Math 5.1

Mathematical process standards. The student uses mathematical processes to acquire and demonstrate mathematical understanding. The student is expected to:

• (1) 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:
• (2) define income tax, payroll tax, sales tax, and property tax;
  • (A) explain the difference between gross income and net income;
  • (B) identify the advantages and disadvantages of different methods of payment, including check, credit card, debit card, and electronic payments;
  • (C) develop a system for keeping and using financial records;
  • (D) describe actions that might be taken to balance a budget when expenses exceed income; and
  • (E) balance a simple budget.
  • (F) apply mathematics to problems arising in everyday life, society, and the workplace;
  • (G) use a problem-solving model that incorporates analyzing given information, formulating a plan or strategy, determining a solution, justifying the solution, and evaluating the problem-solving process and the reasonableness of the solution;
  • (H) select tools, including real objects, manipulatives, paper and pencil, and technology as appropriate, and techniques, including mental math, estimation, and number sense as appropriate, to solve problems;
  • (I) communicate mathematical ideas, reasoning, and their implications using multiple representations, including symbols, diagrams, graphs, and language as appropriate;
  • (J) create and use representations to organize, record, and communicate mathematical ideas;
  • (K) analyze mathematical relationships to connect and communicate mathematical ideas; and
  • (L) display, explain, and justify mathematical ideas and arguments using precise mathematical language in written or oral communication.