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Designed by: Kristin Miller Unit Title: Budget Grade Levels: 9th-12thSubject/Topic Area: Accounting Time Frame: 3 weeks

Key Words: Budget, records, income, financial responsibility

Brief Summary of Unit: In this introductory budget lesson students will learn the importance of creating, using, and adjusting a personal budget. Students will create a budget with a given income and predict what will happen with their money. They will have peer evaluations of each others budgets and discuss problems and solutions they see will help their fellow classmates. Students will also discuss how budgets change throughout the course of your life and why and why it is important to adjust your budget as your life/goals/priorities change. Established Goals: QCC-Business and Information Technology: Course-Accounting: Core Skills 21 Topic: Resources Standard: Use or prepare budgets, make projections, keep records, and make adjustments to meet objectives

MMFN1. Students will use fractions, percents, and ratios to solve problems related to stock transactions, credit cards, taxes, budgets, automobile purchases, fuel economy, Social Security, Medicare, retirement planning, checking and saving accounts and other related finance applications. a. Apply percent increase and decrease. b. Apply ratios and proportions.
What understandings are desired? Students will understand that a budget will create financial stability in their lives. Budgets will vary throughout various stages in their lifetime and will often need to be adjusted. Different life factors play into different budgets, not just ones income. They will understand how to use and live by a budget. Lastly they will know why it is imperative to use money wisely and make decisions using their heads, not their hearts. What essential questions will be considered? What budget is good for me now? Why? How can I be financially responsible? How can savings save you? Why should I adjust my budget?

What key knowledge and skills will students acquire as a result of this unit? Students will know how to adjust a budget according to needs based on variable that affect ones budget. They will know why budgets are imperative to success in life. Key terms: budget, increase, decrease, balance, income, expenses, life styles, needs vs. wants, salary, adjustments, 50% 30% 20%, and projections.

Students will be able to create and understand a budget for different stages of their lives. They will be able to plan for their future and have the tools to be responsible with their money. Other Evidence: Preliminary budget- a sample of their views on budgets prior to the unit lesson. Dialogues, Work Samples, Observation, Peer assessments/review, and Final budget submission. Student Self-Assessment and Reflection: Self-Assess how their views have changed and how you feel your future will benefit from the information gained. Reflect on your thought/views of a budget now in comparison to when we started this unit. Performance Task Blueprint What understandings and goals will be assessed through this task? Students will prepare a personal budget. What criteria are implied in the standards and understandings regardless of the task specifics? What qualities must student work demonstrate to signify the standards were met? Appropriate choices are made in their budget. A rational and realistic type budget will be created that they would be able to use in the future with a depth of understanding. They will demonstrate they understand the use of ratios, percentages, savings, and so forth. Through what authentic performance task will students demonstrate understandings? Students will create a budget with their given income and life, then efficiently spend/save their money based on what they have learned to be good money management skills. They will then present their budgets to their class. What student products and performances will provide evidence of desired understandings? Correct budget, sound decision making, good money management skills, thought and consideration of appropriate use of money in comparison to lifestyle. By what criteria will student products and performances be evalutate? Budget is accurate and complete. Correct math. A positive balance. A clear understanding of an effective budget is achieved. Planning for the unexpected and future.

MONDAY
Begin with a discussion of how budgets are beneficial Introduce Key Terms/Understandings Have students create a preliminary budget Participation Grade Working in groups students will come up with a budget for the age & income range predetermined for their group. Students will work in groups only, no peer or teacher interaction today. Students will begin to work on their final budgets choosing a career/salary from given list. Freedom of lifestyle choice. Budgets must include an explanation of choices and decisions. Graded Assignment

TUESDAY
Have students discuss their budgets in groups. Emphasize good money management skills. Help peers notice things left out, good/bad decisions, head/ Continue working in groups, allowing questions to teacher and interaction between groups if need be. Help ensure all elements are taking into consideration.

WEDNESDAY
Present Podcast discussing budgets Let students explore the website and look over the additional information available Introduce items previously not considered Groups will presents their budgets and explain their decision making. Peers will have an opportunity to question and discuss. Graded Assignment, group & individual grade Give students individual feedback on personal budgets. Self and peer assessment according to provided rubric.

THURSDAY
Have students discuss & practice with what they think their parents budget would currently look like. Discuss how times have changed, needs/wants.

FRIDAY
Introduce how a budget is helpful and why. Assess students understanding of a realistic budget.

Participation Grade Further discuss the concept of need vs. want Head vs. Have students write what they desire in the future & how they plan to achieve this. Graded Writing Task Have students indicated how they plan to incorporate a budget into their future. Discuss how they will make adjustments throughout time. How a budget can prepare you for said situations. Open discussion of expectations and unexpected life changes.

Observe students choices in their budgets. Answer questions

Conclusion of Unit Discuss graded budgets Discuss short term vs. long term goals Encourage students to talk to family about budgets.

