Kansas
4th Grade
State Standards
I. Earning Income
4-1People have different job choices depending on their knowledge, skills, interests, and experience.
4-1aList different types of jobs.
4-1bDiscuss the types of knowledge, skills, interests, and experience required for different types of jobs.
4-2People may be able to improve their ability to earn income by gaining new knowledge, skills, and experience.
4-2aGive examples of how an individual's knowledge, skills, and experience could affect their ability to earn income.
4-2bBrainstorm ways to improve one's ability to earn income.
4-3There are different ways to be paid for labor, including wages, salaries, commissions, and tips.
4-3aExplain why employers pay people for their labor.
4-3bDescribe the difference between wages, salaries, commissions, and tips.
4-3cCompare how the following individuals are typically paid: food server, teacher, and realtor.
4-4People can earn income by starting a new business as an entrepreneur or by owning a business.
4-4aList several businesses they would be interested in owning as an entrepreneur.
4-4bName several famous entrepreneurs and their businesses, and hypothesize why they succeeded or failed.
4-4cEstimate how much income could be earned from a business operated by children (such as a lawn service or lemonade stand).
4-5People can earn income by lending money or by renting their property to others.
4-5aList several examples of ways in which people can earn income by lending their money or by renting their property to others.
4-5bIdentify different types of property that can be used by owners to earn rental income (such as apartments, automobiles, or tools).
4-6Income can be received as gifts or as an allowance for which no specified work may be required.
4-6aExplain the possible reasons for gifting money to others.
4-6bDiscuss the pros and cons of families/caregivers paying their children a weekly allowance.
4-7Most income is taxed by the government to pay for government-provided goods and services.
4-7aDescribe examples of government-provided goods and services that are paid for with taxes.
4-7bExplain why citizens are required to contribute to the cost of fire protection, police, public libraries, and schools.
II. Spending
4-1People differ in their preferences, priorities, and resources available for consuming goods and services.
4-1aGive examples of differences in people's preferences that can influence their spending on goods and services.
4-1bBrainstorm a personal list of goals for consumption of goods and services.
4-1cPrioritize future spending, taking resource limitations into account.
4-2Money can be spent to increase one's own or another individual's personal satisfaction or to share the cost of goods and services.
4-2aDescribe ways that people in a community share the cost of services available to everyone.
4-2bAnalyze how people differ in their values and attitudes about spending money.
4-2cIdentify ways you spend your money to increase personal satisfaction.
4-3When people make a decision to use money for a particular purpose, they incur an opportunity cost in that they cannot use the money for another purpose.
4-3aDefine the concept of opportunity cost.
4-3bProvide examples of financial choices that have opportunity costs.
4-4Purchasing decisions have costs and benefits that can be different for different people.
4-4aCompare the costs and benefits of purchasing an item for people with different characteristics (e.g. age, income).
4-4bExplain the costs and benefits of trading goods and services between family members and friends.
4-5Price, spending choices of others, peer pressure, and advertising about a product or service can influence purchase decisions.
4-5aExplain how peer pressure can affect purchasing decisions.
4-5bShare examples of how price, spending choices of others, peer pressure, or advertising influence a purchase decision.
4-5cIdentify reliable sources of information when comparing products.
4-6Payment methods for making purchases include cash, checks, debit cards, and credit cards.
4-6aExplain the similarities between paying for purchases with cash, checks, and debit cards.
4-6bCompare the effects of using debit versus credit cards to make purchases.
III. Saving
4-1When people save money, they are choosing not to spend money today to be able to buy something in the future.
4-1aExplain why it is often harder to save than to spend money.
4-1bGive an example of buying something now versus saving money for the future and explain how they would make that decision.
4-1cFind an example of an advertisement (in a newspaper, magazine, on TV, social media, or online) that is designed to influence people to spend money right away instead of saving their money.
4-2A savings plan is a plan for setting aside money to pay for a future need, goal, or emergency.
4-2aMap out a savings plan designed to achieve a future purchase objective.
4-2bGive an example to illustrate the importance of having some money set aside for emergencies.
4-2cDescribe ways that people can decrease expenses to save more of their money.
4-3People differ in their values and attitudes about saving.
4-3aDiscuss how life circumstances and experiences can cause people to differ in their values and attitudes about saving and their ability to save.
4-3bExplain how a person's friends and family can influence their values and attitudes about saving.
4-4Safety and ease of access are factors to consider when deciding where to keep savings.
4-4aDescribe the advantages of saving money in an account at a financial institution rather than keeping the money at home.
4-4bIdentify safe places for people to keep their money.
4-5Financial institutions often pay interest on deposit accounts to attract customers to deposit money in their institution.
4-5aExplain why financial institutions, such as banks and credit unions, pay interest to depositors.
4-5bCompare the interest rates on savings accounts at two financial institutions.
IV. Investing
4-1People invest their money so that it can grow over time and help them achieve their long-term financial goals.
4-1aExplain why people invest their money.
4-1bIdentify long-term financial goals that are most likely to be achieved by people who regularly invest their money over many years.
4-2Low-interest savings accounts are commonly used for short-term financial goals and emergency funds because they are low risk. When saving for longer-term financial goals, people often invest in riskier assets to earn higher returns.
4-2aIdentify the similarities and differences between saving and investing.
4-2bProvide examples of financial goals that are suited for saving versus investing.
V. Managing Credit
4-1Interest is the price a borrower pays for using someone else's money, and the income earned by the lender.
4-1aExplain why a person who borrows $100 to buy something, often must pay back more than $100 at a future date.
4-1bDescribe the reasons why businesses and individuals sometimes lend money to others.
4-2When a person pays with credit, they have immediate use of purchased goods or services while agreeing to repay the lender in the future with interest.
4-2aIdentify goods and services that people often purchase with credit.
4-2bDiscuss reasons people may prefer to buy something with credit rather than paying cash.
4-3Lenders are more likely to approve borrowers who do not have a lot of other debt and who have a history of paying back loans as promised.
4-3aExplain why a person might prefer to lend an item or money to one person over another.
4-3bDiscuss why a person might be reluctant to lend money or personal possessions to someone who has a history of not repaying previous loans.