Intro to Depository Institutions

EQ - How can bank accounts benefit me?

1. Activator – How does the banking system work
1.  Draw and label a picture of how you believe the banking system works
2. Chalk Talk – How banks work
3. AP – Update your picture and summarize how banks work on the back of your paper
4. AP – Reading Response Questionnaire
1. What are savings and checking accounts, and how do they differ?
2. How can opening a bank account help you learn to budget? Why is this important, especially if you use a debit card?
5. Discussion Question - How do you know which bank is right for you?
6. Shared Inquiry - Did You Know
1. Identify unknown words
2. Identify questions you have
3. Discussion 
7. AP - Top 3 - Identify and Rank
1.  Students partner up to list as many reasons as they can to explain why bank accounts are important.
2. Groups will list reasons on the board and then explain why they believe their group has the best reasons.
3. TOD - Students will individually rank their top 3 reasons that teens should learn about banks and bank accounts?

Homework - Complete the Note Taking Guide and be prepared to use the information tomorrow in class.  Intro to Depository Institutions PPT - CLICK HERE FOR THE PPT

Budgeting Quiz

Toni Joe is a chef living in Manhattan.  She earns $70,000 annually BEFORE taxes.  She estimates that she will pay 32% of her earnings in taxes and other deductions.  She hasn't missed a day of work in 4 years because she, in her words, "never gets sick."  She "saves" money by not participating in the health insurance plan at work.  She'd rather pay the 2% penalty than the monthly premium.  Because she lives close to the restaurant, Toni doesn't use a vehicle, but instead uses the Subway.  Her monthly pass costs $150.  Her apartment is a small studio apartment in the city and costs $1250 each month.  Due to the higher cost of living, her grocery bill is $200 per month.  She spends approximately $100 on clothing, $75 on her cell phone, and $200 on entertainment each month.  She is unwilling to spend less on entertainment because she believes if you work hard, you should enjoy your time off.  At home, she has an Internet package that costs $60/ mo. so she can watch Netflix.  She pays approximately $150 each month for utilities and takes good care of Cheetah, her pet cat by spending $30 each month.  She assumes that her miscellaneous expenses include household items and hygiene items that cost $55 total each month.

Use the information listed above to complete the following:

1. Create a monthly budget based on her plan (include all parts required as discussed in class).
2. Identify areas that should be modified AND show these modifications next to the original budget you created.
3. Justify in writing - Explain why you made these recommended changes AND describe how they will positively impact her financial stability in the future

Sonny Letter Review

Directions

1. Review your letter to Sonny.
2. Identify all comments that apply to your letter.
3. Copy and paste the comments that apply to the bottom of your letter.
4. Revise your letter to make it amazing!
5. When you have finished, please review the Unit Map and begin preparing a study guide.

Sonny Advice Letter Comments 

1. Organize your multiple ideas into multiple paragraphs (1 main idea per paragraph).
2. Watch out for run on sentences.
3. How can calculating the percentages spent on each category better convince Sonny to follow your advice?  Implement these calculations when necessary.
4. How does your recommended control system work?  Can you provide a description of what this may look like for Sonny?
5. Check your spelling and grammar (sometimes even spell check misses errors). 
6. You convinced me to review some items in my budget!  
7. You may want to be nicer to Sonny; its only his first time budgeting.
8. Great job!  Sonny is lucky to have you!
9. With some revision, this will be the best letter of advice ever!
10. Feel free to ask for help if you need it.  I will gladly meet with you during a Tribe Time to help you with this composition.

Intro to Budgeting

Unit Exam

EQ - How are income and expenses classified?

EQ - How is a budget created?

1. Activator - Chalk Talk
1. What do adults pay for on a monthly basis?
2. White Board Groups - Estimations
2. Mini Lesson - Cash Flows
3. Spending Plan - Advanced Organizer
4. Spending Plan - PowerPoint
• Classifying Income and Expenses  (LEQ 1)
• Spending Plan Development Process (LEQ 2)
• Components of Spending Plans  (LEQ 2)
• Identifying Spending Plan Components (LEQ 1 & 2)
5. TOD - Today's Meet (CLICK HERE FOR LINK)
• List the steps of creating a spending plan.
• Muddy Points

Completing Your Tax Return

EQ - How do I prepare a tax return?

