Ohio
6th Grade
State Standards
Financial Literacy
Financial Responsibility and Decision Making
1People have limited resources and must prioritize their needs and wants. Saving and/or investing a percentage of income contributes to an individual's financial well-being. Professionals can help individuals determine financial goals.
1.1People have limited resources and must prioritize their needs and wants. Saving and/or investing a percentage of income contributes to an individual's financial well-being. Professionals can help individuals determine financial goals.
2Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
2.1Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
3People may receive money as gifts, allowance or income. Incomes can vary based on knowledge, skills and experiences.
3.1People may receive money as gifts, allowance or income. Incomes can vary based on knowledge, skills and experiences.
4Recognize that people pay taxes on the money they earn. Money collected from taxes is used to provide local, state and national government services.
4.1Recognize that people pay taxes on the money they earn. Money collected from taxes is used to provide local, state and national government services.
1Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.
1.1Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.
2Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.
2.1Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.
3Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
3.1Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.
4Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month.
4.1Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month.
5Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
5.1Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.
Planning and Money Management
5Financial responsibility includes the development of a spending and savings plan (personal budget).
5.1Financial responsibility includes the development of a spending and savings plan (personal budget).
6Financial responsibility includes the development of a spending and savings plan (personal budget).
6.1Financial responsibility includes the development of a spending and savings plan (personal budget).
7Financial institutions offer a variety of products and services to address financial responsibility.
7.1Financial institutions offer a variety of products and services to address financial responsibility.
8Financial experts provide guidance and advice on a wide variety of financial issues.
8.1Financial experts provide guidance and advice on a wide variety of financial issues.
9Planning for and paying local, state and federal taxes is a financial responsibility.
9.1Planning for and paying local, state and federal taxes is a financial responsibility.
Informed Consumer
6An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
6.1An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
10An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
10.1An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.
11Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
11.1Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.
12Compare bank terms before opening an account.
12.1Compare bank terms before opening an account.
13Consumer protections laws help safeguard individuals from fraud and potential loss.
13.1Consumer protections laws help safeguard individuals from fraud and potential loss.
14Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
14.1Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
Investing
15Using key investing principles one can achieve the goal of increasing net worth.
15.1Using key investing principles one can achieve the goal of increasing net worth.
16Investment strategies must take several factors into consideration such as compounding interest, costs, fees, tax implications and the time value of money.
16.1Investment strategies must take several factors into consideration such as compounding interest, costs, fees, tax implications and the time value of money.
17Government agencies are charged with regulating providers of financial services to help protect investors.
17.1Government agencies are charged with regulating providers of financial services to help protect investors.
Credit and Debt
7Examine the different ways that people pay for goods and services.
7.1Examine the different ways that people pay for goods and services.
8People may have to borrow money for large purchases. There are financial responsibilities with borrowing.
8.1People may have to borrow money for large purchases. There are financial responsibilities with borrowing.
9Saving today can help meet future goals, including education.
9.1Saving today can help meet future goals, including education.
18Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
18.1Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
19Debt is an obligation owed by one party to a second party.
19.1Debt is an obligation owed by one party to a second party.
20Effectively balancing credit and debt helps one achieve some short and long-term goals.
20.1Effectively balancing credit and debt helps one achieve some short and long-term goals.
21Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
21.1Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
22Many options exist for paying for post-secondary education opportunities.
22.1Many options exist for paying for post-secondary education opportunities.
Risk Management and Insurance
10Individuals must protect their identity, money and property.
10.1Individuals must protect their identity, money and property.
23Safeguards exist that help protect one's identity, money and property.
23.1Safeguards exist that help protect one's identity, money and property.