Mission Big Business

Mission Big Business

Lesson Plan for Mission Transformation Mentees, Financial Literacy

OVERVIEW & PURPOSE

§111.28.B.12 Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one’s life as a knowledgeable entrepreneur, consumer and investor.

Objectives

As new entrepreneurs students will use strategic planning, budgets, and business plans to analyze, calculate, & identify financial opportunities.

Expected Outcomes

  1. Calculate the total cost of repaying a loan, including credit cards and easy access loans, under various rates of interest and over different periods using an online calculator.
  2. Explain how small amounts of money invested regularly, including money saved for college and retirement, grow over time.
  3. Identify and explain the advantages and disadvantages of different payment methods.
  4. Analyze situations to determine if they represent financially responsible decisions and identify the benefits of financial responsibility and the costs of financial irresponsibility.

ACTIVITY

  1. Estimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the first year of college.