Contents
GEAR UP 7th Grade Financial Literacy Program for 2015 – 2016 .................................... 2
Schedule .............................................................................................................................. 2
Course of Study Mapping by Lesson .................................................................................. 4
Resources are Scarce....................................................................................................... 4
Making Decisions ........................................................................................................... 4
Economic Way of Thinking ............................................................................................ 4
How to REALLY Be a Millionaire ................................................................................. 5
7th Grade Financial Literacy Pre-Test ................................................................................ 6
7th Grade Financial Literacy Post-Test .............................................................................. 8
GEAR UP 7th Grade Financial Literacy Program for 2015 – 2016
The elements of the seventh grade financial literacy program include a pre- and post-test
and four lessons based on the theme “The Economic Way of Thinking”. The curriculum
comes from the Council on Economic Education and their Financial Fitness for Life
series. A flash drive – Virtual Economics 4.5 -- containing all of the lessons and student
materials (and more) is available at no charge to teachers from the Alabama Council for
Economic Education while grant funding lasts. Contact your Site Facilitator for more
information on obtaining the flash drive. You may purchase hard copies of the materials
from the Council for Economic Education’s website:
http://store.councilforeconed.org/t/categories/financial-fitness-for-life/s/ascend_by_name
For program evaluation purposes, we ask that you administer the pre-test just prior to the
first lesson and administer the post-test just after the last lesson. We also need a record of
attendance for each day that the material is taught. Using the form provided in this
package, please enter the dates that each lesson is taught, the list of students in your class
and then simply place an “X” in the appropriate box for each student present for a given
lesson. In order to keep parents informed regarding what the students are learning in
class, please send home the parent guide on the day of the first lesson. For seventh grade,
you will need to print and reproduce page 2-8 of the guide that can be found here:
http://www.councilforeconed.org/wp/wp-content/uploads/2011/12/978-1-56183-699-4low-res.pdf
Schedule
7th Grade
Economic Way of Thinking
Theme
November 2015
PRE-TEST
December 2015
January 2016
February 2016
Resources are Scarce (two periods)
Making Decisions (two periods)
The Economic Way of Thinking (two periods)
How to REALLY Be A Millionaire (one period)
POST-TEST (3/31)
The schedule above shows target dates for completing the pre-/post testing and various
lessons by grade level. We recommend delivering the lessons in this sequence if possible
based on the various elements of the course of study to which they relate.
At most, we are recommending one financial literacy lesson per month. However, most
lessons will require two, 45-minute class periods to complete. One way to incorporate
these lessons would be to designate 1-2 Fridays per month as “Financial Friday”. That
way, if a particular lesson has only a loose tie to required curriculum, a Financial Friday
could be inserted just after a unit test but before moving on to new material.
Course of Study Mapping by Lesson
Resources are Scarce
Social Studies

Civics
o (8) Appraise the relationship between the consumer and the marketplace in
the economy of the United States regarding scarcity, opportunity cost,
trade-off decision-making and the stock market.
Making Decisions
Mathematics

Expressions and Equations (EE)
o Solve real-life and mathematical problems using numerical and algebraic
expressions and equations.
Social Studies

Civics
o (8) Appraise the relationship between the consumer and the marketplace in
the economy of the United States regarding scarcity, opportunity cost,
trade-off decision-making and the stock market.
Economic Way of Thinking
Mathematics

The Number System (NS)
o Apply and extend previous understandings of operations with fractions to
add, subtract, multiply and divide rational numbers.
Social Studies

Civics
o (8) Appraise the relationship between the consumer and the marketplace in
the economy of the United States regarding scarcity, opportunity cost,
trade-off decision-making and the stock market.
How to REALLY Be a Millionaire
Social Studies

