Financial Literacy in Grade 8 Mathematics and Language Travel Planning ...

[Pages:19]Lesson Plan

Financial Literacy in Grade 8 Mathematics and Language Travel Planning and Skills for Life

An annual trip to Southern Ontario is planned for the grade 8 students of Moosonee Public School. This is a big event involving two full days of travel and many "first time" experiences for students. In preparation for the trip, students in this lesson work with expectations from the mathematics and language curriculum as they participate in a variety of activities to help them think about long term planning, saving, budgeting and living within their means. Students gather and organize information. They also use reflecting, reasoning and proving skills while calculating and solving problems.

Curriculum Expectations

Click here to access expectations written out in full

Grade 8

Mathematics (2005) Mathematical Process Expectations ? Reasoning and Proving ? Reflecting ? Selecting Tools and Computational Strategies

Number Sense and Numeration Operational Sense ? solve problems involving whole numbers, decimal numbers, fractions, and integers,

using a variety of computational strategies;

Proportional Relationships ? solve problems by using proportional reasoning in a variety of meaningful contexts.

Language (2006) Reading 1. read and demonstrate an understanding of a variety of literary, graphic, and

informational texts, using a range of strategies to construct meaning; 1.4 Demonstrating Understanding

Writing 1. generate, gather, and organize ideas and information to write for an intended

purpose and audience; 1.4 Classifying Ideas 1.6 Review

Learning Goals

By the end of this lesson, students will be able to:

? Select tools and strategies to multiply decimals to calculate taxes

? Solve problems involving decimals for a given scenario to develop skills for personal budgeting for the year-end trip

? Demonstrate their understanding that money is a limited resource by creating a spending plan and budget for the year-end trip

Sample Success Criteria

? I used rounding to estimate costs.

? I planned what I needed by looking at the itinerary to predict when I would need spending money.

? I checked my calculations using a calculator.

Financial Literacy in Grade 8 Mathematics and Language

Pg 1 of 4

Instructional Components and Context

Readiness

Students have some experience with ... ? Connecting mathematical operations to real-life contexts ? Multiplying 3 and 4 digit decimal numbers ? Representing percents as decimals ? Reading and selecting important information from a text

Terminology

? Tax (PST, HST) ? Budget ? Income ? Needs and wants as they relate to financial literacy ? Spending ? Deducted ? Commission

Materials

? Laptop, projector and screen

? Handouts ? Cards for 4 Corner activity in "Minds On" ? Fake money ($400 per student) ? Proposed Itinerary for the year-end trip ? Budget Scenarios Copy of proposed itinerary, budget planning template and additional information, questions and things to consider when developing this plan for spending (to be distributed to students during group activity). Each group is given a different scenario and must accommodate their plans accordingly. ? Personal Budget Scenario

Financial Literacy in Grade 8 Mathematics and Language

Pg 2 of 4

Minds On

Whole Class - Four Corners

? Tell students they will be participating in an activity where they will have a chance to practice estimating how much money they might want to spend for optional expenses during a year-end trip. Pose the following scenario: As you all know, we will be taking a year-end trip. Although we are fundraising money for this trip, that money only goes towards things we need - our pre-set expenses like transportation, hotel accommodations, admission tickets and food. It does not cover things that might be considered "wants" - our optional expenses like souvenirs, individual shopping wants (such as clothes), snacks or additional attractions (like the games at an arcade). In order to get us thinking about how much spending money we may want to bring with us for these optional expenses, we are going to participate in an activity called Four Corners. Look around the room; in each corner you will see a card with a different amount of money ($40, $60, $80 $100).

? Distribute $400 in fake money to each student.

? Project the Proposed Itinerary on the screen. Show only Monday, covering the rest of the week with a sheet of paper. Continue to tell students about the scenario and what they need to do: You are going to look at the activities occurring each day and think about how much spending money you may want given the activities/attractions planned for that day. Once you've decided, move to that corner of the room. Place that amount of money in the basket.

