1 Section 2 Budgets/Sources of Income Title of Lesson/Subject: Managing Money Prepared by: Kayla Kakela Contact Information E-mail address: Kayla.A.Kakela@sendit.nodak.edu Phone: 701-266-5287 Time Allotment: Two or three 50 minute class periods Grade Level or Target Audience: Family and Consumer Sciences, 7-8 th grade ND FCS Content Standards: 2.0 Evaluate management practices related to the human, economic, and environmental resources Key Economic Concepts: Personal priorities, goals, and standards Needs vs. Wants Steps of management/budgeting Types of resources and responsible use Sources of income Personal spending Brief Description: Students will read the section that focuses on managing money and resources. We will then have a class discussion involving resources, needs vs. wants, budgeting, income and expenses. Students will then have an assignment focusing on the same topics. Learner Objectives: The student will: Explain the goals of money management. Identify sources of income. Make a budget to manage money. Define and explain the difference between fixed and flexible expenses. Introduction: How many of you know that one day you will be very wealthy? How do you plan to get wealthy? Where will your money come from? These are questions that we all ask ourselves when we think about starting a career. Today you are going to learn the first step to becoming rich. They will then use the motivator: What is Money For? Materials Needed: Motivator: What is Money For? (included in PowerPoint) PowerPoint Lesson: Managing Money Student worksheet: Managing Money Study Guide Student worksheet: Let s Talk Money Audio/Visual Equipment Needed: Notes will be given using PowerPoint and a projector
2 Lesson Outline: Introduction Motivator Lesson (PowerPoint): Managing Money (included) Worksheets (two) Resources: Creative Living, 1990 (1 st Ed.). Peoria, IL: Glencoe Publishing Company. Activities: Discussion Worksheets: Managing Money; Let s Talk Money Notes Application/Assignment: Managing Money Study Guide to complete while reading the chapter (included). Let s Talk Money Worksheet to complete as a review (included--pdf). Evaluation Plan: A short quiz will be given at the end of the lesson (included).
3 Managing Money Study Guide Name Directions: As you read the chapter, answer the following questions. Later you can use this guide to study the chapter information. 1. Money is spent on things that people and things that they. 2. What should you do so that you will be sure to have someone money to pay for unexpected expenses? 3. A(n) is a plan for spending your money that helps you decide how to best sue your money. 4. Define income. What are two possible sources of income? 5. Define expenses. 6. expenses are important expenses that you have to pay; expenses change you can make new decisions about them in each new budget. 7. Explain the difference between short- and long-term money goals. How do these goals affect the budget you make? 8. What does electronic funds transfer mean? Name two EFT services.
4 Managing Money Quiz Name True/False Indicate whether the sentence or statement is true or false. 1. A budget will give you more money. 2. The steps to setting up a budget include tracking all income and expenses. 3. A want is something that you have to have to survive. 4. A fixed expense would be a monthly charge for a cell phone. Short Answer 5. List an example of a short-term, intermediate-term, and long-term goal. 6. What is income? What are two possible sources of income?
- ----- Name I Date CHAPTER 27 WORKSHEET Let's Talk Money Class Directions: Complete each sentence below by unscrambling the key money management term. ------ --- --- 1. EFT cards allow you to bank automatically by PORCMUTE. 2. The things you want to accomplish are your OLGAS. 3. If money gives you a sense of WEROP, it may make you feel more in control. 0 4. A GUTBED is a plan for spending your money. 5. A TOYRIPIR is something that comes first on your list of wants and needs. --- ---- Q---- --- 6. You cannot satisfy all your ST AWN because they are limitless. 7. A budget is based on your RAGAVEE expenses per week or month. 8. Your UVSALE are what you consider most important. 9. Money should first be used to meet your DENSE. 10. The money you take in and have available to spend is MOCINE. - 11. If you receive a(n) EOWCANALL, you and your family should discuss what it is to be used for and what you have to do to earn it. ------ 12. Expenses that are LEEFBLIX change over time. - 0 13. GASSVIN should be put aside each time you receive money. 14. An automatic LETREL machine can allow you to avoid long bank lines. 15. Something you want to accomplish in the far future is a GONL-MERT goal. Use the circled letters to complete the following definition. 16. Good - - - - - - - - - - - - - - - means using a budget to reach your long- and short-term goals. 70