This sub-organizer contains the following sections:
Prescribed Learning Outcomes
Suggested Instructional Strategies
Suggested Assessment Strategies
Recommended Learning Resources

PRESCRIBED LEARNING OUTCOMES

• prepare and use a budget and evaluate its effectiveness in meeting a specific need
• describe ways financial institutions assist businesses and individuals with money management

To view the prescribed learning outcomes for Finance in other grades click on an icon below.

SUGGESTED INSTRUCTIONAL STRATEGIES

• Invite students to participate in financial goal setting simulations. After they have identified hypothetical purchase goals, ask students to develop budgets through which they could meet their goals­individually and then in groups. Introduce financial vocabulary to describe options (e.g., assets, liabilities, net worth, income, expenses ). Vary this exercise by having students create financial scenarios and develop simple monthly budgets for hypothetical people (e.g., by extracting job, housing, and expenses data from newspaper stories).
• If possible, use a class or school fundraising activity as an example of a working budget. Suggest that students work with other classes, teachers, and parents, if applicable, to create the fundraising budget. Ask students to monitor income and expenses using a simple income statement or balance sheet. After the fundraiser, have them evaluate the teamwork involved in the budget process as well as the accuracy and completeness of their predictions.
• Present students with a case study of the finances of an individual or a small business. Prepare a class chart comparing the types of services and accounts offered by various financial institutions (e.g., trust, mortgage, insurance, and investment companies; banks). Use data from the case study to discuss options for money management such as saving, investing, borrowing, and budgeting to meet specific goals. For further study, have students examine how the services provided by financial institutions may change over time.

SUGGESTED ASSESSMENT STRATEGIES

• Divide the class into groups and have each group research and present information about a specific financial service (e.g., RRSPs, credit, loans), the different financial institutions that offer the service, and the costs and benefits of using each type of institution for that service. After all presentations are complete, ask students to identify the services they would use each type of institution for and explain why. Review their work and note the extent to which students:
  • explain the services offered at each institution
  • identify variations of service costs and benefits among institutions
  • use their justifications as the basis for reporting

• Invite students to collect advertisements from various financial institutions on a particular service. Have them research the accuracy of claims made by each institution with regard to the service, decide which institution they would choose for that service, and then justify their choices. Note the extent to which their justifications:
  • are based on financial information rather than advertised generalizations
  • demonstrate understanding of the role and function financial institutions have in money management

• With students, develop criteria to assess their budgeting and monitoring of income and expenses during a fundraising project. The criteria might include:
  • budget is clearly organized and addresses the fundraising goal
  • budget includes adequate detail
  • balance sheet is well organized, complete, and accurate

RECOMMENDED LEARNING RESOURCES

• Exploring Business
• Personal Finance Portfolio

Software

• Looking Ahead

Games/Manipulatives

• The Real Game

Note: It is anticipated that existing classroom and school materials will also be used to support the prescribed learning outcomes until additional learning resources are identified.

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