Grade 9-12 Subject Economics & Personal Finance Fourth Nine Weeks Instruction Dates: April 14 June 15

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1 Classroom policies and procedures Curriculum Focus: Virginia Credit Union Smart Start Education Curriculum m.aspx- Virginia Credit Union believes that every high school student should be given the opportunity to learn how to manage money. It is our intent to help further the financial education movement by providing a quality, interactive, Standards of Learning based financial education curriculum. Lesson 1: Money Wise Lesson 2: Savings and Financial Institution Knowledge Lesson 3: Careers and Taxes Lesson 4: Car Buying Lesson 5: Renting vs. Buying a Home Lesson 6; Inheritance and Investing Curriculum Focus: Investodedia Stock Market Simulation First Quarter Standard of Learning w/essential Knowledge and Skills (from 2010 SOL Documents) Number of days Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Resources and Materials used for instruction Governor s Challenge in Personal Finance Chapter 6: Insurance Chapter 7: Retirement Savings and Investments Chapter 8: Education Savings and Investments Day 7 Chapter 9: Giving

2 Day 8 Chapter 10: Living Expenses EPF.6 The student will demonstrate knowledge of the nation s financial system by a) Defining the role of money b) Explaining the role of financial markets and financial institutions EPF.12 The student will demonstrate knowledge of banking transactions by a) Comparing the types of financial institutions b) Evaluating services and related costs associated with personal banking d) Differentiating among types of electronic monetary of transactions g) Comparing costs and benefits of online and traditional banking Terms: The Federal Reserve (The Fed), US Treasury, Denominations, Commodity Money, Fiat Money, Bank, Credit Union, Savings and Loan, Insurance Company, Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Checking Account, Credit Card, Savings Account, Loan, Mortgage, Debit Card, Automated Teller Machine (ATM), Payday Loan, Check-Cashing, and Automated Clearing House (ACH) EPF.10 The student will develop consumer skills by i) Accessing reliable financial information from a variety of sources j) Explaining consumer rights, responsibilities, remedies and the importance of consumer vigilance Day 9 Day 10 Lesson 1: Money and Financial Institutions Money Wise Notes Lesson Objectives and Terms Slide Show Counterfeit Bill Slide Discuss Money Characteristics Slide Discuss Commodity Money vs. Fiat Money What to do with your money? Slide Show Types of Financial Institutions Consumer Protection through The Fed and SEC Deposit Insurance through FDIC and NCUA Bank Services Compare Services Unbanked Consumers Electronic Services Thumbs Up, Sideways, Down? Worksheet Research different local banks and services Complete the Financial Institution Worksheet Lesson 2: Savings and Financial Institution Knowledge Making the Most of Your Money Notes Lesson Objectives and Terms

3 EPF.12 The student will demonstrate knowledge of banking transactions by e) Preparing all forms necessary for opening and maintaining a checking and savings account f) Reconciling bank statements EPF.13 The student will demonstrate knowledge of credit and loan functions by b) Analyzing credit card features and their impact on personal financial planning c) Identifying qualifications needed to obtain credit e) Comparing terms and conditions of various sources of consumer credit f) Identifying strategies for effective debt management g) Explaining the need for a good credit rating EPF.17 The student will demonstrate knowledge of personal financial planning by a) Identifying short-term and long-term personal financial goals b) Identifying anticipated and unanticipated income and expenses c) Examining components and purposes of a personal net worth statement d) Developing a personal budget Terms: Opportunity Cost, Smart Goals (S)pecific, (M)easurable, (A)ction Oriented, (R)ealistic, (M)easurable, Budget, Income, Expense, Debit Card, Credit Card, Check, Gross Pay, Net Pay, Payroll Taxes, Social Security Taxes, Medicare Taxes, Federal Taxes, State Taxes, W-4 Form, W-2 Form, Grace Period, Annual Percentage Rate (APR), Credit Bureau, Equifax, Experian, TransUnion, Fair Credit Reporting Act, FICO Score, Day 11 Review Lesson 1 Terms Quizlet Lesson 1 Matching Test Song Ojays For the Love of Money Poster What does money mean to you? Discussion Money Management Long-term effects of money decisions Opportunity Cost Money slide and the difference between debit card, checks, and credit cards Short-term and Long-term SMART goals Write down some of your own financial goals Purpose of Budget M & M Budgeting Slide Game M&M Budgeting Game Mini Budget - List your income and expenses Career Budget Choose your career and create your budget. Review Lesson 2 Terms How to open up a bank account Application on overhead Reconcile a Checking Account

