Personal Finance                                                                                                                                 Page  of

Unit 1. Income

Unit 2. Saving, Investing, Risk Management

Unit #3. Debit and Credit

Unit #4. Budgeting

Unit #5. Simulation and Debriefing



Unit Title

Unit 1. Income

Timeframe 

25 days

Unit Summary

Students recognize the fundamental role of income in their personal finances and the factors that affect income and take-home pay.  They will identify their interests, abilities, and work preferences.  This will help them realize their decisions about education and career will have an impact on their potential income and quality of life.

Learning Targets

Essential Questions

  • How will your education choices affect your career options?
  • What are your work preferences and how do they match up against your career choices?
  • What are taxes?  What is their purpose and how do they affect your income?
  • What is the difference between gross income and net income?  How is that determined?

Enduring Understandings

Students will understand:

  • How their interests, abilities, and values interact.
  • Their work preference and match them to career choices.
  • Define taxes and explain their purpose and impact on income.
  • Figure net monthly income.

Know

By the end of this unit, students will know

  • Definitions for:
  • Gross Annual Income
  • Gross Monthly Income
  • Net Monthly Income
  • Taxes: Federal Income, State Income, Local Income, FICA
  • Optional deductions: Insurances, 401(K), other deductions
  • By the end of this unit, students will know:
  • How to evaluate a job offer for fit using values, abilities, and interests
  • Tips negotiate salary and benefits
  • The pros and cons of being an entrepreneur
  • The factors considered when calculating pricing and revenue/profit/loss as a business owner

Do

By the end of this unit, students will be able to

  • Reflect on their values and abilities  to select career choices that capitalize on those values and abilities
  • Calculate Net Monthly Income
  • Employ valid research strategies
  • Use technology to enhance productivity
  • Play the role of an entrepreneur and present a product for investment using mock financial data
  • Complete a W-4 and an I-9
  • Complete a 1040EZ form using a W-2, 1098-E, and 1099-INT

Evidence of Learning

Formative

  • JA Pre-Test as required by Junior Achievement
  • Interests, Abilities, and Values: self-select partners to discuss their career preferences based on their interests, abilities and values
  • Reflective writing: Find connections between their passions and future careers by writing a first-draft essay that explores a particular passion.  Topics could include using cooking skills to feed the homeless, creating a comic book to teach reading, or using music for a social cause like protecting the environment.  Students will then write a persuasive essay that turns their passion into a future career.
  • Team consultations: 3 check-in meetings with teacher during Shark Tank entrepreneurship project focusing on product particulars, financial data interpretations, and pitch rehearsal.
  • Traditional quiz: Income Assessment pg 40-41 of Junior Achievement binder

Summative/ Benchmark

Career Goal-Skill Components Activity: Students identify a career.  They research it to get more information and prepare a report, slideshow, or other presentation to share.  Students share in 4-person groups.

Entrepreneurship simulation: Modeled on ABC’s Shark Tank.  All students will watch clips from Shark Tank on Lollacup and Tech Vests.  Students are split into 4 small teams.  Each group will create a business and adopt an established product or create an idea/product of their own.  Teacher supplies mock financial data for each business.  Each group will prepare a presentation and pitch it to a panel of “sharks” comprised of members of the other 3 teams.  Sharks and Entrepreneurs will have the chance to offer and counteroffer to negotiate an investment.  In preparation to hear the presentation, students will have a two-day lesson on basic financial investment terms and background.  Independent debrief: reflect on group’s performance, individual performance, and lessons learned about the pros and cons of entrepreneurship.

Alternative Assessments

Entrepreneurship Shark Tank project.  Students judged on:

  • Use of presentation skills
  • Use of financial jargon during pitch
  • Use of financial data during pitch as part of the offer and counteroffer negotiation
  • Use of financial rationales when making investment offers and counteroffers

There is a project-based alternative unit located in the JA Teacher’s Guide.  

Learning Activities

Lesson Set One: Plan Your Future

  • Share personal employment history with every job the teacher has ever held and describe how income was earned (hourly, salary, contract/freelance, stipend, property transfers, etc.)
  • Review vocabulary pg 3 in student workbook soliciting student explanations and examples
  • Students will complete the three self-assessments on pg 3-5 of workbooks then complete the Kuder Navigator Career Assessment Extension Activity on pg 16 of student workbook/pg 47 of Teacher Guide
  • Complete the worker profile on pg 7 of student workbook summarizing information gathered through assessments and Career Choice Research extension activity on pg 17 of student workbook/pg 51 of Teacher Guide.  Discuss results in small groups of four students.
  • Students will complete Lesson Extension Activity 5 on STEM career exploration.  Students will explore occupations and use creativity and problem solving to make a pencil holder from a single sheet of paper.

