currikicdn.s3-us-west-2. web vieweast meadow u.f.s.d. cap 2014-2015. grade 8 business –...

EAST MEADOW U.F.S.D.

CAP 2014-2015

Grade 8 Business – Realignment of 8th Grade Curriculum

___________________________________________

Common Core Curriculum Map

Facilitator: Ann LaGreca

Writers:

Sarah Kozlowski

Ivana Cirillo

1

Table of Contents

Page 1 Cover Page

Table of Contents

Page 3 Abstract and resources

Page 4 Rationale

Pages 5-14 Scope and Sequence

Pages 15 - 27 Career Readiness

Pages 28 - 37 Money Matters

2

Abstract and Resources

Grade 8 Business – Realignment of 8th Grade Common Core Curriculum

The purpose of this CAP is to align the 8th grade Business curriculum to the New York State Common Core

Mathematics Standards.

Unit 1 – College Preparedness

Unit 2 – Career Readiness

Unit 3 – Financial Literacy

Unit 4 – Entrepreneurship

The following resources are to be used to help teachers address the needs of all students:

The Common Core Standards have been integrated into the mathematics curriculum through the pacing

calendar. These standards provide for a greater examination of the mathematics concepts by the students.

Additionally, this CAP includes a teacher friendly guide to the modules and aligns the 8 th grade mathematics

curriculum to the Common Core Standards. This will help prepare the students for the New York State

Mathematics Assessment.

3

Rationale

The rationale for this CAP is based on incorporating the Common Core Math Standards into the New

York State Middle School Home and Careers curriculum. The Common Core topics are organized into units

that have the rigor necessary to succeed on the New York State Mathematics Assessment. We incorporated

new, additional resources to make a seamless transition for the students entering 8 th grade. The pacing calendar

was developed to make the most efficient use of time, in order to prepare the students for the New York State

Mathematics Assessment as well as the district Home and Careers Local examination.

4

Week 1Monday Tuesday Wednesday Thursday FridayDay 1 Day 2 Day 3 Day 4 Day 5

CD 2.1 CD 3.1, CD 3.2, CD. 1.2 CD. 3.1, CD. 3.3 CD. 3.3

Unit 1 – College and Career Readiness

Introduction to Business 8


Education after High School: Reasons for

College


The Value of an Education


Career Interest Assessment Day 1



Resources: Resources:

www.k12.wa.us

Resources:

http://schoolonwheels.org

Resources:

Career Wonders 2011,SD Dept. of

Labor and Regulation

Resources:



5


CD. 3.3 CD. 3A CD. 3A CD. 3A CD. 3A


Cover Letter


ResumeDay 1


ResumeDay 2


InterviewDay 1


InterviewDay 2

Resources:

Resume writing, cover letter, and Interview Unit

created by Brittany L. Wheaton adapted by

Ann LaGreca and Sarah Kozlowski 7/14

Resources:


created by Brittany L. Wheaton adapted by Ann LaGreca and

Sarah Kozlowski 7/14

Resources:


created by Brittany L. Wheaton adapted

by Ann LaGreca and Sarah

Kozlowski 7/14

Resources:


created by Brittany L. Wheaton

adapted by Ann LaGreca and Sarah

Kozlowski 7/14

Resources:


created by Brittany L. Wheaton adapted

by Ann LaGreca and Sarah

Kozlowski 7/14

6


CD. 3A CD. 3A CD. 3A, CD. 1.1 CD 2.1, CD 3.1, CD 3.2, CD.1.2, CD. 1.1, CD. 3A

CD 2.1, CD 3.1, CD 3.2, CD. 1.2, CD. 1.1, CD. 3A

Unit 1 – Employability Skills / College Preparedness

Resume writingDay 2


Type ResumeDay 3




Employability skills / College Preparedness

Review

Unit 1 – Employability

Skills / College

Preparedness

Employability Skills / College

Preparedness Test

Resources:


created by Brittany L. Wheaton adapted by Ann

LaGreca and Sarah Kozlowski 7/14

Resources:


created by Brittany L. Wheaton

adapted by Ann LaGreca and

Sarah Kozlowski 7/14

Resources:



