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LEARNING EXPERIENCE

"REALITY STORE"


Learning Experience by Pat Loncto, former New York State Parenting Education Coordinator, a member of the New York State Academy for Teaching and Learning, and of Prepare Tomorrow’s Parents’ Advisory Board. Developed at Lewiston-Porter Middle School, Lewiston-Porter Central NY School District.

LEARNING CONTEXT

PURPOSE: In the words of a student, “The Reality Store is where you calculate what you will earn with a certain education and see how you end up financially. This provides a fun and enjoyable way to learn about the financial world. "

Students will apply the decision-making, problem-solving, and management processes to develop a spending plan to meet established goals with a degree of accuracy. The goal is to develop the knowledge and skills needed to use these processes in practical, real-life situations involving the use of money. The Reality Store is a place where students pay bills after planning their budget for a level of income based on a predetermined level of education.

GUIDING QUESTIONS:

  • How does an adult make decisions when formulating a spending plan?
  • What is the relationship between education and employment, and one’s quality of life?
  • Why is mathematics important in everyday life?

CONNECTION: Eighth grade Home and Career Skills students are familiar with the Reality Store concept from fifth grade when they selected a career and paid for household expenses as they took a walk through life. Unlike fifth graders, who keep a simple tally of household expenses, the middle school students receive a salary and plan a budget based on an inventory of projected education and lifestyle at age 28. They use checkbooks donated by a partnership with Lockport Savings Bank to pay their bills. The planning of a budget and calculations for check writing are perhaps the most challenging parts of this project.

The Reality Store is used as a culminating assessment for units on consumerism and money management in 8th grade Home and Career Skills classes about the third week of a 13 week course. See calendar for unit lesson descriptions.

KNOW AND DO TO SUCCEED:

(Skills and knowledge student must acquire during the learning experience in order to be successful; these will be introduced in the learning experience.)

  • Identify individual lifestyle need and wants
  • Identify possible educational and career choice with corresponding income.
  • Formulate a personal spending plan for age 28.
  • Make decisions; solve problems.
  • Spend and save money wisely.
  • Add and subtract with or without a calculator.
  • Write checks properly.
  • Reason, evaluate, and communicate about personal spending choices.
  • Identify their own abilities and interests as possible guides to career choice. (optional)

PROCEDURE:

  • Students complete an Envision Your Life Form, predicting their life at age 28, by recording key lifestyle choices concerning marital status, family composition, housing, transportation, and education. It is important to encourage realistic predictions or the students will be disappointed later that they did not make this experience more personally valuable. The teacher keeps the forms to use at a later date so that students do not change the information.
  • Students examine the Occupational Handbook for jobs/careers requiring the following educational requirements before selecting their personal choice for the envision form.
    • high school diploma
    • 2 year associate degree
    • 4 year bachelor’s degree
    • +2 years master’s degree
    • +3 years law degree/PH
    • +6 years MD, not specialist
  • Money management lessons are taught on the topics of use of credit, savings, check writing, money management principles, consumerism, social service system, taxation, and the decision making process.
  • Students examine utility bills, mortgage statements and real estate ads.
  • Introduce the Learning Experience. Students may offer suggestions to edit the rubric but not create the rubric.
  • Students convert the information from the Envision Your Life form to the Student Profile form. Some students may try to change the predictions now that they know that the forms will be used to make purchases. The teacher needs to reinforce the rule not to change the information.
  • Students create a spending plan on the Checking Account Spreadsheet using the Student Profile form and the reference packet with costs for items needed. The reference packet will need to be updated as costs rise and fall. A computer may be used for spreadsheet calculations or students may pencil in the costs and use a calculator to tally amounts.
  • Savings accumulated for attending class prepared are given to each student by counting the days in class and multiplying by $5. One dollar is subtracted for every unprepared day. Some students will have completed an interest inventory and career project in another subject area and will use that information to make a more exact career choice leading to a more exact income level for them personally.
  • Students sign out checkbooks by number since students sometimes see an opportunity to play and use the checks in the real world. This is a good time to teach about fraud.
  • Students write a check to pay for each expense but leave in checkbook until they visit the reality store room. The check register is to be completed accurately as well as the information on the spreadsheet form. Teacher needs to instruct students on how to void a check.
  • On the event day, students will enter the Reality Store, a room with payment booths for each item on the budget. They will deposit a check for the amount of the item on the budget.
  • In addition, they will select a “life surprise” ticket indicating an unexpected gift or bill.
  • When all their bills are paid, the students may visit the luxury table to purchase additional items from dinner to a vacation, clothes to electronics.
  • In the event of a lack of funds, students may visit the bank to ask for a loan or they may change some of their flexible bills (ex: car choice) but they may not change the Student Profile.
  • The check register and all forms must be completed properly and balance. A “help” table is provided for math and advice counseling by a volunteer parent.
  • The teacher supervises the general operation of the room. A support person is needed for the help table, fish pond, bank, and auxiliary space for students who finish early and wish to work on the evaluation and reflection. If a student finishes the event in one day he/she may begin the evaluation and reflection. Most students take 1 1/4 periods, but absent and slower students take two periods. Also some average and advanced students make mathematical errors which takes a second period to correct. Using two days builds in a safety net for unforeseen situations.
  • Students turn in the Student Profile, Spreadsheet, Evaluation, Reflection and Rubric. Students circle their score with a pen first and then the teacher uses a marker on the same rubric. Discrepancies are discussed between the student and teacher.
  • The guiding questions and the NYS Standards are posted and referred to throughout lessons to help keep the unit focused on the Standards.
  • When more computers become available and student expertise increases, students will be required to use computer spreadsheets for spending plans. Students are encouraged to word process the reflection essay. Calculators are provided.

