Exam Specifications

The test includes 150 four-option multiple choice items. Each of the items has only one (1) correct response. Of the 150 items presented on the assessment, 120 will be scored and 30 are non-scored (used for research purposes).  Explore the exam standards, competencies, and weighting below.

  1. Consider how needs, wants, and values influence personal and family financial decisions and circumstances
  2. Explain the elements of SMART goals
  3. Evaluate financial information from a variety of sources
  4. Summarize major consumer protection laws
  5. Make financial decisions by systematically considering opportunity costs, alternatives, and the economy
  6. Develop communication strategies for addressing individual and family financial issues including needs, wants, and values
  7. Control personal information to reduce the risk of identity theft

  1. Analyze the relationship between work and career choices and standard of living
  2. Identify the relationship of work and career goals as they relate to personal and family financial goals
  3. Analyze the effect of education and skills on employment
  4. Understand how to access financial resources to facilitate educational goals throughout the life span
  5. Analyze how employment choices, economic conditions, and the tax system affect income
  6. Identify sources of personal income
  7. Describe factors affecting take-home pay such as potential benefits, taxes, and other payroll deductions

  1. Develop a plan for spending and saving based upon personal and family goals and values
  2. Develop a system for keeping and using financial records and legal documents
  3. Describe ways to use different payment types, including banking services
  4. Apply consumer skills to purchasing decisions
  5. Use appropriate mathematical concepts needed to analyze financial decisions
  6. Assess the characteristics of online resources for financial planning and money management
  7. Develop a personal or family financial plan
  8. Assess estate and long-term financial planning options

  1. Identify personal and family goals related to credit and debt
  2. Outline responsibilities as related to obtaining and managing personal and family credit
  3. Identify the cost and benefits of various types of credit
  4. Compare the availability, costs, and benefits of types of loans used to finance a car, education expenses, and housing
  5. Explain the components and uses of a credit record
  6. Describe ways to avoid or correct debt problems
  7. Summarize major consumer credit laws, including borrower’s credit report rights

  1. Identify common types of risk and basic risk management methods
  2. Explain the purpose and importance of property and liability protection as part of individual and family financial planning
  3. Explain the purpose and importance of health, disability, and life insurance protection as part of individual and family financial planning
  4. Explain the correlation between risk, premium, coverage, and deductibles

  1. Differentiate between saving and investment options for meeting various personal and family goals
  2. Discuss how saving and investing contribute to financial well-being and goal achievement
  3. Critique alternatives for researching, purchasing, and managing saving and investment products
  4. Explain how interest rates, taxes, and fees affect the return on savings and investments
  5. Understand how agencies that regulate financial markets protect consumers
  6. Apply the Rule of 72 to solve financial problems
  7. Describe characteristics of commonly used investment products (e.g., stocks and mutual funds)

  1. Determine teaching strategies appropriate for content and learners
  2. Integrate financial literacy concepts across content areas
  3. Assess students’ comprehension of financial literacy outcomes

Examination Scoring

The examination consists of multiple choice questions with four (4) choices for each question. Some of these questions are included for research purposes only and are not scored. The research questions are not identified; therefore, all questions are to be answered to the best ability of the candidate. Examination results will be based only on the scored questions on the examination. The order of items and answer choices vary from candidate to candidate. Subject-matter experts (SMEs) have provided input regarding the difficulty level of every question used in AAFCS examinations. That information is used to develop examination forms that have comparable difficulty levels. When there are differences in difficulty in different versions of an examination, a mathematical procedure is used to equalize the difficulty scores. Because the number of questions required to pass the examination may vary for different test versions, the scores are converted to a reporting scale to ensure a common standard. The passing score is a scaled score of 240 out of a possible 300 points on the scoring scale.