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Personal Financial Literacy Guide forStudents with Disabilities & EnglishLanguage Learners (ELL)It is the policy of the Oklahoma State Department of Education (OSDE) not to discriminate on the basis of race, color, religion, gender,national origin, age, or disability in its programs or employment practices as required by Title VI and VII of the Civil Rights Act of 1964, Title IX ofthe Education Amendments of 1972, and Section 504 of the Rehabilitation Act of 1973.Civil rights compliance inquiries related to the OSDE may be directed to the Affirmative Action Officer, Room 111,2500 North Lincoln Boulevard, Oklahoma City, Oklahoma 73105-4599, telephone number (405) 522-4930; or, the United StatesDepartment of Education’s Assistant Secretary for Civil Rights. Inquires or concerns regarding compliance with Title IX by local school districtsshould be presented to the local school district Title IX coordinator.This publication, printed by the State Department of Education Printing Services, is issued by the Oklahoma State Department of Education as authorized by 70 O.S. § 3-104. An electronic copy can be locatedon the Oklahoma State Department of Education Web site at www.ok.gov/sde. Copies have been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. July 1, 2015Personal Financial LiteracyPage 1

IntroductionThis document has been developed to assist educators in ensuring that students with disabilities areable to demonstrate mastery of the Personal Financial Literacy (PFL) standards. All fourteen of the PFLstandards must be taught to all students, as a part of high school graduation requirements. Thesestandards of learning are priority, essential, and necessary for all Oklahoma students. Learning theideas, concepts, knowledge, and skills will enable students to implement personal financial decisionmaking skills; to become wise and knowledgeable consumers, savers, investors, users of credit, moneymanagers, and to be participating members of a global workforce and society.This document describes the PFL standards in an extended format in order to meet the needs of variouslearners, particularly students with disabilities, and English Language Learners (ELL). This documentincludes the PLF standards, extended academic goals, suggested classroom activities, and resources. TheAcademic Goals are intended to break the standards into smaller, manageable learning objectives. Theclassroom activities suggested in this document are designed to assist educators in developingappropriate activities to assist students in mastering the PFL standards. Resources to assist in theinstruction and comprehension of the standards can be found at the end of this document.House Bill 1268 has included language for students with the most significant cognitive disabilities(MSCD) and English Language Learners (ELL) to assist students in meeting the Personal Financial Literacy(PFL) graduation requirement. The changes will become effective July 1, 2015. In an effort to assistschool districts in meeting the new requirements, we have included information to assist educators inproviding appropriate instruction to meet the individual students learning needs as addressed by theIEP/LIEP team.This document includes some sample classroom activities that may need to be adjusted to meet theindividual student’s abilities. The students may demonstrate knowledge using various methods andtechnology for example, eye gaze, vocalize, pointing or with the use of technology such as switches.Located on page 26 you will find a sample sheet to document the student participation anddemonstration of knowledge.All PFL standards and objectives must be taught and assessed by the local district either by formative orsummative assessments. Students with the most significant cognitive disabilities (MSCD) must receiveinstruction and be assessed utilizing alternative standards as defined in the Individual Education Plan(IEP). In an effort to assist school districts in meeting these requirements, we have included additionalinstructional guidance underneath each extended academic goal.You will notice book icons ( ) throughout the document at the end of some standards. These identifyInformation Literacy skills. Students are best served when these are taught in collaboration andcooperation between the classroom teacher and the library media specialist. The Oklahoma StateDepartment of Education web site has provided a suggested list of basic academic personal financialliteracy term in order to help students continue building their basic academic vocabulary. ersonal Financial LiteracyPage 2

Table of ContentsIntroduction . 2Standard 1 – Earning an Income . 5Standard 1.1 . 5Standard 1.2 . 5Standard 1.3 . 6Standard 2 - Taxes . 7Standard 2.1 . 7Standard 2.2 . 7Standard 3 – Financial Service Providers . 9Standard 3.1 . 9Standard 3.2 . 9Standard 4 – Managing a Bank Account . 11Standard 4.1 . 11Standard 4.2 . 12Standard 5 – Saving and Investing . 13Standard 5.1 . 13Standard 5.2 . 13Standard 6 – Retirement Planning . 15Standard 6.1 . 15Standard 6.2 . 15Standard 7 – Borrowing Money . 17Standard 7.1 . 17Standard 7.2 . 17Standard 7.3 . 18Standard 7.4 . 18Standard 8 – Credit Cards and Online Shopping . 20Standard 8.1 . 20Standard 8.2 . 20Standard 9 – Fraud and Identity Theft . 22Standard 9.1 . 22Standard 9.2 . 22Personal Financial LiteracyPage 3

Standard 9.3 . 23Standard 10 – Renting vs. Buying . 24Standard 10.1 . 24Standard 10.2 . 24Standard 10.3 . 25Standard 11 – Risk Management and Insurance . 26Standard 11.1 . 26Standard 11.2 . 26Standard 11.3 . 27Standard 12 - Gambling . 28Standard 12.1 . 28Standard 13 - Bankruptcy . 29Standard 13.1 . 29Standard 13.2 . 29Standard 14 – Charitable Contributions . 31Standard 14.1 . 31Standard 14.2 . 31Standard 14.3 . 32Sample Documentation Forms . 33Sample Activities . 36Year-Long Instructional Option . 77Vocabulary . 78Additional Resources . 79Can Do Descriptors for ELL . 80Contact Us . 86Personal Financial LiteracyPage 4

