Financial Literacy Reflection

1.  What are the costs and benefits of credit, such as loans and credit cards? 

The cost for loans is paying fees and interest. The benefit for a credit card is boosting credit
score, making big-ticket purchases, and accumulating reward points.

2.  How can you use credit responsibly to achieve your financial goals?

There are many ways to achieve your financial goals with credit - learn my FICO score.Don’t
close any accounts, use reward cards, and use my credit card for small purchases.

3.  What taxes do citizens pay and how are they calculated?

Citizens pay federal, state, and local income tax. Taxes are calculated from your gross income by
taking your total household income and reducing it by certain times.

4.  How can insurance help protect your financial future?

Insurance can protect you and your loved ones. It eliminates surprise costs and reduces prices on
certain prescriptions and preventive care.

5.  How does setting goals and budgeting help you achieve financial success?

Setting your goals helps you plan out your future which can help you achieve rather than being
clueless, not knowing what to do. Budgeting in place will allow you to maximize your income. You
can cut back spending, freeing up more money for paying debts or saving goals.

6.  How do maintaining healthy finances affect your overall physical and emotional health?

Maintaining healthy finances can affect your mental health with depression, anxiety, and
substance abuse. The effect it has on your physical health is sleep loss and
headaches/migraines.

7.  What is your plan to develop healthy financial practices? Discuss three ways that you plan to
make healthy financial decisions to protect your future. I plan to track my money. I often do even
know the amount I spend. I will set a limit to spending, or even try not to spend at all. I will start
setting financial goals. It is always good to have a plan. I will tackle high-interest debt.

 
 
 
  
 
 
 
 
 
 
 
 
 
 

Financial Literacy Reflection Rubric

Category 4 3 2 1

Organization Information is Information is Information is The information is

well-organized in a organized in a Q & A somewhat organized not organized.
Q & A format. Each format. Each although Q & A format Information is not
question is question is answered is not used. Each answered in Q & A
answered in two to in at least one question is answered format.
three complete complete sentence. in less than one
sentences. complete sentence.

Quality of Information clearly Information clearly Information relates to Information has

Information relates to relates to the the questions little or nothing to
the questions and questions. It uses although information do with the
utilizes information information from from videos is questions. No
from videos. It videos. It provides missing. Limited details and/or
includes several relevant supporting detail and/or examples are
relevant supporting details and/or examples are given. given.
details and /or examples.
examples.
Mechanics No grammatical, Two or less Three to five More than five
spelling or grammatical, spelling grammatical, spelling, grammatical,
punctuation errors or punctuation errors or punctuation errors spelling, or
are present. are present. are present. punctuation errors
are present.
 

Total Points Possible: 12 

Total Points Earned: 12

A 11-12 points          

B 9-10 points             

C 6-8 points               

D 3-5 points