LIFEPAC® Consumer Math Set

Description

Consumer Mathematics is a life skills course that introduces students to the concept of financial literacy with practical applications to consumer concepts. Many of the math concepts students have studied or are currently studying in core courses will be applied to consumer math scenarios, providing opportunities to apply math concepts to real financial scenarios. Students will learn about practical financial concepts that will prepare them to become smart consumers with responsible spending and saving habits.

In this course, students will study:

• Personal financial planning
• Money management
• Financial institutions
• Saving and investing
• Consumer credit basics
• Consumer lending basics
• Smart consumer practices
• Life and health insurance
• Responsibility and financial planning

Course Objectives

Upon successfully completing the course, students will be able to:

• Describe components of a financial plan, including establishing a budget.
• Analyze how career choice, education, and skills affect income.
• Set financial goals.
• Describe strategies for spending wisely.
• Compare tools, services, and resources of financial institutions.
• Identify financial risks and strategies to minimize them.
• Describe key features of different types of savings and investment accounts.
• Understand how credit scores are developed.
• Define key financial terms associated with credit cards.
• Understand mortgage lending processes.
• Compare renting vs. buying benefits and disadvantages.
• Recognize their rights as a consumer.
• Recognize options for life and health insurance.
• Identify other types of insurance.
• Use research and evaluation strategies to make financial decisions.

Unit 1: Personal Financial Planning

• Financial literacy
• Setting goals
• Quiz
• Career planning
• Researching Careers
• Quiz
• Sources of income
• Paychecks
• Taxes
• Quiz
• Unit Test

Unit 2: Money Management

• Creating a budget
• Saving and investing
• Quiz
• Spending wisely
• Tracking spending
• Quiz
• Money management tools
• Online banking money management tools
• Quiz
• Unit Test

Unit 3: Financial Institutions

• Types of financial institutions
• Bank services, tools, and resources
• Quiz
• Checking accounts
• Online banking
• Quiz
• Financial risks
• Managing risks
• Quiz
• Unit Test

Unit 4: Saving and Investing

• Saving accounts
• Special saving accounts
• Quiz
• Investing vs. saving
• Investment products
• Quiz
• Unit Test

Unit 5: Consumer Credit Basics

• Credit cards
• Finance charges
• Selecting the right credit card
• Quiz
• Credit scores
• Using credit responsibly
• Quiz
• Consequences of excessive debt
• Correcting excessive debt
• Quiz
• Unit Test

Unit 6: Consumer Lending

• Overview of loans
• Repaying loans
• Quiz
• Mortgage loans
• Understanding mortgage payments
• Quiz
• Other types of loans
• Financial aid for education
• Quiz
• Renting vs. buying
• Quiz
• Unit Test

Unit 7: Smart Consumer

• Consumer rights
• Savings account and loan rights
• Quiz
• Consumer responsibilities
• Understanding advertisement techniques
• Quiz
• Unit Test

Unit 8: Health and Life Insurance

• Understanding life insurance
• Types of life insurance
• Quiz
• Understanding premiums
• Factors that insurance life insurance costs
• Factors that insurance life insurance premiums
• Quiz
• Types of health insurance
• Understanding costs of health insurance
• Quiz
• Unit Test

Unit 9: Responsible Financial Planning

• Responsible habits to start today
• Costs of financial irresponsibility
• Quiz
• Finding and evaluating financial information
• Sources of reliable and unreliable information
• Quiz
• What to consider for retirement savings
• Calculating retirement income
• Quiz
• Unit Test

Unit 10: Reviewing Consumer Math Concepts

• Incomes, banking, and budgets
• Quiz
• Taxes, insurance, and investments
• Quiz
• Credit scores, credit cards, and consumer loans
• Quiz
• Managing debt and planning for the future
• Quiz
• Unit Test