Personal Financial Literacy, Grades 3-5

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Personal FinancialLiteracy, Grades 3-5Sana BrennanRegion 4 ESCwww.esc4.netSBrennan@esc4.net713.744.4401Want the latest buzz fromRegion 4 Mathematics?Visit us online!http://bit.ly/1uklEvMFor Handouts:QR Codehttp://bit.ly/1aNWJGPPermission to copy classroom-ready materialsgranted to attendees of this session. 2015 Region 4 Education Service CenterAll rights reserved.

(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(A) define money earned asincome.(B) identify income as ameans of obtaining goodsand services, oftentimesmaking choices betweenwants and needs.(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(A) identify ways to earnincome.(D) distinguish betweenwants and needs andidentify income as a sourceto meet one's wants andneeds.Grade 2(B) describe therelationship between theavailability or scarcity ofresources and how thatimpacts cost.(B) calculate profit in agiven situation.(A) distinguish betweenfixed and variable expenses.(A) explain the connectionbetween humancapital/labor and income.(B) explain the differencebetween gross income andnet income.(A) define income tax,payroll tax, sales tax, andproperty tax.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 539(H) compare the annualsalary of severaloccupations requiringvarious levels of postsecondary education orvocational training andcalculate the effects of thedifferent annual salaries onlifetime income.(14) Personal financialliteracy. The student appliesmathematical processstandards to develop aneconomic way of thinkingand problem solving usefulin one's life as aknowledgeable consumerand investor. The student isexpected to:Grade 6Introduction to the Revised Mathematics TEKS: Vertical Alignment Chart Kindergarten – Grade 6(F) differentiate betweenproducers and consumersand calculate the cost toproduce a simple item.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 4(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 3Considering Income and Careers(11) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to: 2013 Texas Education Agency. All Rights Reserved 2013(B) differentiate betweenmoney received as incomeand money received as gifts.(C) list simple skills requiredfor jobs.Grade 1Kindergarten

(11) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(A) calculate how moneysaved can accumulate into alarger amount over time.(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(C) distinguish betweenspending and saving.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(C) compare theadvantages anddisadvantages of varioussavings options.(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(E) list reasons to save andexplain the benefit of asavings plan, including forcollege.(C) identify the costs andbenefits of planned andunplanned spendingdecisions.Grade 3Grade 4Considering Saving and Investing(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 540(14) Personal financialliteracy. The student appliesmathematical processstandards to develop aneconomic way of thinkingand problem solving usefulin one's life as aknowledgeable consumerand investor. The student isexpected to:Grade 6Introduction to the Revised Mathematics TEKS: Vertical Alignment Chart Kindergarten – Grade 6(B) explain that saving is analternative to spending.Grade 2Grade 1 2013 Texas Education Agency. All Rights Reserved 2013Kindergarten

Grade 1(E) describe the basicpurpose of financialinstitutions, includingkeeping money safe,borrowing money, andlending.(D) explain that credit isused when wants or needsexceed the ability to payand that it is the borrower'sresponsibility to pay it backto the lender, usually withinterest.(C) identify the advantagesand disadvantages ofdifferent methods ofpayment, including check,credit card, debit card, andelectronic payments.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 541(F) describe the value ofcredit reports to borrowersand to lenders.(D) explain why it isimportant to establish apositive credit history.(E) describe the informationin a credit report and howlong it is retained.(G) explain various methodsto pay for college, includingthrough savings, grants,scholarships, student loans,and work-study.(B) distinguish betweendebit cards and credit cards.(14) Personal financialliteracy. The student appliesmathematical processstandards to develop aneconomic way of thinkingand problem solving usefulin one's life as aknowledgeable consumerand investor. The student isexpected to:Grade 6Introduction to the Revised Mathematics TEKS: Vertical Alignment Chart Kindergarten – Grade 6(E) identify examples oflending and use concepts ofbenefits and costs toevaluate lending decisions(D) identify examples ofborrowing and distinguishbetween responsible andirresponsible borrowing.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(11) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 4Considering Credit and DebtGrade 3Grade 2 2013 Texas Education Agency. All Rights Reserved 2013Kindergarten

