3.MATH.9.D
Explain that credit is used when wants or needs exceed the ability to pay and that it is the borrower's responsibility to pay it back to the lender, usually with interest.
Grade 3 · Texas Essential Knowledge and Skills (TEKS) · TEKS 2012
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
creditwantsneedsability to payborrowerresponsibilitylenderinterest
Skills
- explain (that credit is used when wants or needs exceed the ability to pay) #dok2
- explain (the borrower's responsibility to pay back credit to the lender) #dok2
- explain (that credit is usually paid back with interest) #dok2
- identify (situations when credit might be used) #dok1
- describe (the process of borrowing and repaying credit) #dok2
Learning Targets
- I can identify situations when people use credit because they cannot pay for something right away. #dok1
- I can explain why credit is used if someone cannot pay for their wants or needs immediately. #dok2
- I can explain the borrower's responsibility to pay back credit to the lender. #dok2
- I can explain that credit usually must be paid back with interest. #dok2
- I can describe what happens when someone borrows money and how it must be repaid. #dok2
Big Ideas
- Credit allows people to obtain goods or services when they do not have enough money, but it comes with the obligation to pay back what was borrowed, usually with additional cost called interest.
- Being responsible with credit means understanding when it is appropriate to use it and recognizing the commitment to repay the lender.
Essential Questions
- What is credit and why do people sometimes use it?
- When might someone choose to use credit instead of paying right away?
- What responsibilities does a borrower have when they use credit?
- Why does a lender usually charge interest when someone borrows money?
- How can using credit affect your future spending decisions?