During the event, situations will arise that were not planned for and the teacher will have to become a financial advisor helping students see choices. For example, a student may need a loan to pay a medical bill from the fish pond. Sometimes students want loans to buy a product at the luxury table. These are teachable moments on credit and saving. The goal is no loans.

This project reflects “best” classroom practice because it is a real-world simulation rooted in each child’s personal goals. The project may be simplified for elementary classrooms and expanded for high school classrooms. It is interdisciplinary in nature, and may be repeated at each educational level to track the progression of goals and skills for students individually.


INSTRUCTIONAL/ENVIRONMENTAL MODIFICATIONS

A large room with several tables and a few chairs is needed to accommodate the payment stations and payment officers at some of the tables. Signs and decorated payment boxes (shoe boxes) make the room more inviting. A table of catalogs, poster ads, and flyers add to the excitement of the luxury table. Calculators should be available for students throughout the planning and execution of the activity.

The “help” table is available for students needing extra assistance. Budgets are planned and checks are written BEFORE students enter the Reality Store during class time and at home. Previous to the reality event, students requiring tutoring when writing checks and using math skills are provided with the needed support in school or by parents at home.


TIME REQUIRED

  • Planning and preparation for teacher
    o Copy materials-one hr
    o Arrange for event room, support staff-one hr
    o Set up room-one hr
    o Assess student work-one hr per class
  • Planning and preparation for students: eleven 45-min. class periods, two homework assignments 1/2 hour-?
  • The event: two 45-min. periods
  • The assessment: one 45-min. period

RESOURCES

  • Signs, posters, catalogues, shoe boxes
  • Calculators
  • Parent volunteers
  • Real checkbooks and registers (with voided numbers)
  • Guest speaker from social services
  • Student Work Packets, Student Reference Packets, Teacher Reference Packet
  • And baby makes three: If you're going to have a baby, make sure your financial life is in order. http://money.cnn.com/2001/12/14/saving/q_baby/

ASSESSMENT PLAN

  • Students will be asked to review the teacher-developed task and rubric, which will be edited accordingly before being used. At the end of the simulation students will again be asked for feedback for continuous editing purposes.
  • Evidence of meeting the learning standards’ performance indicators will be achieved through a drill and practice activity, and observation and conferencing during the budget planning periods, as well as the event day.
  • A rubric and reflection essay will document student achievement. One random check will be selected for each student. Each student will turn in a student packet.
  • I do not accept late or illegible assignments, therefore, a “0” is given on the rubric for each dimension missing or illegible.

STUDENT WORK

Student completed samples in separate sections which includes:

  • All completed forms: Profile, Budget Plan, Check, Evaluation, Essay
  • Rubric
  • Reflection essay

OVERVIEW


STUDENT PACKET & TEACHER RESOURCES
ENVISION YOUR LIFE


Name__________________________ Career_______________________________

Let's pretend you are 28 years old. What would be your answers to these questions?

