Criteria For:

HSB: Wealth Management - Level 5

HSB: Wealth Management - Level 5

Students earning the HSB Wealth Management badge have demonstrated understanding and skills in areas that include financial literacy, economic decision making, time value of money, financial management, and the role and responsibility in their financial future.


Instructional Area: Economics (EC)

Standard: Understands the economic principles and concepts fundamental to business operations

Describe consequences associated with decision-making (EC:118) (CS)
Discuss how people react to incentives (EC:119) (CS)
Explain the impact of limited resources on wealth management (EC:120) (CS)
Describe the role of institutions in helping individuals and groups accomplish their goals (EC:121) (CS)

Instructional Area: Financial Analysis (FI)

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FI:058) (PQ)
Describe functions of money (medium of exchange, unit of measure, store of value, incentive) (FI:060) (PQ)
Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, gift funds, inheritances, etc.) (FI:061) (PQ)
Explain the time value of money (FI:062) (CS)
Calculate interest (CS)
Explain the purposes and importance of credit (FI:002, LAP-FI-002) (CS)
Explain legal responsibilities associated with financial exchanges (FI:063) (CS)
Explain the need to save and invest (FI:270, LAP-QS-030) (CS)
Set financial goals (FI:065, LAP-QS-031) (CS)
Develop personal budget (FI:066) (CS)
Determine personal net worth (FI:562) (CS)
Explain the nature of tax liabilities (FI:067) (PQ)
Interpret a pay stub (FI:068) (PQ)
Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) (FI:560) (PQ)
Maintain financial records (FI:069) (PQ)
Read and reconcile bank statements (FI:070) (PQ)
Manage online accounts (CS)
Contest incorrect bills (FI:566) (CS)
Explain the nature of charitable giving (PQ)
Demonstrate the wise use of credit (FI:071) (CS)
Make responsible financial decisions (FI:783) (CS)
Protect against identity theft (FI:073) (CS)
Pay bills (FI:565) (CS)
Discuss types of loans (e.g., mortgages, auto loans, college loans, etc.) (FI:563) (CS)
Apply for a consumer loan (FI:625) (SP)
Control debt (FI:568) (CS)
Prepare personal income tax forms (FI:074) (CS)
Discuss the nature of retirement planning (FI:569) (CS)
Explain the nature of estate planning (FI:572) (CS)
Describe types of financial services providers (FI:075) (CS)
Explain types of investments (FI:077, LAP-FI-077) (CS)
Explain how to cope with volatile financial markets (SP)
Describe sources of securities information (FI:274, LAP-QS-036) (CS)
Interpret securities tables (FI:275, LAP-QS-037) (SP)
Describe the concept of insurance (FI:081) (CS)
Determine insurance needs (SP)

Instructional Area: Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Set personal goals (PD:018, LAP-PD-016) (CS)
Complete on-boarding paperwork (PQ)
Describe the nature of mutual funds (PD:304, LAP-QS-035) (SP)
Explain the nature of stocks (PD:309, LAP-QS-034) (SP)
Explain the nature of bonds (PD:313, LAP-QS-033) (SP)