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Texas Essential Knowledge and Skills Teaching Resources

Math 5.10

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:

  • (1) 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.