GOVERNOR LIVINGSTON HIGH SCHOOL MATHEMATICS DEPARTMENT MATH FOR LIVING #MAY0001

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1 BERKELEY HEIGHTS PUBLIC SCHOOLS BERKELEY HEIGHTS, NEW JERSEY GOVERNOR LIVINGSTON HIGH SCHOOL MATHEMATICS DEPARTMENT MATH FOR LIVING #MAY0001 Curriculum Guide September 2010 Mrs. Judith Rattner, Superintendent Mrs. Patricia Qualshie, Assistant Superintendent Mrs. Susan Rembetsy, District Supervisor Developed by: William Meakem This curriculum may be modified through varying techniques, strategies, and materials, as per an individual student s Individualized Education Plan (IEP) Approved by the Berkeley Heights Board of Education at the regular meeting held on 10/28/10.

2 TABLE OF CONTENTS Page Vision Statement... 1 Mission Statement... 2 Course Proficiencies... 3 Course Objectives... 3 Student Proficiencies... 5 Methods of Evaluation... 7 Course Outline/Student Objectives... 8 Vocabulary for Math for Living Resources/Activities Guide Suggested Audio Visual/Computer Aids Suggested Materials Resources for Students Resources for Teacher... 16

3 VISION STATEMENT Math for Living is a full year course intended for students in grades 11 or 12, who have completed two years of mathematics and who wish to pursue a course in applied mathematics, preparing them for many real world situations. The course is arithmetic based and covers topics that every self sufficient adult will need. The course is designed, to give students who have already decided to pursue careers in areas outside of mathematics, the opportunity to explore the math topics that will affect their lives, regardless of their career choice. Students will need to use critical thinking to help in problem solving and in logical decision making. Students will learn the syntax associated with spreadsheets and other practical models through the use of computers. The Internet is also used for the purpose of research and application. Using technology to help in solving real world problems is a primary objective of the course. Opportunities will exist to discuss current events in the economic and business world. Students will also be able to bring their own relevant topics to the table, in an effort to help give the course individual meaning for them. The prerequisite for this course is successful completion of two years of mathematics. Five credits are given for the successful completion of this course. Berkeley Heights Public Schools 1

4 MISSION STATEMENT Math for Living is NOT considered a remedial course. The course begins with topics like balancing a checkbook, how to properly write a check, and how to calculate percent discounts on retail items. From humble beginnings, we delve into topics of personal finance, including gross and net income, checking and savings accounts, cash and credit card purchases, loans and interest, home loans, auto loans, as well as insurance. Students will learn to keep a personal balance sheet. Opportunities will be given for students to read and interpret a paycheck, and how to do their taxes. Students with jobs will be welcome to use themselves as class examples, if they so choose. Emphasis is placed on students looking at money in the long term and not the short term. We will compare and contrast the different types of investments and investment strategy. We look into stocks, bonds, mutual funds, inflation, as well as investment risk and diversification. The course culminates with an introduction to various business mathematic topics, including personnel, production, purchasing, sales and distribution, overhead, and decision making based on these factors. Berkeley Heights Public Schools 2

5 COURSE PROFICIENCIES COURSE OBJECTIVES To provide the student with opportunities to: 1. Review their basic arithmetic and percentage skills. 2. Examine the different ways gross income can be calculated. 3. Examine the various deductions from gross income, resulting in net income. (9.2/12A9) 4. Understand the differences between checking and savings accounts. (9.2/12B8) 5. Apply the processes involved in maintaining checking and savings accounts. (9.2/12B8) 6. Perform calculations involved with cash purchases, including tax, unit price, finding the better buy, coupons, rebates, and markdowns. (4.5/D4) 7. Examine the inner workings of charge and credit card accounts. (9.2/12B8) 8. Perform calculations to determine finance charges and payments associated with charge and credit card accounts. (9.2/12B8) 9. Explore the functionality of Microsoft Excel as it applies to calculating tax, purchasing multiple quantities of the same item, and calculating finance charge and monthly payments. (4.5/F2) 10. Compare the various types of loans and compute charges associated with repayment. (4.5/C1) 11. Walk through the process of purchasing an automobile, from negotiations, to down payments, to financing the loan on the remaining balance owed. (4.5/C3) 12. Brainstorm the similarities and differences, as well as pros and cons of buying vs. leasing an automobile, as well as buying used. (4.5/C1) 13. Compute the costs involved in purchasing and maintaining a house. (9.2/12C4,5, G3,6) 14. Examine and calculate the costs of various types of insurance. (9.2/12G9) Berkeley Heights Public Schools 3