Monday Tuesday Wednesday Thursday FridayDay 4 Day 5 Day 6 Day 1 Day 2

7

M. 8.1, 8.7 M. 8.1,8.5,8.7, FM. 4.3 M 8.1,8.5,8.7, FM.1.1,2.6,4.3

FM. 3.2,4.3 FM. 3.1,3.2,3.3,3.4,3.5

FM. 4.1,4.2,4.3,4.4

Unit 2 –Financial Management

Financial Management Terms.

Overview of project

Unit 2 – Financial Management

“Honing Your Financial Skills” article

Critical thinking questions

Unit 2 – Financial

Management

Simple InterestCompound

Interest

Unit 2 – Financial

Management

BudgetInsurance

Unit 2 – Financial Management

Narrative Evaluation

Resources:

Money Matters Packets created by Diane Weiner adapted by Sarah Kozlowski and Ann LaGreca 7/14CCM7 reference sheet

CCM8 reference sheet

Resources:

Career World February 2005Money Matters Packets created by Diane Weiner adapted by Sarah Kozlowski and Ann LaGreca 7/14CCM7 reference sheetCCM8 reference sheet

Resources:

Money Matters Packets created by Diane Weiner adapted by Sarah Kozlowski and Ann LaGreca 7/14CCM7 reference sheetCCM8 reference sheetGo Math 7 TextbookGo Math 8 Textbook

Resources:

Money Matters Packets created by Diane Weiner adapted by Sarah Kozlowski and Ann LaGreca 7/14CCM7 reference sheet

CCM8 reference

sheet

Resources:

Money Matters Packets created by Diane Weiner adapted by Sarah Kozlowski and Ann LaGreca 7/14CCM7 reference sheetCCM8 reference sheet

Week 4


CD 2.1 CD 3.1, CD 3.2, CD. 1.2 CD. 3.1, CD. 3.3 CD. 3.3

8


Introduction to Business 8


Education after High School: Reasons for

College








www.k12.wa.us

Resources:


Resources:



Resources:



9

Week 6

Monday Tuesday Wednesday Thursday FridayDay 2 Day 3 Day 4 Day 5 Day 6

CD. 6.1, 6.2, 6.3 CD. 6.1,6.2,6.3 M. 8.1,C.1.1 CD. 6.1, 6.2, 6.3 CD. 6.1, 6.2, 6.3

Unit 4 – Cupcake Challenge

Introduction to cupcake challenge


“Cupcake Wars video”


Job responsibilitiesTeam Breakdown

Discuss theme


Vocabulary and key terms


Sketch display

Resources:www.econedlink.org/lessons

Cupcake Challenge packet created by Linda Lynch Ann LaGreca and Sarah Kozlowski

PowerPoint presentation created by Ann LaGreca and Sarah Kozlowski

Resources:www.econedlink.org/

lessons



www.foodnetwork .com

Resources:www.econedlink.org

/lessons



Resources:www.econedlink.