Lesson Set Two: Careers

  • Shark Tank entrepreneurship simulation
  • Complete Extension Lesson 3: Being an Entrepreneur.  Students examine entrepreneurial skills and present new business ideas to the class.
  • Complete Extension Lesson 4: Starting a Lawn Care Business.  Students identify a business and figure fixed and variable costs.
  • Read one of three differentiated articles on entrepreneurialism.  Each group member will share what he/she read. The group will create a presentation of that information: poster, paragraph, brochure, or other format to submit for assessment.:
  • Watch examples of product pitches for Lollacup and TecVest.  Students will take notes and discuss positive and negative elements of each pitch.  Evaluate the offers and counteroffers and review terms including equity, royalties, perpetuity, and methods of valuation for investment.
  • All students will watch clips from Shark Tank on Lollacup and Tech Vests.  Students are split into 4 small teams.  Each group will create a business and adopt an established product or create an idea/product of their own.  Teacher supplies mock financial data for each business.  Each group will prepare a presentation and pitch it to a panel of “sharks” comprised of members of the other 3 teams.  Sharks and Entrepreneurs will have the chance to offer and counteroffer to negotiate an investment.  In preparation to hear the presentation, students will have a two-day lesson on basic financial investment terms and background.  Independent debrief: reflect on group’s performance, individual performance, and lessons learned about the pros and cons of entrepreneurship.

Lesson Set Three: Taxes and My Income

  • Explain income, sales, and property taxes.  Discussion question: in the current political climate, there is much discussion about simplifying the tax code.  Some have proposed a national sales tax instead of an income tax.  Their theory is that the rich would be taxed their “fair share” because they spend more money.  This would theoretically include those in illegal cash-based businesses like drug dealers and gangsters.  What do you think?
  • Evaluate a sample pay stub from pg 14 in student workbook.  Review vocabulary on pg 13.
  • Calculate pay deductions on pg 15.  Use the tax tables that are part of Extension Activity 6 on Social Security and Medicare.
  • Complete Extension Activity 7 analyzing sales receipts.  Give students a mock shopping cart with taxable and nontaxable items.  Have students calculate tax.

Materials / Equipment / Resources

Core Instructional

Materials and Texts

Junior Achievement’s JA Finance Park student workbook and Teacher’s Guide

JA slidedeck for Income unit

Equipment

Chromebooks

Sample Lollacup for students to handle and feel like the Sharks do

Supplemental Resources

Paper copies of:

W-4, I-9, 1040EZ, W-2, 1099-INT, 1098-E

Lollacup summary: http://abc.go.com/shows/shark-tank/episode-guide/season-3/12-episode-312

Lollacup pitch: https://www.youtube.com/watch?v=UQ8fs7fa7a4 

Lollacup update: https://www.youtube.com/watch?v=UwUZWbt6tCY

TecVest pitch: https://www.youtube.com/watch?v=B4Y8PDIFAUo&list=PLZjAJH9ej3NxpUkB63I0bSi1DBsfJb8pQ&index=7 (31:45)

TecVest entrepreneur’s reflection: http://www.scottevest.com/about/shark-tank.shtml 

Field trip to Rowan University: Junior Achievement student workshop--team-building and hiring practices

Standards

Content Statement

Indicator

Analyze the relationship between various careers and personal earning goals.

9.2.12.A.1

Identify a career goal and develop a plan and timetable for achieving it, including educational/training requirements, costs, and possible debt.

9.2.12.A.2

Summarize the financial risks and benefits of entrepreneurship as a career choice.

9.2.12.A.4

Analyze and critique various sources of income and available resources (e.g., financial assets, property, and transfer payments) and how they may substitute for earned income.

9.2.12.A.6

Demonstrate how exemptions and deductions can reduce taxable income.

9.2.12.A.9

Explain the relationship between government programs and services and taxation.

9.2.12.A.10

Explain how compulsory government programs (e.g., Social Security, Medicare) provide insurance against some loss of income and benefits to eligible recipients.

9.2.12.A.11

Evaluate the effects of entrepreneurship on economic stability and quality of living in local and global communities.

9.2.12.F.8

21st Century Skills and Themes

Interdisciplinary Connections

Career Ready Practices

9.2 Career Awareness, Exploration, and Preparation  

  • Math calculations for pay deductions.
  • Language arts for written and oral communication.
  • CRP3. Attend to personal health and financial well-being.
  • CRP4.Communicate clearly and effectively and with reason.
  • CRP5.Consider the environmental, social and economic impacts of decisions.
  • CRP6.Demonstrate creativity and innovation.
  • CRP7.Employ valid and reliable research strategies.
  • CRP8.Utilize critical thinking to make sense of problems and persevere in solving them.
  • CRP10. Plan education and career paths aligned to personal goals.
  • CRP11. Use technology to enhance productivity.
  • CRP12.Work productively in teams while using cultural global competence.

By the end of 12th grade,

  • 9.2.12.C.1 Review career goals and determine steps necessary for attainment.
  • 9.2.12.C.3 Identify transferable career skills and design alternate career plans.
  • 9.2.12.C.4 Analyze how economic conditions and societal changes influence employment trends and future education.
  • 9.2.12.C.5 Research career opportunities in the United States and abroad that require knowledge of world languages and diverse cultures.
  • 9.2.12.C.6 Investigate entrepreneurship opportunities as options for career planning and identify the knowledge, skills, abilities, and resources required for owning and managing a business.
  • 9.2.12.C.9 Analyze the correlation between personal and financial behavior and employability.