Standard 1 – Earning an IncomeThe student will describe the importance of earning an income and explain howto manage personal income through the use of a alsStandard 1.1Evaluate how career choices, educational/vocational preparation, skills, and entrepreneurship affectincome and standard of living (e.g., postsecondary degree/certification, needs versus wants, and abilityto live on less than you earn). Extended Academic Goals1.1.1 1.1.2 1.1.3 Describe the cost/benefit of choosing different jobs.Students identify their preferred jobs and income/personal satisfaction for those jobsDescribe the education/training to obtain different jobs.Explore different paths for obtaining a job (e.g., higher education, career technology, onthe job training, volunteering, trade schools, etc.)Describe how to maintain a job.Follow job expectations and appropriate interactions with othersClassroom Activities: Discuss the difference between a job and a career.Discuss the importance of staying in school.Discuss different types of careers.Discuss different community workers.Participate in job shadowing opportunities.Participating in various classroom/school/community jobs where they experience receipt ofclassroom paycheck for jobs completed.Identify/model soft skills: such as arriving on time, completing job duties, appropriateinterpersonal/social skills, taking leave.Identify the educational path needed to obtain the job of their choice.Standard 1.2Identify the components of a personal/family budget (e.g., income, savings/investments, taxes,emergency fund, expenses, and charitable giving) based on short, medium, and long term goals (e.g.,financial, personal, educational, and career). Personal Financial LiteracyPage 5

Extended Academic Goals1.2.1 1.2.2 1.2.3 Demonstrate an understanding of budgeting.Engage students in income, saving/investing, and expense tasksDescribe components involved in developing a monthly budget.Identify monthly sources of income, expenses, and savingsDescribe how a budget should reflect financial goals.Identify needs versus wants and common financial goals (e.g., transportation, housing,insurance, savings, entertainment)Classroom Activities: Sort words/pictures representing wants versus needs.Identify a purchasing goal.Participate in a classroom saving plan to purchase from classroom store.Identify a purchasing goal and save accordingly from income earned from classroom paycheck.Identify different types of income (e.g. check, cash, gift card, and paycheck).Sort pictures representing types of incomes and expenses.Plan and budget for hosting a class party.Utilize an earned classroom paycheck to develop a budget and then pay bills, purchase neededsupplies, and add money to savings account.Identify preferred items from a common sales flyer. Sequence items by cost and how long it willtake to save for the more expensive items.Standard 1.3Explain how taxes, employee benefits, and payroll deductions affect income.Extended Academic Goals1.3.1 Demonstrate an understanding of the difference between gross income and net income.Identify the taxes on a payroll stub.Classroom Activities: Discuss how people earn money.Using play money or a pizza that represents gross income, removes money to represent thedeductions/taxes paid.Utilizing the above activity, identify which is more and less (gross vs. net income).When shown a sample paycheck stub, the student will identify the gross and the net amount.Participate in subtracting deductions.Utilizing free payroll programs, participate in calculating net income from gross income.Personal Financial LiteracyPage 6

Standard 2 - TaxesThe student will identify and describe the impact of local, state, and federaltaxes upon income and standard of eCal/free payroll ngTaxes/index.jsphttp://www.ehow.com/info 8108426 y-teacher-and-student-materialsStandard 2.1Identify and explain types of taxes (e.g., personal income, sales, and property taxes) and explain thereasons for taxation at the local, state, and federal levels (e.g., roads, water/sanitation services, socialservices, schools, and law enforcement). Extended Academic Goals2.1.1 2.1.2 Identify and describe the different types of taxes.Match services with local/state/federal taxes (e.g., local funds: police/fire, state funds:state parks, federal funds: interstate highways).Describe how taxes help citizensDescribe the local services accessed that are funded through taxes (e.g., park, library).Classroom Activities: Discuss the importance of paying taxes.Participate in purchasing classroom items; demonstrate the understanding of the listed priceversus the final price.Sort items representing wants versus things that are required to pay.Sort/identify community helpers funded through taxes (teachers, police).Sort/identify public locations funded through taxes (community pool, parks, and schools).Sort items representing sales taxes versus personal income taxes.Standard 2.2Explain the importance of meeting tax obligations and describe possible consequences of failing to meetthose obligations (e.g., fees, penalties, interest, garnishment of wages, and imprisonment).Personal Financial LiteracyPage 7

Extended Academic Goals2.2.1 Describe the consequences for not paying taxes.Define terms (e.g., fees, penalties, interest, and garnishment of wages, imprisonment,and others as appropriate).Classroom Activities: Discuss/identify different roles of a citizen.Discuss the consequences for not paying taxes.Identify common tax funded community events and facilities (swimming pools, parks,community cookouts, and baseball fields).Discuss/identify the effects on a community when citizens choose not to pay their taxes(swimming pool closes, tall grass in parks, and buildings in disrepair).Personal Financial LiteracyPage 8