CONSUMER WISE


by Michelle Profeit



CELs
1993
S105.9



INTRODUCTION

To meet a need for resources for the new MATH 10 curriculum, the Saskatchewan Teachers' Federation, in cooperation with Saskatchewan Education, Training and Employment, initiated the development of teacher-prepared unit plans.

A group of teachers who had piloted the course in 1992-93 were invited to a two and a half day workshop in August, 1993 at the STF. The teachers worked alone or in pairs to develop a plan for a section of the course.

Jim Beamer, University of Saskatchewan, and Lyle Markowski, Saskatchewan Education, Training and Employment, acted as resource persons for the workshop.


TEACHER NOTE


Throughout the sample units, the following symbols are used to refer to the Common Essential Learnings:
C 	Communication

CCT Critical and Creative Thinking

IL Independent Learning

N Numeracy

PSVS Personal and Social Values and Skills

TL Technological Literacy




Activities


Activity One

CONCEPT: Income


Foundational Objective:


To apply simple mathematics to assist in the calculation and estimation of income and expenses and to develop a budget to guide current and future planning.

Objective:


To determine advantages and disadvantages of jobs with regard to styles of payment, e.g. salary, hourly wage, commission, piecework.
To calculate weekly gross wages of the above types of payments.

Resources:


Time:


2 periods

Instructional Methods/Activities


  1. Class discussion to generate a list of different types of payments. Do examples of calculating gross weekly wages of each type. (CCT, N, C)
  2. Divide into groups. With the help of newspapers generate list of possible jobs under each type of payment. (PSVS, CCT, C)
  3. Brainstorm advantages and disadvantages of each type. (CCT, PSVS)
  4. In groups complete a worksheet on calculating gross weekly earnings. (Each student completes one but only one per group is handed in.) (N, C, CT)

Evaluation:





Instructions Methods/Activities


  1. Under each heading generate a list of jobs that would be paid that way.
  2. List advantages and disadvantages of each type of payment.
  3. At the bottom, state which you would prefer and why.
    #3 is to be completed individually.


				Advantages 		Disadvantages
________________________________________________________________________ A. Salary
B. Hourly Wage
C. Straight Commission
D. Salary plus Commission
E. Hourly Wage
plus Commission
F. Piece Work




Calculating Gross and Weekly Wages Worksheet




Name:________________________________________


Group Members:__________________________________




A. Salary
  1. Sally's job pays her $1500 a month. What is her gross weekly wage?
  2. Jim grosses $27000 a year. What is his gross weekly wage?


B. Hourly:
A regular work week is 40 hours. Overtime pay is time and one-half.

  1. Sue drives truck for $8.75 an hour. If she worked 40 hours, what would her gross earnings be for one week?
  2. Mark is a wordprocessor operator. He makes $11.50 an hour. Determine his gross earnings for a week if he worked 52 hours.


C. Straight Commission
  1. A real estate agent earns 2.4% on the sale of a house priced at $89 950. What is her take home pay that day?
  2. A salesperson receives step commission on sales calculated as follows:

Calculate the salesperson's earning in one week if their sales were as follows:


Monday $1500
Tuesday $3000
Wednesday $970
Thursday $4563.81
Friday $2760.42

D. Salary Plus Commission

  1. Dave earns $150 per week plus 38% commission. He sells $1043.92 in one week, what is his gross weekly earning.
  2. Mary earns $28 000 a year. One week she grossed $658.00. She had sold $1673.19 worth of merchandise. What is the rate of her commission?


E. Hourly Wage Plus Commission
  1. Julie is a sales clerk at a bicycle shop. She is paid $6.25 per hour for 30 hours work week plus a commission of 8% of sales. In one week, her sales were $2319.75, what is her gross weekly earning?
  2. Sam is paid $6.45 per hour for a 37.5 hour week plus 6% of sales for a week. What would Sam's sales have to be for him to earn $400 in a week?