6 COURSE PROFICIENCIES (continued) 15. Discuss all the options you have on where to keep your money. Identify the pros and cons of keeping money under your pillow, in savings and checking accounts, in CDs, in retirement accounts, in college fund accounts, in stocks, and in bonds. 16. Understand the importance of recordkeeping in daily life. (9.2/12A2, B3,6) 17. Discuss personnel matters as they relate to owning a business and the costs associated with employing personnel. 18. Understand the workings of a production department. 19. Understand the workings of a sales department. 20. Compare the similarities and differences between personal and company balance sheets. (9.2/12A2, B3,6) Berkeley Heights Public Schools 4

7 STUDENT PROFICIENCIES The student will be able to: 1. Add, subtract, multiply, and divide whole numbers, fractions, and decimals. 2. Solve proportions. 3. Create proportions to help solve real life problems and then solve them. 4. Solve word problems involving percents by writing the percent as a decimal. 5. Use calculators to solve problems. (4.5/F4) 6. Develop algorithms to solve frequently encountered situations. (4.5/A2) 7. Develop visual ways to represent data: graphs, charts, etc. (4.3/12B1) 8. Calculate a worker s gross income based on how they get paid. (4.5/B2) 9. Calculate the necessary deductions to calculate net income. (9.2/12A9) 10. Balance a checkbook comparing a check register with a bank statement. (9.2/12B8) 11. Calculate both simple and compound interest in a savings account. (9.2/12C2) 12. Use unit pricing to determine the better buy. (4.5/D2) 13. Calculate sale price of items using given percentages. (4.5/D4) 14. Calculate the monthly finance charge on a credit card with a given balance and rate. (9.2/12B8) 15. Create formulas in Excel to calculate tax, interest, and monthly payments. (4.5/F2) 16. Calculate the monthly payment for the purchase of a new car given purchase price, down payment, finance %, and term of the loan. (4.5/C1) 17. Compile a complete list of maintenance costs associated with owning a car. (9.2/12 G2,3,5) Berkeley Heights Public Schools 5

8 STUDENT PROFICIENCIES (continued) 18. Calculate the monthly payment for the purchase of a new house given the purchase price, down payment, interest rate, and term of the mortgage. (9.2/12G3,6) 19. Compile a complete list of maintenance costs associated with owning a house. (9.2/12 C4) 20. Identify a specific cost as fixed or variable. (4.5/C3) 21. Calculate insurance premiums based on given data. (9.2/12G9) 22. Create and maintain a sample portfolio of investment holdings and track progress. (9.2/12D1,4) 23. Prepare a personal monthly balance sheet. (9.2/12A2, B3,6) 24. Appreciate the use of mathematics in everyday life as it relates to personal finance. 25. Appreciate the use of mathematics in everyday life as it relates to businesses hiring, producing, selling, accounting, and recordkeeping. Berkeley Heights Public Schools 6

9 METHODS OF EVALUATION 1. Tests. 2. Quizzes. 3. Homework/Classwork. 4. Class participation and effort. 5. Notebook. 6. Journal. 7. Projects. 8. Midterm examination. 9. Final Exam Budget Project. Berkeley Heights Public Schools 7