org/lessons




org/lessons


PowerPoint presentation created byAnn LaGreca and Sarah Kozlowski

10

http://www.foodnetwork/



CD. 3.1,3.2 NW. 4.4,5.2 CCM 8.EE.3, FM. 2.5,2.6

NW. 4.2, CRM 3.2,3.3

CCM.8.EE.3, NW. 4.2,CRM

3.2,3.3

Unit 4 – Cupcake

Challenge

Sketch cupcakes


Recipe research and approval

Unit 4 – Cupcake

Challenge

Business plan

Unit 4 – Cupcake

Challenge

Budget

Unit 4 – Cupcake

Challenge

Vocabulary Quiz





www.foodnetwork.com

Resources:www.econedlink

.org/lessons



.org/lessons



/lessons


11


CD. 6.3,7.2,7.4, CD. 6.3,7.2,7.4, CD. 7.3 CD. 7.3 CD. 7.3


Create PowerPoint presentation

Computer room


Create PowerPoint presentation

Computer room

Unit 4 – Cupcake

Challenge

DisplayDay 1

Unit 4 – Cupcake

Challenge

DisplayDay 2

Unit 4 – Cupcake

Challenge

Display paintingDay 3





org/lessons



www.foodnetwork.com

Resources:www.econedlink.or

g/lessons




org/lessons




/lessons



12


http://www.econedlink.o/

http://www.econedlink.o/



Display paintingDay 4


DisplayDay 5

Unit 4 – Cupcake

Challenge

Cupcake baking

Unit 4 – Cupcake

Challenge

Cupcake decorating

Unit 4 – Cupcake

Challenge

Challenge Day

Presentation




Resources:www.econedlink.org/

lessons



www.foodnetwork.com


org/lessons




/lessons




.org/lessons



13

http://www.econedlink.org/


Test Prep Test Prep Test Prep Test Prep Local Assessment

Test Day

Resources: Resources: Resources: Resources: Resources:

14

CAREER READINESS

Name: _____________

Mrs. LaGreca/Mrs. Kozlowski – Business 8

Topics in this packet:

Vocabulary

Job Application

Interviewing Skills

Your Resume

Paycheck Math

15

BUSINESS 8 – VOCABULARY Mrs. LaGreca/Mrs.Kozlowski

Name: _________________________

1. 2 year degree _______________________

2. 4 year degree ________________________

3. An employment certificate that teens must complete before they can get a job; request them from the nurse’s office or guidance office. __________________

4. A form that you fill out that gives a company basic information about you. __________________

5. Used to answer a question that does not apply to you on a job application; not applicable. __________

6. Things you get for your employer in addition to salary, such as paid vacation time, health insurance, paid sick time, and a pension. _____________

7. Employee usually works 40 hours or more per week. F/T ___________________

8. A series of related jobs in a profession. __________________________

9. Employee works less than 35 hours per week. P/T ______________________

10. A person who takes a risk to start a business. _________________________

11. Your beliefs or ideas that relate to your career (ex. High earnings, creativity, helping other, independence, leadership). _____________________

12. Our attitude towards work. __________________

13. A test to determine your skills and interests to help you decide on a college/career. _________________

14. People who recommend you for a job to an employer (no friends or relatives). ___________________

15. The number of jobs predicted in the future. ______________________

16. A position that requires little or no training and where a new employee can gain experience. ______________________

17. The person who watches over your work and checks your performance. _________________

16

18. A person who works for someone else. ______________________

19. The least amount of money an employer must be paid. ______________________

20. Money taken out of your paycheck for taxes and other programs (union dues, medical). _____________________

21. The amount of money a person earns in one year. _________________

22. A meeting between a job applicant and an employer to discuss a job and a candidate’s credentials. ________________

23. The ability to perform a work task due to training and experience.___________________

24. A natural ability to learn in a certain area. _________________

25. A summary of your qualifications including education, experience, skills and interests (not your age, religion or marital status).____________________

26. A letter that is used to introduce yourself and your resume to a prospective employer. _______________________

27. A detailed plan for spending. ______________

28. Finding out all you can about a field of work. _____________________

29. Wages paid to a worker. _______________

30. An increase in salary. ______________

31. Advancement on the job to higher position. ________________

32. Social Security Number - ________

33. The money you have earned prior to taxes being taken out. _________________

34. The amount of money left in your pay check after deductions are taken out._____________

Word Bank:

Job interview

Annual salary

Work ethic Resume

Associate’s degree Gross Pay

Benefits Net Pay

Career Job Outlook

17

Entrepreneur Minimum wage

Work values Entry-level job

References

Cover letter

Employee

Supervisor/employer

Paycheck deductions

Interest assessment

Full time F/T

Bachelor’s degree

Working papers

Job application

N/A

Part-time P/T

Skill

Aptitude

Promotion

Salary

Raise

SS#

Career search

Budget

18

APPLICATION FOR EMPLOYMENT LaKoz Bakery

Personal Information

Name ____________________________ Phone cell - ______________ home - ____________