Technology Standards - 8.1

C. Communication and Collaboration: Students use digital media and environments to communicate and work collaboratively, including at a distance, to support individual learning and contribute to the learning of others.

  • Interact, collaborate, and publish with peers, experts, or others by employing a variety of digital environments and media.
  • Communicate information and ideas to multiple audiences using a variety of media and formats.
  • Develop cultural understanding and global awareness by engaging with learners of other cultures.
  • Contribute to project teams to produce original works or solve problems.

8.1.12.C.1 Develop an innovative solution to a real world problem or issue in collaboration with peers and experts, and present ideas for feedback through social media or in an online community.

E: Research and Information Fluency: Students apply digital tools to gather, evaluate, and use information.

  • Plan strategies to guide inquiry.
  • Locate, organize, analyze, evaluate, synthesize, and ethically use information from a variety of sources and media.
  • Evaluate and select information sources and digital tools based on the appropriateness for specific tasks.
  • Process data and report results.

8.1.12.E.1 Produce a position statement about a real world problem by developing a systematic plan of investigation with peers and experts synthesizing information from multiple sources.

 

F: Critical thinking, problem solving, and decision making: Students use critical thinking skills to plan and conduct research, manage projects, solve problems, and make informed decisions using appropriate digital tools and resources.

  • Identify and define authentic problems and significant questions for investigation.
  • Plan and manage activities to develop a solution or complete a project.
  • Collect and analyze data to identify solutions and/or make informed decisions.
  • Use multiple processes and diverse perspectives to explore alternative solutions.

8.1.12.F.1 Evaluate the strengths and limitations of emerging technologies and their impact on educational, career, personal and or social needs.

Modifications/Accommodations

IEPs

  • Shortened assignments
  • Extended time is allotted for students when directed by IEP’s or 504 plans.

504s

  • Shortened assignments
  • Extended time is allotted for students when directed by IEP’s or 504 plans.

ELLs

  • Visuals/video provided where possible
  • Test directions read/explained thoroughly

G/T

  • Projects are designed so teacher may extend criteria based on student needs.

END OF UNIT


Unit Title

Unit 2. Saving, Investing, Risk Management

Timeframe 

18 days

Unit Summary

Students explore saving and compare investments as a part of their overall financial planning.  Students also examine risk and how insurance may help protect savings.

Learning Targets

Essential Questions

 

  • Why is it important to save money?  What are the best ways to save money?
  • What is risk and how does it affect financial well-being?

Enduring Understandings

Students will understand:

  • The benefits of saving a portion of income for future use.
  • Short- and long-term saving options.
  • Some of the advantages and disadvantages of savings and investment options.
  • Personal risk and risk management.

Know

By the end of this unit, students will know

  • Terms critical for success:
  • Interest
  • Investment
  • Opportunity cost
  • Risk
  • Pay Yourself First
  • Types of common investments for short- and long-term investing
  • College costs and the FAFSA
  • Saving 10% of gross income is commonly recommended to build financial security

Do

By the end of this unit, students will be able to

  • Evaluate risk and select the insurances needed to protect against it
  • Read a stock quote
  • Understand the impact of compound investing and apply the Rule of 72
  • Explain common investment options and their advantages and disadvantages

Evidence of Learning

Formative

  • Google Forms exit tickets
  • Saving, Investing, and Risk Management Assessment
  • Junior Achievement $ave, USA “Risk and Insurance” Online Lesson from Extension Activity 5 on student workbook pg 44

Summative/ Benchmark

Stock Tracking Assessment saved in Google Drive.  Adapted from https://www.juniorachievement.org/documents/20009/57346/2011-HS-BuyingStock.pdf 

This project begins after lesson set one and continues for two weeks.  Google Doc:

https://docs.google.com/a/gatewayhs.com/document/d/1XbD_yt20oXoNRdIwpthgfQuygJCSMn8LLugqy3d11cw/edit?usp=sharing Requires use of a Google Sheet to track stock prices and the creation of a chart within the spreadsheet.

Insurance quote comparison packet: Compare costs and coverages of Auto, Disability, Renters, and Health insurances.

Alternative Assessments

There is a project-based alternative unit located in the JA Teacher’s Guide.  

Learning Activities

Lesson Set One: Saving and Investing

  • Review vocabulary on pg 31 in student workbooks
  • Create a list of savings goals, short- and long-term savings goals. Select one goal and complete Doodling for Dollars on pg 33 in student workbook.  Share with an elbow partner.
  • Complete Extension Activity 1 about completing the FAFSA
  • Explain the difference between simple and compound interest.  Use the example chart on Slide 5 of the Saving, Investing, and Risk Management slidedeck to highlight the effects of compounding interest.  Ask students to evaluate the chart and submit answers via Google Forms exit ticket.
  • Compare and contrast various savings options located on pg 34-35 in student workbook.  Each student becomes an expert and composes a Tweet on pg 36 in the student workbook summarizing the information.  Use appropriate hashtags.  From there, students will create a meme or a Tweetable/Instagram-able visual (Type it out in a Google Slide and take a screenshot.)  Students will create a shared gallery.
  • Students will complete Extension Activity 3 about situational appropriateness of Roth IRAs by evaluating whether or not teens should saving for retirement with one.
  • Students will calculate retirement using the Rule of 72 and will assess the impact of compounding interest in relation to investments.
  • Use a compounding interest calculator to calculate interest of investments on pg 42 and chart on 43 of the student workbooks.
  • Watch the first half hour of the documentary Heist: Who Stole the American Dream about the impact of the repeal of Glass-Steagall Act on the economy.

