Page 153 - The Ontario Curriculum, Grades 11 and 12: Mathematics, 2007

B. PERSONAL FINANCE OVERALL EXPECTATIONS
By the end of this course, students will:
1. gather, interpret, and compare information about owning or renting accommodation and about the associated costs;
2. interpret, design, and adjust budgets for individuals and families described in case studies;
3. demonstrate an understanding of the process of filing a personal income tax return, and describe applications of the mathematics of personal finance.
SPECIFIC EXPECTATIONS
1. Renting or Owning Accommodation
By the end of this course, students will:
1.1 identify the financial implications (e.g., res- ponsibility for paying the cost of accommoda- tion and furnishings; greater responsibility for financial decision making) and the non- financial implications (e.g., greater freedom
to make decisions; the demands of time management or of adapting to a new environ- ment; the possibility of loneliness or of the need to share responsibilities) associated
with living independently
1.2 gather and compare, through investigation, information about the costs and the advan- tages and disadvantages of different types of rental accommodation in the local community (e.g., renting a room in someone’s house; renting a hotel room; renting or leasing an apartment)
1.3 gather and compare, through investigation, information about purchase prices of different types of owned accommodation in the local community (e.g., trailer, condominium, town- house, detached home)
1.4 gather, interpret, and compare information about the different types of ongoing living expenses associated with renting and owning accommodation (e.g., hydro, cable, telephone, Internet, heating, parking, laundry, groceries, cleaning supplies, transportation) and related costs
1.5 gather, interpret, and describe information about the rights and responsibilities of tenants and landlords
1.6 generate a checklist of necessary tasks asso- ciated with moving (e.g., change of address, set-up of utilities and services, truck rental), and estimate the total cost involved under various conditions (e.g., moving out of province; hiring a moving company)
2. Designing Budgets
By the end of this course, students will:
2.1 categorize personal expenses as non- discretionary (e.g., rent, groceries, utilities, loan payments) or discretionary (e.g., enter- tainment, vacations)
2.2 categorize personal non-discretionary ex- penses as fixed (e.g., rent, cable, car insur- ance) or variable (e.g., groceries, clothing, vehicle maintenance)
2.3 read and interpret prepared individual or family budgets, identify and describe the key components of a budget, and describe how budgets can reflect personal values (e.g., as they relate to shopping, saving for a long- term goal, recreational activities, family, community)
2.4 design, with technology (e.g., using spread- sheet templates, budgeting software, online tools) and without technology (e.g., using budget templates), explain, and justify a
PERSONAL FINANCE
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Mathematics for Work and Everyday Life
MEL4E