4 First Quarter EPF.15 The student will demonstrate knowledge of income earning and reporting by a) Examining how personal choices about education, training, skill development and careers impact earnings c) Calculating net pay d) Investigating employee benefits and incentives e) Completing a standard W-4 form EPF.16 The student will demonstrate knowledge of taxes by a) Describing the types and purposes of local, state and federal (income) taxes e) Explaining the content and purpose of a standard W-2 form Terms: Progressive Taxes, Regressive Taxes, Income Tax, Gross Pay, Net Pay, W-4 Form, Medicare Taxes, Social Security Taxes, Federal Government, State Government, Local Government, Withholding Allowance, W-2 Form, and Federal Insurance Contributions Act (FICA) Day 12 Credit Card Slides Video Meet Winston Credit Score Credit Card Choice Credit Bureaus Credit Scoring and FICO Score Impact of Credit Score on Interest Rate Budget Worksheet Alternate Endings Quiz Review Lesson 2 Terms Quizlet Matching Lesson 1 Terms Test Lesson 3: Careers and Taxes Career Central Notes Read Objectives and Write Terms Video Air-Conditioned Cubicle: Career Video What would you do with a million dollars? Worksheet Answer question number one. Draw a career out of a hat Implication of job choice on salary Career Slide

5 EPF.10 The student will develop consumer skills by d) Determining the consequences of conspicuous consumption e) Describing common types of contracts and the implications of each f) Demonstrating comparison-shopping skills EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses by a) Comparing the costs and benefits of purchasing vs. leasing a vehicle Day 13 Day 14 Occupations answer questions Click on paycheck for model paycheck Write down gross and net pay Writing a check Write a check for gross and net pay Gross and Net Pay Payroll Taxes Go over W-4 form Go over W-2 form Review Terms from Lesson 3 Quizlet Matching Test Lesson 3 Terms Tax Bracket Complete 1040EZ and 1040A Case Studies Lesson 4: Car Buying What a Ride! Notes Read over Objectives and Take Notes Terms Video Meet Pete: First Car Groups of Four Auto Trader Car Preview Why or why not your group s car is a good choice

6 EPF.13 The student will demonstrate knowledge of credit and loan functions by a) Evaluating the various methods of financing a purchase g) Explaining the need for good credit EPF.14 The student will demonstrate knowledge of the role of insurance in risk management a) Distinguishing among the types, costs and benefits of insurance coverage Terms: APR, Term, Installment Loan, Property Tax, Liability Insurance, Full-Coverage Insurance, GAP Insurance, Extended Warranty Plans, Credit Life or Disability Insurance, Depreciation, Leasing, and Co-signer Day 15 for high school student or not? Online build your own car Match up terms with definitions passed out to class Points to Ponder on buying a car Ongoing additional costs Insurance Optional costs New cars vs. used cars Is supply and demand an advantage or disadvantage when car buying? How will you pay for your car? Loan and leasing Credit Role Play with four students and two scripts Loan application Did you make a good choice? Review the terms for Lesson 4 Car Buying Quizlet Lesson 4 Car Buying Matching Terms Test Buy a car Lease a car

7 EPF.10 The student will develop consumer skills by e) Describing common types of contracts and the implications of each f) Demonstrating comparison-shopping skills EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses by b) Comparing the advantages and disadvantages of renting vs. purchasing a home c) Describing the process of renting housing d) Describing the process of purchasing a home e) Calculating the cost of utilities, services, maintenance and other housing expenses f) Evaluating discretionary spending decisions Terms: Gross Pay, Net Pay, Renting, Lease, Lessor, Lessee, Security Deposit, Renter s Insurance, Mortgage, Down Payment, PITI, Principal, Interest, Taxes, Insurance, Local Property Taxes, and Equity, FHA Loan Day 16 Lesson 5: Renting vs. Buying Home Sweet Home Notes Read Objectives and Write Terms Video Meet Michael and Jenny Write the first thing that comes to mind when you think of the word home. Homes slide What do you think of? Answers to What do you think of? Wants vs. Needs puzzle Are You Ready to Be on Your Own? Take the quiz Police Officer s Salary Police Officer s Budget Renting vs. Buying Renting Lease Role play lessor and lessee

8 Initial Renting Expenses Find a Rental Property Go online and find a rental the police officer could afford. Find a rental without price being a factor Discuss findings Renter s Insurance Advantages of Renting Buying a Home Homeowner s Insurance How Much Do You Qualify For PITI and Debt to Income Ratio Ongoing Additional Expenses Mortgage Application What Will Your House Payment Be? Advantages of Buying a House Have a Savings Plan Worksheets Review Terms for Lesson 5 Buying a House Day 17 Quizlet Test Matching Terms Lesson 5 Buy a House Rent an Apartment