________________I. Are you married or single?

________________ 2. If you are married, does your spouse work?

________________ 3. How many children do you have?

________________ 4. What are their ages?

________________ 5. How many children (under 5) are in day care?

________________ 6. How many children (5-12) are in latchkey?

________________ 7. Do you own a home or rent?

________________ 8. Would you have a one or two bedroom apartment?

OR

Two/threelfour/deluxe Would you have a two, three, four bedroom or deluxe home? (circle)

OR

Farm/single/double Would you have a farm? Single or double mobile home? (circle)

New/used/no car 9. Do you own a new or used car? ( circle)

OR

_______________ Do you use public transportation? (bus/cab) (circle)

_______________ 10. Does your spouse own a new or used car? (circle)

OR

_______________ Does your spouse use public transportation?

0, 2, 4, grad school 11. How many years did you attend college? (circle)
medical school

0, 2, 4, grad school 12. How many years did your spouse attend college? (circle)
medical school


STUDENT PROFILE

Name ___________________________ Date_______________

Check the appropriate lines.

You Spouse
_____ no high school diploma _____ no high school diploma
_____ high school diploma _____ high school diploma
_____ two-year college degree _____ two-year college degree
_____ four-year college degree _____ four-year college degree
_____ Masters degree _____ Masters degree

_____ Doctorate degree

_____ Doctorate degree

Family
_____ single
_____ married
_____ children, include # and ages ______________________________
Housing ______________________________
_____ rent ______________________________
_____ own home
_____ farm/mobile home
Transportation
_____ used car
_____ new car

_____ bus


Salary and Income Tax Chart


DEDUCT $25.00 TAX FOR EACH CHILD FROM ONLY YOUR INCOME TAX, NOT YOUR SPOUSE’S.

LEVEL OF EDUCATION

ANNUAL
SALARY

MONTHLY
SALARY

MONTHLY
SINGLE TAX

MONTHLY
MARRIED TAX

No high school diploma
$12,000
$1000.00
$177.00
$127.00
High school diploma
$15,000
$1250.00
$242.00
$192.00
Two-year college degree
$20,000 $1667.00
$351.00
$300.00
Four-year college degree $25,000
$2083.00
$475.00
$425.00
Masters degree $35,000
$2917.00
$763.00
$661.00
Doctorate degree (PhD) $38,000
$3167.00
$866.00
$739.00
Medical Doctorate degree $100,000
$8,333.00
$3168.00
$2808.00

2000 Tax Table

Use if your taxable income is less than $100,000:
www.irs.ustreas.gov/prod/ind_info/tax_tables/

If $100,000 or more, use the Tax Rate Schedules: www.irs.ustreas.gov/prod/ind_info/tax_tables/tax_sched.html


BUDGET PLAN

Check for Attendance from teacher to be deposited in your checking account.


CHECKING ACCOUNT


TABLE
AMOUNT AMOUNT TOTAL
ME SPOUSE AMOUNT
Deposit for Attendance
$ - $ -
1. Income Taxes, Internal Revenue Service
$ - $ - $ -
2. Student Loan, (tuition) Lockport Savings Bank
$ - $ - $ -
3. Housing Choice, Lockport Savings Bank
$ - $ -
4. Food, Tops
$ - $ -
5. Clothing, Bon Ton
$ - $ -
6. Child Care, Wee Care Day Care
$ - $ -
7. Utilities, Utilities Unlimited
$ - $ -
8. Transportation, Car loan Lockport Savings Bank
$ - $ - $ -
9. Gasoline or Bus pass ($50.00), Mobil Transit
$50.00 $50.00 $ -
10. Insurance (auto), Greater Lewiston Insurance Co.
$ - $ - $ -
11. Insurance (Health), Greater Lewiston Insurance Co.
$ - $ -
12. Insurance (Home), Greater Lewiston Insurance Co.
$ - $ -
13. Insurance (Life), Greater Lewiston Insurance Co.
$ - $ - $ -
14. Savings, Lockport Savings Bank
$ - $ - $ -
15. Donations to charity of your choice (optional)
$ - $ - $ -
16. Cable, Adelphia
$ - $ -
17. Fish Pond expenses
$ - $ -
18. Dining out
$ - $ - $ -
19. Medical emergency
$ - $ -
20. Luxuries
$ - $ -
21. Deposit from fish pond into Checking
$ - $ -
SUB TOTAL
$ - $ - $ -

