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 $60,000 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

Developing a Budget

EQ - What are the steps used to develop a budget?

1. Activator: Test your knowledge - Article w/ Quiz
2. Application Activity - "The Brown Family Scenario"
• Steps 1-3
3. Discussion & Review
4. Intro - Control Systems
1. What?
2. Why?
5. Complete Steps 4-5
6. Discussion & Review
7. Assignment - Complete pages 25-26

EQ - How is a real life budget created, evaluated, and adjusted?

1. Activator - TPS Splashdown
2. AP - Collaborative Teams - Questionnaire
1. What are the similarities between the Brown Family's expense allocation and the average expense allocation?
2. What are 2 differences?
3. AP - Debriefing - White Board Response
1. What 3 steps of budgeting are for PLANNING?
2. Which category allocation from the scenario most alarms you?
3. What makes it alarming?
4. Activator - TPS: Mint.com Budgeting Gadget
5. Evaluating a budget
1. Sample Budget *
2. Review Control Systems
3. The evaluation process* (Together)
6. AP - Financial Advice - What advice would you give to Sonny?  Be specific and detailed *
1. Google Docs Instruction Sheet
2. Letter Directions
3. Composition Work Time
7. Self-Evaluation
1. What kind of spender are you? 
2. How can the result of this quiz help you when planning your personal budget?
8. TOD 
1. Review the Unit Map
2. Develop a Strengths and Weaknesses Chart to assess your current comprehension of Unit 4 objectives
3. How can you use this information to prepare for your Unit Exam

How to Create a Budget

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 
• List the steps of creating a spending plan.
• Muddy Points
6. Try It - Budgeting Practice

George works as a customer service representative and earns $33,000 per year after taxes.  He has two savings accounts; one at a credit union and the other at a local bank.  These accounts provide him with interest of $135 and $105 interest respectively.  George just recently purchased a new car and owes $400 per month for his car payment.  The car insurance company charges $185 per month and he estimates his upkeep and maintenance will cost him $50 a month.  George rents a one bedroom apartment in a choice location for $950 per month.  His utility bills cost him $225 per month.  In addition, George pays $65 per month to park his car in a secured lot.  George pays $125 per month for the latest iPhone and $125 for the Comcast Triple Play.  His medical and dental insurance plans cost him $175 each per month.  He shops frequently and spends $150 per month on clothes and $200 per month on groceries.  Georges uses $125 of gasoline each month and uses $80 for dining out.  He estimates his miscellaneous monthly expenses are $150.

Intro to Unit 4

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 
• List the steps of creating a spending plan.
• Muddy Points

Completing Your Tax Return

EQ - How do I file my tax return?

1. Activator - The cost of tax returns
2. Tax Timeline
3. Form Identification
4. Together - Complete a 1040
5. Collaborative Pairs - Complete a 1040
6. Muddy Points
7. Individual Practice
8. Create a study guide for Unit 3 Exam

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?

PART 2
EQ - How do current minimum wage laws impact an individual's 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

WHEN FINISHED:

EQ - How do I prepare a tax return?

1. Activator: Costs of doing taxes - Answer as a comment to this post (select anonymous, type your first name and then your response)
2. Vocabulary Preview - The Language of Taxes - Take notes in your class notebook
3. Start Here - Complete Modules 1-13

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. Summarize on a piece of paper:
1. How did your group change the budget?
2. Describe your decision making process (WHY you made the changes)
3. Where did your group disagree?  Did you disagree without fighting?
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