Financial Literacy

STANDARDS

STEM-FET-1 Demonstrate employability skills required by business and industry. ​

STEM-FET-6.5 Apply engineering economics and optimal design techniques to a design solution.

STEM-EC-1Demonstrate employability skills required by business and industry. ​

STEM-EC-3.7 Understand cost and risk analysis along with market analysis that is completed when creating engineered products.

STEM-EC-5.3 Optimize and justify design solutions based on cost, time, schedule and performance constraints.

STEM-EA-1 Demonstrate employability skills required by business and industry. ​

STEM-EA-11 Explain the impact of business and marketing on engineering design.

 

ESSENTIAL LEARNING     

Banking Basics (choice 1)

• Compare and contrast a bank with a credit union

• Compare and contrast savings, checking, and investing

Income and Employment (choice 1)

• Explain the difference between gross income and net income

• What are taxes? How are they used?

Budgeting (MANDATORY)

• What is a budget and why is it important?

• Compare and contrast a personal budget with a budget you would work with on an engineering project.

• Compare and contrast needs and wants

Consumer skills (choice 1)

• Do businesses need to concern themselves with renting vs. owning, loans, and debt management?

• What are some of the concerns when shopping around for materials for example, would shopping for the cheapest concrete for a bridge be different than shopping for a cheap pair of shoes? Explain.

Managing Credit or Debt (choice 1)

• What factors are considered to determine your credit score?

• Do businesses and governments have a credit score?

• Thinking back to digital citizenship, how could identity theft effect your credit?

Financing Higher Education (MANDATORY)

• Analyze the return on investment of going to college vs immediately starting a career after high school.

• Explain the procedures for filling out the FASFA form.

• Explain the difference between a Loan and a Grant.

Insurance (choice 1)

• Explain risk management and what role insurance plays.

• Research the cost of health insurance for a healthy 20 year old male/female.

 

OPTION 2 Entrepreneurship

Budget and Startup Capital (Choice 2)

• Compare and contrast variable and fixed expenses.

• Identify common income and expenses as a business owner.

What is an Entrepreneur? (Choice 2)

• What type of personal characteristics are needed to be an entrepreneur?

• Compare and contrast an entrepreneur with an employee.

Business Opportunities and Planning (Choice 2)

• How does market research work?

• Identify the critical roles in a business.

Your Business Snapshot (Choice 2)

• Create a 60 second sales pitch for your business.

• What are the crucial pieces of information required in a sales pitch?