Lesson Set Two: Managing Risk

  • Using a graphic organizer chart, students will take notes on what each insurance protects, who is the beneficiary, whether there is likely to be a deductible and/or co-pay, estimates as to how much insurance is needed, what factors might affect the premium and/or coverage amounts.
  • Using a projected image of a tree students use sticky notes to label situations on branches called home, health, auto, dental, life, travel, and phone to categorize situations they’ve experienced or their family members or friends have experienced where insurance may be needed.
  • Play “Perfectly Matched” game using Life Sheets and Insurance Sheets to match the situation with the type of insurance needed.  They will have some life events that don’t need insurance.
  • Complete formative assessment insurance simulation.

Materials / Equipment / Resources

Core Instructional

Materials and Texts

Junior Achievement’s JA Finance Park student workbook and Teacher’s Guide

JA slidedeck for Saving Investing, and Risk Management unit

Equipment

Chromebooks

Supplemental Resources

FAFSA forms https://fafsa.ed.gov/ 

College costs evaluation www.collegecost.ed.gov/shopping_sheet.pdf

Compounding interest calculator: http://investor.gov/tools/calculators/compound-interest-calculator 

Documentary Heist: Who Stole the American Dream 

Invite a local insurance agent to lecture and host a Q&A session.  Include career information.

Standards

Content Statement

Indicator

Summarize how investing builds wealth and assists in meeting long- and short-term financial goals.

9.2.12.D.1

Assess factors that influence financial planning.

9.2.12.D.2

Justify the use of savings and investment options to meet targeted goals

9.2.12.D.3

Compare the risk, return, and liquidity of various savings and investment alternatives.

9.2.12.D.5

Explain how government and independent financial services and products are used to achieve personal financial goals.

9.2.12.D.6

Relate savings and investment results to achievement of financial goals.

9.2.12.D.7

Differentiate among various investment products and savings vehicles and how to use them most effectively.

9.2.12.D.8

Compare and contrast the past and present role of government in the financial industry and in the regulation of financial markets.

9.2.12.D.10

Determine the impact of various market events on stock market prices and on other savings and investments.

9.2.12.D.11

Analyze risks and benefits in various financial situations.

9.2.12.G.1

Differentiate between property and liability insurance protection.

9.2.12.G.2

Compare the cost of various types of insurance (e.g., life, homeowners, motor vehicle) for the same product or service, given different liability limits and risk factors

9.2.12.G.3

Evaluate individual and family needs for insurance protection using opportunity-cost analysis.

9.2.12.G.4

Compare insurance policy coverage limits and related premiums and deductibles to minimize costs.

9.2.12.G.5

Differentiate the costs and benefits of renter’s and homeowner’s insurance.

9.2.12.G.6

Explain how to self-insure and how to determine when self-insurance is appropriate.

9.2.12.G.9

Determine when and why it may be appropriate for the government to provide insurance coverage, rather than private industry.

9.2.12.G.10

Chart and evaluate the growth of mid- and long-term investments.

9.2.12.B.9

21st Century Skills and Themes

Interdisciplinary Connections

Career Ready Practices

9.2 Career Awareness, Exploration, and Preparation  

  • Math to evaluate the fluctuations of stock prices
  • CRP8.Utilize critical thinking to make sense of problems and persevere in solving them.
  • CRP11. Use technology to enhance productivity.
  • CRP12.Work productively in teams while using cultural global competence.
  • 9.2.12.C.1 Review career goals and determine steps necessary for attainment.
  • 9.2.12.C.6 Investigate entrepreneurship opportunities as options for career planning and identify the knowledge, skills, abilities, and resources required for owning and managing a business.

Technology Standards - 8.1

F: Critical thinking, problem solving, and decision making: Students use critical thinking skills to plan and conduct research, manage projects, solve problems, and make informed decisions using appropriate digital tools and resources.

  • Identify and define authentic problems and significant questions for investigation.
  • Plan and manage activities to develop a solution or complete a project.
  • Collect and analyze data to identify solutions and/or make informed decisions.
  • Use multiple processes and diverse perspectives to explore alternative solutions.

8.1.12.F.1 Evaluate the strengths and limitations of emerging technologies and their impact on educational, career, personal and or social needs.

Modifications/Accommodations

IEPs

  • Based on student needs various online learning opportunities to reinforce skills or excel.

504s

  • Based on student needs various online learning opportunities to reinforce skills or excel.

ELLs

  • Extended time is allotted for students
  • Visuals/video provided where possible

G/T

  • Projects are designed so teacher may extend criteria based on student needs.
  • Based on student needs various online learning opportunities to reinforce skills or excel.