Monthly salary $____ + Spouse’s salary $ _____ =

$____Total Monthly Salary
  $____ Monthly expense total (amt. spent)
  $____ Monthly checking account balance
  (after paying bills with checks)
Loan amount $____
Monthly payment for 1 year $____
 

Withdrawal from savings $____

 


CHECKING ACCOUNT SPREADSHEET FORMULAS


SAVINGS ACCOUNT

NAME DATE AMOUNT WITHDRAWN
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     


LOANS

NAME DATE AMOUNT
BORROWED
AMOUNT DUE
IN 1 YEAR
MONTHLY
PAYMENT
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

MORTGAGE ANALYZER
www.freemortgageanalyzer.com

This amortization calculator displays amortization schedule, loan chart, graphs, a mortgage payment table, and calculates both total as well as real interest paid. Easily change payment amount, interest rate, loan amount and much more. Provides an instant graphical display on loan amounts from one thousand to five hundred million dollars. Amortization charts and graphs can be displayed for both US and Canadian mortgages. Options for monthly or bi-weekly payments are available with this innovative, java-enhanced calculator.


THE COST OF BORROWING MONEY

NAME______________________________________________

“Buy now, pay later” has become the shopper’s motto. But just what are the costs of using credit or borrowing money? Below are three examples which describe teenagers using credit to buy something. Follow the instructions, using the simple formulas given at the end of each example

EXAMPLE #1
After six months of saving his money, Barry has finally put aside enough to buy a 35 mm camera. After shopping around, Barry finds the camera he likes on sale at a major retail store for $220. In addition to the sale, the store is also offering a special buyer’s incentive plan to encourage shoppers to purchase the camera. Cash customers can put $50 down and then pay only $18 a month for a year to pay off the camera. Although Barry has enough money to pay for the camera, he is tempted to make his purchase on the store plan so that he has extra cash to buy film, accessories and developing supplies to go with the camera. What will be the total cost of the camera if Barry purchases it on the special plan, and what is the finance charge Barry will be paying to purchase the camera on credit?

FORMULA
STEP A:
AMOUNT OF EACH PAYMENT X NUMBER OF MONTHS TO BE PAID DIVIDED BY DOWN PAYMENT = COST OF CAMERA.

STEP B:
TOTAL CREDIT PRICE - RETAIL PRICE = FINANCE CHARGE


EXAMPLE #2
Art has been saving the money he earns working part-time to buy his own car. He has $1,500 to put down and plans to borrow $3,000 from a bank in order to buy a car for $4,500. The bank has agreed to loan Art the money he needs at an interest rate of 15.25% (.1525). Art is required to pay off the loan within three years. How much interest will Art pay on the loan over the three-year period, and what will be the total cost of the car?

FORMULA
STEP A:
AMOUNT OF LOAN X DECIMAL FRACTION OF INTEREST RATE X NUMBER OF YEARS OF LOAN = FINANCE CHARGE DIVIDED BY AMOUNT OF LOAN = TOTAL COST OF LOAN.

STEP B:
TOTAL COST OF LOAN + AMOUNT OF DOWN PAYMENT = TOTAL COST OF CAR.


EXAMPLE #3
Megan wants to buy a brand new bike. Her father has agreed to lend her the $240 she needs to buy it, but to assure that Megan takes the loan seriously, he told her that he would charge her interest on the loan. Megan agrees that she will pay her father $12 a month for the next two years to pay off the loan, making the final cost of the bicycle $288. What is the interest rate Megan’s father has charged?

FORMULA
STEP A:
FINAL PRICE OF BICYCLE - RETAIL PRICE OF BICYCLE = TOTAL FINANCE CHARGE DIVIDED BY NUMBER OF YEARS OF LOAN = ANNUAL FINANCE CHARGE.

STEP B:
RETAIL PRICE OF BICYCLE DIVIDED BY ANNUAL FINANCE CHARGE = INTEREST RATE.


Where to Get Credit:

1.

2.

3.

4.

5.

6.

CREDIT SAVVY

Credit Price Tags

To know how much credit costs, you must be able to understand "credit price tags" (the information available on credit prices), and how to compare the "price tags.”

  1. The Finance Charge tells you, in dollars, the total cost of using credit. It includes the interest, service charge, credit report charges and cost of any credit-related insurance. (The finance charge is the same as the dollar cost of credit.)
  2. The Annual Percentage Rate (APR) gives the annual cost of credit in percentage terms. It gives the relationship per year between the finance charge and the amount financed.

