TEL Lesson Plan
What Would They Say? TV Characters Discuss Personal Finance

Grade Level: 9 - 12
Subject: Family & Consumer Sciences: Personal Finance
Time Frame: 2 - 3 classroom sessions

Summary

In pairs, students will explore and discuss issues related to personal finance and come up with a topic of interest to them both. After the librarian reviews the TEL databases, searching, and the citing features of each, each student will locate and read three articles from a TEL database. Each will summarize and cite the articles in a standard citation format (MLA, APA). As a pair, the students will write and present a one-minute dialogue on the topic between characters in a favorite TV show.

Databases/Other Resources

Academic OneFile, Gale PowerSearch, General OneFile

Procedures

The teacher will describe the plan ("Summary of Lesson" above). Once paired, students will be given time to discuss and agree on a topic of interest to both. A librarian will review the locations and descriptions of the TEL databases, subject and keyword searchers, and the citing features of the TEL databases. On their own time, each student will read, summarize, and cite three articles related to their chosen topics. Based on what they learned, each pair will plan and present a one-minute dialogue on the topic between characters in a favorite TV show.

Steps

Steps for Teacher

Steps for Librarian

Steps for Student

  1. Students will listen to the plan, then pair up and come up with a topic on personal finance of interest to them both.For this exercise, students may explore concepts related to making informed personal financial decisions such as personal and household budgets; checking and saving accounts; knowledge of finance, debt, and credit management; and evaluate and understand insurance and taxes.
  2. They will listen to the librarian review the TEL databases, searching, and the citing features of each.
  3. On their own time, each student will locate, read, and summarize three articles from a TEL database.and summarize and cite the articles in a standard citation format (MLA, APA).
  4. Based on what they learned, each pair will plan, write, and present a one-minute dialogue on their topic between characters in a favorite TV show.

Related Activities

Content Standards

Family & Consumer Sciences: Personal Finance

Standard 1.0 Analyze factors affecting income throughout the life span.

Standard 2.0 Evaluate practices for successful money management.

Standard 3.0 Analyze the risks, costs and benefits of financial management
decisions.

Standard 4.0 Investigate opportunities available for saving and investing.

 

Learning Expectations/Grade Level Expectations

Standard 1.0 Analyze factors affecting income throughout the life span.

Learning Expectations:

1.1 Interpret factors affecting income.

Standard 2.0 Evaluate practices for successful money management.

Learning Expectations:

2.1 Apply a decision making process to personal financial choices.

2.4 Understand banking procedures and services.


Standard 3.0 Analyze the risks, costs and benefits of financial management
decisions.

Learning Expectations:

3.3 Analyze consumer debt management.

 

Standard 4.0 Investigate opportunities available for saving and investing.

Learning Expectations:

4.1 Identify reasons for saving and investing.

4.2 Evaluate methods of saving.

 

Performance Indicators State

Standard 1.0 Analyze factors affecting income throughout the life span.

Performance Indicators:

The student will:

1.1. Interpret factors affecting income

      a. Career choices and potential income

      b. Educational requirements/training costs

      c. Educational level

1.2 Analyze employer benefits packages

      a. Savings plan

      b. Retirement

      c. Insurance

      d. Leave (vacation, sick, etc.)

      e. Stock purchase

      f. Educational reimbursement

      g. Incentive plans

      h. Cafeteria plan

1.3 Demonstrate an understanding of inflation and its effect on purchasing power

      a. Cost and availability of goods

      b. Effect of cost on availability of and demand for goods

      c. Inflation’s effect on the value of money

1.4 Examine the components of paying taxes

      a. Types of taxes (Federal, State, County, City)

      b. Personal and employer tax responsibilities

      c. Various documents for reporting taxes (W-2, W-4, 1040, 1040-EZ, 1099, etc.)

1.5 Analyze the costs and benefits of paying taxes

      1. Cost of government services (Police and fire protection, schools, roads, Social
         
Security, AFDC, parks and recreation, etc.)

 

Standard 2.0 Evaluate practices for successful money management.

