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.