Dollars and Sense Online Course

  • Dollars and Sense Online Course Introduction

    money tree

    Course Learning Objectives

    The objective of this online class is to acquaint CTE teachers with the Dollars and Sense course by providing information that will be of assistance during instructional implementation in the following areas:

    • Texas Essential Knowledge and Skills
    • Course scope and sequence
    • Instructional resources
    • References
    • Suggested teaching strategies

    Students will identify this course as part of a Career and Technical Education (CTE) program of study, understand that CTE in Texas is organized around 16 career clusters and 79 career pathways, and that Dollars and Sense is one of 12 courses in the Human Services career cluster that equips students with:

    • core academic skills
    • employable skills
    • job specific technical skills

    Training Overview

    Welcome to the Dollars and Sense self-paced professional development course. This training program will provide a thorough overview of the TEKS for the Dollars and Sense class. The suggested scope and sequence of this course is divided into six sections that may be taught to your students in either a semester or yearlong format. Each section will be explored in addition to providing instructors with resources, references and suggested teaching strategies.

    Dollars and Sense focuses on consumer practices and responsibilities, the money management process, decision-making skills, impact of technology, and preparation for human services careers. Students are encouraged to participate in career and technical student organizations and other leadership organizations.

    Important
    Be sure to open all the attachments below that correspond to this course as you will need to refer to them as you follow along. All of the handouts and graphic organizers are available for you to use in your classroom.

    After completing the course, you will be required to complete a 50 question quiz and submit your name and email address. You will receive a certificate of completion at that address.

    The certificates for the successful completion of the online courses are NOT automatically computer generated and are reviewed individually. Certificates will be generated Monday through Friday between the hours of 8:00am and 5:00pm.
    For questions, contact: sfacte@gmail.com

    As approved by the Texas Education Agency, a passing score of 80 is required to receive a certificate equalling six (6) Continuing Professional Education (CPE) credits.

    Refer to the Introductory Lesson: Dollars and Sense for an introduction to Career and Technical Education, Career Clusters™, coherent sequence of courses, programs of study and this course.
    http://cte.sfasu.edu/lesson-plans/introductory-lesson-dollars-and-sense/

    Dollars and Sense Pre-Assessment Questions

    1. The role of a consumer is to:

    • a. plan the use of different resources
    • b. develop methods to spend money
    • c. develop methods to create a budget
    • d. plan the most efficient way to raise a family

    2. In order to satisfy needs, an individual must:

    • a. obtain financial resources
    • b. balance career goals with family needs
    • c. earn money by taking on the role of a worker
    • d. both a and c

    3. The best description of a budget is:

    • a. a financial tool for consumers who have very little money
    • b. a plan for saving and spending money
    • c. a set of restrictions for how a consumer can spend money
    • d. a statement of savings and debt

    4. Budgeting a particular amount for savings should be treated as:

    • a. something to do if there is any money left after other expenses
    • b. an important step in reaching financial goals
    • c. helpful in preparing for unexpected emergencies
    • d. b and c

    5. A definition of interest could be:

    • a. “rent” paid by a financial institution to a depositor for allowing the financial institution to “borrow” the depositor’s money in the depositor’s bank account
    • b. money a creditor will charge a borrower for the use of the creditor’s money
    • c. a useful investment tool for a person to use saving money to reach financial goals
    • d. all of the above

    6. Housing is a large expense for consumers. In order to purchase a home, they will most likely need to:

    • a. have a savings account with the money necessary to buy the home
    • b. have no outstanding debt at all
    • c. obtain a special loan called a mortgage
    • d. have a well-paying job

    7. If one roommate earns a large salary and pays for all the food for the household while the unemployed roommate shops and cooks the food, they are _______ resources.

    • a. conserving
    • b. exchanging
    • c. expanding
    • d. substituting

    8. A consumer who supports the Susan Komen Breast Cancer Walk for the Cure because their mother died of breast cancer is most likely practicing charitable giving because:

    • a. donating satisfies religious beliefs
    • b. supporting enhances image among peers
    • c. he gets satisfaction in helping others
    • d. has personal experience with the disease

    9. A local town government decides to increase the pay of police in town. The money for this pay raise will most likely be provided by:

    • a. an increase in FICA taxes withheld from worker’s pay
    • b. an increase in state sales tax
    • c. property taxes for land and buildings within the town limits
    • d. all of the above

    10. The Federal Reserve, an agency of the federal government, will regulate interest rates and money supply. The reason for this is:

    • a. to redistribute income between the wealthy and the poor
    • b. to ensure economic stability through monetary policy
    • c. provide the public with goods and services
    • d. to protect consumers from harmful products

    11. Steps in selecting a career include:

    • a. assessing values, talents, interests and aptitudes
    • b. determining financial needs
    • c. researching careers and the education and training needed
    • d. all of the above

    12. Which of the following is NOT a factor to consider when selecting a career path?

    • a. abilities and interests
    • b. personality type
    • c. subjects one liked and did well in during school
    • d. popularity and prestige

  • I. Management of Individual and Family Resources

    money

    TEKS Addressed

    (1) The student demonstrates management of individual and family resources such as finances, food, clothing, shelter, health care, recreation, transportation, time, and human capital. The student is expected to:

    • (B) apply management, planning skills, and processes to organize tasks and responsibilities
    • (D) analyze the consequences of an economic decision made by an individual consumer such as the decisions to provide safe and nutritious foods, clothing, housing, health care, recreation, and transportation

    (2) The student demonstrates management of financial resources to meet the goals of individuals and families across the life span. The student is expected to:

    • (F) investigate the benefits of charitable giving

    Module Content

    Management of Individual and Family Resources is the first unit of study in the Dollars and Sense course. This section contains two TEA units of study that include:

    • A. Using Resources to Reach Goals
    • B. Economic Consequences

    Module I Handouts

    Refer to lesson Personal Money Management for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/personal-money-management

    Refer to lesson Money Matters: Making Cents of It All for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/money-matters-making-cents-of-it-all

    Using Resources to Reach Goals

    Objectives of this unit include:

    • Understand that people play multiple roles in life, including economic roles such as a consumer and a worker
    • Understand that consumers use resources. Resources are utilized based on satisfaction of different needs
    • Throughout the lifespan, a consumer must allocate his or her resources to obtain other resources he or she might need. Career choices lead to financial resources and must be balanced with personal goals

    People engage in multiple roles throughout their lives. Some of these roles include spouse, sibling, parent, or friend. The economic role a person plays has a large impact on the other roles.

    The economic role can be divided into three separate components:

    • Worker – produces goods and services
    • Consumer – uses goods and services
    • Citizen – uses public services such as roads, school or police. Citizens pay taxes so governments can provide these services.

    Resources

    The goods and services that workers produce and consumers use are considered resources. They can be natural resources like water, oil, or minerals.

    Resources can be divided into two categories:

    • Human – Are personal qualities and abilities which exist within individuals
      • Skills
      • Talents
      • Energy
      • Knowledge
      • Experience
      • Personal qualities such as cooperative, honest, or hard worker
      • Attitude
      • Thinking skills

    • Non-human – Are resources found outside individuals
      • Financial (money)
      • Material
      • Time
      • Natural resources
      • Community facilities and services
      • Social organizations
      • Economic Institutions
      • Political Institutions

    Resources are used based on need. Needs are satisfied in a particular order. A respected psychologist, Abraham Maslow, conducted research on people’s motivations for satisfying their needs. He categorized needs in a hierarchy to explain how people made decisions on utilizing resources.

    Visit the following site for an overview of Maslow’s Hierarchy of Needs:

    Basically, people will satisfy their need for the resource of food before they satisfy their need for the resource of friends.

    One resource a person can use is to utilize the decision-making process in financial planning and management. The process of careful decision-making is important if family goals are to be reached within available resources. The decision-making process involves carefully comparing benefits and costs of alternatives before making a decision.

    Steps in decision-making include:

    • Identify the decision to be made or the problem to be solved
    • List all possible alternatives
    • Choose the best alternative
    • Act on the decision
    • Evaluate the decision

    What is a priority? It may be defined as something that takes precedence over other things. An activity or action that demands attention over other activities or actions. It is important for individuals and families to recognize their priorities. Lead students to discuss how families determine personal priorities and philosophies of what is important to families. Priorities can influence the management of individual and family resources.

    Why is it important to determine priorities?

    • Defines what is important
    • Determines difference between what is urgent and what is important
    • Influences decisions
    • Achieves balances between daily activities and long-term goals
    • Enables organization

    Economic Consequences

    Family financial decisions are influenced by a multitude of cultural, demographic, and societal factors.

    • Cultural:
      • Traditions
      • Religion/beliefs
      • Language
      • Communication patterns
      • Family roles
      • Increasing racial and ethnic diversity

    • Demographic:
      • Growth in aging population
      • Shifts in family composition (e.g., increase in single-person households, increase in numbers of dual-career families)
      • Widening gap income distribution between well-educated, high-skilled workers with increased earning capacity and less-educated, low-skilled workers
    • Societal:
      • Population shift to various parts of the country
      • Decentralization of people and jobs from densely populated areas to outlying areas
      • Changes in the work place
        • workers changing jobs more frequently
        • downsizing within companies
        • rapid technological changes
        • family-friendly policies (i.e., flexible work hours, job sharing, benefit options)
        • telecommunting
      • Technological changes
        • communications technology related to finance (i.e., on-line purchases, on-line banking, on-line trading)
        • financial management software and downloads
      • Impact of media (i.e., advertising, global broadcast of information)

    Economic Roles and Resources

    Workers usually receive the resource of money, so they can get the resources they need. Consumers give their resource of money in exchange for food, shelter, recreation, transportation, and other goods and services they value.

    Roles and resources have to balance. Economic roles may interfere with personal roles. Worker responsibilities have to balance with personal, family, and community roles. Consumers have to plan how they will spend the resource they get from their role as a worker to get the resources they need to satisfy their needs.

    The Worker Role – Workers will devote many hours of their lives to their careers. On the average, people will work 97,464 hours, working from age 18 to age 65 with an average of 8 hours a day 5 days a week. A career is a series of related jobs, not necessarily the same job.

    Career choices can impact:

    • Amount of money the worker earns
    • Amount of time the worker has for other roles
    • Satisfying the need for self-actualization and self-esteem

    Education and Career Choices

    Education can also be considered a consumer good – A consumer has to spend money to get it! Most people change careers during their lifespan, often three to five times. People earn substantially more as the result of obtaining postsecondary education degrees.

    Visit the following site for an overview of earning and unemployment rates by educational attainment:

    Handouts/Graphic Organizers

    Module I Handouts

    • A Penny or $10,000.00
    • A Penny or $10,000.00 ($10,000.00 Key)
    • A Penny or $10,000.00 (Penny Key)
    • Connect the Dots: Careers in Personal Care Services
    • Cost of Raising a Child
    • Influences on Family Financial Decisions

    Teaching Strategies/Lesson Ideas

    • Question: Would you rather have $10,000.00 per day for 30 days or a penny that doubled in value every day for 30 days? Distribute the A Penny or $10,000.00 handout and allow the students to work together in determining the amount at the end of 30 days.
    • Distribute graphic organizer Connect the Dots: Careers in Personal Care Services and allow the students to choose one of the occupations they may be interested in as a career.
    • With United States Department of Agriculture’s (USDA’s) Cost of Raising a Child Calculator, students will estimate how much it will annually cost to raise a child. This will help them understand the overall expenses including housing, food, transportation, clothes, health care and child care expenses and education. Direct students to the website:
      http://www.cnpp.usda.gov/calculatorintro.htm
    • Students will complete Cost of Raising a Child handout. Allow for questions and discussion.
    • Students brainstorm examples of roles that will be played throughout the lifespan, include examples and duties.
    • Students brainstorm examples of resources that would be used throughout the lifespan.
    • Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
      https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php
    • Invite a guest speaker, such as a certified financial planner or credit counselor, to speak to the class on the effects of cultural, demographic, and societal factors on family financial decisions.
    • Have students complete Influences on Family Financial Decisions. Have students share and compare their completed charts. Lead a class discussion on the effects of cultural, demographic, and societal factors on family financial decisions.

