1051 Percentages

Estimate percentages using benchmarks or other appropriate measures

Interpret the meaning of percentages when used as a:

Fraction

Measurement of change (for numbers and percentages)

Comparison

Calculate absolute and relative change/difference/error

Use relative change/difference to calculate other values

Identify situations with shifting reference values

Identify “impossible” percentages

Explain problems with averaging percentages
1052 Statistical Studies

Identify population, sample, measures of interest (population parameters) for a study

Identify two major types of statistical studies (observational, experimental) and identify which is most appropriate

Identify control and experimental groups

Evaluate a study based on given guidelines

Identify situations with positive, negative and no correlation

Identify causes for correlation

Describe how causation is established and levels of confidence (general)

Identify/explain “misused” statistics from published sources: statistics that are misinterpreted or contradictory, mean vs. median, not statistically significant, unreasonable, etc.

Know different sampling techniques

Identify reasons why a sample is or is not a representative sample
1053 Characteristics of Data

For a data set, calculate/identify: mean, median, mode, maximum, minimum, range

Explain meaning of mean and median

Compare effect of outliers on mean and median

Compare changes in mean for different sample sizes

Identify characteristics of data distribution (e.g., skewness)

Read and interpret information from graphs

Use graphs to make inferences about data

Identify characteristics of misleading graphs
1054 Inferential Statistics

Explain the relationship between natural variation, a “true population value” and distribution of data and confidence interval

Compare changes in confidence interval for different sample sizes

Characterize a result as significant (or not) based on margin of error and/or confidence interval and explain reasoning

Understand the relationship between expected value and the Law of Large Numbers
1055 Financial Literacy

Explain/Identify characteristics of exponential growth

Define characteristics of major types of investments: CDs, savings accounts, real estate, stocks, bonds, mutual funds

Explain importance of term, risk, return, liquidity, diversification in investing

Explain pros/cons of taxdeferred plans and identify major types of taxdeferred/taxexempt savings plans

Explain major issues in using credit cards: minimum balance, interest rates, fees, etc.

Explain basic characteristics of mortgages: ARM/fixed, down payment, escrow, tax advantages, etc.

Explain meaning of amortization

Using internet calculators or other technology, solve problems based on savings or debt
1056 General Mathematical Skills

Organize and update a math portfolio