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Teacher's Guide

Lesson Plans for each unit · Answers to games, puzzles and quizzes Classroom and homework exercises · Additional resources and information

Dear Educator:

On behalf of The National Theatre for Children, we are pleased to provide the Mad About Money II--Pay Yourself First performance and student workbook for use in your classroom. The Mad About Money--Pay Yourself First program is designed to teach students about wages, investing, advertising and opportunity costs. The student workbook includes basic concepts, activities, and games relating to these financial topics while requiring students to use skills from the middle school curriculum. We encourage you to use the workbook as well as send it home with the students. Beginning the dialogue about financial literacy in families is critically important. This teacher's guide includes an answer key for the student workbook and guidelines for leading them through each of the topic areas. We appreciate the work you are doing to educate your students about the importance of developing smart financial habits. Visit the following websites for additional information and resources:

You've seen the show! Now evaluate the program! You could win $250 of FREE BOOKS for your school.

To evaluate the production and classroom materials:

1. Go to: www.playworks.com 2. Look for the "Hey Teachers!" icon and click on it 3. Click on the Mad About Money II logo 4. Select Mad About Money II from the drop-down menu 5. Fill out the evaluation!

Thanks and Good luck!

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Comments or questions? Contact us at: The National Theatre for Children, Inc. 2733 Park Avenue, Minneapolis, MN 55407 1-800-858-3999, www.nationaltheatre.com

Copyright

© 2007 The National Theatre for Children, Inc.

Vocabulary and answer key for workbook:

Advertising: to give information about a product or service in order to sell it. Choice: an alternative to something else. Cost: the price paid for a product or service. Deduction: money that is subtracted from wages. Gross Income: the total amount of money earned. Investing: putting money into a venture that may turn a profit or earn interest. Need: things we must have in order to survive. Opportunity: a situation favorable for attainment of a goal. Net Income: the amount of money left over after taxes and deductions are subtracted. Persuade: to convince someone to do something by advising or urging. Product: something that is produced by labor. Reward: something given or received in return for investing or saving. Risk: the probability that loss will occur. Saving: money set aside to be used in the future. Take-home Pay: the amount of money you take home after taxes and deductions. Wage: money that is paid or received for work. Want: things that make life more interesting and fun, but are not necessary.

Calculate Your Take-Home Pay:

(Use the same withholding percentages as used in the example)

Question #1

Step 1: How much did you earn? 15 hours at $6.00 an hour= $90. Step 2: How much was deducted? $90.00 x .05 = $4.50 $90.00 x .03 = $2.70 $90.00 x .06 = $5.40 Total Deducted = 12.60 Step 3: Subtract the deductions $90 ­ $12.60 = $77.40 take-home

Question #4

Step 1: How much did you earn? 71 hours at $6.00 an hour=$426 Step 2: How much was deducted? $426.00 x .05 = $21.30 $426.00 x .03 = $12.78 $426.00 x .06 = $25.56 Total Deducted = $59.64 Step 3: Subtract the deductions $426 ­ $59.64 =$366.36 take-home

Question #2

Step 1: How much did you earn? 22 hours at $6.00 an hour= $132 Step 2: How much was deducted? $132.00 x .05 = $6.60 $132.00 x .03 = $3.96 $132.00 x .06 = $7.92 Total Deducted = $18.48 Step 3: Subtract the deductions $132 ­ $18.48 = $113.52 take-home

Question #5

Step 1: How much did you earn? 37 hours at $9.00 an hour= $333. Step 2: How much was deducted? $333.00 x .05 = $16.65 $333.00 x .03 = $9.99 $333.00 x .06 = $19.98 Total Deducted = $46.62 Step 3: Subtract the deductions $333­ $46.62 = $286.38 take-home

Question #3

Step 1: How much did you earn? 35.5 hours at $6.00 an hour = $213. Step 2: How much was deducted? $213.00 x .05 = $10.65 . $213.00 x .03 = $6.39 $213.00 x .06 = $12.78 Total Deducted = $29.82 Step 3: Subtract the deductions $213 ­ $29.82 = $183.18 take-home

BONUS Question

Step 1: How much did you earn? 40 hours at $9.00 an hour= $360 PLUS 10 hours at $13.50 (time and a half)= $135. So, $360 + $135 = $495 Step 2: How much was deducted? $495.00 x .05= $24.75 $495.00 x .03 = $14.85 $495.00 x .06 = $29.70 Total Deducted = $69.30 Step 3: Subtract the deductions $495 ­ $69.30 = $425.70 take-home

Lesson Plan: Wages Minus Deductions Equals Take Home Pay

Objectives

Students will identify and become familiar with the concept of take-home pay.

Preparation

Students have reviewed the Wages Minus Deductions section of the workbook and completed the activities. They have done some basic research on taxes, deductions and wages.

Time

·30-minute class period

Materials

· Mad About Money II Student Workbook · Hand calculator

Procedure

Part I: Journal Entry How much do you think you will make at your first job? Will it be an hourly wage? A yearly salary? Part II: Class Discussion Ask the students if they can define Take-home Pay. Takehome pay is the money you take home after taxes and deductions have been taken out. Taxes pay for things we use as a society. It is important to keep this in mind as you get a job and earn an income. Finally, you can discuss: · What are things taxes pay for? · How can you budget your money based on your takehome pay? Part III: Group work Split students into groups of 3 or 4 and have the group create a budget for a family of four for one year. · The Family earns $60,000 Gross income (before deductions and taxes). · Students should determine the Net Income after deductions: 5% Federal tax 3% State tax 6.2% Social Security tax (You can add1.45% Medicare tax if you desire) Regroup as a class and discuss: · How much less than $60,000 did the family make · How can this affect a family's budget?

