Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to:
(A) define income tax, payroll tax, sales tax, and property tax;
(B) explain the difference between gross income and net income;
(C) identify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;
(D) develop a system for keeping and using financial records;
(E) describe actions that might be taken to balance a budget when expenses exceed income; and
(F) balance a simple budget.