Family and Consumer Sciences Education
Product-based, Web-enhanced Instructional Plan

Instructor: Elizabeth McClendon

Lesson Title: Categorizing Personal and Business Budget Expenses

Grade Level: Grade 10-12

Time Frame:85 minutes (Block Schedule)
 

Illinois State Goal:

STATE GOAL 15:Understand economic systems, with an emphasis on the United States.

Learning Objective---Illinois Learning Standard

15.D.5a: Explain how transaction costs affect decisions to produce or consume.

Learning Activity

As a result of this lesson, students will be able to classify and categorize expenses.

Products:

Product 1: Expense Classification Statement

Student Materials and Resources:

Each student should possess:

  • Pen
  • Pencil
  • Paper

Key Terms:

  • Budget
  • Expenses
  • Fixed Expenses
  • Record of Expenses
  • Variable Expenses

Teacher Materials, Resources and References:

Web Resources:
http://www.geocities.com/vbusinesslesson/expensepage.html

Book:
Klasky, Charles, Budgeting, Pearson Education, A Division of David S. Lake Publishers @1983

Activity Plan
 

Time Frame

Teacher Will

Student Will

 

Initial Activity or Bell Ringer

5 Minutes

·        Distribute Visual/Handout #1—Spending Log.

·        Instruct students to recall their spending habits over the past week and list as many items that they can remember for which they spent money

·        Complete administrative task while students complete handout.

 

·        Pick up Visual Handout #1

·        Complete Information Requested on Handout

Lesson Activities

10 Minutes

·        Lead a question and answer session on the responses to the initial activity.  This session should generate discussion on the topic of budgeting.

·        Ask selected students to orally discuss information that they noted on the Spending Log. Some students may be asked to list the information on the white board or chalkboard.

 

·        Participate in question and answer session.

·        Participate in discussion.

 

10 Minutes

·        Distribute list of budget vocabulary terms. Handout/Visual 2

·        Discuss vocabulary terms and their meanings.

·        Instruct students to classify the expenses that listed on Handout/Visual 1 as fixed or variable expenses

 

·        Listen to instructor lecture and take notes

·        Classify expenses on Handout/Visual 1.

20 Minutes

·        Instruct students to visit http://www.geocities.com/vbusinesslesson/
expensepage.html and follow the instructions to classify the expenses listed at the site.  If Internet Access is not available, students may use the Expense Classification Statement provided in Handout/Visual 3 (which was extracted from the site)

 

·        Visit the Web Site (http://www.geocities.com/
vbusinesslesson/expensepage.html) or utilize Handout Visual 3 to classify the expenses listed.

·        Use pen and paper or computer to copy and complete Expense Classification Statement.

.

1 Minute

·        Collect Expense Classification Statement from students

·        Submit completed statement to instructor

 
Supplemental Activities and Suggested Resources:

Have students answer the following questions:

  • Why is budgeting important?
  • What is the difference between fixed and variable expenses?
  • What are some examples of fixed and variable expenses?
  • What is the purpose of recording expenses?
  • What expenses do you currently have at school each day or they fixed or variable?

Assessment

See the following assessment rubric.

Assessment Rubric for Expense Classification Statement

 

Student Name:  _____________________________              Class Section:  __________________

Date:  ____________________________________

 

Grading  Scale

A

B

C

D

F

Learning Objectives:  As a result of this lesson student will be able to classify and categorize expenses.

Identification of Fixed Expenses

(50%)

 

Correctly Identified all fixed expenses

Correctly Identified  most fixed expenses 

Correctly Identified some  fixed expenses

Correctly identified only a few fixed expenses.

Did not correctly identify any fixed expenses

Identification of Variable Expenses

(50%)

Correctly Identified all variable expenses

Correctly Identified  most variable expenses 

Correctly Identified some  variable expenses

Correctly identified only a few variable expenses.

Did not correctly identify any variable expenses

To download Microsoft Word document.

1. Right click on the link below.

2. Select “Save target as” to save the document to your computer.

3. In the “Save as” window, change the file name if you want, choose where you would like to save the document and click “Save”.

  Handouts 1, 2 & 3