Financial Literacy

Unit Summary:

Students add, subtract, multiply and divide rational numbers, and use them to solve problems dealing with data, measurement, and personal finance.

Essential Questions:

What is the difference between fixed and variable expenses, and how does this difference affect income planning?

Why is it important to choose an appropriate savings plan?

TEKS:

• 4.10 Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security.
• 4.10A distinguish between fixed and variable expenses; S
• 4.10B calculate profit in a given situation; S
• 4.10C compare the advantages and disadvantages of various savings options;
• 4.10D describe how to allocate a weekly allowance among spending; saving, including for college; and sharing; and
• 4.10E describe the basic purpose of financial institutions,including keeping money safe, borrowing money, and lending.

Vocabulary:

Personal Finance, Fixed expenses, Variable expenses, Profit, Advantages/Disadvantages, Saving options, Savings account,Certificates of deposit, Money market funds, Saving bonds, Weekly, Allowance, College, Saving, Sharing, Spending

A great video for explaining profit and expense is here.

 This is a great visual I got from this youtube video.