F1. Money and Finances:
demonstrate the knowledge and skills needed to make informed financial decisions
describe several ways money can be transferred among individuals, organizations, and businesses
Have a class discussion about the ways people may transfer money and why they might choose one method over another.
estimate and calculate the cost of transactions involving multiple items priced in dollars and cents, including sales tax, using various strategies
Have students select five items from the printed or online flyer of a store in the local community. Ask them to calculate the total cost of the items, without sales tax, in dollars and cents. What is the cost if someone pays in cash?
Have students determine the cost of the above items, including applicable taxes and using a calculator or spreadsheet.
design sample basic budgets to manage finances for various earning and spending scenarios
As a class, design a basic budget for a sale (e.g., an arts and crafts sale) that includes the cost of the materials, the cost of the packaging, and a target profit of $100, to be donated to a local charity chosen by the class. Have students determine how much money the class would need to make from the items being sold at the arts and crafts sale to cover all of their costs as well as the $100 donation. (It is recommended to have a class discussion first about giving to charities, which charity to select and, why.)
explain the concepts of credit and debt, and describe how financial decisions may be impacted by each
As a class, define and discuss the concepts of credit and debt and their relationship to each other; that is, “when I use credit, it becomes a debt that I have to pay back”.
Ask students to describe various situations involving credit and debt. Discuss situations in which it might be necessary or helpful to access credit. Ask students for examples of when it might be useful to use credit to make a purchase and examples of circumstances where it might be best to avoid doing so.
calculate unit rates for various goods and services, and identify which rates offer the best value
Have student pairs look through online grocery store flyers and select an item (e.g., a bag of apples, a bag of potatoes, a box of cereal, a package of rice) that is available in different-size packages (e.g., $4 per 500-gram package; $6.00 per 1-kilogram package). Ask students to calculate the unit rate for each package and identify which package has the lowest unit rate. Then ask them to determine which package offers the best value and explain their thinking.
Have student pairs look through grocery store flyers in print or online to find the ingredients for a favourite recipe (e.g., flour, broth, vegetables, meats, grains, legumes). Ask them to calculate the unit rates to determine which ingredients are the best buy (e.g., store-brand flour at $4.00 for 2.5 kg; brand-name flour at 14 cents for each 100 g.)
describe the types of taxes that are collected by the different levels of government in Canada, and explain how tax revenue is used to provide services in the community
Have students work in groups to research, identify, and describe how levels of government and elected bodies provide services to communities using revenue collected through taxes. Students should identify which levels of government and elected bodies are responsible for various services.