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(1) The state board shall establish rigorous core standards for Utah public schools and graduation requirements under Section 53E-3-501 for grades 9 through 12 that:
(a) are consistent with state law and federal regulations;
(b) use competency-based standards and assessments;
(c) include instruction that stresses general financial literacy from basic budgeting to financial investments, including bankruptcy education and a general financial literacy test-out option; and
(d) include graduation requirements in language arts, mathematics, and science that exceed 3.0 units in language arts, 2.0 units in mathematics, and 2.0 units in science.
(2) The state board shall establish competency-based standards and assessments for elective courses.