9 EPF.10 The student will develop consumer skills by a) Examining precautions for protecting against identity theft and other personal information EPF.14 The student will demonstrate knowledge of the role of insurance in risk management a) Evaluating insurance as a risk management strategy b) Distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability c) Explaining the roles of insurance in financial planning EPF.18 The student will demonstrate knowledge of investment and savings planning a) Comparing the impact of simple interest vs. compound interest on savings b) Comparing and contrasting investment and savings options c) Explaining costs and income sources for investments f) Describing how the stock market works Terms: Insurance, Windfall, Saving, Investing, Stock, Bond, Mutual Fund, IRA, 401(k), Compound Interest, Savings Account, Money Market Account, Certificate of Deposit (CD), Dividend, Appreciation, Risk, Return, Defined Contribution Plan, 403(b), Roth IRA, Traditional IRA, and Identity Theft Day 18 Lesson 6: Inheritance and Investing What s Your Story? Auntie Sue Video Pierre: First Savings Insurance Slide Discuss Insurance Group Take one type of insurance that Auntie Sue has and brainstorm what it is used for. Answers to brainstorm Inheritance What will you do with the money? Did you save first? Pay Yourself First Saving and Investing Difference between savings and investing Compound Interest Savings Account Different Types of Savings Accounts Investment Account Stock Investment

10 Pros and Cons of Stocks Bonds Mutual Funds Retirement Accounts Find a Stock Go online and find a stock Game Pit Game Cards and Rules in Handout Discussion Auntie Sue s inheritance was taken from you Identity Theft and How to Protect Yourself Happy Ending EPF.18 The student will demonstrate knowledge of investment and savings planning f) Describing how the stock market works Day 19 Review Terms from Lesson 6 Investing Quizlet Matching Lesson 6 Terms Investing Investopedia Stock Market Simulation Excel Spreadsheet Wise Stock Terms Quizlet WISE Test Review Learning Objective Asse ssm ent First Quar ter Days 20 - SOL Testing Formative/ Informal Assessments To Be Used Approx. Date(s)

11 Wise Personal Finance Pre-test 50 Questions Participation Grade Lesson 1: Money and Financial Institutions Vocabulary Notes Checking Account Comparison Sheet (Research online together as a class) Financial Institution Worksheet (Research online together as a class) Lesson 2: Savings and Financial Institution Knowledge Vocabulary Notes Life Budget Game (M&Ms required) Monthly Budget Blueprint (Everyone has a different career) Credit Card Decision Making Model (Takes students through the decision-making) Alternate Endings Sample Credit Application Open a checking account and reconcile Lesson 3: Careers and Taxes Career Central Vocabulary Notes Write a check for gross and net pay Complete a W-4 form Go over a W-2 form High and Low-demand Careers Lesson 4: Car Buying What a Ride! Vocabulary Notes Meet Pete Video Auto Trader Groups of 4 Review the options for a high school student Buying My First Car Calculate the total cost and loan payments. Leasing My First Car Calculate the total costs and payments. Insurance What type of auto insurance is required in Virginia? GAP, and Costs Extended Warranty Is it a good idea? Role Play Script 1 and Script 2 Dealing with the salesperson

12 Lesson 5: Renting vs. Buying Home Sweet Home Vocabulary Notes Not so fast yes or no answer sheet in preparation for renting your own apartment Renting vs. Buying worksheet guide Wants and needs for home shopping Residential Loan Application talking Buying my first home calculate the total costs and loan payments. Renting my first home calculate the total costs. Lesson 6: Inheritance and Investing What s Your Story? Vocabulary Notes Auntie Sue How did she protect her assets? Meet Piere Video and each group takes one type of insurance listed in the story Inherit $20,000 What will you do with the money? Did you pay yourself? Write down the difference between savings and investing. Calculate the difference between simple and compound interest. List the different types of savings accounts. Think long-term when investing. Stock investments Bonds Mutual Funds Retirement Accounts Identity Theft Protection

13 Learning Objective EPF 6 EPF 12 EPF 10, 12, 13, & 17 EPF 10,11,14,15, 16,& 17 EPF 10, 11, 13, & 14 EPF 10 & 11 Lesson 1: Money and Financial Institutions Quizlet Matching Vocabulary Test Summative Assessments To Be Used Lesson 2: Savings and Financial Institution Knowledge Quizlet Matching Vocabulary Test Lesson 3: Careers and Taxes Career Central Quizlet Matching Vocabulary Test Lesson 4: Car Buying What a Ride! Quizlet Matching Vocabulary Test Approx. Date(s) EPF 10, 14, & Lesson 5: Renting vs. Buying Home Sweet Home

14 18 Quizlet Matching Vocabulary Test Lesson 6: Inheritance and Investing What s Your Story? Quizlet Matching Vocabulary Test Chapter 1: Introduction to Personal Finance Quizlet Matching Vocabulary Test Quizstar Multiple Choice Test Chapter 2: Savings Quizlet Matching Vocabulary Test Quizstar Multiple Choice Test Chapter 3: Budgeting Quizlet Matching Vocabulary Test Quizstar Multiple Choice Test Governor s Challenge Personal Financial Plan WISE Financial Literacy Test ¼ of nine weeks grade