7.4.D 7.13.A 7.13.B 7.13.C 7.13.D 7.13.E 7.13.F

Texas Essential Knowledge and Skills (TEKS) Personal Financial Literacy
Grade:	7th Grade
Standard:	7.4.D
Description:	solve problems involving ratios, rates, and percents, including multi-step problems involving percent increase and percent decrease, and financial literacy problems; and
Standard:	7.13.A
Description:	calculate the sales tax for a given purchase and calculate income tax for earned wages;
Standard:	7.13.B
Description:	identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;
Standard:	7.13.C
Description:	create and organize a financial assets and liabilities record and construct a net worth statement;
Standard:	7.13.D
Description:	use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby;
Standard:	7.13.E
Description:	calculate and compare simple interest and compound interest earnings; and
Standard:	7.13.F
Description:	analyze and compare monetary incentives, including sales, rebates, and coupons.

TAXES

In general, a monetary tax is an amount of money required to be paid by a person or business to a government.

Sales tax is a tax on goods and services. Sales tax is typically a percentage of the amount spent on a purchase.
Income tax is a tax on one's earnings. Income tax is typically a percentage of one's income.

Stores and manufacturers often use incentives to encourage customers to buy their products. These include coupons, rebates, and sales.

A person can save the most money by using incentives to receive the greatest discount.

Texas Essential Knowledge and Skills (TEKS)

Personal Financial Literacy

7.4.D

solve problems involving ratios, rates, and percents, including multi-step problems involving percent increase and percent decrease, and financial literacy problems; and

7.13.A

calculate the sales tax for a given purchase and calculate income tax for earned wages;

7.13.B

identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;

7.13.C

create and organize a financial assets and liabilities record and construct a net worth statement;

7.13.D

use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby;

7.13.E

calculate and compare simple interest and compound interest earnings; and

7.13.F

analyze and compare monetary incentives, including sales, rebates, and coupons.