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Descriptive Statements:
- Identify principles, steps, and skills involved in developing and maintaining a realistic budget.
- Demonstrate knowledge of components of short- and long-term financial management plans and factors that affect money management and financial planning throughout the life span.
- Identify and describe the roles of different types of institutions, businesses, and agencies that provide financial services or assistance.
- Recognize types and features of insurance, savings, investment, and retirement plans and the risks and benefits of each.
- Recognize types of credit, procedures for obtaining credit, factors that affect eligibility for credit, appropriate uses of credit, and the consequences of misuse of credit.
- Analyze the effects of the economy and life transitions on personal income, financial security, and consumer decisions.
- Demonstrate knowledge of developing and implementing research- and theory-based course curricula, instructional strategies, and assessments that integrate core academic areas and support students' understanding of the principles of personal and family financial literacy.
Sample Item:
An individual has $15,00015,000 dollars in government student loans, $3,0003,000 dollars in credit card debt, no savings, and a full-time job that pays $25,00025,000 dollars per year. The individual is creating a long-term financial plan with the goal of buying a house in ten years. The first action this individual should take as part of this plan is to:
- create an emergency fund equal to six months' salary.
- pay off the student loans.
- pay off the credit card debt.
- get a different job with a higher salary.
Correct Response and Explanation (Show Correct ResponseHide Correct Response)
C. Credit card debts typically have high interest rates, and the interest compounds over time, increasing the cardholder's debt load. In addition, carrying a balance on a credit card may have a negative effect on the individual's credit score. This score is used by lenders to determine whether an individual is qualified to receive a mortgage and what interest rate to charge. Therefore, paying off the credit card debt would both decrease the individual's debt load and increase their chances of obtaining a mortgage that they can afford.
Descriptive Statements:
- Recognize individual and family resources and factors that affect how they are used.
- Demonstrate knowledge of strategies for selecting, adjusting, and adapting individual and family resources to meet wants, needs, and goals.
- Demonstrate knowledge of strategies and resources that support the management of personal, family, work, and community commitments, needs, and goals.
- Identify methods for responsible consumption and conservation of renewable and nonrenewable resources.
- Recognize methods for researching, identifying, comparing, and evaluating goods and services to support informed consumer decisions and how various factors influence consumer decision making.
- Identify considerations regarding the acquisition of legal transportation and housing.
- Recognize consumer fraud and deception practices.
- Demonstrate knowledge of consumer rights and responsibilities and the role of federal and state agencies, legislation, and advocacy groups in protecting consumers.
- Demonstrate knowledge of how media and technology affect family and consumer decisions and quality of life.
- Analyze relationships between the economic system and consumer actions.
- Demonstrate knowledge of developing and implementing research- and theory-based course curricula, instructional strategies, and assessments that integrate core academic areas and support students' understanding of consumer skills and the basic principles of resource management throughout the life span.
Sample Item:
Which of the following is an example of a human resource?
- the ability to manage one's time effectively
- community-based family support services
- a career path with potential for advancement
- a comprehensive health insurance policy
Correct Response and Explanation (Show Correct ResponseHide Correct Response)
A. Human resources are the abilities, skills, and talents that individuals possess. The ability to manage one's time effectively is an example of a human resource.
Descriptive Statements:
- Demonstrate knowledge of factors that affect the selection and maintenance of housing and interiors.
- Demonstrate knowledge of elements and principles of design as applied to housing and interiors and their role in meeting individual, family, and group needs throughout the life cycle.
- Recognize laws, regulations, and programs related to housing, interiors, furnishings, textiles, and apparel.
- Recognize methods for planning, organizing, and maintaining an efficient and safe housekeeping operation for residential and commercial facilities.
- Demonstrate knowledge of criteria considered in the selection of furnishings and equipment, including the characteristics of various furnishings and furnishing materials.
- Identify characteristics of textile fibers, fabrics, and finishes and their applications for a variety of purposes.
- Demonstrate knowledge of the techniques, tools/equipment, and supplies for constructing, altering, repairing, cleaning, and maintaining apparel and household textile items and factors affecting the quality of their construction.
- Demonstrate knowledge of how to plan for and create designs that take ecological, environmental, and socioeconomic contexts and technological trends and issues into consideration.
- Demonstrate knowledge of developing and implementing research- and theory-based course curricula, instructional strategies, and assessments that integrate core academic areas and support students' understanding of the selection, design, and maintenance of interiors, textiles, and apparel in home, commercial, and institutional settings.
Sample Item:
A family is purchasing a new sofa for their family room. This is the main room in which the children play with their toys and the family gathers to play games or watch movies. When selecting upholstery for this sofa, the family's primary consideration should be the fabric's:
- color.
- texture.
- durability.
- pattern.
Correct Response and Explanation (Show Correct ResponseHide Correct Response)
C. When selecting upholstery for a sofa that will be used frequently in a casual manner by both children and adults, the primary concern should be the fabric's ability to withstand a significant amount of rough use.
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