1. Activator: Costs of doing taxes
2. Vocabulary Preview - The Language of Taxes
3. Start Here
4. Simulation 1 - W-4
5.  Simulation 2 - W-2
6. Simulation 3 - W-2 & 1099 INT - 1040EZ 
7. 1040EZ Form 
8. Tax Table
9. 1099-Int Form
10. Table Quiz - Key Terminology
11. Completing a 1040EZ

Day 1

1. Cost of Doing Taxes
2. Language of Taxes
3. Timeline
4. Review and Complete the W-4
5. Introduction to the W-2

Day 2

1. Introduction to the 1040EZ
2. Class Collaboration - Tax Return Attempt #1

Day 3

1. 1040EZ Components Quiz
2. Collaborative Pairs - 1040EZ with 1 W-2
3. Discussion of impact of multiple jobs
4. Introduction to Interest Income
5. Collaborative Pairs - 1040EZ with 2 jobs and Interest Income

Day 4

1. Q&A 
2. Individual Quiz
3. Study Guide Development
4. Test Next Class

Day 5 

1. Unit 3 Exam

FORMS

W-4

W-2

1040EZ

Interest Income

Tax Table/Instructions
I-9

Minimum Wage Laws Part 2

EQ - How do current minimum wage laws impact an individuals personal finances?

1. Activator - Homework Recap
1. Know -  Write a short explanation (140 characters or less) of what you now know about minimum wage.
2. Discussion - How has your understanding of minimum wage changed as a result of the reading and discussion?
3. Muddy Points - What elements of minimum wage are you still working to understand?
2. Developmental Activity - Can You Survive?
1. TPS - Before you begin
1. Explain your opinion of a job that will pay your $9/hr.
2. Would you be able to provide for yourself at this hourly rate?
2. The Experience - Can You Survive?
3. TPS - What was this experience like for you?
4. Has your perception changed?  Why or why not?
3.  Additional Reading - Federal Minimum Wage Laws
4. Assessment - Compose a letter to your state representative
1. Identify your state rep.
2. Discuss the minimum wage debate
3. Propose a recommendation for how your rep should vote on minimum wage law changes
4. Provide evidence to support your recommendation

Minimum Wage Laws

EQ - How do current minimum wage laws affect your pay?

1. Activator: LINK
1. List - TPS- What do you know about minimum wage?
2. Inquire - TPS - What questions can be formed from this list?
3. Read "The Impact of $9 Minimum Wage"
2. Collaborative Groups - Discussion - What's the big deal about minimum wage?
1. Note - Make Notes about your discussion.  Look for answers to our inquiry questions, connections to what you already know or heard about in our discussion, and new questions that arose as you read.
2. Know -  Write a short explanation (140 characters or less) of what you now know about minimum wage.
3. TPS - Minimum Wage Pay Calculations
1. Review calculations
2. Annual take home pay for a person earning minimum wage.
4. Discussion - How has your understanding of minimum wage changed as a result of the reading and discussion?
5. Muddy Points - What elements of minimum wage are you still working to understand?

Getting Paid - Hybrid

EQ - What is the difference between gross and net pay?

1. Activator - Survey Discussion
2. Direct - Calculating Pay
1. Difference between Gross Pay and Net Pay
2. Net Pay Calculations
3. Collaboration - Federal Income Taxes
1. Where Do My Federal Income Taxes Go?
2. Visual Creation
4. Independent - Payroll Terminology
1. Actively Read - "Open Ended Response"
1. Open Ended Response
1. Preview the question
2. Read the article
2. Identifying Key Vocabulary
1. Gross Pay, Net Pay, Wages, Taxes, Deductions
5. Debriefing
1. Previewing a Paystub - Click Here
2. Discussion - How are your taxes used?
6. TOD - Knowing the effect of deductions from your paycheck, how might this impact you when you begin financial planning using SMART Goals?

IF TIME PERMITS - Continue next class
EQ - Where do my federal tax dollars go?

1. Activator - Voice Your Opinion
1. What 3 expenditures do you deem to be the most important?  Why?
2. What 3 expenditures do you deem the most frivolous?  Why?
3. What tax allocation did you find the most surprising? Explain.
4. What changes did you make?
5. How sustainable was your budget?
6. What was your budget deficit/surplus?
2. Class Discussion
3. Assignment
1. Compose a response to answer the EQs
1. Find the assignment in Schoology
2. Describe your opinion on how our federal income taxes are dispersed.
3. Do you think the allocation is appropriate? Why or why not?
4. If you could change anything regarding how tax dollars are spent, what would you change?  Explain.
5. Submit to Schoology