    Resources and References

    Textbooks

    • Ross Lowe, 2006. Consumer education & economics, Student Edition. 6 Edition. Glencoe/McGraw-Hill.
    • Nancy Wehlage, 2001. Goals for living: Managing your resources. Edition. Goodheart-Wilcox Publisher.

    Websites

    • Abraham Maslow, Father of Modern Management
      Abraham Maslow brought to the world of psychology a fresh perspective with his concept of “hierarchy of human needs”.
      http://www.abraham-maslow.com/amIndex.asp
    • National Endowment for Financial Education
      The National Endowment for Financial Education (NEFE) is the leading private nonprofit 501(C)(3) national foundation dedicated to inspiring empowered financial decision making for individuals and families through every stage of life.
      http://www.nefe.org/
    • NEFE High School Financial Planning Program
      For over twenty-five years this award-winning, free, non-commercial financial education program has been provided to millions of students in thousands of schools and community organizations throughout the country.
      http://hsfpp.nefe.org/

    YouTube™

    • Investing Basics: The Power of Compounding
      Is time on your side? It is in this video. Watch this to discover the power of compounding – a simple reinvesting concept that plays on interest and time.
      https://youtu.be/immQX0RKFY0
    • Tips of How to Manage Your Money
      See and learn the financial wisdom of our elders and become wiser on how to manage money wiser. Here are some great tips from Warren Buffet: American billionaire, investor, businessman, and philanthropist. Distributed by Tubemogul.
      http://youtu.be/Ktute59Tzv0

    Dollars and Sense Pre-Assessment Questions

    1. Throughout the lifespan, an individual will play many roles. Some of these roles include:

    • a. consumer
    • b. citizen
    • c. worker
    • d. all of the above

    2. The role of a consumer is to:

    • a. plan the use of different resources
    • b. develop methods to spend money
    • c. develop methods to create a budget
    • d. plan the most efficient way to raise a family

    3. As individuals pass through different stages of life, their needs will never change.

    • a. True
    • b. False

    4. Needs are usually satisfied in a particular order. From the list below, select the order in which needs will be satisfied first.

    • a. Esteem, Belonging and Love, Self-Actualization, Safety, Biological and Physiological
    • b. Safety, Biological and Physiological, Esteem, Belonging and Love, Self-Actualization
    • c. Biological and Physiological, Safety, Belonging and Love, Esteem, Self-Actualization
    • d. None of the above

    5. In order to satisfy needs, an individual must:

    • a. obtain financial resources
    • b. balance career goals with family needs
    • c. earn money by taking on the role of a worker
    • d. both a and c

  • II. Management of Financial Resources

    U.S. Coins and Paper Money

    TEKS Addressed

    (2) The student demonstrates management of financial resources to meet the goals of individuals and families across the life span. The student is expected to:

    • (A) evaluate the need for personal and family financial planning, including budgeting, expense records, and maintaining economic self-sufficiency
    • (B) compare types of loans available to consumers and distinguish criteria for becoming a low-risk borrower
    • (C) connect mathematics to the understanding of interest, including avoiding and eliminating credit card debt
    • (D) collect evidence and data related to implementing a savings program, the time value of money, and retirement planning
    • (E) explore how to be a prudent investor in the stock market and other investment options
    • (G) compare types of bank accounts available to consumers and the benefits of maintaining a bank account
    • (H) demonstrate the ability to balance a check book
    • (I) investigate bankruptcy laws, including ways to avoid bankruptcy
    • (J) apply management principles to decisions about insurance for individuals and families
    • (K) evaluate personal and legal documents related to managing individual and family finances such as birth certificates, medical records, social security cards, financial records, and property records
    • (L) demonstrate the ability to use calculators, spreadsheets, computers, and software in data analysis relating to finance

    Module Content

    Management of Financial Resources is the second unit of study in the Dollars and Sense course. This section contains eleven TEA units of study that include:

    • A. Economic Activities of Consumers
    • B. Consumer Credit
    • C. Credit Problems
    • D. Lifetime Financial Planning
    • E. Savings Plans
    • F. Financial Institutions
    • G. Using Resources of Financial Institutions
    • H. Investment Principles and Options
    • I. Insurance
    • J. Evaluating Legal Documents
    • K. Analyzing Data

    Refer to lesson Personal Money Management for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/personal-money-management

    Refer to lesson Take It to the Bank for additional resources, lesson ideas and activities.
    http://cte.sfasu.edu/lesson-plans/take-it-to-the-bank

    Refer to lesson Managing Your Finances for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/managing-your-finances

    Refer to Money As You Grow poster for 20 Things Kids Need to Know to Live Financially Smart Lives.
    http://moneyasyougrow.org/_print/activities_poster.pdf

    Refer to lesson Saving for the Future for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/saving-for-the-future

    Refer to lesson Don’t Take the Risk for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/dont-take-the-risk

    Refer to lesson To Charge or Not to Charge for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/to-charge-or-not-to-charge

    Refer to lesson Interest: What Does It Mean? for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/interest-what-does-it-mean

    Module IIa Handouts
    Module IIb Handouts

    Economic Activities of Consumers

    Budgeting and Financial Planning

    Consumer Activities – A consumer has many decisions to make throughout his or her financial lifespan. The decisions involve utilization of the resources available to the consumer and the consumer’s family. Because resources are usually limited, financial planning can help consumers and their families with their economic choices.

    Financial Planning is the process of managing financial resources (money!) so one can achieve goals and dreams. It involves dealing with financial limitations that come with every stage of life. Financial planning is a journey, not a destination!

    Financial Planning Begins with a Decision-Making Model

    1. Define the objective
    2. Determine the choices
    3. Evaluate the choices
    4. Make the decision
    5. Evaluate the decision

    The first step in financial planning is budget preparation. Too many people experience financial crisis because of inadequate savings, too much debt, and poor planning.

    A budget is a plan for spending money on necessary resources. It involves:

    • Estimating income – Money coming in from work, gifts, and investments
    • Estimating expenses – Money going out to pay for life’s necessities such as housing, food, car, and taxes

    Steps in budget preparation:

    • Start with Income
      • Gross Income (before taxes)
      • Net Income (after taxes)

    Be sure to include irregular payments like bonuses, tips, gifts, and Interest payments from savings and investments.

    Identify Expenses
    • Fixed Expenses – Regular payments that don’t change, such as rent or mortgage, car payments, or credit card payments
    • Variable Expenses – Amounts can change, such as groceries, clothing, and entertainment
    • Savings contributions – Don’t forget savings, which should be treated as an expense. There are many reasons to save, including emergencies and goals such as vacations, large expenses, education, and retirement
    • Occasional Expenses – Items such as taxes, gifts, insurance or medical expenses

    A budget should be prepared on a monthly basis, listing income (money coming in) and subtracting expenses (money going out). The goal is a balanced budget with all money accounted for. If the ending amount is positive, more money is available for saving. If the ending amount is negative, the consumer must reduce expenses or increase income to balance the budget to zero.

    Get some budget practice:

    Consumer Credit

    Often, consumers don’t have the money in their checking, savings, or investment accounts to purchase goods or services they might need. In this situation, the consumer can use credit. Credit is receiving money, goods, or services now, with the promise to repay in the future.

    Examples of credit include credit cards, automobile loans, mortgage loans (loans to buy housing), and other personal loans. The borrower agrees to pay the creditor the amount of the loan or credit (the principal) at some future time, plus interest. The amount is referred to as debt, until the borrower repays the creditor.

    The person, business, or financial institution that gives or extends the credit is the creditor. The person receiving the credit is the borrower.

    Advantages of Using Credit

    • Permits immediate consumption
    • Enables purchase of items not otherwise affordable
    • Helps with emergencies
    • Allows consumers to take advantage of sales or special promotions
    • Helpful when making travel reservations
    • Facilitates ordering by mail or Internet
    • May be used to finance education
    • Offer convenience

    Types of Credit

    There are many types of loans or credit consumers can use. Credit cards, bank loans, finance contracts, and mortgages are all types of credit. The types can be summarized:

    Cash and Sales Credit:

    • Cash Credit: the borrower receives cash from the creditor (a loan)
    • Sales Credit: The borrower buys something now, pays for it later

    Secured and Unsecured Credit:

    • Secured Credit: The borrower pledges property (collateral) to the lender. If the borrower is unable to pay back the actual money of the loan, the creditor gets the collateral. Examples include car loans, where the car is the collateral, and mortgage loans, where the collateral is the property the loan is used for.

    • Unsecured Credit: An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.

    Closed and Open Ended Credit:

    • Closed End Credit: Is a one-time loan, for a specific amount and time period. The amount of interest to be paid by the borrower is calculated at the beginning. Closed End Credit can be repaid all at once (single payment), or in set payment amounts, at regular times, over a period of time (installment credit), such as car loans or mortgages.

    • Open End Credit: A line of credit is when the creditor agrees to make available a certain amount of money for the borrower, which can be used and repaid repeatedly. The borrower makes monthly payments and can repay all of the money or make partial payments. Interest is calculated every month. Examples include home equity loans or credit cards.

    Credit cards are probably the most widely used type of credit. They can have a dramatic effect on consumer financial health. In the United States today, there are approximately 160,000,000 credit card holders (2012 US Census Statistical Abstract ), that’s 51% of the total population! Furthermore, the 30 day delinquency rate in 2011 averaged out at 3.2% (Moody’s April 2012).

    Visit theMint.org for an explanation of credit cards:

    Cost of Credit:

    When a consumer decides to use credit, he or she is going to pay more than if they had saved the money and purchased the goods or services without using credit. The average American household with at least one credit card has nearly $15,950 in credit-card debt (in 2012), according to CreditCards.com, and the average interest rate runs in the mid- to high teens at any given time.

    This amount can be a lot more! See how this works with the Mint.org’s Credit Calculator tools:

    Paying the Bill

    Financial institutions that issue credit cards will send monthly statements. As a consumer, you have certain responsibilities to your creditors.

    Responsibilities of credit users:

    • Do not borrow unless it is necessary and will enable you to make money
    • Think of your overall financial state and your ability to repay before signing a credit agreement
    • Shop for the lowest annual percentage rate
    • Compare the cost of interest to other things you could do with the money
    • Pay on time according to the terms of the contract
    • Pay the late charge written in the contract for late payments
    • Accept the penalty outlined in the contract for failure to fulfill the promise

    Get some practice reading and understanding all types of bills and statements from:

    Obtaining and Safeguarding Credit

    The 4 C’s determine how much credit and what form of credit a consumer can receive. There are 4 C’s of obtaining and keeping credit:

    Character: Refers to a person’s reputation for honesty and reliability as demonstrated through stable credit history. A credit application will ask for credit references to learn where credit has previously been granted. Length of time at a job or a residence are indicators of stability. Through a credit investigation, the creditor can learn information such as how much credit has previously been extended and whether the applicant pays bill on time. What is the consumer’s reputation concerning repaying debt on time?

    Capacity: Refers to earning power or regular income available to repay debts. The debt-to-income-ratio, which is the total monthly debt payment divided by net take-home pay, is an indicator of an individual’s capacity to repay new debts. Questions on the credit application related to occupation, income, length of employment, and other debts which may reduce monthly income help the creditor evaluate the applicant’s capacity to repay the debt. Does the consumer have the income to repay the debt?

    Capital: Refers to financial worth, including savings and property. The creditor is looking for evidence that the applicant possesses things of value and is thus more likely to be able to repay the debt. Information on the credit application related to savings accounts, other investments, or home ownership are indicators of capital. Does the consumer have items of value which could be used to repay the debt?

    Collateral: Refers to items of value that lenders may require in return for a loan in the event the loan is not repaid.

    Understanding credit and how to use it is an important financial planning tool.

