PERSONAL FINANCE
Personal Finance provides members with the opportunity to demonstrate knowledge around introductory competencies in financial skills. This competitive event consists of an objective test. It aims to inspire members to learn how to manage personal finances.
Event Overview
Division: High School
Event Type: Individual
Event Category: Objective Test, 100-multiple choice questions (breakdown of question by competencies below)
Objective Test Time: 50 minutes
Career Cluster Framework Connection: Financial Services
NACE Competency Alignment: Career & Self-Development, Critical Thinking, Technology
Items Competitor Must Provide: Sharpened pencil, Photo Identification, Conference-provided nametag, Attire that meets the Florida FBLA Dress Code
Equipment FBLA Must Provide: Calculator
Objective Test Competencies
· Principles of Money
· Financial Needs and Goals
· Financial-Services Providers
· Investment Strategies
· Financial Literacy
· Risk Management
Test questions are based on the knowledge areas and objectives outlined for this event. Detailed objectives can be found in the study guide included in these guidelines.
District
Check with your District leadership for District-specific competition information.
State
Eligibility
· FBLA membership dues are paid by 11:59 pm Eastern Time on December 1 (or earlier date specified by District Director) of the current program year.
· Members may compete in an event at the State Leadership Conference (SLC) more than once if they have not previously placed in the top 10 of that event at the National Leadership Conference (NLC). If a member places in the top 10 of an event at the NLC, they are no longer eligible to compete in that event.
· Members must be registered for the SLC and pay the state conference registration fee in order to participate in competitive events.
· Members must stay within the official FBLA housing block of the official FBLA hotel to be eligible to compete.
· Each district may be represented by participant(s) based on the Florida FBLA scaled quota system found on the Florida FBLA website.
· Each member can only compete in one individual/team event and one chapter event (Community Service Project, Local Chapter Annual Business Report).
· Identification: Competitors must present valid photo identification (physical) that matches the name on their conference name badge. Acceptable forms include a driver’s license, passport, state-issued ID, or school ID.
· If competitors are late for an objective test, they may be either disqualified or permitted to begin late with no extension of the time as scheduled.
· Participants must adhere to the Florida FBLA dress code established by the Florida Board of Directors or they will not be permitted to participate in the competitive event.
Recognition
· The number of competitors will determine the number of winners. The maximum number of winners for each competitive event is 5.
Event Administration
· This event is an objective test administered at the SLC.
· No reference or study materials may be brought to the testing site.
· No calculators may be brought into the testing site.
Scoring
· Ties are broken by comparing the correct number of answers to the last 10 questions on the test. If a tie remains, answers to the last 20 questions on the test will be reviewed to determine the winner. If a tie remains, the competitor who completed the test in a shorter amount of time will place higher.
· Results announced at the State Leadership Conference are considered official and will not be changed after the conclusion of the State Leadership Conference.
Americans with Disabilities Act (ADA)
· FBLA complies with the Americans with Disabilities Act (ADA) by providing reasonable accommodations for competitors. Accommodation requests must be submitted through the conference registration system by the official registration deadline. All requests will be reviewed, and additional documentation may be required to determine eligibility and appropriate support.
Penalty Points
· Competitors may be disqualified if they violate the Competitive Event Guidelines or the Honor Code.
Electronic Devices
· Unless approved as part of a documented accommodation, all cell phones, watches, electronic devices, and headphones must be turned off and stored away before the competition begins. Visible devices during the event will be considered a violation of the FBLA Honor Code.
National
If you are competing on the National level, be sure to see the National guidelines at https://www.fbla.org/divisions/fbla/fbla-competitive-events/
Study Guide: Competencies and Tasks
This study guide shows the skills and knowledge you’ll be tested on for this event. Objectives followed by a two-letter, three-digit code in parentheses are based on the National Business Administration Standards from MBA Research and Curriculum Center. Some objectives also reference MBA Research's Learning Activity Packages (LAPs)—resources with readings, activities, and assessments to help you learn. For more information, visit MBAResearch.org/FBLA.
Principles of Money (20 test items)
1. Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FI:058) (PQ)
2. Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc.) (FI:059) (PQ)
3. Describe functions of money (medium of exchange, unit of measure, store of value) (FI:060) (PQ)
4. Describe sources of income and compensation (FI:061) (CS)
5. Explain the time value of money (FI:062) (CS)
6. Explain the purposes and importance of credit (FI:002, LAP-FI-002) (CS)
7. Explain legal responsibilities associated with consumer financial products and services (FI:063) (CS)
Financial Needs and Goals (15 test items)
1. Explain the need to save and invest (FI:270) (CS)
2. Set financial goals (FI:065) (CS)
3. Develop personal budget (FI:066) (CS)
4. Determine personal net worth (FI:562) (CS)
5. Describe the nature of budgets (FI:106, LAP-FI-106) (SP)
Financial-Services Providers (5 test items)
1. Describe types of financial-services providers (FI:075) (CS)
2. Discuss considerations in selecting a financial-services provider (FI:076) (CS)
Investment Strategies (5 test items)
1. Explain types of investments (FI:077, LAP-FI-077) (CS)
2. Explain factors to consider when selecting investments (FI:279) (SP)
Financial Literacy (50 test items)
1. Explain the nature of tax liabilities (FI:067) (PQ)
2. Interpret a pay stub (FI:068) (PQ)
3. Write checks (FI:560) (PQ)
4. Maintain financial records (FI:069) (PQ)
5. Balance a bank account (FI:070) (PQ)
6. Explain the nature of charitable giving (FI:567) (PQ)
7. Manage online accounts (FI:830) (CS)
8. Calculate the cost of credit (FI:782) (CS)
9. Demonstrate the wise use of credit (FI:071) (CS)
10. Validate credit history (FI:072) (CS)
11. Make responsible financial decisions (FI:783) (CS)
12. Protect against identity theft (FI:073) (CS)
13. Pay bills (FI:565) (CS)
14. Apply for a consumer loan (FI:625) (SP)
15. Control debt (FI:568) (CS)
16. Prepare personal income tax forms (FI:074) (CS)
17. Discuss options for financing a college education (FI:831) (CS)
18. Discuss the nature of retirement planning (FI:569) (CS)
19. Explain the nature of estate planning (FI:572) (CS)
Risk Management (5 test items)
1. Describe the concept of insurance (FI:081) (CS)
2. Determine insurance needs (FI:571) (SP)