END OF UNIT


Unit Title

Unit #3. Debit and Credit

Timeframe 

15 days

Unit Summary

Students compare financial institutions and their services.  Through discussion and a game activity, they also weigh the advantages and disadvantages of debit and credit.  Lastly, students examine the role credit scores and credit reporting have on personal finances.

Learning Targets

Essential Questions

  • When is it good to use credit?  When is it good to use debit or cash?
  • Why is building and protecting your credit important?

Enduring Understandings

Students will understand:

  • What are the enduring understandings a student should take away from this unit? Enduring understandings use discrete facts or skills to focus on larger concepts, principles, or processes. They derive from and enable transfer of information across eras, regions, and units of study. Enduring understandings are uncovered through the course of a study. At the dinner table, when a parent asks a student what was learned in class today, the student should be able to respond with an enduring understanding.
  • The definition of financial institutions and identify the services it provides.
  • The differences between debit and credit cards.
  • The benefits and common pitfalls of credit cards.
  • The benefits of debit cards.
  • The definition of credit score and describe how it influences the ability to get credit and borrow money.

Know

By the end of this unit, students will know

  • By the end of this unit, what are the most important facts/concepts/information that students will know? BRIEF, not an exhaustive list of every single piece of information, but those idea which are critical to understanding/success
  • The definitions for
  • Banking
  • Credit
  • Credit reports
  • Credit scores
  • Debit
  • Debt
  • FDIC deposit insurance
  • Identity theft
  • Interest
  • Loans
  • Payment methods

Do

By the end of this unit, students will be able to

  • By the end of this unit, what are the most important skills that the students will be able to do? BRIEF, not an exhaustive list of every single skill, but those skills which are critical to success
  • Identify the pros and cons of using a financial institution like a bank or credit union
  • Given a scenario, apply the best payment method (debit, credit, check, cash, or other)
  • Analyze the parts of a credit card statement
  • Assess the impact of compounding interest and fees on credit card debt
  • Evaluate installment debt offers for student loan debt and an auto loan

Evidence of Learning

Formative

  • Teacher observation during Savvy Shopper Game; Tally Sheet submitted for grading for accuracy
  • JA Debit and Credit Unit Assessment

Summative/ Benchmark

  • Credit card comparison using real credit card offers

Alternative Assessments

There is a project-based alternative unit located in the JA Teacher’s Guide.  

Learning Activities

Lesson Set One--Banking Partners

  • Discussion: To Bank or Not to Bank--What are reasons people use a bank/credit union?  What are some reasons that people don’t?
  • Compare/contrast Banks and Credit Unions by comparing products and services using Bank organizer on pg 46 in student workbook.
  • Using online banking services: paying bills, mobile deposits, online transfers, tracking income and expenditures like checks written and withdrawals
  • Extension Lesson 1: Checks and Checking Accounts-Practice tracking income and expenditures

Lesson Set Two--Personal Spending

  • Have students compare and contrast physical examples of a debit and credit cards
  • Kahoot poll: True/False Debit or credit descriptions
  • Vocabulary review on pg 51 in student workbooks
  • Analyze parts of a sample credit card statement
  • Scenarios Kahoot: choose the best method of paying (debit/credit/cash/check)
  • Methods of building credit: prepaid credit cards

Lesson Set Three--Savvy Shopping

  • Costs and benefits of debit and credit: Savvy Shopper Game
  • Students will submit Tally Sheet for a secondary grade
  • Credit scenarios: working in small teams, identify one advantage and one disadvantage of each of 5 scenarios on pg 55 of student workbook

Lesson Set Four--Managing Credit

  • Parts of a loan: principal, interest, repayment terms, term/length
  • Credit report analysis: look at parts of a real credit report
  • Obtaining a credit report: visit www.annualcreditreport.com the government-sanctioned website
  • Installment debt: Skit role play Extension Lesson 2 on pg 60 and 61.  Assessing the impact of interest on loan repayment.  Students will complete the Buying a Car packet comparing loan offers to select the best deal.  Take it one step further by adding a leasing option into the mix by completing Extension Lesson 4
  • Credit Score Game: football themed game where students answer questions to see how scores can go up and down based on answers to life choices/situations.
  • Impact of identity theft: article on parents stealing kids’ identities.  Extension activity 5--students learn aout steps they van take to help protect their payment cards and personal identity from theft.

Materials / Equipment / Resources

Core Instructional

Materials and Texts

Junior Achievement’s JA Finance Park student workbook and Teacher’s Guide

JA slidedeck for Debit and Credit unit

Equipment

A real debit card and credit card

Supplemental Resources

www.annualcreditreport.com the government-sanctioned website to obtain credit reports

Sample credit reports

Standards

Content Statement

Indicator

Compare and contrast the financial benefits of different products and services offered by a variety of financial institutions.

9.2.12.C.1

Compare and compute interest and compound interest and develop an amortization table using business tools.

9.2.12.C.2

Compute and assess the accumulating effect of interest paid over time when using a variety of sources of credit.