    Credit Problems

    Too Much Debt

    Consumers can take on too much debt. The inability to repay debt can seriously impact the consumer and the family. A person should weigh the advantages of planned spending:

    • Advantages
      • Peace of mind
      • Family harmony
      • Financial independence
      • Satisfies desires and gives lasting enjoyment
      • Saving for emergencies
      • Reach long-range goals
      • Planned spending patterns
      • Living within income
    • Disadvantages
      • Tension and/or family friction
      • Insecurity/unhappiness
      • Worry over money
      • Lack of reserves for emergencies
      • Many unsatisfied wants
      • Impulse buying
      • Embarrassment over debt
      • Insecurity
      • Reduces financial flexibility in personal money management
      • Ties up future income
      • Fuels the temptation to overspend
      • Is costly
      • If improperly used, can lead to serious problems, including repossession of property or bankruptcy
      • Increases risk of identity theft

    When a consumer is unable to pay back debt, they might have to declare bankruptcy. Bankruptcy is a legal term which requires selling off assets (valuables) to pay off the debt. The Department of Justice’s United States Trustee Program approves organizations to provide the credit counseling and debtor education required for anyone filing for personal bankruptcy.

    Visit the site to view on filing for bankruptcy:

    Lifetime Financial Planning

    Financial planning is not something people do only when they begin to accumulate money. Nor is it something that only wealthy people practice. In truth, a financial plan is for anyone who manages any amount of money – whether a small allowance, earnings from a part-time job, or a full-time income. It is simply thinking through what you have, what you need and want, and how you can best use your financial resources to achieve those needs and wants. If you have ever asked the question, “Where did my money go?”, you have experienced the results of not having a financial plan.

    Most people get by from month to month without a financial plan, but when a financial crisis occurs, they often have no way to obtain special purchases or desired extras, such as a special vacation, new computer, or even a new car. Without a financial plan, many long-term goals may never be affordable, such as college or the purchase of a home.

    Financial planning offers a means of managing spending, saving, borrowing, and investing. It involves setting goals and developing strategies to obtain needs and wants. It helps insure protection against financial emergencies.

    Money can be a source of stress and frustration, or it can be a tool that contributes to the quality of life for you and your family. Financial planning benefits everyone. Regardless of your age or income level, financial planning can enable you to take charge of your financial resources, rather than letting your finances control you.

    A Financial Plan Considers:

    • What you have
      • Take a personal inventory of financial resources
    • What you need and want
      • Identify your personal and family goals
    • How can you best use your financial resources to achieve your needs and wants
      • Develop plans and use available tools to manage
        • spending
        • savings
        • borrowing
        • investing
        • protecting against financial crises

    Savings Plans

    • Savings Account: A savings account is a bank account a depositor can use to keep their money safe, but also earns interest. Basically, the financial institution pays rent to the depositor to use the depositor’s money to make loans to others, but still making it available to the depositor whenever he or she needs it. Learn a little more about savings accounts from the links below:

    View the following sites for an overview on savings.

    Interest Makes Saving and Investing Profitable

    Saving money should be a cornerstone of a financial plan, not the money left over after paying expenses.

    Saving allows a consumer to put aside money for immediate needs and build an emergency cushion. Investing is for long-term goals, such as educating children, wealth building, and retirement. Another way of stating it is “delayed spending”. Saving and investing make sense because while waiting to spend the money, more money can be earned, because of interest it earns. Interest is defined as money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

    Financial institutions pay the depositor to “borrow” the depositor’s money.

    See how Investing and saving both help the consumer earn money.

    It’s easy to quickly evaluate interest rates with “the Rule of 72”. The Rule of 72 says that you can see how long it will take for money to double simply by dividing 72 by the interest rate. For example, if you want to see how long it will take $200.00 to double if it is put into an account earning 6 percent interest per year, divide 72 by 6. The answer is 12. In 12 years the money will have doubled to $400.00.

    Visit the following site for an overview of the Rule of 72.

    Financial Institutions

    The safest place to keep money is in a financial institution. There are several types of financial institutions.

    Commercial Bank: A financial institution operated as a business. Shareholders or owners own the bank, and hire managers to run it. Services include:

    • Accepting deposits of money
    • Making loans, including auto, personal, mortgage, and business loans
    • Providing investment services, such as savings accounts, and certificates of deposits

    A bank is in the business of making a profit for the owners/shareholders. Typically, a bank will accept deposits, pay interest to the account holder, and loan the money to customers at a higher interest.

    Mutual Savings Bank: State chartered financial institution, operated by trustees for the benefit of the depositors. These institutions offer many of the same services as commercial banks and profits are paid to depositors in the form of higher interest paid, or held in reserve. These are not as common today as in the past.

    Online Banks: It is also called electronic banking. For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or direct deposit of paychecks into checking or savings accounts. But, electronic banking involves many different types of transactions, rights, responsibilities — and sometimes, fees.

    Savings and Loan Association: Originated as financial institutions that specialized in accepting deposits and promoting mortgage loans. Today, they provide many financial services. Many are owned by depositors and profits revert to the depositors in the form of higher interest payments.

    • Other Institutions offering financial services
      • Investment/Brokerage Companies
      • Insurance Agencies
      • Finance or Loan Companies
      • Financial Supermarkets

    Credit Union:

    What is a Credit Union?

    They are not-for-profit organizations owned by members. Credit unions help the community by helping their members save and borrow. Usually, credit unions offer higher savings rates, which is important to young people just starting their savings accounts. Credit unions typically charge lower or reduced fees compared to banks and are known for providing personal service.

    Many members of credit unions like knowing their savings will go back into the community and help other members get mortgages to buy homes and loans for new cars. They help members grow their savings, pay off debt, and plan for the future.

    Visit http://www.mycreditunion.gov/about-credit-unions/Pages/what-is-a-credit-union.aspx to learn more about credit unions.

    How is a Credit Union Different than a Bank?

    In the United States, credit unions are not-for-profit organizations that exist to serve their members rather than to maximize corporate profits. Like banks, credit unions accept deposits and make loans. But as member-owned institutions, credit unions focus on providing a safe place to save and borrow at reasonable rates. Unlike banks, credit unions return surplus income to their members in the form of dividends.

    Favorable Rates and Customer Service

    Fees and loan rates at credit unions are generally lower, while interest rates returned are generally higher, than banks and other for-profit institutions. Credit unions are democratically operated by members, allowing account holders an equal say in how the credit union is operated, regardless of how much they have invested in the credit union.

    Membership Access

    Each institution decides who it will serve. In order to join a credit union, potential members must be part of a field of membership, which is typically based on one’s employment, community, or membership in an association or organization. Credit unions serve members of modest means. Low-income credit unions provide financial services at reasonable rates in areas that are often underserved by banks.

    National Credit Union Administration (NCUA) Share Insurance Coverage

    Federally insured credit unions are regulated by the National Credit Union Administration and backed by the full faith and credit of the United States government. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the share insurance coverage on all federally insured credit union accounts up to $250,000.

    Understanding Differences in Federal versus Privately Insured Credit Unions

    Federally chartered credit unions are regulated by the National Credit Union Administration and insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government. Established by Congress in 1970 to insure against financial losses, members share accounts at federally insured credit unions; NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation.

    It is important to note that some deposits at state-chartered credit unions are insured by private insurers. These private insurers provide non-federal share insurance coverage of deposits that are not backed by the full faith and credit of the United States government.

    You can tell if a credit union is protected by NCUSIF by searching for a credit union in:

    In addition, credit unions that are insured by the NCUSIF must display in their offices the official NCUA insurance sign. All federal credit unions must be insured by NCUA, and no credit union may terminate its federal insurance without first notifying its members.

    State versus Federal Credit Unions

    Federal Credit Union: NCUA is the regulator for ALL federal credit unions. Federal credit unions generally have the word “federal” in its name. Additionally, credit unions with headquarters in Arkansas, Delaware, South Dakota, Wyoming or the District of Columbia, are federal credit unions.

    State-Chartered Credit Union: If a credit union does not have the word “federal” as a part of its name and is not headquartered in Arkansas, Delaware, South Dakota, Wyoming or the District of Columbia, then it is probably a state-chartered credit union, and the state supervisory authority where the credit union’s main office is located will usually be the regulator.

    Money is safe in a financial institution because there are two government agencies that protect banking customers:

    The agencies INSURE deposits in accounts up to $250,000. If the bank goes out of business, the agency will reimburse the account holder up to $250,000 per bank account.

    Money is kept in a bank account with the financial institution. Consumers commonly use two types of bank accounts:

    Checking Account: Checking accounts keep depositor money safe, while making it easy to withdraw cash or pay bills. A checking account is a basic, money management tool.

    Visit the links below to better understand how checking accounts work:

    Using Resources of Financial Institutions

    The main role of financial institutions in the economy is to enable money to circulate easily between firms, households, and government.
    Each financial institution provides different services offered and costs of services. Banking services include:

    • Checking accounts
    • Home mortgages
    • Saving accounts
    • Personal loans for auto, education, vacations, and other needs
    • Certificates of deposit
    • Sale and redemption of United States Savings Bonds and other Securities
    • Farm and business loans
    • Savings bonds and securities
    • Automatic bill paying plans
    • Money orders, cashier’s checks, certified checks, and traveler’s checks
    • Retirement accounts
    • Automatic teller machines
    • Safe deposit boxes
    • Retirement accounts
    • Trust investment and estate management
    • Automatic savings
    • Online banking
    • Online bill paying
    • Financial planning
    • Overdraft protection
    • Apps for mobile devices

    Investment Principles and Options

    Investments and Risk

    Saving money in FDIC insured financial institutions is very safe, because the accounts are insured by the federal government. Not all savings/investing methods are equally safe. You probably noticed from the calculators that different financial instruments pay different interest rates. The higher the interest the depositor or investor makes, the more risky is the investment. Over time, the risk evens out. FDIC insured savings accounts are good for short term savings, because there is little risk. With time, more risk is acceptable.

    Examine some investment ideas:

    The bottom line is the greater the risk, the greater the reward. Consumers have to analyze how much risk they are willing to take with saving and investing. Good financial plans involve both saving and investing!

    Insurance

    Life is Risky

    Car wrecks, stolen cars, house fires, major illness, injuries, and other unexpected events can disrupt the most carefully made financial plans. Insurance is a way of managing the possibility of an unfortunate event. A consumer can purchase insurance which will protect them financially in case of an unexpected, expensive event. Insurance is purchased protection that guarantees the consumer a financial payback when a loss occurs.

    An insurance company is a business that offers the service. Consumers (policyholders) pay into a common fund, and if any of the policyholders suffer a loss, the insurance company will reimburse them. This is profitable for the insurance company because not everyone will suffer a loss. The insurance company is betting that more people will pay in than will suffer a loss. The insurance company keeps the extra money as profit. In addition, the insurance company will invest the money until it is needed to pay for losses. The insurance company will make more money in the form of interest from the investments.

    Understanding Insurance

    Why is Insurance Needed?

    • Accident
    • Death
    • Fire
    • Hail
    • Liability
    • Lightning
    • Old age
    • Sickness
    • Theft
    • Unemployment
    • Uninsured motorist
    • Vandalism
    • Wind

    Policy: A written agreement between the consumer purchasing the insurance and the insurance company
    Policyholder: Consumer who is buying the insurance
    Premium: The money the consumer pays for the policy
    Claim: The policyholder’s request for reimbursement when an event happens (a loss)
    Deductible: A set amount the policyholder must pay when there is a loss or claim, before the insurance company begins to pay.

    Visit the following site for an overview of types of insurance:

    Evaluating Legal Documents

    Keeping Organized

    Maintaining a healthy financial life takes organization. There are many documents, statements, and records that are generated as the consumer goes about his or her business. Keeping good records is key!

    What to Keep:

    Important Family Records include:

    • Legal Evidences of Ownership
      • Certificates of Deposit
      • Stocks and bonds
      • Deeds
      • Property titles
    • Legal Evidence of Debt and Its Cancellation
      • Notes
      • Receipts for payment of debts
      • Finance contracts
    • Income and Expense Records
      • Pay records
      • Cancelled checks and other receipts
      • Banking statements
    • Income Tax Records
      • Income tax returns
      • All tax forms (such as W-2s and 1099s)
    • Insurance Records
      • All insurance policies
      • Record of premium payments
      • Record of claims
    • Other Records of Family Members
      • Birth certificates
      • Marriage certificates
      • Divorce and support papers
      • Immunization records
      • Immigration/naturalization papers
      • Diplomas
      • Social Security cards
      • Wills
      • Licenses
      • Vehicle titles
      • Passports
      • Tax Reasons: Investment statements, mortgage interest statements, and settlement statements from home purchases
      • Reference: warranties, insurance documents, and passwords

    How Long to Keep:

    Records such as birth certificates and social security cards need to be kept permanently in a secure area of your home. Tax records should be kept for varying lengths of time.