10 SCOPE AND SEQUENCE COURSE OUTLINE/STUDENT OBJECTIVE The student will be able to: NJ Core Curriculum Strands & Standards/ Indicators Grade 4.2/ D1 A3,6 Course Outline/Student Objectives I. Review Workshops 1, 8, 9, 10, 11, 15, 19, 20 (1 week) A. Writing Numbers as Words and Words as Numbers B. Changing Decimals to Percents and Percents to Decimals C. Finding Averages: Mean and Median D. Calculating Elapsed Time E. Rounding and Estimation F. Basic Word Problem Solving Methods 4.5 B2 II. Gross Income (2 weeks) A. Hourly Pay B. Overtime Pay C. Keeping a Weekly Time Card D. Piecework Pay E. Salary Pay F. Commission G. Graduated Commission 9.2/12 A9 III. Net Income (2 weeks) A. Federal Income Tax B. State Income Tax C. Graduated Income Tax D. Social Security E. Group Insurance Premiums F. Medicare and FICA G. Calculating All Deductions to Determine Net Income 9.2/12 B8 IV. Checking Accounts (2 weeks) A. Filling Out Deposit Slips B. Filling Out Withdrawal Slips C. Writing Checks D. Keeping a Check Register E. Bank Statements F. Reconciling the Bank Statement 9.2/12 C2 V. Savings Accounts (2 weeks) A. Simple Interest Berkeley Heights Public Schools 8

11 NJ Core Curriculum Standards/ Grade Strands & Indicators Course Outline/Student Objectives V. Savings Accounts (continued) B. Compound Interest 1. Different compounding intervals ( n values) 2. Simple vs. compound interest C. Options for Receiving Interest 1. Withdrawal principal unchanged 2. Re invested principal increased 4.5 D2,4 VI. Cash Purchases (2 weeks) A. Subtotal B. Sales Tax C. Total Purchase Price D. Unit Pricing E. Finding the Better Buy F. Coupons and Rebates G. Discounts/Markdowns H. Calculating Sale Price 9.2/12 B8 VII. Charge Accounts And Credit Cards (2 weeks) A. Sales Receipts B. Account Statements C. Calculating Finance Charge/Interest 1. Using previous balance 2. Using unpaid balance 3. Including current month new purchases D. Making Payments Yet Owing More 9.2/ C2,3 F1,2,4 VIII. Excel Spreadsheets In Computer Lab (2 weeks) A. Basic Functions 1. Changing row/column widths 2. Formatting cells B. Formulas 1. All start with = 2. Using cell locations not values 3. Operation keys 4. Sum syntax 5. Use of $ to avoid iteration 6. Copying formulas for full rows/columns C. Shopping Calculations Using Excel D. Credit Card Calculations Using Excel Berkeley Heights Public Schools 9

12 NJ Core Curriculum Standards/ Grade Strands & Indicators Course Outline/Student Objectives 4.5 C1 IX. Loans (2 weeks) A. Single Payment Loans B. Installment Loans C. Allocation of Monthly Payment 1. Amount towards interest 2. Amount towards principal D. APR and APY Definitions and Differences E. Paying Off Installment Loans F. Refunds of Finance Charges G. Loan Calculations in Excel 9.2/12 G2,3,5 X. Automobile Transportation (2 weeks) A. Purchasing a New Automobile B. Dealer s Cost Negotiation C. Purchasing a Used Automobile D. Automobile Insurance E. Automobile Operation and Maintenance F. Leasing/Renting 9.2/12 C4 G3,6 XI. Housing Costs (2 weeks) A. Mortgage Loans B. Monthly Payment and Total Interest C. Closing Costs D. Real Estate Taxes E. Homeowner s Insurance F. PITI G. Other Housing Costs 9.2/12 G3,9 XII. Insurance (2 weeks) A. Health Insurance 1. Premium 2. Benefits 3. Co pays B. Life Insurance 1. Term life insurance 2. Whole life insurance 9.2/12 B2,7 D1,4 XIII. Investments (3 weeks) A. Certificate of Deposit B. Effective Annual Yield C. Stocks 1. Buying and selling shares Berkeley Heights Public Schools 10