Performance Indicators:

The student will:

2.1 Apply a decision making process to personal financial choices

2.2 Design a current personal financial plan

2.3 Create a realistic household budget that includes the following items:

      1. Short-term components—saving and spending (housing, utilities, food,
         
entertainment, clothing, transportation, personal items, insurance, etc.)

      2. Long-term components—saving and spending (estate planning, wills, insurance,
         
long-term care)

2.4 Understand banking procedures and services

      1. Checking and savings accounts (maintaining and reconciling)

      2. Bank service fees

      3. Payment methods

      4. Debit, bank, and automatic teller machine (ATM) cards

      5. Loans

2.5 Analyze personal risk management (insurance)

      1. Health

      2. Life

      3. Homeowners

      4. Auto

      5. Renters

      6. Disability

      7. Long-term care

 

Standard 3.0 Analyze the risks, costs and benefits of financial management
decisions.

Performance Indicators:

The student will:

3.1 Demonstrate knowledge of basic principles of consumer finance

      1. Credit worthiness

      2. Comparison shopping

      3. Purchases

      4. Goods/ Services

      5. Consumer loans/credit life insurance

      6. Opportunity cost

      7. Consequences of purchasing choices

3.2 Demonstrate awareness of consumer protection and information

      1. Personal responsibility

      2. Laws and regulations

      3. Legal documents, including contracts

      4. Consumer protections

      5. Crimes against consumers

      6. Fraud/Scams

      7. Loan Sharking

      8. Identity theft/protection

      9. Credit reporting services (Equifax, Trans Union, Experian, etc.)

      10. Rental/ Lease

3.3 Analyze consumer debt management

      1. Credit card use and abuse

      2. Credit costs (interest [including APR], penalties, fees, credit score, etc.)

      3. Loan consolidation (benefits and disadvantages)

      4. Credit Counseling

      5. Credit problems including bankruptcy, foreclosure, repossession, surrender of collateral (turn back), delinquency, garnishment, effect on employment and purchase of insurance, etc.

3.4. Examine various forms of credit payment

      1. Installment

      2. Bank draft

      3. Lay Away

      4. Electronic (Internet, debit card, electronic transfer, credit card)

3.5 Compare/contrast various types of loans

      1. Mortgage

      2. Balloon

      3. Installment

      4. Education/Training loans

      5. Check cashing businesses

      6. Personal

      7. Secured and unsecured

      8. Line of credit

      9. Equity

      10. Title loans

 

Standard 4.0 Investigate opportunities available for saving and investing.

Performance Indicators:

 

The student will:

4.1 Identify reasons for saving & investing

      1. Education

      2. Emergencies/rainy day

      3. Short term goals

      4. Long term goals

      5. Retirement

      6. Down payment

4.2 Evaluate methods of saving

      1. Certificates of Deposit

      2. Interest bearing savings account (Passbook savings)

      3. Individual Retirement Account (IRA)—Roth and traditional

      4. Pension plans (401K, 403B, annuities, etc.)

      5. Education savings plans

4.3. Evaluate methods of investing

      1. Stocks and bonds

      2. Mutual funds

      3. Real estate

      4. Annuities

      5. Business

4.4 Appraise other aspects of saving and investing

      1. Diversification

      2. Time value of money

      3. Compound growth/ Accrued interest

      4. Rule of 72 (divide interest rate into 72 to determine number of years in which
         
money will double)

      5. Risk and return

4.5 Identify regulatory agencies and their functions

      1. Federal Deposit Insurance Corporation (FDIC)

      2. Securities Exchange Commission (SEC)

      3. Federal Reserve

      4. Internal Revenue Service (IRS)

Assessment

The teacher will check the summaries for quality and plagiarism issues, review the citations for accuracy, and judge the content and delivery of the one-minute dialogues.

 

ISTE Computer Literacy and Usage Standards

1. Critical Thinking, Problem Solving, and Decision Making

3. Research and Information Fluency

4. Critical Thinking, Problem Solving, and Decision Making

5. Digital Citizenship

 

AASL Standards for the 21st Century Learner

1. Inquire, think critically, and gain knowledge.

2. Draw conclusions, make informed decisions, apply knowledge to new situations, and create new knowledge.

3. Share knowledge and participate ethically and productively as members of our democratic society.