MS - Exploring Personal Finance
Exploring Personal Finance challenges members to demonstrate their understanding of essential financial skills through an objective test. This event encourages members to explore topics such as budgeting, saving, credit, investing, and financial decision-making for everyday life.
Event Overview
Division: Middle School
Event Type: Individual
Event Category: Objective Test, 50-multiple choice questions (breakdown of question by competencies below)
Objective Test Time: 30 minutes
Career Cluster Framework Connection: Financial Services
NACE Competency Alignment: Career & Self-Development, Critical Thinking, Professionalism
Items Competitor Must Provide: Sharpened Pencil, Conference-provided nametag, Attire that meets the Florida FBLA Dress Code
Equipment FBLA Must Provide: Calculator
Competencies
· Principles of Money
· Financial Needs and Goals
· Financial-Services Providers
· Financial Literacy
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 Leader 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 school 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 ten of that event at the National Leadership Conference (NLC). If a member places in the top ten of an event at 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 official FBLA hotel in order 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 competitor can only compete in one individual/team event and one chapter event (Annual Activities, Community Service Project).
· Each competitor must compete in all parts of an event for award eligibility.
· If competitors are late for an objective test, they may be 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 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
· Test Duration: 30 minutes
· 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. A calculator will be provided.
Tie Breaker
· 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 National guidelines at https://www.fbla.org/divisions/fbla-middle-level/competitive-events/
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 (15 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 (5 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)
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)
3. Explain types of investments (FI:077, LAP-FI-077) (CS)
4. Describe the concept of insurance (FI:081) (CS)
Financial Literacy (25 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. Prepare personal income tax forms (FI:074) (CS)
14. Control debt (FI:568) (CS)