NORTH CAROLINA ESSENTIAL STANDARDS

Occupational Course of Study

OFM.1 - Understand personal financial planning.
- OFM.1.1 - Identify steps in financial planning.
- OFM.1.2 - Compare personal and family needs versus wants.
- OFM.1.3 - Identify various sources of income.
- OFM.1.4 - Compare fixed, variable, and periodic expenses.
- OFM.1.5 - Identify income and expenses to prepare a budget.
- OFM.1.6 - Understand forms of record keeping involved with budgeting and cash management.

OFM.2 - Understand appropriate methods for personal financial management and independent living.
- OFM.2.1 - Compare the various types of financial institutions and their purposes.
- OFM.2.2 - Demonstrate the maintenance of a checking account.
- OFM.2.3 - Understand how checking and savings accounts work.
- OFM.2.4 - Compare the advantages and disadvantages of the use of credit cards and debit cards.

OFM.3 - Understand state and federal income taxes.
- OFM.3.1 - Identify records needed for tax purposes.
- OFM.3.2 - Understand how to obtain sources of free and low cost assistance for completing tax forms.
- OFM.3.3 - Understand the process to complete a W-4 form, 1040 EZ federal income tax form, and an equivalent state income tax form.
- OFM.3.4 - Explain the consequences of failure to comply with federal and state tax laws.

OFM.4 - Understand wages and compensation.
- OFM.4.1 - Identify the various sections of a paycheck stub.
- OFM.4.2 - Calculate hourly wage including overtime wages.
- OFM.4.3 - Calculate gross and net pay.
- OFM.4.4 - Calculate production rates and gross pay for piecework.
- OFM.4.5 - Identify possible job related expenses.

OFM.5 - Understand the use of credit.
- OFM.5.1 - Compare the advantages and disadvantages of using cash versus credit.
- OFM.5.2 - Interpret billing statements.
- OFM.5.3 - Compare methods of paying bills and the advantages and disadvantages of each.
- OFM.5.4 - Identify actions to take if unable to pay bills on time.
- OFM.5.5 - Understand the impact of debt on credit history.
- OFM.5.6 - Understand the impact of credit use on personal debt.

OFM.6 - Understand different types of insurance in terms of their ability to meet personal needs.
- OFM.6.1 - Compare the features and purposes of major types of insurance to determine which meet personal needs.
- OFM.6.2 - Understand why insurance needs vary from person to person because of lifestyle and life situation.
- OFM.6.3 - Explain how insurance needs should fit into a person's overall financial plan.

OFM.7 - Apply math skills to consumer spending.
- OFM.7.1 - Identify the value of a set of coins and bills.
- OFM.7.2 - Calculate and count back the correct amount of change when purchasing items.
- OFM.7.3 - Calculate sales tax.
- OFM.7.4 - Explain ways of saving money when making consumer purchases.
- OFM.7.5 - Demonstrate ability to make purchases from stores, vending machines, and by electronic means.
- OFM.7.6 - Compute the cost of a restaurant meal including tax and gratuity.