TopicsScaffolding Chart 5-8
Grade 5 / Grade 6 / Grade 7 / Grade 8Earning Income / Earning Income / Earning Income / Earning Income
Earning Money
What is a Career?
(Lesson Plan: Introduction to Earning Money ) / Differences Between Jobs and Careers
Characteristics of Jobs/Careers
(Lesson Plan: Jobs vs. Careers ) / Path to a Career
Planning Your Future
Exploring Careers
Career Readiness
(U.S. Bureau of Labor Statistics- Career Exploration ) / SS.8.FL.1.1 Explain that careers are based on working at jobs in the same occupation or profession for many years. Describe the different types of education and training required by various careers.
Topic(s):
Jobs vs. Careers – Characteristics
Comparing Careers
Career Stages Timeline
Requirements for Different Careers
(U.S. Bureau of Labor Statistics Activity: Choosing a Career
Career Choices
What does it take to become a (doctor, teacher, etc)?
(Lesson Plan: To Be or Not To Be ) / Factors That Affect Career Choices
Different Careers: Different Lifestyles / How Career Choices Affect Income
Interests Guide Career Choices
(Resource Tool –U.S. Bureau of Labor Statistics Occupational Outlook Handbook- Interactive Site Shows Occupations by: Median Pay; Education Level; Training; # of New Jobs Projected; and Projected Growth Rate ) / SS.8.FL.1.2 Identify the many decisions people must make over a lifetime about their education, jobs, and careers that affect their incomes and job opportunities.
Topic(s):
Explore Career Options
Career Research
Career Paths
Careers and Income
(Resource Tool –U.S. Bureau of Labor Statistics Occupational Outlook Handbook- Interactive Site Shows Occupations by: Median Pay; Education Level; Training; # of New Jobs Projected; and Projected Growth Rate )
Education- What’s It Worth?
(Lesson Plan: Why Work Now? ) / Human Capital
(Lesson Plan: Human Capital for Money ) / Explaining Human Capital
(Lesson Plan: The Mystery of the Amazing Farmers ) / SS.8.FL.1.3 Explain that getting more education and learning new job skills can increase a person’s human capital and productivity.
Topic(s):
How Education Increases Human Capital
Human Capital Investment
Building Human Capital
Better Education: Better Job
(Lesson Plan: The Value of Education ) / Increase Job Skills, Increase Income / Impact of Education on Income
(Background Information- Statistics College Board: Education Pays Report / SS.8.FL.1.4 Examine the fact that people with less education and fewer job skills tend to earn lower incomes than people with more education and greater job skills.
Topic(s):
The Education – Income Connection
Factors that Affect Income
Career Preparation / Career Preparation- Analyze the Return / Costs and Benefits of Education and Job Training
(Lesson Plan: You’re Going to College – costs and benefits ) / SS.8.FL.1.5 Examine the fact that investment in education and training generally has a positive rate of return in terms of the income that people earn over a lifetime, with some education or training having a higher rate of return than others
Topic(s):
Comparing Income – Does Education Matter?
More Education- More Income
Effects of Investment in Education on Lifetime Earnings
Opportunity Costs / Costs Associated with College and Training / Opportunity Costs of Job Training / SS.8.FL.1.6 Identify the opportunity costs that education, training, and development of job skills have in the terms of time, effort, and money.
Topic(s):
Opportunity Costs of Taking a First-Aid Course
Opportunity Costs of a College Education
(U.S. Bureau of Labor Statistics: Occupational Outlook Handbook – Search Occupations by –Median Pay; Entry Level Education; On the Job Training; Number of New Jobs Projected; Projected Growth Rate )
Interest Income
Investments
(Lesson Plan: You Can Bank on This – savings- interest / Earning Money Through Financial Investing
Calculating Interest Earnings / Define gift, rent, tip, commission, and business profit income.
Investing to Meet Financial Goals / SS.8.FL.1.7 Identify that interest, dividends, and capital appreciation (gains) are forms of income earned from financial investments.
Topic(s):
Interest, Dividends and Capital Gain
Different Investments: Different Risk Level
Using Data to Compare Investment Performance
Government Income Assistance / Why Governments Take Care of Their People
Different Forms of Government Assistance
(Government Assistance for Homeless ) / Understanding Medicaid
What is SNAP?
(SNAP Information ) / SS.8.FL.1.8 Discuss the fact that some people receive income support from government because they have low incomes or qualify in other
ways for government assistance.
Topic(s):
Federal Assistance Programs in the United States
Out of Work: How Can the Government Help Me (and My Family)?
Beginnings of Government Assistance in the United States: The Great Depression
(Background Information – Center on Budget and Policy Priorities- Federal Programs for Low-Income Families )
Buying Goods and Services / Buying Goods and Services / Buying Goods and Services / Buying Goods and Services
Spending Money
Deciding What to Buy / Factors That Influence What You Buy
As Seen on TV
Spending Choices / Research for a Major Purchase
Gather Information Before You Buy!
Read Those Reviews!
(Lesson Plan: What Can I Afford- comparing cell phone plans ) / SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading.
Topic(s):
Being a Smart Consumer
Deceptive Selling Practices
Informed Consumerism
Advertising / Why Companies Advertise / Analyzing Advertisements
The Influence of Advertising
(Lesson Plan: Be an Ad Detective ) / SS.8.FL.2.2 Analyze a source’s incentives in providing information about a good or service, and how a consumer can better assess thequality and usefulness of the information.
Topic(s):
Product Recommendation: Consider the Source
Celebrity Endorsements: Would You Buy Pantyhose From an NFL Player?
(Lesson Plan: Did You Get The Message? – Advertising Techniques and Incentives )
Cash or Credit / Understanding “Credit”
Buy Now – Pay Later
What is “Layaway?” / Using Credit Wisely
How Using Credit Affects You
Rent to Own / SS.8.FL.2.3 Describe the variety of payment methodspeople can use in order to buy goods and services.
Topic(s):
Methods of Paying for Goods and Services
Differences Among Debit Cards, Credit Cards and Prepaid Cards:
Summarize the advantages and disadvantages of checks, stored value cards, debit cards, gift cards and online and mobile payment systems.
(Lesson Plan: Payment Parliament )
Costs and Benefits of Paying for Goods and Services with Cash / Costs and Benefits of Buying with a Credit Card / Credit Cards vs. Debit Cards / SS.8.FL.2.4 Examine choosing a payment method, by weighing the costs and benefits of the different payment options.
Topic(s):
Costs and Benefits of Different Payment Options
Should I Pay for That Coca Cola with a Credit Card? Why or Why Not?
Budgets
(Lesson Plan: Money Comes and Goes- understand and design a budget ) / Basics of Budgeting
(Expense Tracking Activity: Expense Tracking )
(Activity: Hello Working World Making a Budget ) / The Unexpected: What happened to My Budget? / SS.8.FL.2.5 Discuss the fact that people may revise their budget based on unplanned expenses and changes in income.
Topic(s):
Unplanned Expenses = Budget Revisions
Budgets: Planning for Unexpected Events
Saving / Saving / Saving / Saving
What Banks Do With Your Money
Savings Accounts
How Banks Work / The Business Of Banking
Basics of Banking
Bank Accounts Earn Interest / Savers, Lenders, Borrowers / SS.8.FL.3.1 Explain that banks and other financial institutions loan funds received from depositors to borrowers and that part of the interest received from these loans is used to pay interest to depositors for the
use of their money.
Topic(s):
Banking Flow Chart: Saver to Borrower
Show Me The Money: How Banks are Able to Pay Interest
What is Earned Interest / Bank Accounts and Interest / Calculating Savings Interest
Simple Interest vs. Compound Interest
(Lesson Plan: Climb the Savings Mountain ) / SS.8.FL.3.2 Explain that, for the saver, an interest rate is the price a financial institution pays for using a saver’s money and is normally expressed as an annual percentage of the amount saved.
Topic(s):
Savings: Understanding Annual Percentage Rate
Interest Rates: Not Always the Same / Compare Savings Interest Rates Before You Deposit
Comparing Loan Interest Rates / Inflation and Interest Rates
The Money Market / SS.8.FL.3.3 Discuss that interest rates paid on savings and charged on loans, like all prices, are determined in a market.
Topic(s):
Why Interest Rates Fluctuate
How the Market Determines Interest Rates
Relationship Between Interest Rates and Money Demand
Supply and Demand in the Money Market
Growing My Savings / How Rising Interest Rates Affect Savings / Rising Interest Rates= Increased Savings Earnings
Building Wealth / SS.8.FL.3.4 Explain that, when interest rates increase, people earn more on their savings and their savings grow more quickly.
Topic(s):
Calculating Interest Rates on Two Different Certificates of Deposit
What is Principal? / Let Your Principal Work for You / ISS.8.FL.3.5 Identify principal as the initial amount of money upon which interest is paid.
Topic(s):
Principal vs. Interest: What’s the Difference?
Every Dollar Counts / Importance of Beginning to Save Early / Start Saving Early: Reach Your Financial Goals
Calculating Compound Interest
(Lesson Plan: M & M Interesting- Calculating –comparing simple and compound interest rates- opportunity cost ) / SS.8.FL.3.6 Identify the value of a person’s savings in the future as determined by the amount saved and the interest rate. Explain why the earlier people begin to save, the more savings they will be able to accumulate, all other things equal, as a result of the power of compound interest.
Topic(s):
Short Term Saving vs. Long Term Saving
Evaluate the Benefits of Beginning a Savings Program Early in Life
How Compound Interest Increases Your Savings Over Time
Time Value of Money
Saving Money
Why People Save Money
Why Saving is Important / Saving for Your Future
What are Your Saving Goals? / Achieving Financial Goals
Saving for What You Really Want
Personal Preferences Dictate Savings Choices / SS.8.FL.3.7 Discuss the different reasons that people save money, including large purchases (such as higher education, autos, and homes), retirement, and unexpected events. Discuss how people’s tastes and preferences influence their choice of how much to save and for what to save.
Topic(s):
Savings Choices
Reasons People Save Money
Comparing Savings Choices of Children, Teens, and Middle-Aged Adults
Is My Money Really Safe in the Bank? / What if Your Bank Fails?
Why a Government Agency Insures U.S. Banks / What is the FDIC?
Video: The Deposit Insurance Fund: How it Works
Understanding The NCUA / SS.8.FL.3.8 Explain that, to assure savers that their deposits are safe from bank failures, federal agencies guarantee depositors’ savings in most commercial banks, savings banks, and savings associations up to a set limit.
Topic(s):
Bank-Run: Could It Happen Today?
How the Government Insures Your Bank Savings
Major Responsibilities of the FDIC and NCUA
Using Credit / Using Credit / Using Credit / Using Credit
Different Types of Loans
Credit Cards
(Lesson Plan: Introduction to Credit )
(Lesson Plan: What Happens When a Bank Makes a Loan? ) / Costs and Benefits of Credit Buying / Comparing Loan Interest Rates
Making Good Borrowing Decisions: Factors to Consider
Repaying Loans: Principal Plus Interest
(Lesson Plan: Borrowing Money- Remember the Interest ) / SS.8.FL.4.1 Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using someone else’s money expressed as an annual percentage of the loan principal.
Topic(s):
Loan Interest Rates
Calculating Loan Interest
(Lesson Plan: Calculating Simple Interest Rates )
Credit Card Fees / Credit Card Interest Rates
Comparing Interest Rates: Credit Cards vs. Secured Loans / SS.8.FL.4.2 Identify a credit card purchase as a loan from the financial institution that issued the card. Explain that credit card interest rates tend to be higher than rates for other loans. In addition, financial institutions may charge significant fees related to a
credit card and its use.
Topic(s):
The Cost of Using Credit Cards
Examining and Analyzing Credit Card Statements
The Pros and Cons of Using Credit Cards
Monthly Interest Charges on Credit Cards / What is a “Grace Period?”
Making Credit Card Payments / Credit Card Interest Multiplies Quickly
Beware of the Minimum Payment
(Consumer Credit.com: Credit Card Interest Calculator ) / SS.8.FL.4.3 Examine the fact that borrowers who use credit cards for purchases and who do not pay the full balance when it is due pay much higher costs for their purchases because interest is charged monthly. Explain how a credit card user can avoid interest charges by paying the entire balance within the grace period specified by the financial institution.
