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:

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(A)  define income tax, payroll tax, sales tax, and property tax;

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(B)  explain the difference between gross income and net income;

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(C)  identify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;

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(D)  develop a system for keeping and using financial records;

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(E)  describe actions that might be taken to balance a budget when expenses exceed income; and

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(F)  balance a simple budget.