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Tennessee Math

Mathematical Reasoning for Decision Making | MR: Financial Mathematics (N.NQ)

MR.N.NQ.A

Use financial mathematics to make personal financial decisions.

MR.N.NQ.A.1

Not covered
Define common terms associated with finance (such as interest, compound interest, annuities, retirement funds, amortizations, future value, and present value) and know how each term is related to personal finance.
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MR.N.NQ.A.2

Not covered
Calculate compound interest within the context of personal finance (such as credit card debt, home/car purchase, personal loans, and amortization schedules) and use the results to make decisions (for example, determine which home financing option is best).
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MR.N.NQ.A.3

Mostly covered
Calculate net pay using gross pay (weekly, biweekly, monthly, or annual) and both fixed and variable deductions (such as withholding tax, Social Security tax, insurance costs, retirement investments and other contributory benefits).

MR.N.NQ.A.4

Mostly covered
Access and use published data (such as cost of city or state utilities, housing, city or state taxes, meals, and other costs of living) to estimate and compare monthly living expenses based on location, identified needs, and personal preferences or desired lifestyles.

MR.N.NQ.A.5

Not covered
Access and use published data (such as average life expectancy based on location and/or health issues, investment data, retirement funds, and annuity data) to calculate and compare retirement investments (such as total savings and monthly payouts) based on projected income.
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MR.N.NQ.A.6

Not covered
Access and use published data to create depreciation schedules and analyze the depreciation of various assets (such as cars, business equipment, and store fixtures).
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MR.N.NQ.A.7

Mostly covered
Access and use published data to calculate income tax based on projected gross annual income, returns on investments, tax deductions and tax credits, and other factors that affect calculations.

MR.N.NQ.A.8

Not covered
Develop a personal mid-term (three to five years) financial plan based on anticipated income, projected living expenses, projected retirement or other savings, and other factors that affect personal finances.
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MR.N.NQ.B

Use financial mathematics to make personal financial decisions.

MR.N.NQ.B.9

Mostly covered
Compare the components of a small business plan to the components of a personal financial plan (i.e., identify components that are common to both plans and components that are unique to a small business plan).

MR.N.NQ.B.10

Mostly covered
Define common terms associated with business finance (such as assets, liabilities, revenue, expenses, net profit, net loss, profit margin, and return on investment) and know how each term is related to business finance.

MR.N.NQ.B.11

Mostly covered
Access and use published data to develop a three-year financial plan for starting and running a small business (including projected income and projected fixed and variable costs such as licenses, rent and utilities, city and state taxes, cost of goods sold, etc.).