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Standard 2.3

Standard 2.3. General Financial Literacy. Revised: Shelley Bracken, 2011. Standard 2 Students will understand sources of income and the relationship between income and career preparation.

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Standard 2.3

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  1. Standard 2.3 General Financial Literacy Revised: Shelley Bracken, 2011

  2. Standard 2Students will understand sources ofincome and the relationship betweenincome and career preparation. Objective 3:Analyze criteria for selecting a career and the impact of career choices on income and financial stability.

  3. Questions to Answer • How does the career you choose affect your income? • What employee characteristics are important to an employer? • How do education and training affect your salary? • What is an entrepreneur?

  4. Occupational Necessities • Class Activity Let’s imagine for a while that the world had to start all over. Nothing exists but water, land, trees, animals and 50 people whose ages range from 10 to 50. Trying to restart the world, your group of 50 people has put you in charge of selecting the seven most necessary occupations to get the world going again. No training for any of these occupations is necessary. List the seven occupations and the reasons why you would select each one.

  5. Earning Power • Earning power is the ability to earn money in exchange for work. How much you earn depends on the value of your skills in the marketplace. • An individual’s value as a worker–the wage or salary received for a specific job–is related to the: • Skill level and education of the worker • Demand for that work in society • Availability of qualified workers.

  6. Earning Power • Generally, in our society, people with higher education and more skills earn more money on the job than those with less education and fewer skills.

  7. TRY IT!Find the answers to the following Earning Power problem. • Steve earns $6.50 an hour. He worked 25 hours in the previous one week pay period. If Steve’s employer withholds 10% of each of Steve’s paychecks to pay Steve’s income tax, how much will Steve take home in this week’s paycheck? HINTS: Calculate how much Steve will earn income week by multiplying his hourly wage ($6.50) by the number of hours he works in one week (25). Now that you know how much Steve earns in 1 week, one way to calculate how much is withheld from his paycheck each week is to multiply his weekly wage by 10%. Now calculate how much Steve will take home by subtracting the amount withheld from his weekly wage. $146.25

  8. Career vs Job On a sheet of paper, list the characteristics of a career and the characteristics of a job.

  9. Key Employee Skills Basic Skills Thinking Skills Information Management Technology Interpersonal Personal Skills Resource Management Systems

  10. What should be included in a career plan?Discuss ideas together as a class Click on logo, then Teachers and Financial Literacy Activity

  11. Job Application • Practice filling-out a job application. In pairs, have students give feedback to each other, based on items covered in class.

  12. Job Interview

  13. Entrepreneurship • Entrepreneur • Willing to take risks • A person who creates a business from scratch. • Self employed • Strong sense of discipline • Be your own boss • Beat the competition

  14. Entrepreneurship • RISKS • No guarantees • No regular paycheck • No boss • Long hours • Assume debt of business • REWARDS • Be your own boss • Keep profits • Control • Satisfaction • Pursue talent and creativity

  15. Assessment IdeaStandard 2 • Objective 3 • Search the newspapers to find articles that address economic conditions.

  16. Assessment IdeaStandard 2 • Objective 3 • Research the cost of living in the state of your choice. Be sure to find per capita income, state tax rate, etc.

  17. Assessment IdeaStandard 2 • Objective 3 • Assign students to find an example in the media (TV, newspapers, magazines, Internet) of issues that influence the condition of the economy, for example Hurricane Katrina and her influence on oil prices.

  18. Career Plan ARFL

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