    Things that affect the cost of credit:

  3. How Much Credit You Use -- the cost of the purchase or amount of the loan. Interest is calculated on the amount of credit. The credit costs are less for a $200 item than a $300 item when financed at the same APR.
  4. How Long You Take To Pay for the Use of the Credit -- interest is charged for the entire time that it takes you to repay the loan. If you pay back a loan in one year rather than two years, the credit costs are less, even if the APR is the same.

Look at how credit costs differ in this example of an installment credit purchase. Suppose you are buying a $500.00 item -- say a stereo or new couch

APR Time to
pay back
Monthly
Payment

Total
Finance
Charge

Total Cost
of
Stereo
or Couch

Lender A
18.3% 1.5 years $31.88 $73.84 $573.84
Lender B
11.6%
1 year
$44.53

$34.36
($2.35)*

$534.36
Lender C
24.7% 1 year $49.00

$88.00
($13.81)*

$588.00

Lender D
12% 6 months
$86.27 $17.62 $517.62

* indicates insurance charge added to finance charge


HAVE YOU GONE TO COLLEGE?

IF SO, YOU WILL NEED TO DEDUCT THE FOLLOWING AMOUNTS FOR YOUR STUDENT LOANS:

2 YEAR COLLEGE $ 50
4 YEAR COLLEGE $150
MASTERS DEGREE $200
(4 years plus 1-2 extra years)
DOCTORATE, PHD $300

MD

$600

 


HOUSING
SUMMARY OF CHOICES WITH MONTHLY PAYMENT

RENTAL
ONE BEDROOM APARTMENT $ 475.00
ONE BEDROOM DELUXE $ 600.00
TWO BEDROOM APARTMENT $ 575.00
TWO BEDROOM DELUXE $ 700.00

HOME OWNERSHIP
TWO BEDROOM HOME $ 700.00
THREE BEDROOM HOME $ 900.00
FOUR BEDROOM HOME $1,100.00
DELUXE HOME, SUBURBAN DEVELOPMENT $1,600.00
SMALL FARM $ 950.00

MANUFACTURED HOMES
SINGLE WIDE MOBILE HOME $ 500.00
DOUBLE WIDE MOBILE HOME $ 625.00


FOOD COSTS BASED ON FAMILY SIZE


SINGLE MALE $180.00
SINGLE FEMALE $140.00
MARRIED COUPLE $350.00
MARRIED WITH ONE CHILD $450.00
MARRIED WITH TWO CHILDREN $550.00

FOR EACH ADDITIONAL CHILD ADD AN EXTRA $100.00


CLOTHING

NO COLLEGE DEGREE

COLLEGE DEGREE

SINGLE INDIVIDUAL

$50.00
$150.00

MARRIED COUPLE

$70.00
$300.00

MARRIED WITH CHILDREN

$40.00 per child
$75.00 per child

REMEMBER! THESE ARE VERY BASIC, MINIMAL COSTS. YOU WILL LIKELY SPEND MORE ON CLOTHING THROUGHOUT THE YEAR. YOU CAN ALSO PURCHASE ADDITIONAL CLOTHING AT THE LUXURIES TABLE.


CHILD CARE
WHAT DOES IT COST?

Children Aged 6 Weeks to 18 months (1 1/2 yrs old)
$350.00 per month
$630.00 per month for two children

Children Aged 19 months to 5 Years Old
$320.00 per month
$575.00 per month for two children

After School Care Age 5 to 10 Years Old
$80.00 per month


UTILITIES

INCLUDES YOUR MONTHLY PAYMENTS FOR:
ELECTRICITY
GAS
WATER
TELEPHONE

IF YOU HAVE:
ONE BEDROOM APARTMENT $150.00
TWO BEDROOM APARTMENT $175.00
TWO BEDROOM HOUSE $200.00
THREE BEDROOM HOUSE OR SMALL FARM $225.00
FOUR BEDROOM OR DELUXE HOUSE $250.00
SINGLE WIDE MOBILE HOME $200.00
DOUBLE WIDE MOBILE HOME $215.00


TRANSPORTATION

NEW VEHICLE MONTHLY LOAN COSTS
Sporty:
Toyota Paseo $250.00
Ford Mustang Convertjble $350.00
Lexus $725.00
Sedans:
Ford Escort $200.00
Mercury Grand Marquis $275.00
Pontiac Grand Am $300.00