Position applying for _______________________ Date you can start _____________________

Age ________ Desired Pay____________

Are you legally eligible for employment in the United States? Yes____ or No_______

Highest education level achieved to this date? ________________________________________

Do you have reliable transportation? Yes___ or No____ Social Security #_____-_____-_______

Availability

List times:

Monday _________________, Tuesday __________________, Wednesday ________________

Thursday __________________, Friday _________________, Saturday____________________

Sunday ____________________

References

Please list two references (not relatives) below:

1. Name ______________________ Phone # ___________________________

Company/Position ________________________________________________________

2. Name ______________________ Phone # ___________________________

Company/Position ________________________________________________________

Work Experience

Please list your previous experience beginning with your most recent position.

1. Employer name and address __________________________________________________________ Phone # __________________ Ending Pay __________ Position _____________________________

19

Dates of employment __________ to __________ Supervisor ________________________________ Reason for leaving ___________________________________________________________________

2. Employer name and address ___________________________________________________________ Phone # __________________ Ending pay ___________ Position ____________________________Dates of employment __________ to __________ Supervisor ________________________________ Reason for leaving ___________________________________________________________________

3. Employer name and address __________________________________________________________ Phone # __________________ Ending Pay __________ Position _____________________________ Dates of employment __________ to __________ Supervisor ________________________________ Reason for leaving ___________________________________________________________________

Important agreement: Please read the following and sign your name below.

In compliance with Federal and State Equal Employment Opportunity Laws, qualified applicants are considered for all positions applied for without regard to race, color, religion, sex, national origin, age, veteran’s status, disability, or any other legally protected status. I certify that answers given herein are true and complete to the best of my knowledge. In the event of my employment, I understand that false or misleading information given in my application or interview may result in discharge. I authorize you to make such investigations and inquiries of my personal employment or financial history and other related matters as may be necessary in arriving at an employment decision.

SIGNATURE OF APPLICANT ____________________________ DATE _________________

INCOMPLETE APPLICATIONS WILL NOT BE CONSIDERED

20

Business 8

Mrs. LaGreca/Mrs. Kozlowski Career Readiness Skills

INTERVIEW SKILLS

Prepare yourself! Before you get almost any job, you will have an employment interview. That interview is probably the most important, single step to a job. The following steps are some ways you can prepare yourself.

1. Know yourself. What are your interests and qualifications? Be prepared to talk about them briefly intelligently, and clearly.

2. Know something about your potential employer’s business .

3. Check your personal appearance .

4. Go on the interview alone. Employers are interested in you, not what family and friends have to think of your qualifications.

5. Arrive early.

6. Be alert during the interview. Sit up straight and look alert. Try to be at ease.

7. Think before answering. Be polite, accurate and honest. The employer is interested in the experience and training which fits you to the job.

What type of work have you done?

Did you use any special tools, equipment or techniques?

How much did you earn?

Have you done any volunteer work?

Do you have any hobbies that would help you on the job?

8. Bring a fact sheet about your former jobs, dates of work, wages, kinds of work, and reasons for leaving are essential.

Names and addresses of employers.

Dates you worked.

Names and addresses of at least two other persons to use as references.

Important papers such as proof of age, military records, social security card, and licenses.

21

9. Do not argue. Be polite and tactful. Listen to everything the prospective employer has to say. Try to answer all questions accurately, and do not make-up any information.

10. Ask questions at the end of the interview.

Business 8

Mrs. LaGreca/Mrs. Kozlowski

Name: ________________

DO NOW

Directions: Read the interview below and underline the mistakes.

Mrs. Gomez: Well John. It’s nice to meet you. Why don’t you sit down over here and we’ll talk a little about the job.

John: I’m happy to meet you, too. (John sits down.)

