Mathematical process standards. The student uses mathematical processes to acquire and demonstrate mathematical understanding. The student is expected to: (1) Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively ...

Mathematical process standards. The student uses mathematical processes to acquire and demonstrate mathematical understanding. The student is expected to:

- (1) Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to:
- (2) define income tax, payroll tax, sales tax, and property tax;
- (A) explain the difference between gross income and net income;
- (B) identify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;
- (C) develop a system for keeping and using financial records;
- (D) describe actions that might be taken to balance a budget when expenses exceed income; and
- (E) balance a simple budget.
- (F) apply mathematics to problems arising in everyday life, society, and the workplace;
- (G) 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;
- (H) 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;
- (I) communicate mathematical ideas, reasoning, and their implications using multiple representations, including symbols, diagrams, graphs, and language as appropriate;
- (J) create and use representations to organize, record, and communicate mathematical ideas;
- (K) analyze mathematical relationships to connect and communicate mathematical ideas; and
- (L) display, explain, and justify mathematical ideas and arguments using precise mathematical language in written or oral communication.

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