9.2.12.C.3

Analyze the information contained in a credit report and explain the importance of disputing inaccurate entries.

9.2.12.C.5

Explain how predictive modeling determines “credit scores.”

9.2.12.C.6

Evaluate the implications of personal and corporate bankruptcy for self and others.

9.2.12.C.8

Describe and calculate interest and fees that are applied to various forms of spending, debt, and saving.

9.2.12.B.8

21st Century Skills and Themes

Interdisciplinary Connections

Career Ready Practices

9.2 Career Awareness, Exploration, and Preparation  

  • Math to calculate compounding interest
  • CRP3. Attend to personal health and financial well-being.
  • CRP5.Consider the environmental, social and economic impacts of decisions.
  • CRP11. Use technology to enhance productivity.
  • CRP12.Work productively in teams while using cultural global competence.
  • 9.2.12.C.4 Analyze how economic conditions and societal changes influence employment trends and future education.
  • 9.2.12.C.8 Assess the impact of litigation and court decisions on employment laws and practices.
  • 9.2.12.C.9 Analyze the correlation between personal and financial behavior and employability.

Technology Standards - 8.1

D. Digital Citizenship: Students understand human, cultural, and societal issues related to technology and practice legal and ethical behavior.

  • Demonstrate personal responsibility for lifelong learning.

8.1.12.D.2 Evaluate consequences of unauthorized electronic access (e.g., hacking) and disclosure, and on dissemination of personal information.

Modifications/Accommodations

IEPs

  • Extended time is allotted for students when directed by IEP’s or 504 plans.
  • Projects are designed so teacher may add or omit criteria based on student needs.

504s

  • Extended time is allotted for students when directed by IEP’s or 504 plans.
  • Projects are designed so teacher may add or omit criteria based on student needs.

ELLs

  • Shortened assignments
  • Electronic translators.
  • Provide work for completion or understanding to ELL teacher to continue during ELL class

G/T

  • Projects are designed so teacher may extend criteria based on student needs.

END OF UNIT


Unit Title

Unit #4. Budgeting

Timeframe 

25 Days

Unit Summary

Students discover the importance of spending money wisely and identify a budget as a valuable tool.  Students create personal budgets and evaluate other budgets through case-study analysis.

Learning Targets

Essential Questions

  • What is a budget?
  • How do you make a budget?
  • What makes a budget a good one?

Enduring Understandings

Students will understand:

  • What a budget is
  • How to construct a budget
  • How to adjust a budget

Know

By the end of this unit, students will know

  • The characteristics of a good budget
  • What needs and what wants are

Do

By the end of this unit, students will be able to

  • Construct a realistic and flexible budget
  • Balance needs against wants
  • Control impulse spending

Evidence of Learning

Formative

  • Misconception Check: characteristics of a “good” budget.
  • Research apartments
  • Create a sample budget using Extension Activity 2 on pg 78 and 79 of the student workbook.

Summative/ Benchmark

Create and adjust a budget by adopting a life scenario (an extension of the practice High School Scenario).  Students will have “life bombs” randomly dropped that students will have to account for in their budgets and adjust accordingly.  Use

Alternative Assessments

There is a project-based alternative unit located in the JA Teacher’s Guide.  

Learning Activities

Lesson Set One: Think Before You Spend

  • Given an imaginary amount of discretionary income OR think of a week’s worth of expenditures or purchasing decisions.  Can also use the Purchase List on pg 10 of the Teacher’s Guide instead if a student isn’t comfortable sharing that information
  • Calculate the sales tax on eligible items
  • In two large groups, kids will take turns sharing items from their expenditure list.  The other group members will categorize them as Needs or Wants on pg 68 of their student workbook
  • Google Forms formative assessment
  • Complete the My Future Goals worksheet on pg 69 in student workbook.
  • Differentiate between short-term, mid-range, and long-term goals.
  • Give students time to think about tactics stores use to encourage impulse buying.  Do these techniques vary between online and brick-and-mortar stores?
  • Solicit and/or give examples of impulse buying.  Analyze the tactics used by retailers.

Lesson Set Two: What is a budget?

  • Using the Needs and Wants to pg 68, transfer them to individual index cards.  Categorize them based on similarities.  
  • Look at the Budget Categories Worksheet on pg 72 for typical household.
  • Fill in a category heading in the inner circle and have them suggest detailed items for that category in the outer circle.
  • Loot at household “averages” for that category.  Research the national household average income from the Bureau of Labor Statistics www.bls.gov and then look up average from our local area.
  • Formative Assessment: Research local apartments to see whether current budget will accommodate independent living.
  • Use Slide 15 in the slidedeck and review the steps for creating a budget based on NMI (Net Monthly Income).  Include needs and discretionary spending.  Highlight the concept of PYF (Pay Yourself First) as a method of saving.
  • Evaluate the parts of a sample budget on pg 73 of student workbook.
  • Complete Extension Activity 1: Working in pairs/trios, evaluate the sample budgets and practice making budgetary systems on pg 77 and answer the questions.
  • Alternative for struggling students (located on pg 20 in the Teacher’s Guide): Practice budgeting time before trying to budget money
  • Formative Assessment: create a budget using Extension Lesson 2 for practice.