    See the link to learn about:

    • Why Keep Records
    • Kinds of Records to Keep
    • How Long to Keep Records
    • How to Get Tax Help

    Use common sense regarding credit card statements, receipts for bills, or car maintenance records.

    How to Keep:

    • Documents need to be protected from theft, fire, and disorganization!
    • Safe deposit box is a locked storage area located in a bank. Store difficult to replace items such as birth certificates, car titles, or property deeds in a safe deposit box.
    • A home safe or lock box is less secure, but more convenient. Try to get a fireproof home safe.
    • Filing cabinet should set up a home filing system for bank statements, paid bills, insurance policies, and tax records.

    Electronic Storage:

    • With increased development of technology, many methods of organizing paperless financial records exist today.
    • Many financial institutions offer online banking with access to accounts, statements, as well as electronic payment methods.
    • Records can be stored on a remote server (the “Cloud”) or on a local computer. Always back up data!

    Analyzing Data

    There are many technology choices available in the marketplace for financial management. The Internet is a good source of descriptions and illustrations of financial management technology applications.

    More on Electronic Management

    Electronic spreadsheets and financial management software programs are readily available. Electronic methods can simplify financial record keeping, but it is important to protect passwords and understand security!

    Visit the following site for an overview on a tutorial on a popular electronic spreadsheet program:

    Teacher note: You can order free copies of print materials for yourself or your students on consumer protection basics in the areas of:

    • Making a Budget
    • Opening a Bank Account
    • Using Credit Cards
    • Prepaid Cards
    • Saving Money When You Shop
    • Buying and Using Phone Cards
    • Sending Money Overseas
    • Your Credit History
    • Using Credit
    • Payday Loans and Cash Advances
    • Payday Loans and Cash Advances: Service Members
    • Car Title Loans
    • Managing Debt
    • Avoiding Identity Theft
    • Recovering from Identity Theft
    • Scams Against Immigrants
    • Job Scams
    • Money Wiring Scams

    Visit http://bulkorder.ftc.gov to order free materials. View http://www.consumer.gov/ for additional information and resources.

    You can also view videos on Consumer.gov at http://www.youtube.com/playlist?list=PLM0VFPSPoWJPXg-PcCdEnK3Q1OMUUH1Fa

    Handouts/Graphic Organizers

    Module IIa Handouts
    Module IIb Handouts

    • 20 Things Kids Need to Know to Live Financially Smart Lives
    • A Penny or $10,000.00
    • A Penny or $10,000.00 ($10,000.00 Key)
    • A Penny or $10,000.00 (Penny Key)
    • Amelia and Joe: Saving for the Future
    • Amelia and Joe: Saving for the Future (Key)
    • Before You Invest
    • Budgeting Through the Lifespan Content Brief
    • Budget Scenario Template
    • Check for Understanding Interest Quiz
    • Check for Understanding Interest Quiz (Key)
    • Compare Health Care Plans
    • Compare Health Care Plans (Key)
    • Compare and Contrast
    • Compare and Contrast (Key)
    • Comparing Sources and Costs of Credit
    • Consumer Bill of Rights Homeowner’s Dwelling and Renters Insurance
    • Consumer Bill of Rights Personal Automobile Insurance
    • Controlling Interest You Pay
    • Controlling Interest You Pay (Key)
    • Credit Card Activity
    • Credit Spending Worksheet
    • Credit Spending Worksheet (Key)
    • Consumer Bill of Rights Homeowner’s Dwelling and Renters Insurance
    • Consumer Bill of Rights Personal Automobile Insurance
    • Deciding Where to Save
    • Filing for Bankruptcy – What to Know Project
    • Financial Planning: A Good Start! Activity
    • Financial Planning: A Good Start! Activity (Key)
    • Financial Planning: A Good Start!
    • Financial Planning Pyramid
    • Financial Fitness
    • Financial Fitness (Key)
    • Financial Math Challenge
    • How Money Grows
    • How Money Grows (Key)
    • How Do We Compare
    • Instructions for Setting Up a Spreadsheat
    • Is Your Interest Working For You
    • Is Your Interest Working For You (Key)
    • Keeping Family Household Records
    • Keeping Family Household Records (Key)
    • KWHL Chart Using Credit Cards
    • Lesson Closure: Saving for the Future
    • Looking at Your Spreadsheet
    • Looking at Your Spreadsheet (Key)
    • Notetaking: Saving for the Future
    • Rubric for Filing for Bankruptcy – What to Know Project
    • Saving and Investment Opportunities
    • Slide Presentation Notes
    • Take It to the Bank-KWL Chart
    • Test on Insurance, Record Keeping and Bankruptcy
    • Test on Insurance, Record Keeping and Bankruptcy (Key)
    • Texas Auto Insurance Requirements
    • Texas Auto Insurance Requirements (Key)
    • The Basics of Saving and Investing
    • The Story of the Three Little Pigs – Jigsaw Activity
    • The Story of the Three Little Pigs – Jigsaw Activity (Key)
    • To Charge or Not to Charge Note Taking
    • To Charge or Not to Charge Test
    • To Charge or Not to Charge Test (Key)
    • Using a Credit Calulator
    • Using a Credit Calulator (Key)
    • Using a Credit Calulator to Figure a Car Payment
    • Using a Credit Calulator to Figure a Car Payment (Key)
    • What Do You Know About Insurance
    • What Do You Know About Insurance (Key)

    Teaching Strategies/Lesson Ideas

    • Most students know something about banks because they see their parents using banking services. Ask students to complete the first two columns of the Take It to the Bank-KWL Chart.
    • Visit a bank or credit union and talk to a manager about the available services.
    • Pretend you are starting your own business. Find out what would have to be included in a business plan in order for a bank to consider you for a loan.
    • Distribute the graphic organizer Compare and Contrast. In this activity, students will be comparing savings accounts, checking accounts, and investments.
    • You may encourage the students to participate in a FCCLA STAR Event: Entrepreneurship: An individual or team event – recognizes participants who develop a plan for a small business using Family and Consumer Sciences skills and sound business practices. The business must relate to an area of Family and Consumer Sciences education or related occupations.
    • Ask students to complete Financial Fitness worksheet. This is an activity to not only familiarize the students with the FCCLA national program, but an opportunity to review information covered on banking.
    • Have students interview their parents concerning what banking services they currently use.
    • Moms will be able to re-evaluate their personal finance knowledge and habits by taking the short Northwestern Mutual Financial Matters quiz. They will find out how much they really know about financial issues and money management so that they can educate their families and help them become better financial planners. Have the students test their Mothers’ with the “Just for Moms” financial quiz at: http://www.northwesternmutual.com/learning-center/calculators/
    • Students can make 3D graphic organizers or flashcards with vocabulary terms and definitions.
    • Have students read For Young Adults and Teens Quick Tips for Managing Your Money for simple strategies and practical guidance for borrowing, saving, banking and avoiding scams.
    • Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
      https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php
    • Students can get a free credit score estimate by answering the questions at whatsmyscore.org.
    • Ask students to interview one or more family members about where they keep their money and why. If they keep their money in a bank, what factors did they consider in choosing that institution?
    • Ask students to list, in their journal, at least ten things they value or are important to them. After they complete their lists, ask them to identify the items as monetary or relational. Have them count the items that cost money and the items that are relational.
    • Challenge your students’ logical thinking skills with the Financial Math Challenge handout.
    • Using the Budget Scenario Template handout, have students create a budget for the scenario. Remind them to use pencil on the budget so they can erase and adjust as needed. We are looking for a balanced budget so their expenditures should not exceed their income.
    • Distribute the How Do We Compare handout. Using calculators or the calculator on their phones and their budget sheets, have students figure out what percentages they spent on each area of their budget and compare it to the national averages.

    Resources and References

    Technology

    Free iPad Apps

    Textbooks

    • Ross Lowe, 2006. Consumer education & economics, Student Edition. 6th Edition. Glencoe/McGraw-Hill.

    Websites

    • Mortgage Rates, Home Loans, Refinancing, Credit Cards, CD Rates with Personal Finance Advice.
      Information on all banking services including an interest calculator
      http://bankrate.com/

    Dollars and Sense Pre-Assessment Questions

    1. The best description of a budget is:

    • a. a financial tool for consumers who have very little money
    • b. a plan for saving and spending money
    • c. a set of restrictions for how a consumer can spend money
    • d. a statement of savings and debt

    2. Budgeting a particular amount for savings should be treated as:

    • a. something to do if there is any money left after other expenses
    • b. an important step in reaching financial goals
    • c. helpful in preparing for unexpected emergencies
    • d. b and c

    3. Banks are considered safe places to keep money because:

    • a. owners of the bank will honor their obligations
    • b. banks will pay interest on the money deposited by consumers in accounts
    • c. most accounts are insured by a federal agency call FDIC
    • d. a consumer can withdraw their money in person or online

    4. A definition of interest could be:

    • a. “rent” paid by a financial institution to a depositor for allowing the financial institution to “borrow” the depositor’s money in the depositor’s bank account
    • b. money a creditor will charge a borrower for the use of the creditor’s money
    • c. a useful investment tool for a person to use saving money to reach financial goals
    • d. all of the above

    5. Long-term investments are part of a sound financial plan because:

    • a. they allow the investor a quick way to earn interest
    • b. they allow the investor to spread the risk of losing money over a long period of time
    • c. lower risk produces higher returns
    • d. they allow the investor an alternate way to save money for emergencies

  • III. Consumer Skills Related to Housing Needs

    Framework of New Home

    TEKS Addressed

    (3) The student demonstrates effective consumer skills related to housing needs. The student is expected to:

    • (A) explain consumer rights and responsibilities associated with renting or buying a home
    • (B) analyze legal and financial aspects of purchasing and leasing housing
    • (C) propose money-management skills necessary to make the transition from renting to home ownership

    Module Content

    Consumer Skills Related to Housing Needs is the third unit of study in the Dollars and Sense course. This section contains three TEA units of study that include:

    • A. Housing Issues
    • B. Financing a Home
    • C. Housing Costs and Skills

    Refer to lesson Factors that Affect Housing Choices for additional resources, idea and activities.
    http://cte.sfasu.edu/lesson-plans/factors-that-affect-housing-choices

    Module III Handouts

    Housing Issues

    Housing decisions are one of the most important decisions consumers make. Housing expenses are usually the largest expense a consumer must pay. The need for housing is a basic human need and can also be a source of great psychological satisfaction.

    Types of Housing

    • Single family detached housing – no shared walls, designed to be used by one household
    • Duplex – a building that has two separate living spaces, for two separate households
    • Row house or Townhouse – separate dwellings for separate households that share attached walls
    • Apartments – buildings that have multiple living spaces and each living space is designed for single households

    Renting versus Buying

    All housing can be either rented or owned. Both options have advantages and disadvantages:

    • Advantages of Renting
      • Upfront costs are lower than a down payment for purchasing a home
      • You are able to invest your money in CD’s or other money market options rather than money spent on a home
      • Freedom to move to another part of the city or country without being tied to a mortgage
      • Uncertainty of income due to raises or pay cuts in the future, which could impact your ability to pay a mortgage
      • Time to establish or improve your credit score by creating a history of paying your rent on time
    • Disadvantages of Renting
      • Your monthly rent checks might be more than an actual mortgage payment. Rent increases from year to year
      • You do not have the freedom to expand your living space
      • Neighbors are at close proximity; lack of privacy, irritations might arise and disputes
      • Some facilities do not allow pets
      • Lack of yards, trees and plants

    For an overview about the benefits of buying or renting, read an article from the New York Times:

    Renting

    The owner of a property, called a landlord, agrees to allow a tenant to live in the property for a specified period of time. Both parties sign a legal document called a lease. The landlord retains ownership and control while the tenant pays rent for the right to live in the property. The landlord is usually responsible for most maintenance. The tenant has predictable costs and responsibilities.