13 NJ Core Curriculum Standards/ Grade 9.2/12 A2 B3, /12 Strands & Indicators D1 G7 Course Outline/Student Objectives XIII. Investments (continued) 2. Types of trades 3. Dividends 4. Diversification D. Bonds E. Retirement Accounts (401K, IRA, Roth IRA) F. College Funds (529 plans) XIV. Recordkeeping (3 weeks) A. Average Monthly Expenditure B. Preparing a Balance Sheet C. Creating a Budget D. Income/Assets vs. Expenses/Liabilities XV. E. Profit/Savings Personnel (2 weeks) A. Hiring New Employees B. Administering Wages and Salaries C. Employee Benefits D. Disability Insurance E. Travel Expenses F. Employee Training 4.5 C3 XVI. Production (2 weeks) A. Manufacturing Assembly Line B. Costs: Fixed vs. Variable, Material, and Labor C. Calculating Value of Sold Assets D. Profit, as Assets Minus Costs E. Quality Control F. Packaging 4.5 C3 XVII. Sales (2 weeks) A. Markup and Markup Rate B. Overhead Costs C. Net profit and Net Profit Rate D. Determining Selling Price E. Markdowns, Sales, and Markdown Rates F. Distribution 9.2/12 B6 XVIII. Accounting (2 weeks) A. Payroll Register B. Business Expenses C. Pie graphs and % of Total Expense Berkeley Heights Public Schools 11

14 NJ Core Curriculum Standards/ Grade Strands & Indicators Course Outline/Student Objectives XVIII. Accounting (continued) D. Depreciation E. Assets, Liabilities, and Equity F. Company balance sheets G. Income Statements H. Vertical vs. Horizontal Analysis Note: The New Jersey Core Curriculum Content Standards can be accessed at Berkeley Heights Public Schools 12

15 CRITICAL VOCABULARY Gross Income Installments Hourly Wage APR Annual Percentage Rate Time and a half APY Annual Percentage Yield Salary Principal Commission Maturity Value Net Income Down Payment Federal Income Tax Dealer s cost State Income Tax Base Price Social Security Liability FICA Comprehensive Medicare/Medicaid Collision 1040 Fixed Costs W2 Variable Costs 1099 Mortgage Check Register PITI Outstanding checks/deposits Closing costs Simple Interest Coinsurance Compound Interest Deductible Unit Price Premium Coupons/Rebates/Discounts/Markdowns/Sales Share (stock) Finance Charge Bonds Iteration Dividend Syntax Balance Sheet / Budget Berkeley Heights Public Schools 13

16 RESOURCES/ACTIVITIES GUIDE 1. State of American Math Education Essay Assignment. 2. Virtual Stock Exchange Stock Market Game. 3. Personal Balance Sheet Project. 4. Purchasing a Home Project. 5. Developing a Business Plan Project. 6. Future Career and Planned Budget Project Final Exam. Berkeley Heights Public Schools 14

17 SUGGESTED AUDIO VISUAL/COMPUTER AIDS The following aids will be used throughout the course: 1. Standard calculators for computations. 2. Graphing calculators for data organization and trend analysis. 3. Computers. a. Use for research on everything from car insurance quotes to the stock market. b. Use of Microsoft Excel spreadsheets for creating and understanding balance sheets. c. Use of Microsoft Excel spreadsheets for carrying out standard arithmetic computations along with tax multipliers. 4. Computer projector for viewing of current events news stories related to class topics. 5. Camera projector to display book pages and handouts, in order to help explain class tasks. Berkeley Heights Public Schools 15

18 SUGGESTED MATERIALS Text: Lange, Walter, Temeleon Rousos, and Robert Mason. Mathematics with Business Applications. 4 th ed. Glencoe McGraw Hill Publishers, Agreed upon targets for coverage of content: First Semester Unit 0 Basic Skills 1. Review Unit 1 Personal Business Mathematics (Making, Keeping, and Spending Money) 2. Gross Income 3. Net Income 4. Checking Accounts 5. Savings Accounts 6. Cash Purchases Unit 2 Personal Business Mathematics (Borrowing and Investing Money, Bookkeeping) 7. Charge Accounts and Credit Cards 8. Excel spreadsheets 9. Loans Second Semester Unit 3 Personal Business Mathematics (Major Expenses and Future Planning) 10. Automobile Transportation 11. Housing Costs 12. Insurance 13. Investments 14. Recordkeeping Unit 4 Business Mathematics 15. Personnel 16. Production 17. Sales 18. Accounting Berkeley Heights Public Schools 16

SYLLABUS FOR CONSUMER MATH

SYLLABUS FOR CONSUMER MATH Textbook: Mathematics with Business Applications -- Glencoe, copyright 2004 Authors: Walter H. Lange and Temoleon G. Rousos Description: Consumer Math focuses on basic math skills