Need Some Ideas?
|Use the activities and teaching suggestions listed below to help clarify and personalize accounting concepts for students. Have your students share their ideas and discuss how they arrived at their solutions. Encourage students to flex their problem-solving muscles and to think creatively.|
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Have students create a personal monthly savings goal. How
will they generate income? Will they open a savings account? Is the savings
meant for a particular purpose (e.g., college funds, car, or clothing)? How
long will it take to reach their goal? Encourage your students to use a
spreadsheet program like Excel® to create their budget.
Income and Expenses
Have students make a list of their personal sources on
income and expenses. Then ask students to share their lists. Did any of the
students organize their information by listing all the income first followed by
all the expenses? Have students compare their lists to a trial balance. How are
they similar? How are they different?
Tell students that they've just won the grand prize of
$1,000 in a local contest, and they've decided to invest the money in the stock
market. Would they invest all the money in one stock or buy several different
ones? How would they decide which stocks to buy? What financial information
would they want to know? How would they analyze this information? Have them
follow their stocks for a week and record the fluctuation in price. Did their
stocks increase or decrease in value?
Identifying Types of Businesses
Write this list on the chalkboard: theater movies, gasoline,
soft drinks, car wash, CDs, music concert, jeans, haircut and style, tickets to
a sports event, car. Have students decide which items are provided by a service
business and which items are provided by a merchandising business. Ask students
to explain what makes each a service or merchandise.
Using play money, distribute $200 to each student. Ask
students how they would protect and budget their "cash." How would
they keep track of how they spend the money? Have them write down ways that
they would handle their money.
Have students investigate different banking services along
with the fees for those services. Are there ways to avoid banking fees while
still receiving services? What are the bank's requirements for waiving certain
Take a poll of students in class with part-time jobs. Are
they paid by the hour? Do they get paid commissions? Have them calculate the
percentages withheld in various taxes. Are they surprised by the difference in
their gross and net pay? Discuss how they might project their earnings and
budget their income.
Have students bring the business section of a local or
regional newspaper to class, or provide a few copies for the class. Have
students look up the stock listings for well-known companies such as IBM or
Procter & Gamble (NYSE). Then have students search for companies such as
SAS Institute or Kinko's, both of which are privately held corporations and
thus will not be listed. Have students discuss the differences between
privately held and public corporations.
Have students imagine that they routinely adhere to a
personal monthly budget. Introduce the idea that a friend has asked to borrow
$50. The friend promises to repay the loan in two weeks. After two weeks, the
friend is unable to repay the loan. This situation leaves the student unable to
pay his or her monthly debts. Ask your students how they would handle the
situation. How will the student meet his or her monthly debts?
Have students choose a partner and plan a school activity.
Tell partners to assign responsibility for each part of the plan, based on
abilities and experience of each partner. Then have partners share their plan
in class. If they were being paid for their work, how would they split the
money? How would they fund their operation? Have students draw up a partnership agreement.
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