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HONORS ECONOMICS UNIT 7
4/21 - 5/2

UNIT 7 CONCEPTS AND VOCABULARY

Unit 7 Notes

Unit 7 Review Powerpoint

AMORTIZATION

DEPENDENT

DEDUCTION

CAPTIAL GAIN

FAFSA

GROSS PAY

NET INCOME

WITHHOLDING

FICA

MEDICARE

IRS

1040

1093

1099

WEEK 15
4/21 - 4/25

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 1

Income and Expenditures

Essential Questions:

· What can xxxx?

· How can xxx?

Activity:

· x

Define and differentiate between the ability-to-pay and benefits-received theories of taxation
Develop a criteria for evaluating the effectiveness and fairness of a tax.
Define and differentiate between progressive, regressive, proportional, and negative taxes
Taxes usually have hidden costs. They distort economic decisions regarding investment, work effort, savings, and consumption. This usually causes the economy to be less efficient than it would be in the absence of taxation.
Develop a rationale for determining which goods should be produced by the private sector and which goods should be produced by the public sector
Explain the criticisms of active government involvement to correct for market failure.

Read: Textbook, Personal Finance handbook, appendix 6-7

Bring: laptop, portfolio, and pencil for worksheet.

Tuesday

Lesson 2

Amortization and Personal Deductions

Essential Questions:

· What is xxx?

· What xxx taxes?

Activity:

· Students xxxx

Read: Textbook, Personal Finance handbook, appendix 8-9

Concepts to Master:

· xxxx

· xxxxxx

Wednesday

Lesson 3

Compiling Tax Records

Essential Questions:

· Why xxxx important?

Activity:

· xxxxxxx

Read: Textbook, Personal Finance Handbook, appendix 22-23

Concepts to Master:

· Credit Card

· Debit Card

· Charge Card

· Finance charges

Thursday

Lesson 4

Watch: The Apprentice Series 3.12

Trump allowed Alex and Chris to draft Bren to help them create the most compelling brochure marketing brochure for GM's newest car, the Pontiac Solstice, as judged by Pontiac executives. Each team will have access to models, photographers, design studios, and printing facilities. Kendra led Magna, while Chris took charge of Net Worth.

Activity: Students should pay attention to assessing and grading the teams on the following using specific examples from the video:

· Marketing

o Target

o Identify

o Brand

o Offer

· Leadership

o Prioritizing

o Delegating

o Collaborating

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

Read: Textbook, Personal Finance Handbook, appendix 24-25

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.

Friday

Lesson 5

Federal Income Tax

Essential Questions:

· Why xxxxxx correctly?

Activity:

· Teacher led graphic representation of compound interest.

· xxxxxxxx.

Read: Textbook, Personal Finance Handbook, appendix 26-27

Concepts to Master:

· Credit Report

· FICO Score

· Capacity, Character, Capital

· Phishing

· Debt

· Revolving Credit

· Compound Interest

· Fair Credit Reporting Act

WEEK 16
4/28 – 5/2

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 6

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.

Tuesday

Lesson 7

Amortization and Personal Deductions

Essential Questions:

· 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: Textbook, Chapter 14, pp. 369-374

Concepts to Master:

· Gross Pay

· Expenses

· Net Income

· Amortization

· FICA

Wednesday

Lesson 8

Compiling Tax Records

Essential Questions:

· Why are personal financial records important?

Activity:

· Students will compile the information from their Final Stock Market Portfolio (which should have been posted on the class blackboard blog) and then fill out a Form 1099 DIV, 1040D, and 8949 on their dividends and capital gains with the teacher’s help. This will happen in individual consultation with each student.

· Students will go home and start to incorporate their financial information into their 1040 form. They are free to ask for help from their parents.

Read: Textbook, Chapter 14, pp. 381-387

Concepts to Master:

· Dividend

· Capital Gain

· Dependent

· Exemption

Thursday

Lesson 9

Watch: The Apprentice Series 3.13

The teams will design a new product to make office life easier by cleaning up clutter, and then lead a manufacturing team which will produce a prototype for presentation to Staples executives. Craig led the way for Magna while Alex was Project Manager for Net Worth.

Activity: Students should pay particular attention to assessing and grading the teams on the following:

· Merchandising

o Pricing

o Product

o Placement

o Packaging

· Leadership

o Prioritizing

o Delegating

o Collaborating

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

Read: Textbook, Personal Finance Handbook, appendix 44-47

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.

Friday

Lesson 10

Federal Income Tax

Essential Questions:

· Is the US Progressive Income Tax Efficient? Is it Fair?

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 using this tax calculator.

· Student will complete their 1040 form using their Life spreadsheet with the teacher’s help, and complete their tax assessment form.

· In-class discussion on the fairness and efficiency of the US Tax system.

· Students will turn in their tax assessment form (SMG portfolio, Life spreadsheet), their tax forms (1040, 1040A, 1099Div), and their tax records.

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.

Concepts to Master:

· Taxable Income

· Deduction

· Itemize

· Tax Bracket