledge and skills for students to further their education and succeed
in current or emerging professions.
(2) The Finance Career Cluster focuses on planning,
services for financial and investment planning, banking, insurance,
and business financial management.
(3) Financial Mathematics is a course about personal
money management. Students will apply critical-thinking skills to
analyze personal financial decisions based on current and projected
economic factors.
(4) Financial Mathematics will integrate career and
postsecondary education planning into financial decision making.
(5) The mathematical process standards describe ways
in which students are expected to engage in the content. The placement
of the process standards at the beginning of the knowledge and skills
listed for each grade and course is intentional. The process standards
weave the other knowledge and skills together so that students may
be successful problem solvers and use mathematics efficiently and
effectively in daily life. The process standards are integrated at
every grade level and course. When possible, students will apply mathematics
to problems arising in everyday life, society, and the workplace.
Students will use a problem-solving model that incorporates analyzing
given information, formulating a plan or strategy, determining a solution,
justifying the solution, and evaluating the problem-solving process
and the reasonableness of the solution. Students will select appropriate
tools such as real objects, manipulatives, paper and pencil, and technology
and techniques such as mental math, estimation, and number sense to
solve problems. Students will effectively communicate mathematical
ideas, reasoning, and their implications using multiple representations
such as symbols, diagrams, graphs, and language. Students will use
mathematical relationships to generate solutions and make connections
and predictions. Students will analyze mathematical relationships
to connect and communicate mathematical ideas. Students will display,
explain, or justify mathematical ideas and arguments using precise
mathematical language in written or oral communication.
(6) Students are encouraged to participate in extended
learning experiences such as career and technical student organizations
and other leadership or extracurricular organizations.
(7) Statements that contain the word "including" reference
content that must be mastered, while those containing the phrase "such
as" are intended as possible illustrative examples.
(c) Knowledge and skills.
(1) The student demonstrates professional standards/employability
skills as required by business and industry. The student is expected
to:
(A) demonstrate an understanding of appropriate communication
with customers, employers, and coworkers through verbal, nonverbal,
or digital means;
(B) demonstrate an understanding of the use of business
etiquette;
(C) demonstrate an understanding of appropriate customer
service such as building customer relationships and resolving customer
complaints; and
(D) demonstrate an understanding of ethical and legal
issues in business.
(2) The student uses mathematical processes to acquire
and demonstrate mathematical understanding. The student is expected
to:
(A) apply mathematics to problems arising in everyday
life, society, and the workplace;
(B) use a problem-solving model that incorporates analyzing
given information, formulating a plan or strategy, determining a solution,
justifying the solution, and evaluating the problem-solving process
and the reasonableness of the solution;
(C) select tools, including real objects, manipulatives,
paper and pencil, and technology as appropriate, and techniques, including
mental math, estimation, and number sense as appropriate, to solve
problems;
(D) communicate mathematical ideas, reasoning, and
their implications using multiple representations, including symbols,
diagrams, graphs, and language as appropriate;
(E) create and use representations to organize, record,
and communicate mathematical ideas;
(F) analyze mathematical relationships to connect and
communicate mathematical ideas; and
(G) display, explain, and justify mathematical ideas
and arguments using precise mathematical language in written or oral
communication.
(3) The student applies mathematical process standards
to demonstrate an understanding of employment earnings. The student
is expected to:
(A) identify sources of income, including wages and
salaries, interest, rent, dividends, and capital gains;
(B) compare common employee benefits such as health
insurance, sick leave, and retirement plans;
(C) differentiate among and calculate gross, net, and
taxable income;
(D) analyze and interpret payroll deductions, including
federal taxes, state taxes, and city taxes, using current tax rates;
(E) examine and evaluate the reasons for federal income
taxation, Social Security taxation, and Medicare taxation, including
earnings limitations as applicable;
(F) calculate net pay;
(G) compare and contrast between independent contractor
earnings and employee earnings, including tax requirements, tax forms
(W-2, W-4, 1099, and Form 941), and benefit requirements;
(H) calculate the various earnings as affected by the
laws related to minimum wage, overtime, income from tips, exempt and
non-exempt status, and contract and employee status;
(I) calculate the impact of paying with after-tax dollars
versus pre-tax dollars for items such as medicine, services, and investments;
(J) analyze and interpret total compensation, including
payroll, Federal Insurance Contribution Act (FICA) tax, employer cost
of benefits, employers' matching costs for FICA and Medicare, and
employer match in savings plans, to explain how compensation is more
than what is reflected in a paycheck;
(K) compare total compensation as a self-employed or
independent contractor with total compensation as an employee; and
(L) analyze how economic and other conditions can affect
income and career opportunities and the need for lifelong training
and education.
(4) The student applies mathematical process standards
to demonstrate an understanding of the various federal taxes. The
student is expected to:
(A) calculate federal income taxes owed or refunded,
including the completion of a 1040EZ and 1040, using current rates;
(B) calculate capital gains tax using current rates;
(C) calculate self-employment or independent contractor
taxes using current rates;
(D) define and locate sources for current rates for
estate and inheritance taxes;
(E) analyze gift and estate taxes using current rates;
(F) calculate tax on interest income and use regression
methods available through technology to analyze data and interpret
the results by tax bracket;
(G) calculate personal exemptions;
(H) calculate itemized deductions and compare to standard
deductions;
(I) calculate deductible charitable contributions;
(J) understand filing status as it applies to X, Y,
and Z tax schedules;
(K) compare marginal tax rates to effective income
tax rates and the misuse of these terms in advertising;
(L) describe the relationships among education tax
credit, student loan interest, dependency and filing status, and income
tax liability; and
(M) research and locate options for tax return preparation
such as software programs and tax preparation providers.
(5) The student applies mathematical process standards
to demonstrate an understanding of the various financial institutions
and accounts. The student is expected to:
(A) demonstrate an understanding of various forms of
financial exchange, including cash, checks, credit cards, debit cards,
and electronic funds transfers;
(B) identify and explain the advantages and disadvantages
of interest-bearing accounts such as savings accounts, checking accounts,
certificates of deposits, and money market accounts;
(C) calculate the time value of money, with or without
technology, using exponential and rational functions that include
graphs, tables, and algebraic methods related to simple and compound
interest;
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