    Refer to a lessons at GCF LearnFree.org:

    Financing a Home

    The consumer who decides to buy housing gains full control over the property. You can either pay cash (which is unusual) or obtain a mortgage (closed end, secured debt for the consumer for a fixed length of time, for specified interest). The buyer has the value of equity in the home which is an ownership. The home can be considered an investment in that the homeowner hopes the value will increase. Owner gains a tax advantage, interest is deductible, and will reduce tax liability. Owner is responsible for all maintenance costs. If the owner has to move for any reason, decisions will have to be made about what to do with the property – either sell it to someone else, or rent it to a tenant.

    Shopping around for a home loan or mortgage will help you get the best financing deal. A mortgage — whether it’s a home purchase, a refinancing, or a home equity loan — is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

    Obtain Information from Several Lenders

    Home loans are available from several types of lenders — thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price.

    Obtain All Important Cost Information

    As a consumer, be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough.

    • Rates – Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.
    • Points – Are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points a person pays, the lower the rate.
    • Fees – A home loan often involves many fees, such as loan origination or underwriting fees, broker fees, and settlement (or closing costs). Every lender or broker should be able to give an estimate of its fees.
    • Down Payments and Private Mortgage Insurance – Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down — sometimes as little as 5 percent on conventional loans.
      If a 20 percent down payment is not made, lenders usually require the homebuyer to purchase private mortgage insurance (PMI) to protect the lender in case the homebuyer fails to pay.

    Obtain the Best Deal That You Can

    Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing.

    Remember: Shop, Compare, Negotiate

    When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan.

    Fair Lending Is Required by Law

    The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction. It prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act.

    The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin.

    Under these laws, a consumer may not be refused a loan based on these characteristics nor be charged more for a loan or offered less-favorable terms based on such characteristics.

    Which is Better?

    Every consumer has a unique financial and personal situation which will impact their housing decisions. It’s important for the consumer to consider the costs when deciding on housing.

    Visit the following site for an overview of renting versus purchasing calculator at

    Additional Understanding

    Visit the following site for an overview of understanding mortgage loans:

    Housing Costs and Skills

    The importance of good credit is a fact of life. Banks and credit card companies select whether to lend you money and what interest rates you will pay centered on your credit score. Be prepared to scrutinize past choices and, if necessary, to adjust your money habits. Decisions you make today will influence your future options.

    The key steps include:

    • Organize – Set a personal goal to save a certain amount each month and stick to it. Be disciplined in your savings practices.
    • Be aware of spending and savings – Prioritize your family’s spending to enable you to save the maximum amount each month.
    • Negotiate – Talk to your creditors to help you develop a new payment plan. Many creditors will work with the consumer to aid them in paying off their debt sooner.
    • Evaluate your credit score – Know your credit score and what it means to banks and credit card companies and your future.
    • Read and be knowledgeable about the fine print – Determine which option is the best for you and your family. Know your rights. Be well informed before you sign in the dotted line.

    Visit the following site for an overview of the components of buying a home:

    Handouts/Graphic Organizers

    Module III Handouts

    • Apartment Checklist
    • Article STOP and JOT
    • Financing a Home
    • Housing Choices
    • Housing Choices Flashcards
    • Lesson Closure Housing Choices
    • Looking for the Best Mortgage
    • Note Taking Factors that Affect Housing Choices
    • Rights and Responsibilities of Housing Choices
    • Rubric for Rights and Responsibilities of Housing Choices
    • Sample of a Lease Agreement
    • Think-Ink-Pair-Share Activity
    • Venn Diagram Comparing/Contrasting Renting/Buying a Home

    Teaching Strategies/Lesson Ideas

    Resources and References

    Textbooks

    • Ross Lowe, 2006. Consumer education & economics, Student Edition. 6 Edition. Glencoe/McGraw-Hill.

    Websites

    Dollars and Sense Pre-Assessment Questions

    1. Renting a home is a good strategy for consumers who:

    • a. want to develop equity in their own property
    • b. plan to stay in an area for a number of years
    • c. will be moving to a different area and need flexibility
    • d. are willing to be responsible for maintenance and repairs

    2. The person responsible for long-term maintenance and repairs in a rental property is called a:

    • a. tenant
    • b. landlord
    • c. consumer
    • d. guarantor

    3. A consumer might be ready to purchase a home when:

    • a. he or she has a stable career and job
    • b. he or she has developed a budget and a good credit history
    • c. he or she has income which will allow him or her to pay current expenses with enough left to cover the cost of the new property
    • d. all of the above

    4. Housing is a large expense for consumers. In order to purchase a home they will most likely need to:

    • a. have a savings account with the money necessary to buy the home
    • b. have no outstanding debt at all
    • c. obtain a special loan called a mortgage
    • d. have a well-paying job

    5. Which of the following is NOT a typical step in completing the purchase of a home?

    • a. Buyer makes an offer to the seller with a payment of earnest money
    • b. The buyer, seller and their representatives meet for the closing
    • c. The seller accepts the offer but decides to sell the home to someone else
    • d. The seller makes a counteroffer

  • IV. Environment and Resources

    taking care

    TEKS Addressed

    (4) The student analyzes the relationship of the environment to family and consumer resources. The student is expected to:

    • (A) analyze individual and family responsibilities in relation to environmental trends and issues
    • (B) summarize environmental trends and issues affecting families and future generations
    • (C) demonstrate behaviors that conserve, reuse, and recycle resources to maintain the environment
    • (D) explain government regulations for conserving natural resources

    Module Content

    Environment and Resources is the fourth unit of study in the Dollars and Sense course. This section contains four TEA units of study that include:

    • A. Current Environmental Issues
    • B. Energy and Future Trends
    • C. Conservation
    • D. Government of Environmental Resources

    Refer to lesson My World, My Future for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/conservation-my-world-my-future

    Refer to lesson Saving the Environment for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/saving-the-environment

    Module IV Handouts


    Current Environmental Issues

    The environment we live in has a finite amount of resources. Resource limitations impact the individual consumer and family. Consumers need to develop ways to utilize and conserve resources. Consumers will need to manage resources in order to meet their goals. Resources are tangible and intangible items which allow consumers to solve problems and reach goals.

    Current Environmental Issues include:

    • Air – The United States Environmental Protection Agency (EPA) states there are many ways air pollution can harm both your health and the atmosphere and what you can do to help protect the air we breathe.
      • Air Pollution
      • Indoor Air
      • Greenhouse Gases
      • Acid Rain
    • Chemical and Toxins – The EPA uses sound science to help protect our health and environment from toxic chemicals.
      • Chemical and EPA
        • Existing Chemicals
        • New Chemicals
        • Pollution Protection
      • Common Chemicals
        • Asbestos
        • Lead
        • Mercury
    • Emergencies – EPA has resources to help you prepare for and respond to both natural disasters and hazardous substance spills.
      • Natural Disasters
      • Hazardous Substance Spills
    • Green Living – EPA has tools to help you learn and understand the issues and help you reduce your environmental footprint.
      • At Home
      • In your Community
      • On the Road
      • When Shopping
      • At School
      • At Work
    • Health and Safety – EPA provides information on the environmental hazards that can threaten our health in our everyday lives.
      • Children’s Health
      • Keeping Healthy and Safe
      • Senior Health
      • Health Effects of Pollutants
    • Land and Clean Up – Learn what the EPA does to help clean up when oil or hazardous chemicals pollute the land we live on.
      • Cleanup
      • Land Issues
      • Lawn and Garden Care
      • Climate Change
    • Pesticides and Consumers
      • About Pesticides
      • Pesticides in Food and Water
      • Get Rid of Pests Safely
      • Protect Children and Pets
    • Wastes – Nearly everything we do leaves behind some kind of waste. Households create ordinary garbage, while industrial and manufacturing processes create solid and hazardous wastes.
      • Garbage
      • Hazardous Waste
    • Water – When the water in our rivers, lakes, and oceans becomes polluted, the effects can be far reaching.
      • Our Waters
      • Drinking Water

    Visit the site for an overview of the current environmental issues:

    • United States Environmental Protective Agency
      Learn what you can do to protect the environment in your home, workplace, and community.
      http://www2.epa.gov/learn-issues

    Energy and Future Trends

    ENERGY STAR is a U.S. Environmental Protection Agency voluntary program that helps businesses and individuals save money and protect our climate through superior energy efficiency. With help from ENERGY STAR, by 2012, Americans had cumulatively prevented more than 1.8 billion metric tons of Greenhouse Gas (GHG) emissions.

    Energy and Future Trends include:

    • Finding products such as washers, dryers or refrigerators which reduce greenhouse gas emissions and other pollutants caused by the inefficient use of energy. This makes it easy for consumers to identify and purchase energy-efficient products that offer savings on energy bills without sacrificing performance, features, and comfort.
    • Changing the air filter regularly
    • Tune up the heating, ventilation, and air conditioning (HVAC) equipment yearly
    • Install a programmable thermostat
    • Seal heating and cooling ducts
    • Consider installing energy efficient appliances
    • Participate in Energy-Efficient Mortgages (EEMs). This give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.
    • Consider using a solar panel system for your home or business
    • Adopt a power management for your computer and monitor to save energy

    Visit the site for an overview of energy efficiency at:

    Visit the site for an infographic on cools ways to save energy at

    Students may take the Home Energy Yardstick to assess their home’s annual energy use at:

    Conservation

    Effective Use of Resources

    Resources are not unlimited. The scarcity of resources requires consumers to make choices about which resources to use and the quantities to use. The decisions about the quantities to use and when to use them are described by the term opportunity cost. Opportunity cost is what the consumer has to give up in order to use one resource over another.

    Consumers must analyze the opportunity cost and manage the use of resources. This can be done by:

    • Expanding resources: Different methods to increase availability, can include time management, development of skills and talents, searching for new supplies, building of infrastructure
    • Conserving resources: Plan usage to eliminate amounts used to make them last longer
    • Substitute resources: Use one resource instead of another
    • Exchange resources: Share resources with another, barter what you have for what they have that you don’t

    Effective use of resources will require management and decision-making skills:

    • Step 1: Define objective
    • Step 2: Organize choices
    • Step 3: Evaluate choices
    • Step 4: Carry out the decision or activity
    • Step 5: Evaluate results

    Government of Environmental Resources

    There are numerous government environmental and natural resources available to the consumer. It is important to be aware of the latest updated information concerning the environment. USA.gov has an array of resources which include:

    • Environment in General
    • Environmental Health and Quality
    • Maps, Research, and Statistics
    • Forestry
    • Water, Oceans, and Fisheries
    • Environmental Blogs
    • Recycling and Conservation

    For an overview of all the resources, please visit:

    Additional resources provided are community resources and natural resources such as:

    • Community: Is provided by government agencies, funded through taxes paid by consumers or fees. Includes:
      • Police and fire departments
      • Libraries
      • Public schools, including primary, secondary, and universities
      • Parks and recreation facilities
      • Public transportation and roads
      • Can also be provided by private organizations, supported by donations and fees
      • Private schools, both primary, secondary, and universities
      • Services provided by relief organizations such as Red Cross, United Way, Salvation Army
      • Churches
    • Natural: Items existing in the natural environment, such as:
      • Clean air
      • Water
      • Trees
      • Wildlife
      • Minerals

    Handouts/Graphic Organizers

    Module IV Handouts

    • 10 Ways Teens Can Educate the Community about Conserving Our Resources
    • Chit Chat Topics Handout
    • Environmental Project
    • Examples of Uses for T-Charts
    • Goal Setting for Recycle Project
    • How One Aluminum Can Makes a Difference
    • How One Aluminum Can Makes a Difference (Key)
    • Plan to Conserve Energy at Home
    • Rubric for Environmental Presentation
    • Saving the Environment Quiz
    • Saving the Environment Quiz (Key)
    • Slide Presentation Notes
    • What I Learned About

    Teaching Strategies/Lesson Ideas

    • Have students create lists of resources they use at home, school, and work.
    • Have students journal about ways they can make better use of their resources.
    • Have students create brochures listing the advantages and responsibilities of charitable giving.
    • Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
      https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php
    • What are five ways people can promote a healthful environment?
      View http://definitions.uslegal.com/c/conservation-of-resources/ to identify government regulations.
      Discuss the importance of government regulations to conservation of natural resources.
    • Students will create a plan to conserve energy at home. Distribute handout, Plan to Conserve Energy at Home. Allow students to brainstorm ways to recycle, reuse/repurpose and conserve energy in their homes.
    • Scenario: You have been hired by the U.S government to research an environmental trend or issues that may affect our future. Provide students with instructions for a conservation research project which will consist of a visual and oral presentation. Allow students time to brainstorm project ideas. Ideas may include topics such as global warming, water conservation, endangered species. Issues may be local, national or worldwide.
    • Imagine that you have a summer job with someone who is wasteful. Write an essay persuading them to understand the importance of saving and conserving energy.
    • America Recycles Day is November 15. Students can organize a Recycle Awareness Drive. State of Texas Alliance for Recycling.
      http://recyclingstar.org/
    • Earth Day is April 22. Students can research and develop a conservation community event.
    • Students can create interview questions to ask parents, grandparents, or other adults regarding how the environment has changed over the course of their lives.
    • Distribute Chit Chat Topics Handout. You will provide the two areas/subjects concerning conservation for the students to determine the differences. Students will complete handout and then chit chat about the topics with classmates.
    • Distribute Examples of Uses for T-Charts. Use a T-Chart to examine two facets of the importance of recycling.
    • Learn more about Global Climate Change by using “A Student’s Guide to Global Climate Change”. It includes videos, activities, teacher resources, and vocabulary words at http://www.epa.gov/climatechange/students/index.html

    Resources and References

    Textbook

    • Ross Lowe, 2006. Consumer education & economics, Student Edition. 6 Edition. Glencoe/McGraw-Hill.