? As the students complete this activity (five times, one for each day of the trip) pose questions about their choices, encouraging students to think about their choices. Consider asking students about why they have chosen a specific corner, or why a group of people have chosen one money amount versus another (see Guiding Questions). Encourage students to use their prior knowledge about how much things may cost in other situations to help them in making their decisions. Part way through the task, stop and suggest that students count their money and think about what they have spent and how much they have to spend for the days remaining. Note that being aware of how much money you have and what you are spending is an important financial literacy skill. Activity continues until all five days are complete.

Whole class discussion

? Conduct a classroom discussion with the students about their experience. Sample reflection questions: How much money do you have left? Did you run out of money? Did you wish you had more money on a later day in the week? What influenced your spending? Did your spending increase if your friends' did? How might you have changed that? If there was a basket with $0 would you have chosen that option at any point? What made this task difficult? [not knowing what was coming up the following day]. What would you have done differently if you had been able to see all five days in advance? How would that have changed your spending? [knowing what was coming would have given us more information so we could better plan and budget our money.]

Connections

Guiding Questions:

To be posed while the students are moving about the class, completing the Four Corners activity:

? Why do you think so many people chose that basket? What is happening on this day of the itinerary that is impacting your choice?

? Do the choices your peers are making influence your choices about how much to spend? Why or why not?

? Did you overspend on the days earlier in the week? How do you know?

? You may WANT to spend $80 but you only have $100 left and three more days to go. How will this affect your decision?

? Knowing that we have a shopping day coming up, how will you spend your money prior to that?

Assessment as Learning (AaL)

? Class discussion based on reflective questions posed by the teacher

Differentiated Instruction:

? Use various words and explain concepts in multiple ways during the explanation to further increase listening comprehension.

? Project Proposed Itinerary on the screen while simultaneously using words to communicate the same information to support a variety of learning types.

Financial Literacy in Grade 8 Mathematics and Language

Pg 3 of 4

Action!

Small group - Saving and Spending Scenarios

? Create groups of 4-5 students and give each group one of the Budget Scenarios. Instruct students to read the scenarios and work through the various problems presented to prepare a spending budget for the year-end trip. Prompt students to support their work: ? What information are you given? ? What pieces of information do you need to make the calculations about spending? ? Using the given information what can you calculate; what problems can you solve? ? What strategies could you use to calculate the tax? ? Are all parts of your template complete? ? How did you calculate your total, including tax? ? What mental math strategies could you use to calculate your remaining money? ? In what other situations might you be able to use the skill of budgeting?

? Note that personal circumstances are unique and have impact on spending decisions. Possible discussion point: Everyone's lives and circumstances are unique and that will alter their choices and their spending budgets. You may have a trip coming up later in the summer that you are saving for, you may have been given money at graduation, or you may have four younger siblings to buy souvenirs for. Different people have different values and perspectives related to spending and saving money. In any case, we all have unique situations that cause us to spend money differently.

Students work together in their groups using the Budget Scenarios to develop a spending plan and budget according to their scenario.

? Groups present their Budget Scenarios and calculations to the class. Class discusses similarities and differences in scenarios and other possible strategies for planning the spending. Possible discussion point: Every group spent more money during the shopping day and Wonderland day, but less at Sainte Marie Among the Hurons and horseback riding. How can this help you decide where to spend and where to save?

Consolidation

Individual work ? Personal Budget Scenarios

? Explain to students that they will be preparing a budget for themselves and that they will each be given a different amount of money to work with. Give each student a Personal Budget Scenario handout and a slip of paper with an amount ranging between $150 and $450.

? Use the Guiding Questions (see right) to help students begin their assignment and deepen their thinking as they create their budget.

? Co-construct success criteria with the students, identifying what will be assessed during this Personal Budget Scenario.

Extensions:

Use some of the Guiding Questions as a written assignment for students to complete in addition to the spending plan and budget.

Students research what is necessary to open an account at a bank or credit union.

Students research how to acquire a debit card and the costs associated with using it.

Students explore pros and cons of carrying cash or using a debit card to make purchases.

