Teach 21 Instructional Guide
Title:
The Cost of Living Real Life
Suggested Quarter: 2nd
nine weeks
NxG CSOs:
SS.12.E.9 simulate managing the income and expenses of a household:
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determine what makes up the cost of living and how it varies in different locations.
savings for emergency situations and long-term goals.
utilizing traditional and online banking services as well as examining fees, services, and
hidden costs of checking, savings, debit cards, Certificates of Deposit, etc..
construct, analyze and monitor personal budgets,
examine the causes of bankruptcy and how to avoid them.
complete Federal and State income tax forms and examine other state and local taxes.
SS.12.E.10 examine the advantages and disadvantages of different types of consumer debt to
make sound financial decisions (e.g., home loans, credit card debt, automobile loans, pay-day
loans and rent-to-own).
Learning Skills and Technology Tools CSOs:
Objective
Information &
Communication Skills
21C.O.9-12.1.LS1 Student recognizes
information needed
for problem solving,
can efficiently
browse, search and
navigate online to
access relevant
information, evaluates
information based on
credibility, social,
economic, political
and/or ethical issues,
and presents findings
clearly and
persuasively using a
range of technology
tools and media.
Teaching Strategies
Teacher will monitor
students as they work.
Evidence of Success
Observations,
monitoring, peer
evaluations, selfTeacher will check for evaluations,
understanding as
discussions, teacher
students gather their
feedback, and
information.
formative assessments
21C.O.9-12.1.TT.1
Student makes
informed choices
among available
advanced technology
systems, resources
and services (e.g.,
global positioning
software, graphing
calculators, personal
digital assistants, web
casting, online
collaboration tools)
for completing
curriculum
assignments and
projects and for
managing and
communicating
personal/professional
information.
Thinking & Reasoning
Skills
Personal & Workplace
Skills
21C.O.9-12.2.LS3 Student engages in a
problem solving
process by
formulating questions
and applying complex
strategies in order to
independently solve
problems.
21C.O.9-12.2.TT.4
Student uses
technology tools and
multiple media
sources to analyze a
real-world problem,
design and implement
a process to assess the
information, and chart
and evaluate progress
toward the solution.
21C.O.9-12.3.LS3 Student demonstrates
ownership of his/her
learning by setting
Teacher will lead and
facilitate class
discussions about
personal finance and
financial
management.
All students will
participate in
classroom discussions
and
question/answering
sessions.
Teacher will prompt
students to conduct
critical thinking and
problem solving.
Students will create a
personal budget.
Teacher will provide
chances for students
to work independently
to solve problems.
Teacher will teach a
lesson on the different
components of a
personal budget.
Students will create a
personal budget
Students will
complete activities
goals, monitoring and
adjusting
performance,
extending learning,
using what he/she has
learned to adapt to
new situations, and
displaying
perseverance and
commitment to
continued learning.
Guest speakers will
demonstrate personal
finance activities.
assigned from the
guest speakers.
Self-reflections
Teacher Feedback
21C.O.9-12.3.TT.2
Student works
collaboratively to
acquire information
from electronic
resources, conducts
online research, and
evaluates information
as to validity,
appropriateness,
usefulness,
comprehensiveness
and bias.
Performance Objectives: (Know & Do)
KNOW:
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DO:
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The importance of managing finances
Personal Finance vocabulary
Differences between the cost of living for different geographic locations
How to define income
How to define expenses
The components of cost of living
Percent of income to save for emergencies or further goals
How to access online banking materials
How to create a personalized budget
Understand the effects of bankruptcy
Understand tax procedures (knowing what forms to fill out for federal and
state taxes)
Manage their finances
Differentiate between gross income and net income
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Explain personal expenses
Identify the components of cost of living
Calculate living expenses
Calculate savings based upon their income to save for emergencies or further goals
Create a personalized budget
Research the effects of bankruptcy
Examine the effects of bankruptcy
Discuss the effects of bankruptcy
Complete Federal and State income tax forms
Big Idea:
Personal finance is a life skill that can be applied to personal life or a career.
Personal finance prepares students and adults to plan for the future
and to accomplish financial goals.
Enduring Understandings:
Essential Question:
What is personal finance?
Why is personal finance important?
Why save money?
Why is a budget important?
Learning Plan and Notes to Instructor:
Stage 1: Teacher will introduce personal finance and the vocabulary associated with this topic.
The following vocabulary will be discussed:
Budget, income, gross income, net income, net loss, expenses, federal taxes, state taxes, personal
budget, personal income statement. Students will define each word through their research.