    Websites

    • State Energy Conservation Office
      SECO partners with Texas consumers, businesses, educators and local governments to reduce energy costs and maximize efficiency.
      http://www.seco.cpa.state.tx.us/
    • Texas Commission on Environmental Quality
      This state agency strives to protect our state’s human and natural resources. Their goal is clean air, clean water, and the safe management of waste.
      http://www.tceq.state.tx.us/
    • Tools for Zero Waste Schools Waste Reduction for K – 12
      Provides students, teachers, school administrators, local recycling coordinators and community activists with the tools that have been developed by their peers to achieve zero waste in their K-12 school systems.
      http://www.kidsrecycle.org/overview.php

    Dollars and Sense Pre-Assessment Questions

    1. Tools and computers are examples of what type of resource?

    • a. human
    • b. material
    • c. natural
    • d. renewable

    2. If a consumer is faced with a high electric bill, he might decide to:

    • a. exchange or barter some goods with the electric company
    • b. contact government officials about the possibility of new power plants
    • c. conserve electricity by turning off lights and raising the thermostat in summer
    • d. turn out lights and use candles

    3. If one roommate earns a large salary and pays for all the food for the household while the unemployed roommate shops and cooks the food, they are__________resources:

    • a. conserving
    • b. exchanging
    • c. expanding
    • d. substituting

    4. A consumer who supports the Susan Komen Breast Cancer Walk for the Cure because their mother died of breast cancer is most likely practicing charitable giving because:

    • a. donating satisfies religious beliefs
    • b. supporting enhances image among peers
    • c. he gets satisfaction in helping others
    • d. has personal experience with the disease

    5. When a consumer makes a schedule and decides what resources will be used, he is:

    • a. evaluating
    • b. implementing
    • c. organizing
    • d. planning

  • V. The Consumer and the Economic System

    MP900387705

    TEKS Addressed

    (1) The student demonstrates management of individual and family resources such as finances, food, clothing, shelter, health care, recreation, transportation, time and human capital. The student is expected to:

    • (A) analyze the economic rights and responsibilities of individuals as consumers
    • (C) develop and apply multiple strategies for individuals and families to make choices to satisfy needs and wants
    • (E) analyze the impact of media and technological advances on family and consumer decisions

    (5) The student analyzes relationships between the economic system and consumer actions. The student is expected to:

    • (A) analyze economic effects of laws and regulations that pertain to consumers and providers of services
    • (B) identify types of taxes at the local, state, and national levels and the economic importance of each

    Module Content

    The Consumer and the Economic System is the fifth unit of study in the Dollars and Sense course. This section contains six TEA units of study that include:

    • A. Consumer Rights and Responsibilities
    • B. Personal Aspects of Consumer Choices
    • C. Impact of Media and Technology on Consumer Choices
    • D. Impact of Government Regulations
    • E. Impact of Taxation
    • F. Charitable Giving

    Refer to lesson Managing Your Finances for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/managing-your-finances

    Refer to lesson Interest: What Does It Mean? for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/interest-what-does-it-mean

    Refer to lesson Money Matters: Making Cents of It All for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/money-matters-making-cents-of-it-all

    Refer to lesson Personal Money Management for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/personal-money-management

    Refer to lesson The Impact of Technology on the Family Life Cycle for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/the-impact-of-technology-on-the-family-life-cycle

    Refer to lesson How the Media Influences Consumers for additional resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/how-the-media-influences-consumers

    Refer to lesson Laws, Regulations and Taxes That Impact Consumers for resources, ideas and activities.
    http://cte.sfasu.edu/lesson-plans/laws-regulations-and-taxes-that-impact-consumers

    Module Va Handouts

    Module Vb Handouts

    Module Vc Handouts

    Consumer Rights and Responsibilities

    Basic Consumer Rights

    • The Right to be Informed – The responsibility to use information
      • Analyze advertisements
      • Look for recent developments and information on goods and services
      • Understand performance claims
      • Compare and evaluate products
      • Check use and care instructions before buying
      • Seek information when existing information is inadequate
    • The Right to Safety – The responsibility to use products safely
      • Examine products for safety features
      • Study care instructions before buying and using
      • Study product safety ratings
      • Use products as they are intended to be used
      • Follow recommended procedures for care and maintenance of products
      • Inform retailers and/or manufacturers of poor performance
    • The Right to Choose – The responsibility to choose carefully
      • Be selective
      • Resist pressure
      • Buy products and services efficiently
      • Recognize resource limitations
      • Know your motives
      • Be honest
      • Refuse products that waste resources
      • Use comparative shopping
      • Write Congressional representatives
    • The Right to be Heard – The responsibility to speak up
      • Suggest consumer legislation
      • Suggest product improvements
      • Let merchants know what is expected
      • Know where to seek help
      • Write congressional representatives
      • Provide feedback to producers by expressing satisfactions and complaints through proper channels
    • The Right to Redress – The responsibility to seek redress
      • Explain the problem carefully and briefly
      • State what you believe should be done about your claim
      • Explain how the purchase is defective
      • Give as much specific information as possible, including style numbers, catalog numbers, and order numbers
      • State when and where you bought the item or arranged for the service
      • Keep a copy of your letter of complaint
      • If you write a second letter, include a copy of the first
      • Follow up until desired results are achieved
    • The Right to Consumer Education – The responsibility to become an educated consumer
      • Take advantage of consumer education seminars and workshops
      • Subscribe to and read consumer education related magazines
      • Keep up-to-date on consumer information and legislation
      • Learn about the other consumer rights and use them responsibly

    Personal Aspects of Consumer Choices

    Types of Consumer Buying Decisions

    • Impulse shopping – The consumer makes a purchase with little to no thought or planning involved. In most instances, this happens with low-priced items.
    • Routine Purchases – There are objects consumers are used to acquiring every day, once a week, or monthly. These can range from a monthly prescription from a nearby drug store, to bread, eggs and fruit from the store. Customers spend very little time determining whether or not to purchase these items and don’t normally need to get a second opinion before they make routine purchases.
    • Limited Decision-Making – When consumers participate in purchases that necessitate restricted decision-making, they may seek advice or a suggestion from a relative, colleague or friend. For example, if a young teacher is seeking resources for her classroom, she might solicit advice from a mentor to find out which are the best options for purchasing teaching materials. As she researches for resources and activities, she might also might ask for suggestions on additional teaching materials.
    • Extensive Decision Making – Purchases for high priced electronics, such as a Smart HDTV, laptop computer or digital camera. Other major purchases such as a home or vehicle, require consumers to use broad decision-making. Consumers spend extensive amounts of time researching a high number of prospective options before they buy. They communicate with trustworthy friends, family, colleagues and sales professionals. The may even read reviews and ratings online and in consumer magazines. The decision-making process is more extensive, as the consumer is investing a substantial amount of money.

    Effective Consumer Buying

    Being a Responsible Consumer:

    • Acquired information before making a purchase
    • Checked information to make sure it was reliable
    • Used the information to compare products before purchasing
    • Considered personal wants and needs before making the decision to purchase the item
    • Considered financial resources available for this purchase
    • Avoided impulse shopping
    • Considered the impact of the purchase (positive or negative) on others (family members)
    • Shopped with reliable businesses
    • Refrained from unethical consumer practices (shoplifting, using the item and returning it, or exchanging price tags)
    • Avoided purchasing products that are harmful to the environment
    • Read and followed the use and care instructions on products that were purchased
    • Used the products in a way that was safe to themselves as well as others
    • Communicated dissatisfaction with the products in an honest and fair manner to the appropriate businesses and organizations
    • Worked individually or with others to resolve issues common to many consumers
    • Resisted impulse purchases
    • Considered needs and wants, keeping in mind their goals and priorities
    • Determined when is the best time to buy

    Be informed by:

    • Understanding the marketplace; know about the sources of goods and services
    • Making the most of information available to you
    • Recognizing selling strategies and using them to your advantage

    Make wise shopping decisions – choose wisely!

    • Compare products and services, considering prices, quality, performance, guarantee/warranty, and return policy
    • Resist pressure
    • Deal with reputable and reliable sources

    Consumer Savvy

    Impact of Media and Technology on Consumer Choices

    The mass media and technology has a tremendous impact in consumer choices. It impacts consumers by:

    • Offering many choices, colors, sizes, features and options of different products
    • Offer reviews by the public such a hotel rooms, restaurants or vehicles. Review sites allow consumers to post comments and rate the site or services online
    • Internet shopping 24/7 in the privacy of your home or office
    • Visually enticing ads and websites to attract the consumers
    • You can download mobile phones Apps of various sites or businesses
    • The use of the social media to connect consumers to businesses. It is people talking about and sharing their experiences on the Internet
    • Most businesses have their own websites providing discounts, map directions, and specials
    • Wi-Fi availability to the consumers. Recent research shows that the availability of free Wi-Fi affects venue choice for 64 percent of the respondents according to “Free Wi-Fi Hotspots Influence Venue Choice for 95% of Users, Says In-Stat,” Restaurant News Resource
    • You are able to make reservations for various things such as dining, airline, cruise ships, doctor, lab work or hotel
    • If you sign up with a business and provide your cell phone information, you will receive updates and discounts

    Impact of Government Regulations

    The Role of the Government

    The United States has three levels of government:

    • Federal – operates at the whole country level
    • State – functions at the state level
    • Local – counties, cities, towns, and townships

    Each level of government functions to:

    • Provide goods and services for the general public: All levels of government must provide such things as defense, fire and police protection, courts and jails, parks, education, streets, highways, and bridges.

    • Regulate economic activity such as providing environmental protection. The Environmental Protection Agency regulates environmental issues. The United States Department of Labor oversees worker protection, prevents exploitation of workers and enforces Child Labor Laws.
    • Redistribute income : Money is collected from citizens through taxes, which are used to provide Social Security Benefits for retirees, disabled, and death survivors. Other programs include unemployment insurance, “welfare” programs, such as Supplemental Nutrition Assistance Program (SNAP), supplemental food programs such as WIC, school lunches, Medicaid, State Children’s Health Insurance (CHIP), and Housing programs.
    • Ensure economic stability: The federal government uses two approaches to keep the US economy stable. A goal is to prevent unemployment and large variations in prices for goods and services. The two approaches are:
      • Fiscal Policy – which adjusts policies on taxing and spending
      • Monetary Policy – which regulates interest rates and money supply through the banking system.

