LIFEPAC® Consumer Math Unit 1 Worktext

Description

Consumer Mathematics Unit 1 introduces students to the concepts of financial literacy, career planning, and income. Students will learn the definition of financial literacy and be introduced to the concept of setting personal financial goals and developing and following a financial plan. They will also learn about researching career paths, factors to consider when choosing a career, and valid sources of career information that may be used when considering important aspects of potential careers. Lastly, students will learn about different sources of income, pay deductions, and taxes adults pay related to income.

In this course, students will study:

• Financial literacy
• Budgeting
• Personal financial goals
• Career planning and research
• Entrepreneurship
• Sources of income
• Paycheck deductions
• Income tax

Course Objectives

• Upon successfully completing the course, students will be able to:
• Define financial literacy and understand its importance.
• Describe components of a financial plan.
• Calculate net worth.
• Set measurable short- and long-term financial goals that may be evaluated over time.
• List resources available to research career options.
• Explore career options.
• Analyze how career choice, education, and skills affect income.
• Describe the risks, costs, and rewards of starting a business.
• Apply the decision-making process to selecting a career path.
• Identify sources of income.
• Define key income terms.
• Describe factors affecting take-home pay, identifying deductions and withholdings.
• Give examples of employee benefits.
• Demonstrate a basic understanding of how income tax works.
• Identify taxes that adults pay and their purposes.
• Identify resources available to gain answers to questions about taxes.

Unit 1: Personal Financial Planning

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