Mrs. Gomez: How did you hear about the job?

John: My friend Liz told me about it.

Mrs. Gomez: Liz is a good worker. She’s been with us over a year now. We’re looking for part-time people to stock shelves during the late afternoon several days a weeks. This work involves a little lifting, but none of the boxes are too heavy. It’s important that we get reliable people who come to work on time. We need to have our shelves well stocked for customers. If customers don’t find what they want, they will shop someplace else. So, that leads to an important question. Why should we hire you?

John: Well, I need the job.

Mrs. Gomez: I see. I will need to know a little about you. Have you ever worked before? Can you tell me a little about it?

John: Yes. I have worked in a grocery store, but I have shoveled snow and raked leaves around our neighborhood whenever people needed help. I think I have always done a good job.

Mrs. Gomez: What kind of work did you have in mind to do? Is this the type of job you wanted?

John: To be honest, I did not have any special job in mind. Any work is fine.

Mrs. Gomez: I see you have filled out the application for us. Your social security number is missing. Do you have your social security card?

John: Yes, but not with me. I do not know my number. I can get it to you by tomorrow. I really want to work, Mrs. Gomez. I hope you will hire me. I promise I will work hard.

22

Mrs. Gomez: I will let you know in a few days, John. In the meantime, do you have any questions you want to ask me?

John: No, I can’t think of any now. Thank you for talking to me.

What things could John have said better?

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

23

BUSINESS 8

RESUME WRITING Mrs. LaGreca/Mrs. Kozlowski

Name: _______________________

RESUME DO’S AND DON’TS:

DO’S:

____________________________________________________________

_____________________________________________________________

____________________________________________________________

____________________________________________________________

DON’TS:

____________________________________________________________

____________________________________________________________

____________________________________________________________

_____________________________________________________________

Assignment - Activity resumes are written by students in high school that are getting ready to apply for college. This resume is a summary of their accomplishments, activities, work and/or volunteer experience. You are going to write your own activity resume. Be creative, and think of the things you would like to do when attending high school. Write a rough draft, and then our class will go to the computer room to type final copies. Refer to teacher’s examples.

24

Activity Résumé

Joann LaGreca

East Meadow High School

Class of 2007

Extra Curricular Activities and Organizations:

Adult Education Art Classes

Peer Tutoring

National Junior Honor Society Member

Athletic Activity:

Fall 2001, Fall 2002

Junior Varsity Field Hockey

Spring 2001, Spring 2002

Junior Varsity Softball – 2 years

Work Experience:

2003

Creative Arts Program of East Meadow – Assisted teachers with after school program in creative arts and sports.

Summers of 2003-2006

East Meadow Summer School Program – As a teacher’s aide, responsibilities included assisting children with school work and helping the lead teacher with lessons and paperwork.

25

Business 8 – Paycheck Math Mrs. LaGreca/Mrs. Kozlowski

Name: ________________________

Nick’s Paycheck stub -

Employer

LaKoz Bakery

SSN

123-45-6789

Check # 164 Check amount: (net pay) 5. ___________

Employer Address

124 W. 55th Street

New York, NY 10021

Number of hours worked and hourly rate

80 Number of hours worked

$12.00 hourly rate

Pay type – gross pay

1._______ gross pay

Deductions

Federal

State

SS/FICA

Medicare

Medical

401K

Current Year to date

$ 84.00 $168.00

$ 38.00 $ 76.00

2._____ $119.04

3._____ $ 27.84

$ 25.00 $ 50.00

$ 40.00 $ 80.00

Totals 4.______ $520.88

Directions: Answer the following questions to help provide the information for the paycheck. Hint: A way to double check your work is to add your deductions and your net income. If they do not equal you gross income, then you need to recalculate.

Nick works the same amount of hours each month.

26

Nick worked 80 hours in the last pay period and he earned $12.00 per hour.

1. Nick’s gross pay = _____________

Calculate Nick’s Social Security deduction, which is 6.2% of his gross pay.