    Federal Agencies Serving Consumers

    • Consumer Product Safety Commission
    • Department of Housing and Urban Development
    • Environmental Protection Agency
    • Federal Communications Commission
    • Federal Trade Commission
    • Food and Drug Administration
    • Securities and Exchange Commission
    • United States Department of Agriculture
    • United States Department of Commerce, Office of Consumer Affairs
    • United States Postal Service

    Examples of Laws Impacting Consumers

    • Automobile Information Disclosures Act
    • Child Protection and Toy Safety Act
    • Cigarette Labeling Act
    • The Clayton Antitrust Act
    • Consumer Credit Protection Act
    • Consumer Education Act
    • Consumer Product Safety Act
    • Equal Credit Opportunity Act
    • Fair Credit Reporting Act
    • Fair Packaging and Labeling Act
    • Federal Hazardous Substances Labeling Act

    Impact of Taxation

    Taxes

    Of all the governmental roles, taxes have the most noticeable and direct impact on consumers. There are many types of taxes. Some of the most familiar include:

    • Federal Tax
      • Personal income
      • Excise taxes
      • Unemployment insurance
      • Corporate
      • Estate and gift
      • Business taxes
      • Import taxes
      • Social Security
    • State Taxes
      • Personal income
      • Unemployment insurance
      • Real property
      • Sales taxes
      • Business license and permits
      • Motor vehicle licenses
      • Estate and gift
      • Corporate
      • Personal property
      • Excise taxes
    • Local Taxes
      • Personal property
      • Sales taxes
      • Real property
      • Mobile home tax
      • Business licenses and permits
      • Motor vehicle stickers
      • Personal licenses (marriage)

    Income Tax Withholding

    Many are surprised when they get their first paycheck to find that about 20% of their total (gross income) is taken away, leaving them with somewhat less than they thought they would make (net pay). A small amount of income tax and Social Security tax is taken out of every paycheck for most workers, so that they don’t have to pay a large amount all at once.

    How Taxes are Used

    Federal:

    • Highways
    • National Parks
    • Educational services
    • Public health and welfare services
    • Agriculture and medical research
    • National defense program
    • Federal government
    • Courts
    • Federal prisons

    State:

    • Highways
    • Recreation and parks
    • Education
    • Hospitals
    • Special schools
    • Public assistance
    • Welfare service
    • State government
    • Courts
    • State prisons

    Local:

    • Police and fire protection
    • Schools
    • Community colleges
    • Streets
    • Sidewalks
    • Libraries
    • Water systems
    • Sewer systems
    • Parks
    • Swimming pools
    • Local government
    • Courts
    • Prisons

    Income Taxes

    Once a year, workers “reconcile” their income tax payments with what the government thinks they owe, based on their wages. This is the Federal Tax Return. Most tax returns are due April 15th. Employers and banks provide taxpayers with documents that are used to prepare the tax return.

    Calculating Income Tax Amounts

    • If a taxpayer hasn’t had enough tax withheld, he/she will have to pay additional money to satisfy the tax responsibility.
    • If a taxpayer had too much money withheld, he/she will get a refund.
    • It’s best to plan out what the tax liability will be, and withhold “just enough”.
    • Large refunds mean the taxpayer is letting the government get the use of the taxpayer’s money.
    • It can be a burden if the taxpayer has to come up with large payments at one time to satisfy the tax responsibility.

    Different states and local governments have different requirements. Workers need to check their locality to see what their obligations are. Most state and local websites have this information. Taxes – no one likes to pay, but everyone benefits from the services provided.

    Visit the following site for an overview to learn a little about the tax documents taxpayers use to complete their tax return:

    Charitable Giving

    Some consumers have more resources than others. Many consumers have very few resources. Charitable giving is a way for consumers who have a lot to help those who do not. Whatever the motivation, charitable giving of money, time, services, or goods has a valued place in our society.

    Charitable Giving Methods

    There are many ways consumers can help others:

    • Money
    • Time and Energy
    • Possessions

    There are many motivations that inspire people to practice charity, including:

    • Religious beliefs – Many religions teach charity as part of the faith
    • Satisfaction in helping others – It just feels good to help someone out
    • Personal experience – A person might have experienced tough times, a medical condition, a cause, or know someone affected
    • Image enhancement – A person might want to appear charitable to friends or colleagues. Charity galas appeal to this motivation
    • Tax Deduction – In the United States, taxpayers can deduct the cost of charitable giving, whether it be money, household goods, clothing, or expenses incurred while donating time

    Visit the following site for an overview to learn more about charitable giving:

    Handouts/Graphic Organizers

    Module Va Handouts

    Module Vb Handouts

    Module Vc Handouts

    • 2014 Consumer Action Handbook
    • Advertising Techniques
    • Blendspace
    • Can You Spot the Online Ads
    • Consumer Bill of Rights for Personal Automobile Insurance
    • Credit and Your Consumer Rights
    • Detecting Fraud
    • Governmental Protection and Law for Consumers
    • Lesson Closure Activity
    • Lesson Closure
    • List of Presentation Topics
    • Note Taking Laws, Regulations and Taxes that Impact Consumers
    • Rubric for Multimedia Blendspace Presentation Governmental Protection and Laws for Consumers
    • Slide Presentation Notes
    • Start Smart Money Management for Teens
    • Taxes and Services
    • Taxes and Services (Key)
    • Technology’s Role in the Family Life Cycle (Survey)
    • The Impact of Technology on Your Family Members
    • W-4 (2014)

    Teaching Strategies/Lesson Ideas

    • Question students about their work experience and taxes withheld from their paycheck.
    • Have students complete sample Form W-4 (2013).
    • Distribute The Impact of Technology on Your Family Members. Students will write down all technology devices which are used by them or family members. They will list the daily, weekly, or monthly responsibilities and ways technology makes tasks easier. The students will complete the handout by answering the questions.
    • Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
      https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php
    • Ask students to watch television to identify the different family structures as a homework assignment. Cite examples of different types from TV shows, movies, literature, or history. For each type, list the positive and negative characteristics of each type of family structure.
    • Research the latest statistics on effects of societal, demographic, and economic trends on individuals and the family.
    • Distribute Technology’s Role in the Family Life Cycle (Survey). The everyday activities that take place in the family often involve computer devices and technology that were not readily available several years ago. These include developments in devices, new communication technologies, and online services/options. Students will complete a chart that includes how families use technology in the different stages of the Family Life Cycle.
    • Have students contrast planned versus unplanned purchases and cite examples of impulse purchases they have made.
    • Have students interview individuals to determine factors that contribute to unplanned or impulse purchases, examples of unplanned purchases individuals later regretted, and suggestions for avoiding impulse purchases.
    • Review the importance of analyzing needs and wants in light of goals and priorities.
    • Have students differentiate between needs and wants by citing examples of each.

    Resources and References

    Textbooks

    • Campbell, S. R. (2010). Foundations of personal finance. Tinley Park, IL: Goodheart-Willcox.
    • Ross Lowe, 2006. Consumer education & economics, Student Edition. 6 Edition. Glencoe/McGraw-Hill.

    Websites

    Dollars and Sense Pre-Assessment Questions

    1. A local town government decides to increase the pay of police in the town. The money for this pay raise will most likely be provided by:

    • a. an increase in FICA taxes withheld from workers’ pay
    • b. an increase in state sales tax
    • c. property taxes for land and buildings within the town limits
    • d. all of the above

    2. A worker is paid $10.00 per hour, and works 40 hours during week. She thinks her paycheck should be $400.00 for the week. The paycheck is:

    • a. exactly $400.00
    • b. less than $400.00 because Federal income and FICA taxes have been withheld
    • c. less than $400.00 because the accounting department made a mistake
    • d. more than $400.00 because the worker received an unexpected bonus

    3. Employers are required to send employees a form which shows total earnings for the year and tax withheld. The form is called:

    • a. 1040
    • b. 1099
    • c. W-2
    • d. W-9

    4. Employers withhold money from workers’ pay for Federal income and FICA tax. This money:

    • a. is required to be paid to the Federal government on the employee’s behalf
    • b. can be used by the company to pay operating expenses
    • c. can be used by the company to pay employee health insurance premiums
    • d. none of the above

    5. The Federal Reserve, an agency of the federal government, will regulate interest rates and money supply. The reason for this is:

    • a. to redistribute income between the wealthy and the poor
    • b. to ensure economic stability through monetary policy
    • c. provide the public with goods and services
    • d. protect consumers from harmful products

  • VI. Careers in Consumer Services

    will it be enough?

    TEKS Addressed

    (6) The student integrates knowledge, skills, and practices required for careers in consumer services. The student is expected to:

    • (A) explain the roles and functions of individuals engaged in consumer services careers
    • (B) analyze opportunities for employment and entrepreneurial endeavors
    • (C) summarize education and training requirements for consumer services careers
    • (D) investigate professional organizations for consumer services

    Module Content

    Careers in Consumer Services is the sixth unit of study in the Dollars and Sense course. This section contains four TEA units of study that include:

    • A. Career Planning
    • B. Careers in Consumer Services
    • C. Success in the Workplace
    • D. Professional Organizations

    Module VI Handouts

    Refer to lesson: Personal Money Management for additional resources and activities at
    http://cte.sfasu.edu/lesson-plans/personal-money-management/

    Refer to lesson: Consumer Services Careers for additional resources and activities at
    http://cte.sfasu.edu/lesson-plans/consumer-services-careers/

    Career Planning

    Career is a term that describes a series of related jobs which a person may have throughout their life. Most people will have more than one job, and more than one career during their lifetime.

    Career Decisions: Planning a career has multiple steps. It’s important to understand the type of career that will make a person happy. There are many resources to help a person decide on a career.

    A career choice is one of the most important decisions a person will make. It is important for people to know about the resources available to guide them in a career decision, and be able to analyze the benefits and problems with different careers, as well as what education and training are needed. The consumer services field offers many career opportunities for all educational and skill levels.

    Career and Employment Guidance

    There are many paths to take for a career in Consumer Services. Continuing education opportunities include:

    • Adult Programs
    • Apprenticeship
    • Business, Trade, or Technical School
    • Community, Junior, or Technical College
    • Correspondence
    • Four-year College or University
    • Military training
    • On-site training

    Career Decisions

    A consumer’s work affects many areas of life:

    • Family life
    • Location of housing
    • Income level
    • And much more!

    Careers in Consumer Services

    Many career choices can be divided into areas of interest. Consumer Services is a field which offers assistance and services to individuals, families, and business in the area of financial and other resource management.

    Consumer and Resource Management Career Examples:

    • Entry Level – requires high school education or vocational training
      • Consumer Aide
      • Consumer Assistant Technician
      • Consumer Reporter
      • Customer Complaint Clerk
      • Customer Service Representative
      • Personal Shopper
      • Product Demonstrator
      • Residential Energy Officer
      • Resources and Referral Specialist
    • Technical – requires on the job experience or associate’s degree from a community or two year college
      • Commercial Energy Auditor
      • Consumer Consultant
      • Consumer Newsletter
      • Consumer Products Tester
      • Family and Consumer Counselor
      • Family Debt Counselor
      • Financial Services Sales Representative
      • Household Manager
      • Para Planner
      • Product Representative
      • Public Relations Representative
    • Professional – usually requires a degree from a four year college
      • Budget Analyst
      • Consumer Advocate/Arbitrator
      • Consumer Affairs Director
      • Consumer Education Director
      • Consumer Newscaster/Editor
      • Energy Efficiency Specialist
      • Family and Consumer Sciences Educator
      • Family and Consumer Sciences Extension Agent
      • Financial Planner
      • Product Research/Development
      • Purchaser/Buyer

    Once a person has decided on a career, and has achieved the education or skills necessary for the career, he or she is ready to search for employment. Résumé preparation, where to search, how to apply, interviewing skills, and more, are all steps in achieving a career.