(F) identify decisionsinvolving income, spending,saving, credit, andcharitable giving.(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(D) describe how toallocate a weekly allowanceamong spending; saving,including for college; andsharing.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 3Grade 4Considering Planning and Money Management(E) describe actions thatmight be taken to balance abudget when expensesexceed income.(F) balance a simple budget.(D) develop a system forkeeping and using financialrecords.(10) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:Grade 542(A) compare the featuresand costs of a checkingaccount and a debit cardoffered by different localfinancial institutions.(C) balance a check registerthat includes deposits,withdrawals, and transfers.(14) Personal financialliteracy. The student appliesmathematical processstandards to develop aneconomic way of thinkingand problem solving usefulin one's life as aknowledgeable consumerand investor. The student isexpected to:Grade 6Introduction to the Revised Mathematics TEKS: Vertical Alignment Chart Kindergarten – Grade 6(C) distinguish between adeposit and a withdrawal.(11) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(9) Personal financialliteracy. The student appliesmathematical processstandards to manage one'sfinancial resourceseffectively for lifetimefinancial security. Thestudent is expected to:(D) consider charitablegiving.Grade 2Grade 1 2013 Texas Education Agency. All Rights Reserved 2013Kindergarten

Personal Financial Literacy: VocabularyExplicit Vocabulary Region 4 Education Service CenterAll rights reserved.Implicit Vocabulary

Flip Book1 Cut vertically to remove approximately 2” from a sheet of cardstock.2 On the left hand side of the cardstock make 3 holes to fit in a 3-ring binder.3 Tape a 3” by 5” index card upside down to the bottom of the cardstock.Continue layering with additional index cards.4 Decorate the first index card and title the flip book. Region 4 Education Service CenterAll rights reserved.

Student Name:Date:Available or Scarce?Scarcity: Occurs when human wants exceed the availableresources to satisfy those wants.Tell your partner what you think “scarcity” means in your own words. Listen tohow your partner explains the meaning in his/her own words. Work together towrite your own definition of “scarcity” below:Circle whether the resource is readily available orscarce.A brand new video gamewas just released. It is veryhard to find. Is the videogame available or scarce?availablescarceFood Mart received an extrashipment of apples. Theyneed to get rid of the applesquickly. Are the applesavailable or scarce?availablescarceExplain how this could impactthe cost.Describe something that you have wanted but was scarce? Region 4 Education Service CenterAll rights reserved.3(9)(B)

Student Name:Date:Planned or Unplanned SpendingCut apart the Spending Cards. Determine whether each expense could best bedescribed as planned or unplanned. Attach the cards under the appropriatecategories.Planned ExpensesUnplanned ExpensesChoose one of the cards from either column above. Draw a star on the card youchose. Use your selected card to complete each of the following sentences:1. The costs of this expense . . .2. The benefits of this expense . . . Region 4 Education Service CenterAll rights reserved.3(9)(C)