Lesson Set Three: Using a budget (requires use of budget created in Lesson Set Two)

  • Balancing opportunity cost and scarcity
  • Mini Economics lesson: packing for a trip with progressively smaller bags but static conditions.  What did you ultimately pack?  What drove those choices?  The study of economics is nothing but weighing the relationship between choice and consequences driven by opportunity cost and scarcity.
  • Earning money to budget: Project
  • Randomly assign one High School Life Scenario card to each small group.  They are to think and roleplay as this scenario’s character.  Using pg 76 in student workbooks, students will prepare a budget based on the financial information provided on the life scenario cards
  • Complete Extension Activity 3 on Paying for Postsecondary education.  Students will explore options to pay for higher education and learn about the consequences of defaulting on student loans.

Lesson Set Four: When Budgets Don’t Stretch Far Enough

  • Alternative Banking: Payday Lenders, Pawn Shops, other predatory lending practices
  • Watch clips from Payday Lending segment of Last Week Tonight with John Oliver
  • Discuss the problems with using a payday loan as a consumer
  • Watch clip from Hardcore Pawn to demonstrate a pawn transaction and one from Pawn Stars for a sales transaction
  • Debt Consolidation and Bankruptcy
  • Explain the process of bankruptcy, starting with debt consolidation
  • Give students a mixed list of dischargeable and non-dischargeable debts written on sentence strips.  In teams, work as a running relay to create categorized lists posted around the room.
  • Revisit example credit reports.  Explain impact of bankruptcy on credit report and score.

Materials / Equipment / Resources

Core Instructional

Materials and Texts

Junior Achievement’s JA Finance Park student workbook and Teacher’s Guide

JA slidedeck for Budget unit

Equipment

Paper copies of standard NJ rental lease agreement

Shopping receipts with sales tax on them

Index cards

Supplemental Resources

JA Budget slidedeck

Bureau of Labor Statistics www.bls.gov 

Sample budget offered by McDonald’s: http://www.alternet.org/news-amp-politics/mcdonalds-counsels-workers-budgeting 

Video clips from Last Week Tonight with John Oliver on Payday Lenders: https://www.youtube.com/watch?v=PDylgzybWAw 

Standards

Content Statement

Indicator

Prioritize financial decisions by systematically considering alternatives and possible consequences.

9.2.12.B.1

Construct a plan to accumulate emergency “rainy day” funds.

9.2.12.B.3

Design and utilize a simulated budget to monitor progress of financial plans.

9.2.12.B.6

Evaluate how media, bias, purpose, and validity affect the prioritization of consumer decisions and spending.

9.2.12.E.3

Determine when credit counseling is necessary and evaluate the resources available to assist consumers who wish to use it.

9.2.12.E.8

21st Century Skills and Themes

Interdisciplinary Connections

Career Ready Practices

9.2 Career Awareness, Exploration, and Preparation  

  • Math to calculate budgetary figures
  • CRP3. Attend to personal health and financial well-being.
  • CRP5.Consider the environmental, social and economic impacts of decisions.
  • CRP7.Employ valid and reliable research strategies.
  • CRP8.Utilize critical thinking to make sense of problems and persevere in solving them.
  • CRP10. Plan education and career paths aligned to personal goals.
  • CRP11. Use technology to enhance productivity.
  • CRP12.Work productively in teams while using cultural global competence.
  • 9.2.12.C.9 Analyze the correlation between personal and financial behavior and employability.

Technology Standards - 8.1

A. Technology Operations and Concepts: Students demonstrate a sound understanding of technology concepts, systems and operations.

  • Select and use applications effectively and productively.

8.1.12.A.4 Construct a spreadsheet workbook with multiple worksheets, rename tabs to reflect the data on the worksheet, and use mathematical or logical functions, charts and data from all worksheets to convey the results.

Modifications/Accommodations

IEPs

  • Use of alternative budget example of budgeting time before budgeting money
  • Extended time is allotted for students when directed by IEP’s or 504 plans.

504s

  • Use of alternative budget example of budgeting time before budgeting money
  • Extended time is allotted for students when directed by IEP’s or 504 plans.

ELLs

  • Use of alternative budget example of budgeting time before budgeting money
  • Provide work for completion or understanding to ELL teacher to continue during ELL class

G/T

  • Projects are designed so teacher may extend criteria based on student needs.
  • Design a spreadsheet for consumers to use to create and monitor their own budgets.  Include links to local resources.

END OF UNIT


Unit Title

Unit #5. Simulation and Debriefing

Timeframe 

7 Days

Unit Summary

Students participate in the JA Finance Park simulation.  They put into action all they have learned in the classroom by making important spending decisions and maintaining a balanced budget.  Following their simulation experience, students participate in a reflective assessment.

Learning Targets

Essential Questions

  • How do you construct and live within a budget?

