THIS WEEK'S LESSON ACTIVITIES
INSTRUCTOR:
Linda Tubman
DATE: CLASS LEVEL: Advanced Basic Skills
Topic: Money-Part 2 (computer use needed)
Lesson Objectives:
The students will:
1) Explain the concepts of owing and tracking money.
2) Compare pros and cons of credit.
3) Create a budget of their own.
CCR Standards Aligned to this Lesson:
RI/RL.4.1, RI/RL.5.1, RI.4.2, RI.5.4, RL.5.4, SL.5.1, SL.5.2, L.4.1, L.4.4, L.4.5, W.5.1
Reading: to include text dependent questions and reading strategies as needed, such as vocabulary,
grammar, spelling, phonics, sentence structure along with writing and listening/speaking activities
throughout the unit.
Reading: www.themint.org Go to “Tips for Teens” tab, then “Owing” tab. Read
“Advantages/Disadvantages of Credit Cards” and “Credit Card Facts”. Back to
“Tracking” tab and read “Your Credit History”. Under “Earning” tab, “How to Decode
Your Paycheck”. “Starting Salaries” and “Sample Budget” handouts included.
Vocabulary: principal, finance charges, collateral, interest rates, bankruptcy, credit
score, advantage, disadvantage, activate, deactivate
Text dependent questions:
Evidence based answers:
Explain 1 advantage and 1 disadvantage of using a
Advantages: Safe
credit card.
alternative to cash, builds
credit history, bails you out
in emergency, gives you
time to pay.
Disadvantages: Too
tempting, carrying a
balance costs, puts you in
debt. (4 advantages and 3
disadvantages on 2 pages
of the same names)
How does a credit card work for you?
When you pay off the entire
balance each month.
(Paragraph 4 in
“Advantages”)
What is meant by declaring bankruptcy?
Having so much debt you
are legally declared unable
to pay. Many states have
you sell your possessions to
help pay. (paragraph 2 in
“Credit Card Facts”)
Turned off, no longer
useable. (Section 2 in
“Credit Card Facts”)
What is a “secured” credit card?
A bank account balance
used as collateral to back
up charges. (Section 6 in
“Credit Card Facts”)
What happens if your credit card is lost or stolen?
Notify the company
immediately. (Section 7 in
“Credit Card Facts”)
What is a credit history?
A record that shows your
borrowing and paying
habits. (Section 8 in “Credit
Card Facts”)
Why do you need to build a credit rating?
To help secure a loan in the
future. (Section 3 in “Your
Credit History”)
What information does a credit report contain?
Personal history:
addresses, Social Security
number, employers, and
estimated income.
(Paragraph 6 in “Your
Credit History”)
How might future employers use credit reports?
Your money habits may
reflect your level of
responsibility. (Paragraph 5
in “Your Credit History”)
What are the three most common mistakes of using
1. Not using credit
credit cards?
cards wisely.
2. Not being organized
in making payments
3. Paying minimum
payments.
(Last section in “Your Credit
History”)
Day 1 As a class, we will read “Advantages/Disadvantages of Credit Cards” and “Credit
Card Facts”. Students will then re-read the text with a partner. In groups, they will
discuss the first 7 text dependent questions, and compile a list of advantages and
disadvantages. (2 hrs.)
Day 2: Students will read “Your Credit History”, and find the answers to the last 4 text
dependent questions. As a class, we will clarify the information, and look at the sample
budget from the website. We will discuss the fixed versus variable expenses. (1 hr.)
Day 3: As a class, we will review the information given in the “How to Decode Your
Paycheck” section under the “Earning” tab. We will discuss required and other
deductions made from a person’s pay, along with reasons for each. (1 hr.)
What does it mean to have a credit card deactivated?
Day 4: We will go over the “Starting Salaries” handout and compare the jobs with the
education needed, and how this is reflected in the salaries. With partners, students will
choose a career and use the budget outline to prepare a budget. (1.5 hrs.)