CURRICULUM CONNECTIONS

Family and consumer economics: Importance of budgeting Math: Addition, subtraction, thousand, million, billion Social studies: History of taxes English: Essay writing

SKILLS

Math skills Critical thinking Long-term decision making

STANDARDS

National Council on Economic Education: 1, 2, 16, 20 McREL National Economic Standards: 1, 2, 5, 8 McREL National Life Work Standards: 3 Jumpstart Income and Career Standards: 1, 2, 3

Assessment Homework (Workbook) Class participation, group work

Lesson Plan: Saving and Investing

Objectives

Students will learn about saving and investing and the risk involved in each by using research skills, critical thinking, and group work.

Preparation

Students have reviewed the Saving and Investing section of the workbook and completed the corresponding activities. To prepare for the discussion on saving and investing, they will do internet research or access saving and investing literature.

Time

·30-minute class period

Materials

· Mad About Money II Student Workbook · Hand calculators

Procedure

Part I: Journal Entry Do you have financial goals for your life? Describe some short term goals and some longer term goals? What are different strategies for making the money to pay for these goals? What is your risk tolerance to attain these goals? Part II: Class Discussion Talk about what they entered into their journals. How many students have similar goals? How willing are different people to take risks to attain those goals financially? Explain that the basic concept of investing is having your money make money. Clarify: · Concept of compounding (review the "Saving Account vs. Savings Bond" activity to cover both compounding interest as well as different interest rates) · Review Bonds, Stocks and Mutual Funds, risk and return Part III: Group work Divide the class into 3 groups: ­ One group puts $500.00 in a savings account. It earns .05% interest year after year. ­ A second group buys bonds with an average return of 3.5%. ­ A third group invests in stocks that gain 10% interest one year, and loses 5% the next year. Have them answer the following questions among themselves: · What was their return? · Is it more important to gain steady interest you can count on? Or to take a risk and earn different amounts year to year? Regroup and discuss each group's answers.

CURRICULUM CONNECTIONS

Family and consumer economics: Why should families save and or invest? Math: Addition, multiplication, percentages Social studies: The history of the US Stock Market English: Essay writing

SKILLS

Reading comprehension Critical thinking Oral presentation skills

STANDARDS

National Council on Economic Education: 10, 11, 14 McREL National Economic Standards: 2, 7 McREL National Life Work Standards: 3 Jumpstart Saving And Investing Standards: 1, 2, 3

Assessment Homework (Workbook) Class participation, group work

Lesson Plan: Don't let Advertisers Make Your Decisions

Objectives

Students will be able to identify and compare some of the different methods advertisers use to get you to buy their products by using research skills, critical thinking, and group work.

Preparation

Students have reviewed the Don't let Advertisers Make Your Decisions For You section of the workbook and completed the activities. They have done some basic researching on advertising methods. To prepare for the discussion on advertising, they will do internet research.

Time

·30-minute class period

Materials

· Mad About Money II Student Workbook · Advertising information or online content from a variety of sources.

CURRICULUM CONNECTIONS

Procedure

Part I: Journal Entry What are the different ways advertisers get you to buy their product? Do they give you information you need about the product? Do they appeal to your emotions? To your sense of humor? Part II: Class Discussion Review the ways advertisers work and discuss in class. Talk about the collages made in class. How do they make different students feel? Part III: Group work Divide the class into 3 groups and have each group be responsible for coming up with an ad for a fictional product. Have each group make a presentation. As a class, discuss: ·What inspired the students when coming up with the ads · Which ad was the most effective?

Family and consumer economics: Different methods of advertising Math: Addition, division, percentages Social studies: The history of advertising English: Word comprehension, sentence construction, essay writing Comprehension of spending terminology and practices Research and reading comprehension Critical thinking Long-term decision making

SKILLS

STANDARDS

National Council on Economic Education: 7, 9 McREL National Economic Standards: 1, 3 McREL National Life Work Standards: 3 Jumpstart Money Management Standards: 4

Assessment Homework (Workbook, research) Class participation, group work

Lesson Plan: What is Opportunity Cost?

Objectives

Students will understand the concept of opportunity cost by using research skills, critical thinking, and group work.

Preparation

Students have reviewed the What is Opportunity Cost section of the workbook and completed the corresponding activities. Opportunity cost is the cost of something in terms of an opportunity forgone. If you spend your money, it is gone and you lose the opportunity to spend it on something else in the future.

Time

·30-minute class period

Materials

· Mad About Money II Student Workbook

CURRICULUM CONNECTIONS

Procedure

Part I: Journal Entry Think of a time when you got some money. How did you spend it? Was it enjoyable? Now think about what else you could have spent that money on. Was there something else that might have had more value to you than what did you spend it on? Part II: Class Discussion Have the class compare the different ways they spend money. Does anyone save a little bit of all the money they get? What could they use that saved money for? Part III: Group work Present the following scenario to the students: Over the course of a week, you earn income. You get a $25 allowance. Then divide the class into 3 groups and have each group choose what to do with the money. Have them answer the following questions among themselves: ·What did your group do? ·Does anyone think they spent their money in the best way? ·How do you determine the best way to spend your money? Regroup and discuss each group's answers.

Family and consumer economics: Prioritizing needs and wants Math: Addition, subtraction, multiplication, division, percentages Social studies: Evolution of economic terms English: Word comprehension, essay writing Comprehension of saving terminology and use Word comprehension Advanced math skills Critical thinking

SKILLS

STANDARDS

National Council on Economic Education: 1, 2 McREL National Economic Standards: 1 McREL National Life Work Standards: 3 Jumpstart Financial Responsibility Standards: 1, 4

Assessment Homework (Workbook, research) Class participation, group work

Information

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