Title: Explain basic financial concepts.
Course: Navy JROTC IV (09104) > Section: Managing Personal Finances

Explanation should include

- differentiating between saving and investing
- identifying the importance of saving and ways to save
- creating and adhering to a budget, according to the 70-20-10 rule
- demonstrating how to use and maintain a checking account
- defining inflation and its effects on one’s personal finances.

Process/Skill Questions:

- What percentage of one’s income should go toward living expenses? Savings? Debt payment?
- How much money should you have in a fully funded emergency account?
- What are the goals of a budget?
- What are the advantages and disadvantages of debit vs. credit cards?
- What is the difference between a bank and a credit union?

Teacher Resource:

- EVERFI