Are you a Budget Hero?
1471 Financial Analysis for Managers
TOPIC OR UNIT OF STUDY
Financial Analysis – Budget creation & application
CONTENT STANDARD(S) AND OBJECTIVE(S)
 Develop company’s/department’s budget
 Allocate budget
INTRODUCTION
Budgeting requires a knowledge of the company and access to historical data. Anyone can develop a
budget if they have the right information. Budgets are important for everyone, from individuals, to small
businesses, large businesses, and even our government. For this unit we will review budgeting essentials
by looking at the Federal budget.
ESSENTIAL QUESTION
How are percentages used in budgets, and what basic essentials do you need to know to create a budget?
INTEGRATION OF ACADEMICS, TECHNOLOGY, ENTREPRENEURSHIP
To complete this project, students will use basic terms and concepts, to complete the following academic,
technology, and entrepreneurship activities:
1. Academic activities – concept analysis, critical thinking, & writing;
2. Technology activities – website usage, use of MOS Word;
3. Entrepreneurship activities – building knowledge of accounting and financial information needed
by business owners.
STUDENT INVOLVEMENT IN PLANNING PROCESS
Students will help decide which websites to use for the budget research in Activity 1.
TASK(S)
 Build understanding of concepts with research in Activity 1
90 min
 Practice budget knowledge with interactive game in Activity 2, then do questions
90 min
 Write a reflection of the game using terms from research in Activity 3
90 min
RESOURCES
Websites: http://www.desjardins.com/en/particuliers/conseils/gerer-finances/budget-mensuel/calculezdepenses.jsp
http://www.mathmarketing.com/how-to-allocate-limited-budget
http://www.bankrate.com/finance/financial-literacy/secrets-to-creating-a-budget-1.aspx
http://frugalliving.about.com/od/frugalliving101/ht/Frugal_Budget.htm
http://christianpf.com/how-to-make-a-budget/
http://www.marketplace.org/topics/economy/budget-hero
TECHNOLOGY USE
Computers, Websites listed above & Internet Browser, and Microsoft Word.
EVALUATION
1-Activity 1 – building understanding with researching concepts
20 pts
2-Activity 2 – playing interactive budget game, then completing questions
20 pts
3-Activity 3 – writing a reflection on the activity connecting it to research
25 pts
Total points for these activities
65 pts
Authentic assessments will be evaluated with the rubrics that are located on each activity.
TIMELINE
Block scheduling-3 days, periods-6 days. This includes time for lecture, textbook readings, and discussions.
Depending on student’s ability, extended time may be needed on some projects.
Day 1 Build understanding of concepts with research in Activity 1
90 min
Day 2 Practice budget knowledge with interactive game in Activity 2, then do questions 90 min
Day 3 Write a reflection of the game using terms from research in Activity 3
90 min
CONCLUSION
At the conclusion of this unit, students will have a working knowledge of the basic essentials of budgeting,
and will have practiced working with budgets on the Federal Budget. They will practice development and
review how adjustments to the budget can change organizational decisions.
Build Understanding
In order to create or develop a good product, we must fully understand the basics of that product. A
budget is the same. So before we can start creating a budget we need to understand some basic
features of a budget and the steps to create one.
The following websites are being provided to help you build our understanding. As a class you will fill
the empty spaces with additional sites to be used by the class.
Site #
1
2
URL addresses:
http://www.desjardins.com/en/particuliers/conseils/gerer-finances/budget-mensuel/calculezdepenses.jsp
http://www.mathmarketing.com/how-to-allocate-limited-budget
3
http://www.bankrate.com/finance/financial-literacy/secrets-to-creating-a-budget-1.aspx
4
http://frugalliving.about.com/od/frugalliving101/ht/Frugal_Budget.htm
5
http://christianpf.com/how-to-make-a-budget/
6
7
8
9
Using the websites provided, answer the following questions, and list the site used from above:
Q# Question
Answer
1. What are the three major marketing
streams?
2. What are the two rules to consider when
allocating funds between the three major
marketing streams from #1?
3. When creating a budget, how can looking at
history of spending help us for future
budgets?
4. How can you prioritize spending?
5.
6.
What does it mean to “live within your
means”, and why is that important in
budgeting?
Is it appropriate to change your budget?
Site
7.
Give 5-7 steps to creating a budget?
8.
What should be the GOAL of your budget?
9.
Give a tip for how you can stay within your
budget?
10.
Define the term “budget allocation”.
11.
How often is a budget usually set and
reviewed?
12.
How are budgets typically adjusted?
Grading for worksheet:
Points possible
Grading Criteria
Points scored
0.50 pt each
Question answered, used good grammar or spelling
___ of 6 pts
0.75 pt each
Question answered with complete detail, using proper terminology
___ of 9 pts
0.25 pt each
Website listed where source for answer came from
___ of 3 pts
0.50 pt each
Added own websites for research
___ of 2 pts
Total Points
Student answers will vary based on site chosen to help with research.
____ of 20 pts
Play Interactive Budget
Now that we have built a knowledge base amount HOW to budget, let’s try out our skills on one of the
hardest budgets of all – the Federal Budget.
The link below will take you to a budget simulation game for the Federal Government. Using your budget
understanding, review the game rules & create your own budget for the country. Compare your budget to
the country’s current budget & answer the questions below.
Game Link: http://www.marketplace.org/topics/economy/budget-hero
Tips:



Do not register – it is not necessary to play the game
When choosing budgets, do not choose something you are not willing to spend
money on. You do not have to choose more than one so start easy – just choose
one!
When you click on a building & the cards appear, click on the left card & read through them
before choosing any.
Questions regarding game:
1. What was the biggest card you played? (1 pt)
_____________________________________________________________________________
2. Which category did you have the most cards played in? (1 pt)
_____________________________________________________________________________
3. Name one card you played in each of these categories: (9 pts)
Taxes: _______________________________________________________________________
Social Security: ________________________________________________________________
Health Care: __________________________________________________________________
Infra-structure: _________________________________________________________________
Misc.: ________________________________________________________________________
Housing & Leaving: _____________________________________________________________
Science & Nature: ______________________________________________________________
School & Kids: _________________________________________________________________
Defense: _____________________________________________________________________
4. What badges did you choose: (1 pt)
_____________________________________________________________________________
5. Did you run in a deficit or surplus? (1 pt) ____________________________________________
6. What size government did you have, big or small? (1 pt) _______________________________
7. Compare your budget to other people your age. How did you compare? (2 pts)
_____________________________________________________________________________
8. Paste a print screen of your results page – titled “Your 10 Year Budget Impact” (2 pts)
9. Past a print screen of your budget screen with the gages. (2 pts)
Name:
Total points earned _____ of the 20 points possible.
Reflection
Using the data collected from the game, and your research collected, create a 1 to 1 ½ page reflection of
the game and it’s connection to researched terms/topics.
Paper Requirements:
Choose 3-4 specific topics to discuss in your reflection. Give your opinion of that topic and connect the
research to your reflection by adding specific details.
Grading rubric:
Points Topic
6
Minimum of 3 topics discussed, giving opinion and details backing your opinion (2 pts each)
6
Connection of research to each topic (2 pts each)
3
Sufficient amount of details given on each topic to full the page requirements. (1 pt each)
5
5
Mechanics – correct grammar & spelling used
Arial or Times New Roman font, no larger than 12 pt, no more than 1.5 line spacing, title at top,
header containing name & class, footer containing page numbers
Total points
25