F. Piece Work
  1. Jolene gets paid 17 cents a tree for tree planting up north. In one week she planted 2437 trees. What is her wage?
  2. A seamstress is paid $9.55 for every pair of pants made. How many pants would have to be made to receive $525 a week?




Activity Two

CONCEPT: Post Graduation Finances /Budgeting


Objectives:


To research a course the student is interested in pursuing after graduation.
Complete a budget form to determine approximate amount of expenses for the duration of the schooling

Resources



Time:


2 - 3 classes

Instructional Methods/Activities


  1. Have students individually research their job training preference determining cost of tuition, books, and the number of years required to complete the training. Also find out about wages, hours, location, promotion, responsibility, job security, and unemployment of potential job. (IL, PSVS, C)

  2. Have the students individually search newspapers to select suitable practical living accommodations to be attached to expense form. (PSVS, IL)

  3. Select student(s) to research and report to class the average cost of cable, phone, bus, electricity, and water expenses for a month. (IL, C)

  4. Have students individually generate a weekly meal plan using Canadian Food Guide as reference. Also include necessities, ie, salt, flour. (CCT, PSVS, IL)

  5. Either take students to a store or use flyers to calculate an approximate monthly expenditure on food. (Unit Pricing). (N, PSVS, IL)

  6. Realistically complete the rest of the monthly expenses on the given form to obtain a monthly total. (CCT, PSVS, N, IL)

  7. Calculate total expenses for duration of their schooling. (N, IL)


Evaluation:




NOTE: Student could invite a former student who is now taking such training to share their actual budget with the class.


WORKSHEET
Course: __________________________________________________________
Institute Number of years of Study
Tuition
_______________________________________________
Books
________________________________________________
Months of study for one year___________________________________


EXPENSES PERSONAL EXPENSES Home costs Life insurance $__________
Rent $__________ Clothing __________
Mortgage payments __________ Medical & dental costs __________
Electricity __________ Petty cash __________
Heating _________ Personal services __________
Maintenance and repairs __________ (e.g. hair styling)
Telephone __________ Alcohol & tobacco __________
Cable TV __________ Gifts __________
Insurance __________
Taxes __________ LEISURE TIME
Furniture __________ Holidays $__________
Sports __________
TRANSPORTATION
Movies, theatre, etc. __________
Car payments $__________ Books, periodicals, recordings __________
Gas __________
Maintenance & repairs __________
Tires __________ OTHER
Insurance __________ School costs $ __________
Registration __________ Babysitting costs __________
Licence __________ Miscellaneous __________
Public transportation
SAVINGS
FOOD Emergency reserve __________
(per installment) $ Groceries $__________ Substantial savings __________
Restaurants __________ (investments)



Monthly Expenses X # of months for one year = __________ + __________
Yearly ExpensesX# of years of study = __________.







Activity Three

CONCEPT: Credit/savings/loan

Objective:


To get a guest lecturer in to explain student loans, cars, credit, credit cards, and different forms of savings.

Resources:



Time:


1 period



Activity Four

CONCEPT: Income

Objectives:


To complete a budget expense form based on the student's chosen profession.
Determine the net monthly/yearly incomes as well as net monthly and yearly savings.

Resources:



Time:


1 - 2 days

Instructional Methods/Activities


  1. Have students search the gross yearly or monthly wage of their chosen profession. (IL)
  2. Calculate the net income for one month. (N)
  3. Readjust budget sheet for a month. Must attach new additions (ie. new apartment, vehicle if purchasing). (CCT, PSVS, N)
  4. Calculate monthly and yearly savings. (N)


Evaluation:



WORKSHEET

Job Title: _________________________________
Gross Income for 1 month_________________________________
CPP______________________________________
Income Tax ________________________________
Holiday Pay ________________________________
Net Income for one month________________________________



EXPENSES PERSONAL EXPENSES Home costs Life insurance $__________
Rent $__________ Clothing __________
Mortgage payments __________ Medical & dental costs __________
Electricity __________ Petty cash __________
Heating _________ Personal services __________
Maintenance and repairs __________ (e.g. hair styling)
Telephone __________ Alcohol & tobacco __________
Cable TV __________ Gifts __________
Insurance __________
Taxes __________ LEISURE TIME
Furniture __________ Holidays $__________
Sports __________
TRANSPORTATION
Movies, theatre, etc. __________
Car payments $__________ Books, periodicals, recordings __________
Gas __________
Maintenance & repairs __________
Tires __________ OTHER
Insurance __________ School costs $ __________
Registration __________ Babysitting costs __________
Licence __________ Miscellaneous __________
Public transportation
SAVINGS
FOOD Emergency reserve __________
(per installment) $ Groceries $__________ Substantial savings __________
Restaurants __________ (investments)



Monthly Net Total Income______ minus Monthly Total Expenses ______Equals Net Savings_________

Yearly Net Income:____________ Yearly Savings____________




Activity Five

CONCEPT: Budgets

Objective:


To calculate percentage of take home pay of the various categories on student's worksheet and compare with those of the average Canadian Family.

Resources:



Time:


1 period


Instructional Methods/Activities


  1. Have the students calculate the monthly percentage of each main expense. (N, IL)
  2. Compare percentages obtained with those of an average Canadian Family. (CCT)
  3. Answer questions on adjustment of your personal budget. (CCT, PSVS)
  4. Plot the percentage on a pie graph and label. (N)



    Evaluation:


    - Observation Checklist
    - Hand in two Budget Worksheets and Questions
    - Self and Teacher Evaluation to be filled out on the project


    The Budget Book from the Credit Union states the percentage of take home pay that might be allocated for various categories for the average Canadian Family are as follows:

    Savings 			5-10%
    Food 18-30%
    Clothing 8-15%
    Transportation 10-15%
    Housing 18-30%
    Utilities 5-9%
    Health and Miscellaneous 14-30%



    Questions:


    1. What is a budget?
    2. What is a budget used for?
    3. Who should use a budget?
    4. Write down your percentages from previous assignment (job form).
    5. Compare the percentages above with your own. How close are you to the standing percentages?
    6. Do you need to change your spending? Why/why not?
    7. How can you change your budget so you can pay for an additional expense, ie, car or holiday?
    8. Which percentages might change as you grow older?
    9. Draw a pie graph of your percentages.


    Evaluation


    Self and Teacher - Each fill out

    Consumerism



    						MARKS
    
    1. Completed Package 			1	 2 	3 	4 	5

    (2 budgets, questions, pie graphs)

    2. Correct Calculations 1 2 3 4 5

    (budget sheets) 3. Neatness 1 2 3 4 5

    (worksheets, pie graph) 4. Realistic Budgeting
    Worksheet A 1 2 3 4 5
    Worksheet B 1 2 3 4 5

    5. Worked on task in Class 1 2 3 4 5

    (1-10 depending on days) 6. Questions answered thoughtfully 1 2 3 4 5


    Bibliography


    Budget Book, Teachers' Credit Union
    Savings Book, Teachers' Credit Union
    Savings Video, Credit Union
    Consumer Education Collection (Bibliography) - Stewart Resources Centre, October, 1992


    This unit comes from the The Stewart Resources Centre which provides library resources and teacher-prepared materials for teachers in Saskatchewan. To borrow materials or obtain a free catalogue listing unit and lesson plans contact :
    Stewart Resources Centre,
    Sask. Teachers' Federation,
    2317 Arlington Avenue,
    Saskatoon, SK S7J 2H8;
    phone 306-373-1660; fax 306-374-1122,
    e-mail src@stf.sk.ca.
    http://www.stf.sk.ca/

    Go to Math Central

    To return to the previous page use your browser's back button.