Spending CardsCut along the bold dotted lines. Five sets of cards are provided.Purchasing a newtire after having aflatPaying for adoctor visit whenyou are sickPurchasing a newsofa to redecoratethe living roomPurchasing a newfurnace when theold one breaksPaying for thehotel on asummer vacationPurchasing foodfor a party youare hostingPaying the fine fora speeding ticketPaying a downpayment on anew carPurchasing a newtire after having aflatPaying for adoctor visit whenyou are sickPurchasing a newsofa to redecoratethe living roomPurchasing a newfurnace when theold one breaksPaying for thehotel on asummer vacationPurchasing foodfor a party youare hostingPaying the fine fora speeding ticketPaying a downpayment on anew carPurchasing a newtire after having aflatPaying for adoctor visit whenyou are sickPurchasing a newsofa to redecoratethe living roomPurchasing a newfurnace when theold one breaksPaying for thehotel on asummer vacationPurchasing foodfor a party youare hostingPaying the fine fora speeding ticketPaying a downpayment on anew carPurchasing a newtire after having aflatPaying for adoctor visit whenyou are sickPurchasing a newsofa to redecoratethe living roomPurchasing a newfurnace when theold one breaksPaying for thehotel on asummer vacationPurchasing foodfor a party youare hostingPaying the fine fora speeding ticketPaying a downpayment on anew carPurchasing a newtire after having aflatPaying for adoctor visit whenyou are sickPurchasing a newsofa to redecoratethe living roomPurchasing a newfurnace when theold one breaksPaying for thehotel on asummer vacationPurchasing foodfor a party youare hostingPaying the fine fora speeding ticketPaying a downpayment on anew car Region 4 Education Service CenterAll rights reserved.3(9)(C)

Student Name:Date:Financial DecisionsCut apart the Decision Cards. Determine which category most appropriatelydescribes each decision. Attach the cards when you have found the Communicating about MathematicsChoose a category from the list above and create a second card that would fitthe category. Region 4 Education Service CenterAll rights reserved.3(9)(F)

Decision CardsCut along the bold dotted lines. Two sets of cards are provided.Option A: Basic gym membership for 50 per monthOption B: Gym membership plus one class for 80 per monthOption A: Donate to the local food pantryOption B: Donate to a medical fund for injured firemenOption A: Earn 15 an hour for 40 hours per weekOption B: Earn 12 an hour for 50 hours per weekOption A: Begin a fund with 100 up front and add 10 per weekOption B: Begin a fund with 50 up front and add 15 per weekOption A: Purchase an appliance using the store payment planOption B: Purchase an appliance using a credit cardOption A: Basic gym membership for 50 per monthOption B: Gym membership plus one class for 80 per monthOption A: Donate to the local food pantryOption B: Donate to a medical fund for injured firemenOption A: Earn 15 an hour for 40 hours per weekOption B: Earn 12 an hour for 50 hours per weekOption A: Begin a fund with 100 up front and add 10 per weekOption B: Begin a fund with 50 up front and add 15 per weekOption A: Purchase an appliance using the store payment planOption B: Purchase an appliance using a credit card Region 4 Education Service CenterAll rights reserved.3(9)(F)

Student Name:Date:Fixed and Variable ExpensesTalk with your partner about what you think it means for something to vary.What are some synonyms for the word vary?If something does NOT vary, we can use the word fixed to describe it.Place the words from the Word Bank in the appropriate category below. Complete any remaining spaces with your own examples. Justify each of your answers to your partner.FixedExpensesauto loanVariableVariableExpensesExpensesWord Bankgroceriesmortgagemagazinesubscriptionwater billelectric bill Region 4 Education Service CenterAll rights reserved.4(10)(A)

Student Name:Date:Profit ComparisonsUse the definition of profit provided below to match each company with thedescription that best describes its profit. Record the profit next to each company.Profit: The difference between the amount of money earned andthe expenses required in earning the money.Barker’s Baseball SuppliesMr. Barker’s supplier charged him 386.10 for an order of baseball bats.He sold the bats for 661.50. How muchprofit did Mr. Barker make on the bats?Kali’s Lawn ServiceKali mowed 15 lawns for 25 each.She spent 16.08 on fuel for her lawnmower. How much profit did Kali makemowing the 15 lawns?Miguel’s PhotographyMiguel spent 54.17 on supplies andprops for three photo shoots. Hereceived a total of 446.34 in paymentsfor the shoots. What was Miguel’sprofit?Carol’s Homemade BurgersCarol made a total of 283.30 sellingburgers today. The supplies to makethe burgers cost Carol 89.20. Whatwas Carol’s profit?DescriptionCompany NameProfitThis company has the greatest profit.This company has the least profit.This company’s profit has a 9 in thetenths place.This company’s profit is a multipleof 5. Region 4 Education Service CenterAll rights reserved.4(10)(B)