2. Social Security deduction = ________________

Calculate Nick’s Medicare deduction, which is 1.45% of his gross pay.

3. Medicare deduction = __________________

Add all of Nick’s deductions together to figure out the total amount taken out of each paycheck.

Nick’s deductions include the following:

a) $84.00 Federal withholding

b) $38.00 State withholding

c) $25.00 Medical

d) $ 40.00 401K

e) $_______ Social Security

f) $_______ Medicare deduction

4. Total deductions = _________________

Subtract all of the deductions from Nick’s gross pay to determine his net pay.

5. Gross pay $__________ - $__________ deductions = net pay $ __________

Nick’s hourly rate of pay increased to $20.00 per hour in next 5 years. What is the percent change?

6. _____________________________________________________________________________________

Calculations:

27

Family & Consumer Science

Money Matters

Name _____________________________ Period _____ Date ______

28

Overview of the Money Management Project

Budget Experience – due date _____________

OBJECTIVE: To use your money thoughtfully and end up with a positive balance at the project due date.

DIRECTIONS: Each day you will receive $15.00 when you come to class on time. The list below of fixed expenses are the bills you need each day. The flexible expenses below are other items where you can spend your money. You may not go into the “red” (debt) for flexible expenses, but you may have to pay fixed expenses.

FIXED EXPENSES: Listed below are the fixed expenses you will be required to pay. Each day that you get paid, you will owe me $9.00 for “rent”. This includes days that you are absent for any reason (band lesson, trip, sick).

FLEXIBLE EXPENSES: These are expenses you can choose to pay for. You must be careful though not to overspend. These items are not available every day.

Income Protection Insurance $5.00

Snacks & other purchases prices vary

Lottery tickets $1.00 & $ 5.00

Rental of Supplies (i.e. pencils, erasers, etc.)

$1.00

29

Rent (room & table) $5.00

Electricity 0.50

Bookshelf Fee 0.50

Supplies 1.00

Maintenance 1.00

Teacher Preparation 1.00

Total Fixed Expenses 9.00

Investment/Retirement $10.00

Income ($ you receive) Expenditures ($ money you spend)

Come to Class Fixed Expenses

Be on time ($3 fine if late) Income Protection Insurance

Earn a good grade Snacks

Doing different jobs Fines

Laundry rebate Unexpected events

Winning the lottery Donations

Classroom jobs Taxes

Homework Retirement investment

Quizzes

Some details:

1. Earn a good grade- You may turn in a good grade once. A good grade is worth $5.00. A 100% is worth $10.00. (A good grade may vary depending on the person. An 80% for someone might be a very good grade. For someone else a 95% may be a good grade.) If you get paid for a good grade, but receive a 100% later during the five day project, you will be paid the difference of $5.00 to equal a total of $10.00.) You may not use any grades from FACS. Also the grade must be a recent one, not several weeks ago.

2. Doing different jobs- You must prove you did a job by filling out a job verification sheet and getting the appropriate signature. I will decide what the job is worth. There is no limit to the number of jobs you may do.

3. Classroom jobs- Each student will have a chance to sign-up for jobs on the first day of this project. Cashiers (2 per day), envelope managers, accountant and attendance monitor, earn $5.00 the day the job is performed.

4. Laundry rebate and Lottery will be explained later.30

5. Income protection insurance- You will have the opportunity to buy insurance tomorrow. It will cost $10.00. The insurance guarantees that you will receive your $15.00 pay even if you are absent. If you do not buy insurance, you will only receive your $15.00 pay on days you are present in class.

6. Fines- You will pay a fine for anything I decide is inappropriate for class, such as speaking out of turn, chewing gum when you arrive in the classroom, etc.

Project Grade: You will be evaluated on a) your active involvement with the project, b) your clear and accurate bookkeeping in the project ledger, and c) your managing of money to have a positive balance at the end of the project.

