 ## Show Me the Money – with Percents!

Financial and Economic Concepts: Basic Budgeting Sixth Grade – Mathematics

Domain: Ratios and Proportional Relationships: Understand ratio concepts and use ratio reasoning to solve problems.

a.  Make tables of equivalent ratios relating quantities with whole number measurements, find missing values in the tables, and plot the pairs of values on the coordinate plane. Use tables to compare ratios.

c.  Find a percent of a quantity as a rate per 100 (e.g., 30% of a quantity means 30/100 times the quantity); solve problems involving finding the whole, given a part and the percent. Materials: student worksheet
Time: 20-30 Minutes

This worksheet is a QUICK activity to help students understand the relationship among money, percents, decimals, fractions, income an expenses.

Excerpt from worksheet:  “One of the reasons that the young band The Conversions is going to be successful is because the group understands how to use a budget to manage its money. Bailey, the lead singer, is in charge of the band’s budget. She has a passion for percents because they help her  understand how much money is coming in (income) and how much money is being spent (expenses). The   band has even nicknamed her “Bailey 100” because percent literally means “per hundred.” Study the budget chart below and answer the questions to see how well the band is budgeting. Use the Work Tips to help you with your answers.” Student Worksheet (pdf) ## The Bean Game

Financial and Economic Concepts: Basic Budgeting Sixth Grade – Mathematics

Domain: Ratios and Proportional Relationships: Understand ratio concepts and use ratio reasoning to solve problems.

3. Use ratio and rate reasoning to solve real-world and mathematical problems, e.g., by reasoning about tables of equivalent ratios, tape diagrams, double number line diagrams, or equations.

Domain: Statistics and Probability: Develop understanding of statistical variability.

2. Understand that a set of data collected to answer a statistical question has a distribution which can be described by its center, spread, and overall shape.

3. Recognize that a measure of center for a numerical data set summarizes all of its values with a single number, while a measure of variation describes how its values vary with a single number. Materials: 30 beans/group, set of spending category sheets for each group of students
Time: 45 Minutes

Managing money means making choices.  There is never enough money available for all of the things we’d like to have or do.  This game will help you decide what is most important to you.

How to Play
This game may be played individually, but optimum results come from playing in a group of 2 or more.

Divide participants into groups of at least 2 and not more than 5.  Each individual/group receives 20 beans and a set of spending category sheets.  The individual/group must decide how to spend their “income” based on life circumstances, values and goals.  Each item has a set number of squares which indicates how many beans are needed to “pay” for that item. ## Hello Working World

Financial and Economic Concepts: Basic Budgeting Sixth Grade – Mathematics

Domain: The Number System: Compute fluently with multi-digit numbers and find common factors and multiples.

2. Fluently divide multi-digit numbers using the standard algorithm.

3. Fluently add, subtract, multiply, and divide multi-digit decimals using the standard algorithm for each operation.

Domain: Ratios and Proportional Relationships: Understand ratio concepts and use ratio reasoning to solve problems.

c. Find a percent of a quantity as a rate per 100 (e.g., 30% of a quantity means 30/100 times the quantity); solve problems involving finding the whole, given a part and the percent Materials: Hello Working World Worksheet, pencils
Time: 45 Minutes

Students will learn about the options of the working world.  They will consider choices for careers, see how income is connected to education and profession, and be able to create a budget with various expenses.  Students will record their data in a graphic organizer and create appropriate constructive responses. ## Mixed Economy

Financial and Economic Concepts: Free Markets and Prices Sixth Grade – Mathematics

Standard 5: Students will analyze, draw conclusions, and make predictions based upon data and apply basic concepts of probability.

Objective 1: Design investigations to reach conclusions using statistical methods to make inferences based on data. Show the Mixed Economy PowerPoint on an LCD projector, or print slides for students to see.  Guide them through the slides then let them answer the following questions on the last slide.

With your partner, answer the following questions:

1. What bad things could happen if an economy was pure market? (Be specific, at least 3 sentences)
2. What bad things could happen if an economy was pure command? (Be specific, at least 3 sentences).