Civics
o (8) Appraise the relationship between the consumer and the marketplace in
the economy of the United States regarding scarcity, opportunity cost,
trade-off decision-making and the stock market.
7th Grade Financial Literacy Pre-Test
Name: _________________________________________________________________
Directions: For each of the following questions, circle the letter that corresponds with the
best answer.
1. Choices have to be made because:
a. Costs are limited.
b. Wants are limited.
c. Resources are limited.
d. Consequences are limited.
2. The phrase “There’s no such thing as a free lunch,” refers to the fact that:
a. The use of resources has a cost.
b. Shortages are good for consumers.
c. Discount coupons reduce prices to zero.
d. Wants are limited and resources are unlimited.
3. Suppose a local government decides to spend more of its funds on public school
education and less on roads. This situation illustrates which point about the
economic way of thinking?
a. People’s resources are unlimited.
b. People’s wants are relatively limited.
c. Every choice involves an opportunity cost.
d. The cost of a choice is greater than the benefit.
4. The opportunity cost of a decision is the:
a. Money spent making the decision.
b. Worst choice that could have been made.
c. Value of the next best alternative not chosen.
d. Total benefits expected from all forgone opportunities.
5. Which is an example of the effect of an economic incentive?
a. Assisting the poor to help others.
b. Buying something because it is on sale.
c. Exercising at the gym to feel physically fit.
d. Giving up a part-time job to have more time with friends
6. A $400 tax is placed on all sports cars and this increases the price of sports cars.
The economic way of thinking suggests that:
a. Fewer sports cars will be sold.
b. More sports cars will be sold.
c. The production of sports cars will cease to exist.
d. The production of sports cars will be more profitable.
7. Which is a primary reason for planning and thinking before buying something?
a. To reduce your income.
b. To encourage impulse spending.
c. To make decisions in the fastest way possible.
d. To get the item that best satisfies your wants.
8. Which is the first step on the decision-making process?
a. Identify the goals.
b. State the problem.
c. List the alternatives.
d. Evaluate the alternatives.
9. Roxie ordered a hamburger after quickly looking at the menu. Later, she found
out the restaurant offered Reuben sandwiches, and she wished she had ordered
one. Which step of the decision-making process did Roxie do a poor job of
following?
a. Knowing the problem
b. Identifying the criteria
c. Evaluating the alternatives
d. Identifying the alternatives
10. Sally can shop at two grocery stores. The closest one to her has less variety and
higher prices, while the farther one has more variety and lower prices. Sally
shops at the closest one. Which factor did Sally give the most weight to in her
decision?
a. Low prices
b. More variety
c. A near location
d. The number of stores
7th Grade Financial Literacy Post-Test
Name: _________________________________________________________________
Directions: For each of the following questions, circle the letter that corresponds with the
best answer.
1. Choices have to be made because:
a. Costs are limited.
b. Wants are limited.
c. Resources are limited.
d. Consequences are limited.
2. The phrase “There’s no such thing as a free lunch,” refers to the fact that:
a. The use of resources has a cost.
b. Shortages are good for consumers.
c. Discount coupons reduce prices to zero.
d. Wants are limited and resources are unlimited.
3. Suppose a local government decides to spend more of its funds on public school
education and less on roads. This situation illustrates which point about the
economic way of thinking?
a. People’s resources are unlimited.
b. People’s wants are relatively limited.
c. Every choice involves an opportunity cost.
d. The cost of a choice is greater than the benefit.
4. The opportunity cost of a decision is the:
a. Money spent making the decision.
b. Worst choice that could have been made.
c. Value of the next best alternative not chosen.
d. Total benefits expected from all forgone opportunities.
5. Which is an example of the effect of an economic incentive?
a. Assisting the poor to help others.
b. Buying something because it is on sale.
c. Exercising at the gym to feel physically fit.
d. Giving up a part-time job to have more time with friends
6. A $400 tax is placed on all sports cars and this increases the price of sports cars.
The economic way of thinking suggests that:
a. Fewer sports cars will be sold.
b. More sports cars will be sold.
c. The production of sports cars will cease to exist.
d. The production of sports cars will be more profitable.
7. Which is a primary reason for planning and thinking before buying something?
a. To reduce your income.
b. To encourage impulse spending.
c. To make decisions in the fastest way possible.
d. To get the item that best satisfies your wants.
8. Which is the first step on the decision-making process?
a. Identify the goals.
b. State the problem.
c. List the alternatives.
d. Evaluate the alternatives.
9. Roxie ordered a hamburger after quickly looking at the menu. Later, she found
out the restaurant offered Reuben sandwiches, and she wished she had ordered
one. Which step of the decision-making process did Roxie do a poor job of
following?
a. Knowing the problem
b. Identifying the criteria
c. Evaluating the alternatives
d. Identifying the alternatives
10. Sally can shop at two grocery stores. The closest one to her has less variety and
higher prices, while the farther one has more variety and lower prices. Sally
shops at the closest one. Which factor did Sally give the most weight to in her
decision?
a. Low prices
b. More variety
c. A near location
d. The number of stores