Financial Decision-Making Questions

Apply a rational decision-making model to evaluate the costs and benefits of post-high school life choices (i.e., college, technical school, military enlistment, workforce participation, or other option).

Evaluate costs and benefits of various ways to pay for post-high school life including scholarships, the HOPE scholarship, employment, work-study programs, loans, grants, savings, prior investments, and other options.

Identify necessary documents needed to complete forms like the FAFSA or scholarship applications.

Apply a rational decision-making model to evaluate other major life choices like employment opportunities, renting a home vs. buying, selecting a mortgage, and buying a car.

Describe how individual financial decisions can help create generational wealth.

Compare different types of income including hourly wages, salary, tips, independent contractor services (Form 1099), dividends, and capital gains.

Review and complete a sample federal individual income tax form 1040.

Describe the basic components of a paystub including gross pay, net pay, and common deductions (i.e. federal and state income tax, Federal Insurance Contributions Act (FICA which includes Social Security and Medicare), and elective deductions like 401K, insurance and tax-deferred savings).

Analyze the basic components of a personal budget including income, expenses (fixed and variable), and the importance of short-term and long-term savings.

Explain how to reconcile a checking account, either online or on paper, including how to account for transactions that have not been posted (i.e. checks, weekend debit card transactions, or monthly auto-pay transactions) and how this helps avoid overdraft fees.