Worksheets available below

Preliminary Budget
Assignment Name Instructions: Fill in the table below with items you think belong on a budget. Date

Group Budget
Assignment Name Date . Instructions: Fill in the table below with items that belong on your budget with the given salary

What does your future hold?

Assignment Name Date Instructions: Give a detailed description of what you see in your future. Include things like career, family, income, location, desires, etc. You may need to research your career and or location to get an idea of salary and cost of living.

Collaborative Work Skills: Group Budget

Teacher Name: Kristin Miller

Student Name:
CATEGORY Contributions 4

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3 Usually provides useful ideas when participating in the group and in classroom discussion. A strong group member who tries hard! 2 1

Routinely provides useful ideas when participating in the group and in classroom discussion. A definite leader who contributes a lot of effort.

Sometimes provides Rarely provides useful ideas when participating useful ideas when in the group and in classroom discussion. May participating in the refuse to participate. group and in classroom discussion. A satisfactory group member who does what is required. Provides work that occasionally needs to be checked/redone by other group members to ensure quality. Tends to procrastinate, but always gets things done by the deadlines. Group does not have to adjust deadlines or work responsibilities because of this person\'s procrastination. Provides work that usually needs to be checked/redone by others to ensure quality.

Quality of Work

Provides work of the highest quality.

Provides high quality work.

Time-management

Routinely uses time well throughout the project to ensure things get done on time. Group does not have to adjust deadlines or work responsibilities because of this person\'s procrastination. Almost always listens to, shares with, and supports the efforts of others. Tries to keep people working well together. Actively looks for and suggests solutions to problems.

Usually uses time well throughout the project, but may have procrastinated on one thing. Group does not have to adjust deadlines or work responsibilities because of this person\'s procrastination. Usually listens to, shares, with, and supports the efforts of others. Does not cause \"waves\" in the group. Refines solutions suggested by others.

Rarely gets things done by the deadlines AND group has to adjust deadlines or work responsibilities because of this person\'s inadequate time management.

Working with Others

Often listens to, shares Rarely listens to, shares with, and supports the with, and supports the efforts of others. Often is not a good team efforts of others, but player. sometimes is not a good team member.

Problem-solving

Does not suggest or Does not try to solve problems or help others refine solutions, but is solve problems. Let others do the work. willing to try out solutions suggested by others.

Writing Task

Teacher Name: Kristin Miller

Student Name:

________________________________________

CATEGORY Grammar & spelling (conventions)

Writer makes no Writer makes 1-2 Writer makes 3-4 Writer makes more than 4 errors in errors in grammar errors in grammar errors in grammar grammar and/or spelling. or spelling. and/or spelling. and/or spelling

Capitalization and Writer makes no errors in Punctuation capitalization and punctuation. Ideas Ideas were expressed in a clear and organized fashion. It was easy to figure out what the letter was about.

Writer makes 1-2 errors in capitalization and punctuation. Ideas were expressed in a pretty clear manner, but the organization could have been better.

Writer makes 3-4 Writer makes more than 4 errors in errors in capitalization and punctuation. capitalization and punctuation. Ideas were somewhat organized, but were not very clear. It took more than one reading to figure out what the letter was about. The letter seemed to be a collection of unrelated sentences. It was very difficult to figure out what the letter was about.

Content Accuracy

The letter contains The letter contains The letter contains The letter contains no accurate facts at least 5 accurate 3-4 accurate facts 1-2 accurate facts about the topic. facts about the about the topic. about the topic. topic. Sentences and paragraphs are complete, wellconstructed and of varied structure. All sentences are complete and well-constructed (no fragments, no run-ons). Paragraphing is generally done well. Most sentences Many sentence fragments or run-on are complete and sentences OR paragraphing needs well-constructed. lots of work. Paragraphing needs some work.

Sentences & Paragraphs

Name: ________________________ Date: ___________________

Teacher: ___________________ Title of Work: ___________________ Criteria Points 3 4

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Students found an House was not suitable to House suitable to their House not suitable to House suitable to their appropriate house, their needs; house did not fit income but not their their needs or income. needs and income. suitable to their into their price range. needs. needs and income Students included all necessary living Missing more than 3 living Missing 2-3 necessary expenses. living expenses. expenses in their budget. 2-3 categories of living More than 3 categories of expenses were Students had living expenses were inaccurate and/or did accurate figures for inaccurate and/or did not fit not fit their needs and living expenses. their needs and income. income. Students budgeted NO money was set aside for Money was only set money for savings an emergency fund or aside for one of the and an emergency regular savings. required. fund. The budget packet No explanation of Few details of choices was completed made. choices. entirely All necessary living expenses were included.

Missing 1 necessary living expenses.

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All but one category of All categories of living living expenses were expenses were accurate and fit their accurate and fit their needs and income. needs and income. Less than $15 a month was put into savings and the emergency fund. Most choices are explained in detail. More than $15 a month was put into savings and an emergency fund. All budget choices explained in detail.

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Total----> Teacher Comments: