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  • 1. Curriculum Development Project BIE 5474 Summer 2004 North High School Minneapolis, MN Personal Finance Course Saving & Investing Unit Bob Bollweg Dave Engelhart Charles Hall Jennifer Monson Philosophy Statement:
  • 2. The Business Education program will provide all students the opportunity to develop an understanding of current business concepts, practices, techniques and tools. It will support student learning in other subject areas, but most importantly, the Business Education program will provide an authentic workplace environment and curriculum that encourages students to set goals and strive to attain them, while developing an understanding of key concepts and achieving skills necessary for personal success. Potential School and student Audience North High School Home of the Polars 1500 James Ave. North Minneapolis MN 55411 8:30am-3pm Student Enrollment = 1289 Race School District Native American 1% 4% African American 68% 43% Asian American 22% 14% Hispanic American 3% 13% White American 6% 26% Receiving ELL Services 16% 23% Quality for free or reduced lunch 80% 71% Receiving special Ed. 15% 13% Number of Staff Teachers: 99 Classroom support staff 54 (Includes media specialists, reading specialist, clerical support and custodians) Administrators 5 Social Workers 3 Counselors 3 Business Program Goals  To prepare students to enter the job market upon graduation 2
  • 3.  To prepare students for part time jobs While Attending college  To prepare students for a college major in business  To help students understand the business aspects of almost all other careers  To help students make intelligent business economic decisions as voters, consumers, and workers  To help improve family life skills, i.e. communication and finance Business Program Courses and Goals: Basic Keyboarding Prerequisite: None Grades: 9-12 Minnesota Graduation Standards: None Course Description: Students learn how to operate a keyboard using the touch method. Emphasis is placed on learning the skills through drill work and timed writings. Students will work on building speed and accuracy and will apply these skills to the formatting of letters, reports, and other types of business communications. Advanced Keyboarding Prerequisite: Basic Keyboarding Grades: 9-12 Minnesota Graduation Standards: None Course Description: Accuracy and speed will continue to be stressed while learning to produce more complicated business letters, reports, and tables using office simulations. A major goal of this class is developing independent work skills as well as proofreading and following directions. Accounting I Prerequisite: None Grades: 9-12 Minnesota Graduation Standards: None 3
  • 4. Accounting Achievement Standard II: Apply generally accepted accounting principles to determine the value of assets, liabilities, and owner’s equity (NBEA Standards 2001, p.3). Course Description: This is a full cycle of accounting for a small service business operated as a sole proprietorship, which gives students an understanding of accounting at the most basic level. Students can use this class to explore the possibility of a future as an accounting clerk, bookkeeper, accountant, or Certified Public Accounting. This basic accounting knowledge would be helpful for students as investors, voters, and members of the community serving as volunteers, or just personally in enabling students to balance their checkbooks and better handle their own business affairs. Accounting II Prerequisite: Accounting I Grades: 9-12 Minnesota Graduation Standards: None Accounting Achievement Standard III: Prepare, interpret, and analyze financial statements using manual and computerized systems for service, merchandising, and manufacturing businesses (NBEA Standards 2001, p.5). Course Description: Accounting II is based on a larger retail business organized as a partnership that both buys and sells on credit using Accounts Payable and Accounts Receivable and uses subsidiary ledgers. The students also learn Payroll from calculating time cards through doing all the payroll journal entries. This class would be good preparation for an Accounts Receivable Clerk, Accounts Payable Clerk, or a Payroll Clerk. Owning a business Prerequisite: None Grades: 9-12 Minnesota Graduation Standards: None Entrepreneurship Achievement standard VIII: Analyze how forms of business ownership, government regulations and business ethics affect entrepreneurial ventures (NBEA Standards 2001 p. 78 Entrepreneurship Achievement Standard IX: Develop a business plan (NBEA Standards 2001, p.79) Course Description: In this class you will learn about business types (service, retail, and manufacturing) and forms of ownership (Proprietorship, partnership, or corporation). The main project of the class is to pick a personal business you would like to own and write the business plan for it after you have done research on the business type and size and also research on the population demographics to identify your targeted customers. 4
  • 5. Computers in Business 1 Prerequisite: Basic Keyboarding Grades: 9-12 Minnesota Graduation Standards: None Course Description: This course integrates computer literacy and applications. Students will cover a variety of topics from the origin of computers to career choices, and the role of computers in the future. Students will use the Microsoft Office program on the computer to do word processing, database, and spreadsheet documents and will print their documents. Computers in Business 2 Prerequisite: Computers in Business 1 Grades: 9-12 Minnesota Graduation Standards: None Course Description: Students will use what they have learned in Computers in Business 1 in order to complete more advanced business applications using Microsoft Office. Students will also learn basic skills such as basic HTML, web site development, presentations, and learning how to search the web. Personal Finance Prerequisite: None Grades: 9-12 Minnesota Graduation Standards: Personal and Family Resource Management (HS 903) Personal Finance Achievement Standard I: Use a rational decision-making process as it applies to the roles of citizens, workers, and consumers. Personal Finance Achievement Standard II: Identify various forms of income and analyze factors that affect income as a part of the career decision-making process. Personal Finance Achievement Standard III: Develop and evaluate a spending/savings plan. Personal Finance Achievement Standard IV: Evaluate savings and investment options to meet short-and long-term goals. Personal Finance Achievement Standard V: Apply a decision-making model to maximize consumer satisfaction when buying goods and services. Personal Finance Achievement Standard VI: Evaluate services provided by financial deposit institutions to transfer funds. Personal Finance Achievement Standard VII: Analyze factors that affect the choice of credit, the cost of credit, and the legal aspects of using credit. Personal Finance Achievement Standard VIII: Analyze choices available to consumers for protection against risk and financial loss. Course Description: 5
  • 6. The Personal Finance class ensures that students understand their role and financial responsibilities as an individual and citizen, It covers personal business management skills including checking accounts, budgeting, credit decisions, financial security planning, consumer rights and responsibilities, etc. This course will help students complete the graduation standard for Person and Family Resource Management. Instructional Units: Unit: Personal Decision Making: Topics to be discussed  Opportunity costs and trade-offs to personal decision making  The concept of marginalism to choice making  Being able to make good decisions using the decision making process for different stages of the life cycle Unit: Earning a living: ` Topics to be discus Topics to be discussed  How income from employment is affected by factors such as supply and demand, geographic location, level of education, type of industry union membership, productivity, skill level, and work ethic  Types of income other than wages  Calculation of personal tax liabilities for various types of taxes (e.g., property, income, sales, FICA, and Medicare  The impact of sociological, economic, and technological changes on future jobs.  Comparison and contrast between compensation packages that include varying levels of wages and benefits. Unit: Budgeting: Topics to be discussed  Construct and use a personal spending/savings plan and evaluate it according to short-and long-term goals.  Categorize expenses as fixed or variable  Determine discretionary income in a spending plan  Compare a personal spending plan with typical consumer spending as a toll for determining individual financial goals  Describe how income and spending patterns change throughout the cycle for the typical person and family Unit: Buying goods and Services Topics to be discussed  Identify the advantages and disadvantages of purchasing, leasing, and renting  Identify and describe consumer assistance services provided by public and private organizations  Research consumer advocacy groups that address consumer rights and responsibilities and describe how an individual can participate  Describe the role that supply and demand and market structure play in determining the availability and price of goods and services Unit: Banking Topics to be discussed  Identify the rights and responsibilities associated with using a checking account 6
  • 7.  Identify other means of transferring funds  Recognize the costs associated with services offered by financial deposit institutions (e.g., overdrafts and stop payment orders)  Discuss the advantages and disadvantages of e-banking Unit: Using Credit Topics to be discussed  Analyze various sources and types of credit and related costs  Explain credit ratings and credit reports and describe why they are important to consumers  Recognize the signals of credit problems  Determine the advantages and disadvantages of credit Unit: Protecting Against Risk Topics to be discussed  Explain how all types of insurance are based on the concept of risk sharing and statistical probability  Identify the type of insurance associated with different types of risks  Explain why insurance needs change throughout the life cycle  Identify various suppliers of insurance (e.g. public and private) Unit: Savings and Investing: Big Questions? How do you make a personal savings/investment decision?  Market risk  Inflation risk  Simple interest  Compound interest  Debt How do the financial markets operate?  Capital gains  Dividends  Tax incentives  Liquidity 7
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  • 10. Performance Objective (I will update this by tomorrow- I left the file at work…this is what we had presented that one day, but I updated it for our test format.)1pg I think that she would want this in our final report as well. What do you guys think. Assessment 3pgs (See Test) “Finally, we believe that teaching personal finance must be done-and done well- at all levels of instruction and that business educators must increase their leadership roles in this important area of education (PCBEE, pg71)” 10
  • 11. Websites to assist with preparation and delivery: http://www.nefe.org/hsfppportal NEFE High School Campus http://www.nefe.org/amexeconfund/personalfinancebasics.html http://www.smartmoney.com Personal finance investing research tool http://www.practicalmoneyskills.com/english/teachers/lesson.php?id=460&o=1 http://www.moneyinstructor.com/spendsave.asp www.investors.com Powered by Investor’s Business Daily www.fool.com The Motley Fool www.federalreserveeducation.org The Federal Reserve www.investorword.com A Glossary of over 5000 investor terms http://finance.yahoo.com Yahoo Finance Textbooks to Reference: Dlabay, Hughes and Kapoor. Business and Personal Finance. New York: Glencoe McGraw-Hill, 2005. Sammons, Fran Lyons. Personal Finance, A simulation of manging financial activities in everyday life. Carlsbad, CA: Interaction Publishers, Inc, 2001. www.teachinteract.com. Resources Policy Commission for Buiness and Economic Education. (1983). Policy Statement no 33. Cincinnati, Ohio: South-Western Educational Publishing. National Standards for Business Education. (2001). What america’s students should know and be able to do in business. Reston, VA:NBEA. 11