Percentages
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Estimate percentages using benchmarks or other appropriate measures
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Interpret the meaning of percentages when used as a:
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Fraction
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Measurement of change (for numbers and percentages)
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Comparison
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Calculate absolute and relative change/difference/error
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Use relative change/difference to calculate other values
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Identify situations with shifting reference values
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Identify “impossible” percentages
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Explain problems with averaging percentages
Statistical Studies
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Identify population, sample, measures of interest (population parameters) for a study
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Identify two major types of statistical studies (observational, experimental) and identify which is most appropriate
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Identify control and experimental groups
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Evaluate a study based on given guidelines
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Identify situations with positive, negative and no correlation
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Identify causes for correlation
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Describe how causation is established and levels of confidence (general)
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Identify/explain “misused” statistics from published sources: statistics that are misinterpreted or contradictory, mean vs. median, not statistically significant, unreasonable, etc.
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Know different sampling techniques
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Identify reasons why a sample is or is not a representative sample
Characteristics of Data
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For a data set, calculate/identify: mean, median, mode, maximum, minimum, range
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Explain meaning of mean and median
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Compare effect of outliers on mean and median
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Compare changes in mean for different sample sizes
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Identify characteristics of data distribution (e.g., skewness)
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Read and interpret information from graphs
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Use graphs to make inferences about data
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Identify characteristics of misleading graphs
Inferential Statistics
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Explain the relationship between natural variation, a “true population value” and distribution of data and confidence interval
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Compare changes in confidence interval for different sample sizes
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Characterize a result as significant (or not) based on margin of error and/or confidence interval and explain reasoning
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Understand the relationship between expected value and the Law of Large Numbers
Financial Literacy
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Explain/Identify characteristics of exponential growth
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Define characteristics of major types of investments: CDs, savings accounts, real estate, stocks, bonds, mutual funds
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Explain importance of term, risk, return, liquidity, diversification in investing
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Explain pros/cons of tax-deferred plans and identify major types of tax-deferred/tax-exempt savings plans
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Explain major issues in using credit cards: minimum balance, interest rates, fees, etc.
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Explain basic characteristics of mortgages: ARM/fixed, down payment, escrow, tax advantages, etc.
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Explain meaning of amortization
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Using internet calculators or other technology, solve problems based on savings or debt
Organize and update a math portfolio