31

Name ______________________________ Period _____ Date _________

Financial Management Terms

1. Income ________________________________________________________________________________

2. Expenses ______________________________________________________________________________

3. Budget ________________________________________________________________________________

4. Fixed Expenses _________________________________________________________________________

5. Flexible Expenses _______________________________________________________________________

______________________________________________________________________________________

6. Savings Accounts ________________________________________________________________________

_______________________________________________________________________________________

7. Checking Accounts ______________________________________________________________________

_______________________________________________________________________________________

8. Debit Cards ____________________________________________________________________________

9. Rebate ________________________________________________________________________________

10. Interest ________________________________________________________________________________

11. Simple Interest __________________________________________________________________________

12. Compound Interest _______________________________________________________________________

13. Investment _____________________________________________________________________________

14. Credit _________________________________________________________________________________

_______________________________________________________________________________________

15. Finance Charge _________________________________________________________________________

16. Annual Percentage Rate (APR) _____________________________________________________________

__________________________________________________________________________________________

32

Money Sense

Which would you rather do?

Take $1,000.00 a week and double it every week for a month?

OR

Take a penny a day and double it every day for one month? Why?

Calculate the amount of money you will have at the end of a month for each of the scenarios listed above. Use the space below for the calculations.

Week # Amount of $

1 $1,000

2

3

4

Day 1 $.01 Day 11 Day 21

Day 2 $.02 Day 12 Day 22

Day 3 Day 13 Day 23

Day 4 Day 14 Day 24

Day 5 Day 15 Day 25

Day 6 Day 16 Day 26

Day 7 Day 17 Day 27

Day 8 Day 18 Day 28

Day 9 Day 19 Day 29

Day 10 Day 20 Day 30

33

Simple Interest

You really want to buy a new laptop. You do not like sharing the family computer. Someone in your family has agreed to LOAN you the $800 you need to buy the laptop you have been looking at. In return, you will be charged a simple interest rate of 10%. You will be making a monthly payment over 1 year to pay loan off.

SHOW THE WORK TO HOW YOU ARRIVED AT ALL OF YOUR ANSWERS.

1. How much money will you be charged in interest?

2. What will be the total amount of money you will have to spend to buy a laptop?

3. How much will your monthly payment be?

4. Define Simple Interest: _______________________________________________________________

____________________________________________________________________________________

____________________________________________________________________________________

34

Compound Interest

Now you are going to calculate compound interest on a credit card. Your starting balance is $100. Your monthly interest rate is 15%. You pay the minimum payment of $10 each month.

Credit Card Balance 5% Monthly Interest = Amount Owed Less Payment = Balance

Month 1 $100.00 $5.00 $105.00 $10.00

Month 2 $95.00

Month 3

Month 4

Month 5

Month 6

Conclusions:

1. How much did you owe on this credit card at the end of 6 months? ____________________________________________________________________________________

2. Identify a way you can prevent interest form accumulating when using credit cards. ____________________________________________________________________________________

3. When might accumulating interest be beneficial? ____________________________________________________________________________________

4. When might accumulating interest be harmful? ____________________________________________________________________________________

5. Do you think that the interest earned or paid in the table above is paid in real life? Why or why not? ____________________________________________________________________________________

Name _____________________________________ Period ______ Date _________

Money Management Narrative Evaluation35

1. What was you final balance on your ledger?

2. Please check off the flexible expenses for which you paid?

______ Insurance ________ Lottery Tickets ________ Snacks

______ Juice Box ________ Retirement ________ Donation

3. What were some of the unexpected or unplanned expenses?

4. What were you feelings about paying for the unexpected expenses?

5. Besides the$15 each day, did you earn other income?

If yes, how? _____ Job at Home _____ Job for another teacher

_____ Classroom Job ____ Quizzes _____ HW

If no, why? _________________________________________________________________________

6. List 3 rules our project simulation has taught you about money management?

1. __________________________________________________________

2. __________________________________________________________

3. __________________________________________________________

7. How will you apply what you have learned with real money you might earn in the future? ________________________________________________________________________________________________________________________________________________________________________

36

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