Connections

Assessment for Learning (AfL) ? Use guiding questions to assess

and reassess students' learning and redirect where necessary. Observe students' use of prior math skills to problem solve, and creation of a budget that matches requirements of scenario.

Differentiated Instruction:

? Provide additional support where needed individually or for entire group

? Create groups that allow for a mix of skills and learning styles to best facilitate learning and maximize chance for success

Connections

Guiding Questions: ? How does knowing the itinerary in

advance help you prepare a plan for saving, spending and a budget? ? How would this activity be different if you didn't have an itinerary? How might your budget look different than the one here? ? What are some things that you can do to ensure that you have enough spending money to take on the trip with you? ? Who can help you plan as you prepare for the trip? ? How could you participate in this trip with minimal or no spending? ? If you come back from Toronto with any money leftover what will you do with it?

Assessment of Learning (AaL)

? Personal Budget Scenario worksheet using co-constructed success criteria.

Financial Literacy in Grade 8 Mathematics and Language

Pg 4 of 4

Mathematics (2005)

Curriculum Expectations

Financial Literacy in Grade 8 Mathematics and Language Travel Planning and Skills for Life

Grade 8

Mathematics Reasoning and Proving ? develop and apply reasoning skills (e.g., recognition of relationships, generalization through inductive

reasoning, use of counter-examples) to make mathematical conjectures, assess conjectures and justify conclusions, and plan and construct organized mathematical arguments;

Reflecting ? demonstrate that they are reflecting on and monitoring their thinking to help clarify their understanding

as they complete an investigation or solve a problem (e.g., by assessing the effectiveness of strategies and processes used, by proposing alternative approaches, by judging the reasonableness of results, by verifying solutions);

Selecting Tools and Computational Strategies ? select and use a variety of concrete, visual, and electronic learning tools and appropriate computational

strategies to investigate mathematical ideas and to solve problems;

Number Sense and Numeration Operational Sense ? solve problems involving whole numbers, decimal numbers, fractions, and integers, using a variety

of computational strategies; - solve multi-step problems arising from real-life contexts and involving whole numbers and decimals,

using a variety of tools (e.g., graphs, calculators) and strategies(e.g., estimation, algorithms). - solve problems involving percents expressed to one decimal place (e.g., 12.5%) and whole-number

percents greater than 100 (e.g., 115%) (Sample problem: The total cost of an item with tax included [115%] is $23.00. Use base ten materials to determine the price before tax.);

Proportional Relationships ? solve problems by using proportional reasoning in a variety of meaningful contexts.

- solve problems involving percent that arise from real-life contexts (e.g., discount, sales tax, simple interest) (Sample problem: In Ontario, people often pay a provincial sales tax [PST] of 8% and a federal sales tax [GST] of 7% when they make a purchase. Does it matter which tax is calculated first? Explain your reasoning.);

- solve problems involving rates (Sample problem: A pack of 24 CDs costs $7.99. A pack of 50 CDs costs $10.45. What is the most economical way to purchase 130 CDs?).

Language (2006)

Reading 1. read and demonstrate an understanding of a variety of literary, graphic, and informational texts,

using a range of strategies to construct meaning; Demonstrating Understanding 1.4 demonstrate understanding of increasingly complex and difficult texts by summarizing important

ideas and explaining how the details support the main idea (e.g., theme or argument and supporting evidence in reviews, essays, plays, poems; key information and related data in public documents, online and print reference articles, manuals, surveys, graphs, tables and charts, websites, transcripts)

Writing 1. generate, gather, and organize ideas and information to write for an intended purpose and audience; Classifying Ideas 1.4 sort and classify ideas and information for their writing in a variety of ways that allow them to

manipulate information and see different combinations and relationships in their data (e.g., by using electronic graphic organizers, tables, charts) Review 1.6 determine whether the ideas and information they have gathered are relevant, appropriate, and sufficiently specific for the purpose, and do more planning and research if necessary (e.g., check for depth and breadth of coverage of the topic)

Financial Literacy in Grade 8 Mathematics and Language

$40

$60

$80

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download