Page 84 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 11, University/College Preparation
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
environmental stewardship? How do govern- ments weigh these competing goals?” “How do political values affect the economic decisions of governments in Canada?” “Which do you think should be more important to a government, cutting spending to reduce public debt and/or taxes, or increasing spending on social programs to help alleviate the effects of inequitable distri- bution of income? Does your answer reflect current government policy? If not, how do the government’s priorities differ from your own?”
B4. Financial Planning
FOCUS ON: Economic Significance; Economic Perspective
By the end of this course, students will:
B4.1 describe key personal financial planning principles (e.g., set realistic goals, start to save early, maintain a good credit rating, diversify), and explain how and why financial planning may differ depending on an individual’s stage of life and/or personal experiences
Sample questions: “What are your financial goals in the next five years? Ten years? Twenty years? In what ways do your goals differ from the short- and long-term goals of your parents and/or grandparents? What financial planning principles might you use to best achieve your goals?” “How might the experience of growing up in a household where job loss or seasonal unemployment was the norm affect an individ- ual’s financial planning choices?”
B4.2 assess, with reference to specific economic data, the advantages and disadvantages of different financial institutions (e.g., banks, credit unions, mortgage companies, payday loan com- panies, brokerage firms), specifically with respect to personal savings, investments, and loans
Sample questions: “Do you use a bank or a credit union? On what criteria did you base your decision to use this type of institution? Does your choice best support your immediate and long-term financial goals?” “Why might an individual invest through a brokerage firm rather than a bank or credit union?” “What are the costs of a payday loan? How do the fees charged by these companies differ from those charged by a bank or credit union?”
B4.3 assess, with reference to specific economic data, the short- and long-term costs and benefits of personal debt (e.g., credit card debt, student loans, payday loans, lines of credit, mortgages)
Sample questions: “What is the difference between ‘good debt’ and ‘bad debt’? Why
is something like a student loan generally considered to be good debt?” “What are the benefits of using a credit card? What are its immediate costs? What are the longer term costs if one fails to pay off the monthly balance?” “What factors can negatively affect one’s credit rating? What impact can a poor credit rating have on an individual’s ability to secure a loan?”
B4.4 analyse the choices (e.g., cash, credit, loan, lease) to determine the best method of payment for major consumer purchases (e.g., a home, a car, tuition, a holiday, electronics)
Sample questions: “How might you determine whether you should use cash, a credit card, or a layaway plan to pay for a new smartphone?” “Why might an individual lease a car rather than taking out a loan to buy it outright? What are the costs and benefits of each approach?” “Why might the ‘best’ method of payment differ depending on the good purchased and the age and economic status of the person making the purchase?”
B4.5 compare various investment choices (e.g., stocks, bonds, guaranteed investment certificates, mutual funds, tax-free saving accounts, registered retirement income funds) and explain the import- ance of diversifying investments
Sample questions: “What are the differences between stocks and bonds? Why might an individual want to have a combination of stocks, bonds, and mutual funds in an investment portfolio?” “What is the importance of socially responsible investing? How can you determine if an asset manager is practising such investing?”
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