Stages 2, 3, and 4: The teacher will invite an accountant, a tax representative, and a banker to
come talk to the class. They will speak about budgets, finances, personal finances, checkings,
savings, loans, taxes, incomes, revenues, etc. The guest speakers will provide activities
associated with opening checking/savings accounts, completing federal and state tax forms,
completing a personal budget. The speakers will demonstrate each activity and students will
complete the activity with guided practice from the speaker. Students will have a chance to ask
questions. (Refer to Academic Prompt 1)
Stages 5 and 6: The teacher will facilitate a class discussion to discuss what was learned from
each activity. All students are expected to participate in the class discussion. After the
discussion, students will research insurance options for house (renting), health, automobile, and
life. The students will determine the amount and type of insurance needed for a car and a house.
A report must be written to describe the insurance each student has chosen. (Refer to Academic
Prompt 2)
Next, the teacher will begin discussing the next activity which will be a simulation in which
students will be grouped based on a job they are assigned and will go through the necessary costof-living activities to understand how it relates to real life.
Stages 7 and 8: Simulation Activity: Students will be assigned a career from the following careers:
doctor, lawyer, teacher, accountant, and receptionist. (This was predetermined by the teacher, and
students will draw note cards to determine their career.) Students will go to different stations (tables) to
obtain a house or pay rent, buy a car, get a pay check, obtain insurance, set a budget, opening a
checking/savings account, fill out tax form, etc. This will span two class periods. (Refer culminating
assessment)
Final Stage: Review and discuss the simulation activity. All students will participate and discuss
what was leraned. The teacher will prompt students with questions about what they learned and
how they feel the activity relates to real life.
Academic Prompts:
Academic Prompt 1:
You are to create a personal budget for a month and a year.
(see attached rubric)
Academic Prompt 2:
You are to research and determine the amount of insurance you need for a car and house that you
want to obtain. Keep in mind your career choice. You must type a report stating the type of
insurance you need and why you must have it.
(see attached rubric)
Culminating Assessment or Product:
Congratulations! Today you were hired as _______________ (doctor, lawyer, teacher, accountant,
and receptionist), but before you get paid you must fill out the required paper work. You need to
visit your work station and complete the necessary papers. You have to complete federal and
state tax forms.
After you have filed the correct paperwork, you are ready to open a checking and savings
account. Your employee card (obtained from your employer) will tell you how much you make
per pay period and how many pay periods you receive.
Next, you have to buy or rent a house. You must decide upon the costing of living and your job.
Once you have made a housing decision, it is time to open a checking/savings account, buy a car,
obtain insurance for the house and car, and set a personal budget to afford the above required
cost of living items.
(see attached check sheet)
Links and Other Resources:
Related Rubrics:
Academic Prompt Rubric 1
Academic Prompt Rubric 2
Student Materials:
Culminating Assessment Check Sheet
Related Websites:
http://www.investopedia.com
http://www.businessdictionary.com
Contact Author: Tiffany McMahan
Name and Email Address tdmcmahan@access.k12.wv.us
Academic Prompt 1 Rubric
8-7
Problemsolving
6-5
Thoroughly thinks Thinks through
through the process the process of
of creating a
creating a budget.
budget.
4-3
2-1
Does not think
through the entire
process of creating
a budget.
Does not think
through the
process of
creating a
budget.
The budget is not
Attractiveness The budget is well The budget is
formatted
organized and lacks
& Organization organized and
attractive.
correctly but lacks attractiveness.
attractiveness.
Timemanagement
Student uses time Student usually
wisely to devise an uses time wisely
appropriate budget. to devise an
appropriate
budget.
Quality of
Work
Student’s work is
of high quality.
The student
procrastinated and
did not devise an
appropriate budget.
The budget’s
formatting and
organization is
confusing.
Student showed a
lack of timemanagement and
did not devise a
budget.
Student’s work is Student’s work
Student’s work
somewhat of high lacks some quality needs to be
quality.
and could be
redone to be
revised.
considered
quality work.
Academic Prompt 2 Rubric
8-7
6-5
4-3
2-1
Organization
Information is
Information is
Information is not
organized into
organized, but
well organized.
paragraphs, makes lacks readability.
sense, and is easy
to follow.
Lacks information
and what
information is
there is not
organized.
Quality of
Work
Student’s work is Student’s work is Student’s work
of high quality.
somewhat of
lacks some quality
high quality.
and could be
revised.
Student’s work
needs to be redone
to be considered
quality work.
Grammar
No grammatical,
spelling or
punctuation
errors.
A few
grammatical,
spelling or
punctuation
errors.
Sources
All sources are
documented
accurately.
All sources are
Some sources are
documented, but documented.
are inaccurate.
Some grammatical, Many
spelling or
grammatical,
punctuation errors. spelling, or
punctuation errors.
No sources are
documented.
Culminating Assessment Check Sheet
_____ Student participation throughout the entire activity
_____ Student visited station 1 (Tax Forms)
_____ Student visited station 2 (banking station)
_____ Student visited station 3 (house)
_____ Student visited station 4 (car)
_____ Student visited station 5 (insurance)
_____ Student visited station 6 (financial advisor to set budget)
_____ Student completed all stages of this activity