Student Name:Date:Spending My AllowanceThe students in Ms. Umbach’s class used a strip diagram to describe how theywould allocate a weekly allowance of 10. Some of the responses are shownbelow.BillFranSpending 2.50Spending 5.00JackTashaSavings for Car 2.50Savings forCollege 2.50Sharing 2.50Savings 2.50Sharing 2.50Spending 7Spending 5SavingsforVacation 2Savings 2Sharing 1Savings forCollege 2Sharing 1Draw a picture of yourself in the space below and use the strip diagram to showhow you would allocate a weekly allowance of 10.Me Region 4 Education Service CenterAll rights reserved.4(10)(D)

Student Name:Date:Gross and Net Income: Who’s Correct?Mrs. Carter is teaching her class about gross income and net income. She gave thefollowing information to her students.Gross income is the amount of moneya person makes before taxes and otherdeductions are applied.Net income is the amount of money aperson makes after taxes and otherdeductions are applied.Tina, Antoine, and Maria each drew their own conclusions from this information.Tina thinks net incomewill sometimes be morethan gross income, andsometimes it will beless.Antoine believes netincome will always bemore than gross income.Maria thinks grossincome will always bemore than net income.Who is correct and why? Region 4 Education Service CenterAll rights reserved.5(10)(B)

Student Name:Date:Comparing Payment MethodsPlace a check beneath each payment method to which the statement could apply.You may have more than one check for each statement.Cash CheckCredit Debit ElectronicCardCard PaymentPaying with this method can havehidden fees.There is a higher risk of fraudwhen paying with this method.This method of payment can resultin interest charges.This method of payment may notbe accepted in some places.It may take hours or days forpayments to post using thismethod of payment.This payment method providesconvenience.This method of payment gives arecord of each transaction.Compare your list with a partner. Discuss similarities and differences in youranswers. Justify your choices with reasons and/or example. Region 4 Education Service CenterAll rights reserved.5(10)(C)

Student Name:Date:Balancing a BudgetThe list below shows several actions that one might take to balance a budget if hisor her expenses are more than his or her income.Choose two items from the list and explain why these steps could be helpful inbalancing a budget. Also include any disadvantages that can accompany thesedecisions. Sort all expenses into categories of wants versus needs. Eliminate expenses for unused services. Obtain a second income, such as a part-time job. Limit activities such as dining out or entertainment.My first choice isbecause.Some disadvantages of this decision could be.My second choice isbecause.Some disadvantages of this decision could be. Region 4 Education Service CenterAll rights reserved.5(10)(E), 5(10)(F)

Student Name:Date:Balancing a Budget Separate the Income Cards from the Expense Cards.Randomly select 3 Income Cards and 3 Expense CardsRecord the item description and the amounts below.Add up the Income column and add up the Expense column.Item DescriptionIncome AmountExpense AmountTOTALS:Is your expense total more than your income total?YESHow much less do you need to spendin order to have 3 each week toplace in savings? Region 4 Education Service CenterAll rights reserved.NOHow much money do you have leftover to put in savings?5(10)(E), 5(10)(F)

Student Name:Date:Budget CardsCut along the dotted lines. Two sets of cards are provided.IncomeIncomeIncomeAllowance 15.00Lunch Money 10.00Mowing Lawns 20.00IncomeIncomeIncomeBabysitting 18.00Dog Walking 11.00Car Washing 12.00ExpenseExpenseExpenseLunch 8.50Pay Back a Friend 7.00Clothes 25.00ExpenseExpenseExpenseCandy Store 5.00Movies with Friends 12.25Snacks 9.00IncomeIncomeIncomeAllowance 15.00Lunch Money 10.00Mowing Lawns 20.00Income

Grade 3 Grade 4 Grade 5 Grade 6 Considering Credit and Debt (11) Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (9) Personal financial literacy.

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