Transportation Technology Vehicle Ownership

Transcription

1 Financial Literacy within Technological Education 1 Transportation Technology Vehicle Ownership Since making financial decisions has become an increasingly complex task in the modern world, people need to have knowledge in various areas and a wide range of skills in order to make informed decisions about financial matters. They need to be aware of risks that accompany various financial choices. They also need not only to develop an understanding of world economic forces, but also to become aware of ways in which they themselves can respond to those influences and make informed choices. It is therefore essential that financial literacy be considered an important attribute of a well-educated population so that Ontarians may continue to prosper in the future. Financial literacy may be defined as having the knowledge and skills needed to make responsible economic and financial decisions with competence and confidence.1 In addition to acquiring knowledge in such specific areas as saving, spending, borrowing, and investing, students need to develop skills in problem solving, inquiry, decision making, critical thinking, and critical literacy related to financial issues. The goal is to help students acquire the knowledge and skills that will enable them to understand and respond to complex issues regarding their own personal finances and the finances of their families, as well as to develop an understanding of local and global effects of world economic forces and the social, environmental, and ethical implications of their own choices as consumers. This lesson plan along with other BBT lesson plans were developed by members of the Ontario Council for Technology Education (OCTE) in conjunction with the Ministry of Education. The lessons will be posted on the Ontario Education Resource Bank (OERB) Contact Information Board HWDSB Development date July 2011 Contact person Position Mike Sampson Transportation Teacher/Aviation SHSM Lead Teacher Phone EXT 326 Fax Michael.sampson@hwdsb.on.ca Course Name Course code Transportation Technology: Vehicle Ownership TTJ3O-

2 Financial Literacy within Technological Education 2 Name of lesson plan Brief description of lesson plan Compare the advantages and disadvantages of purchasing vs leasing a vehicle. In this activity, students can explore necessary procedures and related costs involved with buying and leasing vehicles while taking into account the insurance required to drive their dream car. Students will get into groups of 2(preferably one male and one female) and begin discussing vehicle types and their own personal preferences regarding buying or leasing vehicles. They can begin creating a chart to help organize their findings. Students must realize actual costs inherent in the process.(ie. Rate of interest on loans, insurance costs and leasing rates) In the end they will have a good understanding of the process involved with purchasing and leasing vehicles, as well as costs associated with the task. Duration Overall expectations (1 hour or the equivalent of a single lesson plan) A3- demonstrate an understanding of loans, leases, and insurance policies related to the purchase or lease of a vehicle; Specific expectations A3.5- compare the advantages and disadvantages of purchasing versus leasing a vehicle(e.g., with regard to short-term and long-term costs, ownership, and responsibility for maintenance and repairs) Catholic graduate expectations (if applicable) Essential Skills and work habits Essential Skills Reading Text Writing Document Use Computer Use Oral Communication Numeracy Money Math: Scheduling or Budgeting and Accounting: Measurement and Calculation: Data Analysis: Numerical Estimation: Thinking Skills

3 Financial Literacy within Technological Education 3 Scheduling or Budgeting and Accounting: Measurement and Calculation: Data Analysis: Numerical Estimation: Thinking Skills Job Task Planning and Organizing Decision Making Problem Solving. Finding Information Work habits Working Safely Teamwork Reliability Organization Working Independently Initiative Self-advocacy Customer Service Entrepreneurship Instructional/Assessment Strategies Teacher s notes Refer to charts on How To Compare Car Buying and Leasing(see Appendices) Advantages and Disadvantages of leasing a vehicle(see Appendices) Loan Calculators and Insurance Quotes Teachers will discuss the various aspects of each title and guide students through fact finding session. Students will be in groups of 2. They are to choose a vehicle to research and purchase or lease. Students will calculate expenses incurred with both scenarios and compare with their partners.