    Success in the Workplace

    There are many attributes to being successful in the workplace. The following are guidelines for success:

    • Develop a positive and pleasing appearance
      • Stay aware of fashion trends and choose clothing that is fashionable, not trendy
      • Select clothing that fits properly
      • Keep hands cleaned and nails well-manicured
      • Take a bath or shower daily and use a reliable deodorant
      • Make a habit of smiling
    • Exhibits good work ethics
    • Like and know your job
    • Keep physically fit
    • Do a day’s work for a day’s pay
    • Look into the future to get ahead
    • Be dependable and always on the job unless excused
    • Be cheerful, positive and have a good attitude
    • Try to avoid waste and cut costs
    • Tell the truth and is sincere
    • Keep a spirit of teamwork and cooperation
    • Feel that the job is a privilege – not a right

    Professional Organizations

    • American Association of Family and Consumer Sciences
      AAFCS is the only professional association that connects family and consumer sciences (FCS) students and professionals from both multiple practice settings and content areas.
      http://www.aafcs.org/
    • American Bankers Association (ABA)
      The ABA’s Education Foundation offers personal finance resources to help consumers understand their financial choices.
      http://www.aba.com
    • American Cleaning Institute® (ACI)
      ACI is the consumer source for free/low cost educational materials, designated to help individuals, families and communities stay clean, safe and healthy at home, work and school.
      http://www.cleaninginstitute.org/
    • American Financial Services Association Education Foundation (AFSAEF)
      The AFSAEF mission is to educate consumers on personal finance concepts and to help consumers realize the benefits of responsible money management and understand the credit process.
      http://www.afsaef.org/
    • Association of Credit and Collection Professionals (ACA International)
      ACA International’s sets ethical standards for companies in the debt collection industry.
      http://www.askdoctordebt.com
    • Association of Independent Consumer Credit Counseling Agencies (AICCCA)
      AICCCA represents non-profit credit counseling companies. AICCCA sets industry standards to ensure that member companies provide quality service to consumers.
      http://www.aiccca.org
    • Automotive Recyclers Association (ARA)
      ARA member companies are dedicated to the efficient removal and reuse of automotive parts, and the safe disposal of inoperable motor vehicles.
      http://www.a-r-a.org
    • Credit Union National Association (CUNA)
      CUNA serves more than 90% of credit unions through credit union leagues throughout the nation.
      http://www.cuna.org
    • Financial Planning Association
      The Financial Planning Association® (FPA®) is the largest membership organization for CFP® professionals in the U.S. and also includes members who support the financial planning process.
      http://www.fpanet.org/
    • Grocery Manufacturers Association (GMA)
      GMA represents food, beverage, and consumer products companies. The Association helps to ensure the safety and security of consumer packaged goods.
      http://www.gmaonline.org
    • Mortgage Bankers Association of America (MBA)
      The MBA is the national association representing the real estate finance industry, including mortgage banking firms, commercial banks, life insurance companies, title companies, and savings and loan associations.
      http://www.mortgagebankers.org
    • Mystery Shopping Providers Association (MSPA)
      The MSPA is dedicated to improving service quality using anonymous shoppers. MSPA does not hire mystery shoppers, but they do provide a voluntary certification program for mystery shoppers.
      http://www.mysteryshop.org
    • National Association of Home Builders (NAHB)
      NAHB works so that consumers have access to safe, decent, and affordable housing.
      http://www.nahb.org
    • National Foundation for Credit Counseling (NFCC)
      The NFCC promotes the national agenda for financially responsible behavior and builds capacity for its members to deliver the highest quality financial education and counseling services.
      http://www.nfcc.org

    Handouts/Graphic Organizers

    Module VI Handouts

    • Consumer Services Career Wanted
    • CTE Making the Difference Video Fact Sheet
    • Instructions for Personal Money Management Project
    • Occupational Outlook Handbook Worksheet
    • Personal Money Management Project
    • Saving Fitness: A Guide To Your Money and Your Financial Future
    • Think-Ink-Pair-Share Activity

    Teaching Strategies/Lesson Ideas

    • Have students brainstorm goals for their futures and how they will achieve them.
    • Have students make lists of ideal careers.
    • The Bureau of Labor Statistics
      This will help students explore careers in the consumer services industry.
      http://www.bls.gov/ooh/personal-care-and-service/home.htm
    • Introduce Personal Money Management Project which will include menu plan, grocery shopping list, a budget and a letter of complaint. Refer to Instructions for Personal Money Management Project for additional directions.
    • Refer to Practical Money Skills for grades 9-12 for additional lesson plans, resources and activities. Educators can use the 22 free, standards-aligned lessons in sequence or on an individual basis.
      https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php
    • Students should each print the source of information Saving Fitness: A Guide To Your Money and Your Financial Future, pair off and trade documents then use the ”read, write, pair, share” strategy. First reading independently, then writing about what they have read and finally discussing in pairs their insight into the information they have read about. Distribute Think-Ink-Pair-Share Activity handout.
    • The Occupational Outlook Handbook Teacher’s Guide to assist the students with their career search.
      http://www.bls.gov/ooh/About/Teachers-Guide.htm. Distribute Occupational Outlook Handbook Worksheet
    • The Texas Work Prep Learning Management System (LMS) designed and hosted by the Texas Workforce Commission. The Job Hunter’s Guide Course – This course will allow the student to gain knowledge and skills to attain employment. The course is approximately an hour and a half long. Students will receive a certificate upon completion of this course. Certificate can be printed and added to their professional portfolio.
      https://www.texasworkprep.com/texasworkprep.htm
    • Show “CTE: Making the Difference” video. CTE is leading positive change in secondary, postsecondary and adult education, with innovative programs that are making a difference nationwide.
      http://vimeo.com/26926766
    • Distribute a class set of handout CTE Making the Difference Video Fact Sheet. Students may read and discuss the information that was viewed on the video.
    • Introduce the Texas Work Prep Learning Management System. Direct students to the Texas Job Hunter’s Guide Course.
      https://www.texasworkprep.com/texasworkprep.htm
    • Invite a local entrepreneur and have them discuss with the students the pros and cons of running their own business.
    • Invite various community professionals in Consumer Services to speak to the class about their job responsibilities.
    • Distribute graphic organizer Consumer Services Career Wanted. Explain to students to choose a career they may be interested in. Allow them to document the career from the bottom level to the top. Clarify that any level attained is to be congratulated but to always be prepared for the top. Give examples.

    Textbooks

    • Lowe, Ross. Consumer education and economics. 6th ed. Glencoe/McGraw Hill, 2006. Print.
    • Madura, Jeff, Mike Casey, and Sherry J. Roberts. “The Financial Plan.” Personal Financial Literacy. Boston: Pearson, 2010. 23-29. Print.
    • Videos
    • CTE: Making the Difference
      CTE is leading positive change in secondary, postsecondary and adult education, with innovative programs that are making a difference nationwide.
      http://vimeo.com/26926766

    Websites

    • CTE – Learning that works for America Nationwide, Career Technical Education (CTE) programs are changing, evolving and innovating to better serve the country’s needs.
      http://www.careertech.org
    • Occupational Outlook Handbook
      The nation’s premier source for career information
      http://bls.gov/ooh/
    • The Texas Work Prep Learning Management System (LMS) designed and hosted by the Texas Workforce Commission. The Job Hunter’s Guide Course – This course will allow the student to gain knowledge and skills to attain employment. The course is approximately an hour and a half long. Students will receive a certificate upon completion of this course. Certificate can be printed and added to their professional portfolio.
      https://www.texasworkprep.com/texasworkprep.htm

    Dollars and Sense Pre-Assessment Questions

    1. Steps in selecting a career include:

    • a. assessing values, talents, interests and aptitudes
    • b. determining financial needs
    • c. researching careers and the education and training needed
    • d. all of the above

    2. A high school student needs to make a career choice before graduation because:

    • a. it is important to begin planning for the future
    • b. people need to get started on their career choice because they will have only one opportunity to select a career
    • c. the student needs to decide what to major in during college
    • d. it is NOT necessary for a student to make a career choice in high school, only to begin planning possible career areas

    3. Which of the following is NOT a factor to consider when selecting a career path?

    • a. abilities and interests
    • b. personality type
    • c. subjects one liked and did well in during school
    • d. popularity and prestige

    4. A résumé should include a job seeker’s:

    • a. age and marital status
    • b. medical history
    • c. police record, if any
    • d. volunteer activities

    5. When preparing a résumé, one should:

    • a. highlight experiences and qualities that would be useful to an employer, “sell” the job seeker
    • b. proofread for spelling and grammar
    • c. make the résumé as long as possible by including a lot of detail and even exaggerating experience
    • d. both a and b

  • End of Course Project Options/Course Outline

    An excellent way to end the semester or school year is with a culminating course project. See End of Course Project Options Lesson for Dollars and Sense.

    http://cte.sfasu.edu/lesson-plans/end-of-course-options-dollars-and-sense/

    Culminating activities at the end of the course give students an opportunity to reflect and apply all of their knowledge and skills into an end of course project.

    Dollars and Sense Course Outline
    The lessons in this course may be used in any sequence. The suggested sequence order is based on the Scope and Sequence for the course.
    http://cte.sfasu.edu/2013/02/10/dollars-and-sense/

  • Quiz

    Dollars and Sense Online Course

    Progress:

    1. The role of a consumer is to:

    2. In order to satisfy needs, an individual must:

    3. The best description of a budget is:

    4. Budgeting a particular amount for savings should be treated as:

    5. The definition of interest could be:

    6. Housing is a large expense for consumers. In order to purchase a home they will most likely need to:

    7. If one roommate earns a large salary and pays for all the food for the household while the unemployed roommate shops and cooks the food, they are__________resources.

    8. A consumer who supports the Susan Komen Breast Cancer Walk for the Cure because their mother died of breast cancer is most likely practicing charitable giving because:

    9. A local town government decides to increase the pay of police in the town. The money for this pay raise will most likely be provided by:

    10. The Federal Reserve, an agency of the federal government, will regulate interest rates and money supply. The reason for this is:

    11. Steps in selecting a career include:

    12. Which of the following is NOT a factor to consider when selecting a career path?

    13. Renting a home is a good strategy for consumers who:

    14. The person responsible for long term maintenance and repairs in a rental property is called a:

    15. A consumer might be ready to purchase a home when:

    16. Which of the following is NOT a typical step in completing the purchase of a home?

    17. Throughout the lifespan, an individual will play many roles. Some of these roles include:

    18. As individuals pass through different stages of life, their needs will never change.

    19. Needs are usually satisfied in a particular order. From the list below, select the order in which needs will be satisfied first.

    20. Banks are considered safe places to keep money because:

    21. Long-term investments are part of a sound financial plan because:

    22. Tools and computers are examples of what type of resource?

    23. If a consumer is faced with a high electric bill he might decide to:

    24. When a consumer makes a schedule and decides what resources will be used, he is:

    25. A worker is paid $10.00 per hour and works 40 hours a week. She thinks her paycheck should be $400.00 for the week. The paycheck is actually:

    26. Employers are required to send employees a form which shows total earnings for the year and tax withheld. The form is called:

    27. Employers withhold money from workers’ pay for Federal income and FICA tax. This money:

    28. A high school student needs to make a career choice before graduation because:

    29. A résumé should include a job seeker’s:

    30. When preparing a résumé, one should:

    31. Human resources – Are personal qualities and abilities which exist within individuals which include:

    32. Steps in decision-making include all of the following except:

    33. A budget is a plan for spending money on necessary resources. It involves:

    34. Advantages of using credit are:

    35. Types of housing include:

    36. Advantages of renting include:

    37. Rates are:

    38. The ________________________ states there are many ways air pollution can harm both your health and the atmosphere and what you can do to help protect the air we breathe.

    39. _______________is a U.S. Environmental Protection Agency voluntary program that helps businesses and individuals save money and protect our climate through superior energy efficiency.

    40. This provides borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.

    41. The Right to be Informed – the responsibility to use information includes the following:

    42. The Right to Redress – the responsibility to seek redress includes the following:

    43. There are objects consumers acquire every day, once a week, or monthly. Customers spend very little time determining whether or not to purchase these items and don’t normally need to get a second opinion before they make theses purchases.

    44. There are many paths to take for a career in Consumer Services. Continuing education opportunities include:

    45. Consumer Services is a field which offers assistance and services to individuals, families, and business in the area of financial and other resource management.

    46. There are many attributes to being successful in the workplace. The following are guidelines for success:

    47. Dollars and Sense is part of the __________________________ career cluster.

    48. CTE stands for:

    49. There are _____________ Career Clusters.

    50. Career and Technical Education (CTE) equips students with:

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