Give advice to a friend explaining what happens to the total cost of borrowing on a credit card when only the minimum payment is made each month.
Topic(s):
Borrowing Costs When Making “Minimum Payments”
Avoiding Interest on Credit Cards
Minimizing Credit Card Costs
(Video: Minimum Payment on Credit Cards )
Building Good Credit / A Good Credit Record Has Its’ Rewards
Consequences of Not Repaying a Debt
(Basics of Building Credit
Answer Guide
/ How Credit Records Affect Interest Rates
Your Credit Score- Why It’s Important
Credit: Friend or Foe / SS.8.FL.4.4 Explain that lenders charge different interest rates based on the risk of nonpayment by borrowers. Describe why the higher the risk of nonpayment, the higher the interest rate charged by financial institutions, and the lower the risk of nonpayment, the lower the interest rate charged.
Topic(s):
Why Interest Rates Vary Among Borrowers
Higher Risk: Higher Interest Rates
Bankers Analyze Potential Borrowers
Financial Investing / Financial Investing / Financial Investing / Financial Investing
What is a Financial Asset?
(Lesson Plan: Saving and Investing –Compare Savings Acct, Money Market, CD; Bonds; Stock; Mutual Fund ) / Differences Between Stocks and Bonds / Investing in Mutual Funds
Stock Market Investing
Real Estate and Commodities / SS.8.FL.5.1 Describe the differences among the different types of financial assets, including a wide variety of financial instruments such as bank deposits, stocks, bonds, and mutual funds. Explain that real estate and commodities are alsooften viewed as financial assets.
Competency:
Describe the differences among the different types of assets. Find the prices of a variety of current possible investments.
Topic(s):
Financial Assets: Bank Deposits; Stocks; Bonds; Mutual Funds; and Real Estate
(Lesson Activity: The U.S. Economy: Buy; Sell; Lend )
Interest Income / Interest Income From Bank Accounts / Interest Income from Corporate or Government Bonds
Interest Income from Lending Money / SS.8.FL.5.2 Calculate the amount of interest income received from depositing a certain amount of money in a bank account paying 1 percent per year and from owning a bond paying 5 percent per year in order to analyze that interest is received from money deposited in bank accounts as well as by owning a corporate or government bond or making a loan.
Topic(s):
Calculating Interest on Investments
Calculate and Compare Interest Earnings: Bank Account; Corporate or Government Bond; Making a Loan
(Lesson Plan: Where to Invest Money )
What is a stock? / Stock Markets
Why People Invest in Stocks
How to Buy and Sell Stocks
(Activity: Ups and Downs of the Market / Capital Gains from Stock Market Investments
Do All Stocks Pay Dividends: Why or Why Not?
Why Companies Issue Stock
(Stock Market Web Quest: ) / SS.8.FL.5.3 Discuss that when people buy corporate stock, they are purchasing ownership shares in a business that if the business is profitable, they will expect to receive income in the form of dividends and/or from the increase in the stock’s value, that the increase in the value of an asset (like a stock) is called a capital gain, and if the business is not profitable, investors could lose the money they have invested.
Topic(s):
Stock Dividends
Research and Calculate Stock Dividends
Understanding the “Market” – Risks and Rewards
(Lesson Plan: Why Study The Stock Market:
Financial Markets / Buyers and Sellers in a Financial Market / Consequences of a Stock Market Run
S & P 500 / SS.8.FL.5.4 Explain that the price of a financial asset is determined by the interaction of buyers and sellers in a financial market.
Topic(s):
Why the Stock Market Fluctuates
How Stock Prices are Determined
Bull Market – Bear Market
Investment Return / The Cost of “Secure Investments” / Higher Investment Risk- Higher Rate of Return
Lesson Plan: Risk and Return / SS.8.FL.5.5 Explain that the rate of return earned from investments will vary according to the amount of risk and, in general, a trade-off exists between the security of an investment and its expected rate of return.