4 Financial Literacy within Technological Education 4 Context The assignment may take place in a computer lab or classroom with internet access. Teachers may promote the use of technology in the classroom as students may use Ipad, Iphone or other research devices. If computer access is not available, teachers can handout articles related to the lesson and help students get started. Students can also create a fictitious vehicle and come up with there own price list and cost evaluation. Strategies -Teachers can get students started on their own checklists to cover the necessary information needed to complete the task. Discuss the performance task and rubric with the students - Direct students to websites to help in vehicle selection, insurance costs, loan costs and overall leasing vs purchasing details. - Using word processing software and research materials to gain information on the subject - Teachers can come up with their own charts or checklists to help in keeping the lesson organized and to keep students on task. - Since this is one single lesson, the pace must be brisk and students must make decisions based on their research in a timely fashion. Assessment and Evaluation of Student Achievement How will we know students are learning? Purpose: Assessment for Learning Teachers will discuss personal experiences Diagnostic- Minds On with car purchases or leasing Student brainstorming will occur with their Diagnostic- Minds On partner to come up with strategies and best practice. Reference to appendices will help students create charts and checklists. Teacher observation will continue and be Diagnostic- Minds On monitored to assess progress in the decisionmaking occurring in groups This activity should take about 5-10 minutes at the start of the lesson to determine student readiness, allow for differentiated instruction and unveil different interests, preferences and styles Strategies/Tasks Rough draft- students create a rough copy of the chart they will use to compare buying and leasing of a specific vehicle. A completed chart is attached under appendices. Teachers may want to reveal parts of the chart to help students understand their goals. Purpose Assessment As Learning Formative- Action: allow students to compare notes and provide feedback to each other. Create a checklist to cover the advantages and disadvantages of Formative-Action: students can monitor their own purchasing and leasing vehicles. Reference progress and make adjustments to the appendices will assist in planning. The checklist will ensure students have all the necessary information to form a useful quote for their specific circumstance. Make a chart with all of the pros and cons involved with the various Formative- Action: eventually complete the selfoptions available with the project. This part of the assessment work sheet lesson should take no longer than minutes

5 Financial Literacy within Technological Education 5 1. Final Draft- students will create a final draft of their work and prepare to present 2. Problem Solve- students will resolve individual Issues and come up with the option which best suits their own situations. 3. Presentation- students will recap their work and share their findings with the class. This can be accomplished by an oral presentation using power point or other forms of media(podcast, video etc.) Purpose Assessment Of Learning Summative-Consolidate and Connect Summative- Consolidate and Connect Summative- Consolidate and Connect Additional Notes/Comments/Explanations 1. Once students have chosen their desired vehicle, they can begin making a comparison chart. 2. Students can use the loan calculator to assist in determining the total costs for the vehicle. 3. After completing the assignment, they can fill in the self-assessment chart 4. The final product will be presented to the class either in flip chart, chalk board, white board or power point format. 5. Students may want to podcast to other students or institutes to help in figuring out what they may be able to afford. 6. Some considerations to be aware of are: parental help financially, bank savings to offset costs, distances to be travelled, primary or secondary drivers. 7. The exercise is meant to help students realize potential costs of driving a vehicle and in the end whether or not they can afford to do so. Resources How To Compare Car Buying and Leasing Advantages and Disadvantages of leasing a vehicle Kanetix Auto Insurance Quotes Comparing- Car Buying and Leasing OERB- CLA - Budgets, Cars and the Environment ( found under Transportation) Authentic workplace materials - computer and the Internet - class notes - print materials(magazines and books) - memory stick or other storage device for continuous working file Human resources Print

6 Financial Literacy within Technological Education 6 Video Software Websites Investopedia; New Wheels- Lease or Buyhttp:// Consumer Reports: Pros and Cons of Leasinghttp:// 8&rlz=1T4SKPT_enCA433CA434&q=consumer+report+pros+and+cons+of+leasing Kanetix Auto Insurance Quotes- Loan Calculator- Other Comparing- Car Buying and Leasing OERB- CLA - Budgets, Cars and the Environment ( found under Transportation) Accommodations Students with IEP must be accommodated and may choose to work in resource area or with the help of an EA. List of Attachments (Attach all related materials, e.g., student worksheets, tests, rubrics.) 1. Appendix 1 - Rubric 2. Appendix 2 Self Assessment Sheet 3. Appendix 3 Buying vs. Leasing 4. Appendix 4 - Student Checklist

7 Financial Literacy within Technological Education Appendix 1 - Assessment Rubric 7

8 Financial Literacy within Technological Education 8 Appendix 2 - Self Assessment sheet

9 Financial Literacy within Technological Education 9 Appendix 3 - Buying vs Leasing

10 Financial Literacy within Technological Education 10