Day 5: Students will then come up with a budget of their own. If they do not presently
have a job, they can refer to the “Starting Salaries” handout, and choose a career they
may be interested in. In small groups, students will compare budgets, and individually
write an evaluation of which budget is the best use of money and explain why. (2 hrs.)
Language: Use of negative prefixes (advantages/disadvantages, activate/deactivate)
How I will scaffold my lessons to reach all of my students' levels:
We will discuss vocabulary beforehand, clarifying any confusion with similar sounding
words and prefixes which change the meaning of an adjective. We will discuss each
reading section before continuing on. As a class, we will create a chart of advantages
and disadvantages of using cash, check, or credit. Students will work on budgeting
together first, before creating one of their own.
How I will assess my students' mastery of the lessons:
Through observation and discussions about the readings. We will go over a sample
budget together (available to print on web site) and students will then create their own
budget. Students will be able to evaluate and explain a good budget is.
My reflections of the lessons (what worked, what didn't, what I might change for
next time):
Starting Salaries
Looking at careers? Check out these median (in the middle) annual salaries (2006)* For many occupations, an advanced degree – more than a college
degree – will increase your earning power.
Occupation
Starting Salary
Education Required
Accounting
$54,630
4-Year College Degree
Athletic Trainer
$36,560
4-Year College Degree
Chemical Engineer
$78,860
4-Year College Degree
Computer Scientist
$93,950
4-Year College Degree or more
Database Administrator
$64,600
4-Year College Degree
Dentist
$136,960
Graduate Degree
Desk Top Publishing
$34,130
4-Year College Degree
Electrical Engineer
$75,930
4-Year College Degree
Graphic Designer
$39,900
2 or 4 Year Degree
HR Employment Specialist
$42,420
4-Year College Degree
HR Compensation Manager
$66,530
4-Year College Degree
Industrial Designer
$54,560
4-Year College Degree or more
Industrial Engineer
$68,620
4-Year College Degree
Landscape Architect
$55,140
4-Year College Degree
Lawyer
$102,470
Law Degree
Occupational Therapist
$60,470
Master’s Degree
Optometrist
$91,040
Master’s Degree
Physical Therapist
$66,200
Master’s Degree
Physician – Anesthesiology
$259,948
Medical Degree
Physician – Family Practice
$137,119
Medical Degree
Physicians Assistant
$74,980
2 years college plus 2-yr program
Radiology Technicians
$47,170
2-Year Degree
Registered Nurse
$57,280
2- or 4-Year degree plus
Social Worker – Hospital
$48,420
Master’s Degree
Teacher – Special Education
$47,650
Master’s Degree
Veterinarian
$71,990
Veterinary Degree
Find out more about these and more careers, including what the work is like.
http://www.bls.gov/ooh/
*Occupational Outlook Handbook, 2008-2009 Edition
Career exploration
Do you have no idea what to do for a career? That is not unusual. Take the time to look around. You may find a career that you never thought about!
Try these sites.
Explore What Work Is Right for You – The World of Work Map
Career Voyages - What’s new, what’s hot, career videos and more.
STEM: Science, Technology, Engineering and Mathematics - Take a look at careers you may not have thought about.
Lesson Plan: Budgeting Your Financial Resources
Sonny Cruz, a full-time tour guide, has an annual salary of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is
what Sonny's monthly budget looks like:
Income (after tax & health insurance)
$1000
Savings interest earned
$
Total Income
$1004
4
Fixed Expenses
Housing/Utilities
$350
Telephone
$ 30
Transportation
$200
Credit/Student Loan
$100
Savings
$ 71
Total Fixed Expenses
$751
Variable Expenses
Clothing/Personal Care
$ 50
Food
$110
Household Supplies
$ 25
Medicine/Health Supplies
$ 18
Entertainment
$ 50
Total Variable Expenses
Total Expenses
$253
$1004
Comparison
Total Cash Available
$1004
Less Total Expenses
$1004
Cash Balance
$
0