Enduring Understandings

Students will understand:

  • How to construct and live within a realistic and flexible budget

Know

By the end of this unit, students will know

  • The parts of a budget
  • Information about saving and investment options

Do

By the end of this unit, students will be able to

  • Create a monthly budget using hypothetical life situations
  • Make saving and investment decisions
  • Reflect on their simulation experience

Evidence of Learning

Formative

Each of the four parts has elements embedded that prevent students from moving forward until they have satisfied the criteria for that portion.

Summative/ Benchmark

Simulation and written debriefing

Alternative Assessments

This is offered as a one-day field trip to the JA location or as a four-hour simulation.

Learning Activities

  • Students will complete a four-hour simulation as a capstone.  The program is offered by Junior Achievement’s Finance Park program.  Teacher is able to monitor progress online and the program will not let the student move ahead until they have successfully balanced their budget within parameters.  
  • At the conclusion of the simulation, students will reflect and debrief the experience on pg 81 of student workbook.

Materials / Equipment / Resources

Core Instructional

Materials and Texts

Junior Achievement’s JA Finance Park student workbook and Teacher’s Guide

Equipment

Chromebooks

Supplemental Resources

Student Account Numbers as supplied by Junior Achievement of NJ

Quick-Start Guide supplied by Junior Achievement of NJ

Standards

Content Statement

Indicator

Identify a career goal and develop a plan and timetable for achieving it, including educational/training requirements, costs, and possible debt.

9.2.12.A.2

Summarize the financial risks and benefits of entrepreneurship as a career choice.

9.2.12.A.4

Demonstrate how exemptions and deductions can reduce taxable income.

9.2.12.A.9

Summarize how investing builds wealth and assists in meeting long- and short-term financial goals.

9.2.12.D.1

Assess factors that influence financial planning.

9.2.12.D.2

Justify the use of savings and investment options to meet targeted goals

9.2.12.D.3

Relate savings and investment results to achievement of financial goals.

9.2.12.D.7

Differentiate among various investment products and savings vehicles and how to use them most effectively.

9.2.12.D.8

Determine the impact of various market events on stock market prices and on other savings and investments.

9.2.12.D.11

Analyze risks and benefits in various financial situations.

9.2.12.G.1

Differentiate between property and liability insurance protection.

9.2.12.G.2

Compare the cost of various types of insurance (e.g., life, homeowners, motor vehicle) for the same product or service, given different liability limits and risk factors

9.2.12.G.3

Compare insurance policy coverage limits and related premiums and deductibles to minimize costs.

9.2.12.G.5

Differentiate the costs and benefits of renter’s and homeowner’s insurance.

9.2.12.G.6

Explain how to self-insure and how to determine when self-insurance is appropriate.

9.2.12.G.9

Chart and evaluate the growth of mid- and long-term investments.

9.2.12.B.9

Compare and contrast the financial benefits of different products and services offered by a variety of financial institutions.

9.2.12.C.1

Compute and assess the accumulating effect of interest paid over time when using a variety of sources of credit.

9.2.12.C.3

Describe and calculate interest and fees that are applied to various forms of spending, debt, and saving.

9.2.12.B.8

Prioritize financial decisions by systematically considering alternatives and possible consequences.

9.2.12.B.1

Construct a plan to accumulate emergency “rainy day” funds.

9.2.12.B.3

Design and utilize a simulated budget to monitor progress of financial plans.

9.2.12.B.6

Evaluate how media, bias, purpose, and validity affect the prioritization of consumer decisions and spending.

9.2.12.E.3

21st Century Skills and Themes

Interdisciplinary Connections

Career Ready Practices

9.2 Career Awareness, Exploration, and Preparation  

  • Math to calculate Net Monthly Income
  • CRP3. Attend to personal health and financial well-being.
  • CRP4.Communicate clearly and effectively and with reason.
  • CRP5.Consider the environmental, social and economic impacts of decisions.
  • CRP6.Demonstrate creativity and innovation.
  • CRP7.Employ valid and reliable research strategies.
  • CRP8.Utilize critical thinking to make sense of problems and persevere in solving them.
  • CRP11. Use technology to enhance productivity.
  • 9.2.12.C.1 Review career goals and determine steps necessary for attainment.
  • 9.2.12.C.9 Analyze the correlation between personal and financial behavior and employability.

Technology Standards - 8.1

A. Technology Operations and Concepts: Students demonstrate a sound understanding of technology concepts, systems and operations.

  • Understand and use technology systems.

8.1.12.A.1 Create a personal digital portfolio which reflects personal and academic interests, achievements, and career aspirations by using a variety of digital tools and resources.

  • Select and use applications effectively and productively.

8.1.12.A.3 Collaborate in online courses, learning communities, social networks or virtual worlds to discuss a resolution to a problem or issue.

Modifications/Accommodations

IEPs

  • Extended time is allotted for students
  • Projects are designed so teacher may add or omit criteria based on student needs.

504s

  • Extended time is allotted for students
  • Projects are designed so teacher may add or omit criteria based on student needs.

ELLs

  • Extended time is allotted for students
  • Provide work for completion or understanding to ELL teacher to continue during ELL class

G/T

  • Provide electronic games, lessons, etc to encourage students to expand or move ahead of class learning.

END OF UNIT