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HONORS ECONOMICS UNIT 7 |
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UNIT 7 CONTENT MAP |
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AMORTIZATION
DEPENDENT
DEDUCTION
CAPITAL GAIN
PROGRESSIVE TAX |
FAFSA
GROSS PAY
NET INCOME
WITHHOLDING
FICA
MEDICARE |
IRS
1040
1093
1099
W2
W4 |
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WEEK 14 |
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LESSON |
IN CLASS |
HOMEWORK |
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Monday
Lesson 1 |
Budgeting for College
·
How will you afford college next year?
Activity:
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Read:
Textbook, Personal Finance handbook, appendix 44-45
Bring:
laptop, portfolio, and pencil for worksheet.
Concepts to Master:
·
Income
·
Expenses
·
Needs
·
Wants
·
Budget |
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Tuesday
Lesson 2 |
Income and Expenditures
Essential Questions:
·
What can be considered personal income?
·
How can personal expenses be categorized?
Activity:
Students will play the Game of Life using the
Life Short Rules
and keep track of their income and expenses on the
Life Spreadsheet.
This information will be used to complete their tax return at
the end of the Unit. By playing the Game of Life, the students will
compile the information needed to fill out a complete
Form 1040. |
Read:
Textbook, Chapter 14, pp. 362-368
Bring:
laptop, portfolio, and pencil for worksheet.
Makeup:
if you missed gameplay days,
download the game here
and play it on your own, keeping track of your expenses and income
on the spreadsheet. |
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Wednesday
Lesson 3 |
Amortization and Personal Deductions
·
What is amortization?
·
What is the purpose of a federal deduction on your income taxes?
Activity:
Students will continue to play the Game of Life using the
Life Short Rules
and keep track of their income and expenses on the
Life Spreadsheet.
This information will be used to complete their tax return at
the end of the Unit. By playing the Game of Life, the students will
compile the information needed to fill out a complete
Form 1040. |
Read:
The Apprentice Episode 3.10
Concepts to Master:
·
Dependent
·
Amortization
·
Withholding
·
FICA |
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Thursday
Lesson 4 |
Trump allowed Angie, Chris and Stephanie to steal Alex from Magna,
then laid out the next task: each team will create a brand-new type
of pizza for Dominos which using topping that Dominos didn't
normally use, then make and sell their pizzas from a mobile kitchen.
The winner will be the team with the highest sales and total
revenue.
Activity:
There is a lot to follow in this episode, and students should pay
attention to assessing and grading the teams on the following:
Answers must be In Your Own Words. |
Read:
Textbook,
Chapter 14, pp. 369-374
Bring:
Pencil for Video Quiz
*Makeup -
to make the quiz up if you are excused absent the day of a video,
follow these directions:
1.
Watch
appropriate episode of
Apprentice
online here.
2.
Complete the
Apprentice Assessment Worksheet
in complete sentences, print out the worksheet, and hand in to Mr.
Crawford in room 213.
3.
This MUST be completed before the NEXT Apprentice assignment or it
will remain a 0 for assessment purposes. |
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Friday
Lesson 5 |
Stock Market Liquidation
Essential Questions:
Why is liquidity important?
Activity:
Students will cash out of their Stock Market game portfolios,
totaling the final value by calculating dividends, broker fees, and
capital gains/losses.
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Concepts to Master:
·
Dividend
·
Capital Gain/Loss
·
Liquidity
·
1099 |
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WEEK 16 |
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LESSON |
IN CLASS |
HOMEWORK |
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Monday
Lesson 6 |
Financial Records
Essential Questions:
·
Why are personal financial records important?
Activity:
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Read:
Textbook,
Chapter 14, pp. 381-387
Concepts to Master:
·
Gross Income
·
Exemption
·
Deduction
·
Itemize
·
Net Income |
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Tuesday
Lesson 7 |
Federal Income Tax
Essential Questions:
·
Is the US Progressive Income Tax Efficient?
Activity:
·
Students will transfer the exemptions and deductions from their
Life spreadsheet
using form
1040A.
They will determine whether to use the standard deduction or
itemize, and then calculate their taxable income.
Student will work on their
1040 form
using their
Life spreadsheet
with the teacher’s help. |
Read:
Textbook, Personal Finance handbook, appendix 46-47
Concepts to Master:
·
Taxable Income
·
Tax Bracket
·
Tax Efficiency
·
Tax Fairness |
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Wednesday
Lesson 8 |
Federal Income Tax
Essential Questions:
·
Is the US Progressive Income Tax Fair?
Activity:
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class – this is a SUMMATIVE ASSESSMENT
and any assignment turned after class will be
penalized 1 point per day late. |
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Thursday
Lesson 9 |
Watch:
The Apprentice Series 3.11
Each team will get the chance to show off their creativity by
designing their own line of clothing with a budget of $5,000 to
create "wearable technology" for American Eagle Outfitters. American
Eagle executives will determine the winners. Alex to be
Project Manager for Net Worth while Tana was the obvious
choice for Magna.
Activity:
Students should pay particular attention to assessing and grading
the teams on the following:
Assignment:
Complete the
Apprentice Assessment worksheet.
Answers must be In Your Own Words.
This
MUST
be turned in at the END of class -- any assignment turned after
class will be
penalized 1 point |
Bring:
Pencil for Video Quiz
*Makeup -
to make the quiz up if you are excused absent the day of a video,
follow these directions: |
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Friday
Lesson 10 |
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