For The Family:
Mercury Sable Wagon $225.00
Plymouth Voyager Mini-Van $325.00

Rugged:
Chevy S-10 Pick-Up $200.00
Honda Passport $250.00
Ford Explorer $325.00

USED VEHICLE MONTHLY LOAN COSTS
Sporty:
1995 Chevy Cavalier $110.00
1997 Mustang Convertjble $265.00

Sedans:
1993 Grand Marquis $120.00
1999 Plymouth Neon $180.00

For The Family:
1998 Chevy Astro Van $200.00
1991 Plymouth Voyager (Needs Work!) $ 90.00

Rugged:
1994 S-10 Pick-Up $125.00
1997 Jeep Grand Cherokee $300.00

Remember! If you have purchased a vehicle, you must add $50.00 per month for gasoline costs.
You can always purchase a bus pass for $50.00 per month, if owning a vehicle doesn't fit into your budget.


INSURANCE

Please deduct the cost of each insurance that you wish to purchase.

Remember:

  • You must purchase homeowners and auto insurance if you own a house and a vehicle.
  • Renters, medical, and life insurance are optional.
  • Your employer will contribute an equal amount towards your medical insurance, if you choose to purchase it.

HOMEOWNERS INSURANCE $ 25.00 per month

AUTO INSURANCE $ 70.00 per month

HEALTH INSURANCE, CO-PAY:
FAMILY POLICY
$150.00 per month
INDIVIDUAL (single) $ 75.00 per month

RENTAL INSURANCE (for apartment dwellers) $ 16.00 per month

LIFE INSURANCE, $100,000.00 COVERAGE:

MALE $ 8.00 per month
FEMALE $ 7.00 per month


WHO NEEDS YOUR DONATIONS?

  • AMERICAN DIABETES ASSOCIATlON
  • AMERICAN CANCER SOCIETY
  • AMERICAN HEART ASSOCIATION
  • AMERICAN RED CROSS
  • ASSOCIATION FOR THE BLIND AND VISUALLY IMPAIRED
  • ASSOCIATION FOR RETARDED CITIZENS
  • CEREBRAL PALSY ASSOCIATION
  • COMMUNITY MISSIONS
  • MARCH OF DIMES
  • MUSCULAR DYSTROPHY ASSOCIATION
  • THE UNITED WAY
  • CHURCHES AND SYNAGOGUES
  • HOSPITALS
  • PUBLlC LIBRARIES
  • SCOUTING GROUPS
  • VOLUNTEER FIREFIGHTERS

AND SO MANY MORE!


WOULD YOU LIKE CABLE?

HERE’S WHAT IT WILL COST YOU:

Basic Service $ 7.00

Cable Value Option $32.00
(Ch. 2-61)

Premium Channels:
Cinemax $12.00

HBO, Showtime $12.00

SPECIAL!! Take any two premium channels for JUST $19.00 per month (plus basic charge)

DOES IT COST MORE THAN YOU THOUGHT???


Luxury Table Choices
LET’S TAKE A VACATION

Expenses include travel from New York

PACKAGES, per person, per week (includes airfare, hotel) :
Walt Disney World $ 650.00
Jamaica $ 800.00
Mexico $ 800.00
Caribbean Cruise $1,000.00

AIR ONLY, per person:
Washington, D.C. $ 185.00 (plus $90.00 hotel, per night)
Europe $ 550.00
Australia $3,000.00

HOTEL ONLY, per person:
Toronto (Drive) $100.00 hotel per night

MUSEUMS
Buffalo Museum of Science $ 5.25 adults, $3.25 kids, $40.00 family membership
Albright- Knox Art Gallery $ 4.00 adults, kids free


WINTER FUN!

SKIS WITH BINDINGS
$200, $300, $400 and up

SKI BOOTS
$100, $200, $300 and up

SNOWBOARDS
$275, $325, $400 and up

SNOWBOARD BOOTS
$100, $150

DAY LONG PASSES FOR SKIING & SNOWBOARDING
$28.00


LET'S EAT OUT


FAST FOOD RESTAURANTS
$5.00 for each adult
$3.00 for each child

FAMILY RESTAURANTS
$10.00 for each adult
$5.00 for each child

FORMAL RESTAURANTS
$20.00 for each adult
$10.00 for each child


ENTERTAINMENT

WHAT DOES IT COST?

SPORTING EVENTS TICKETS
$5.00 - $75.00

RECREATION
Bowling $1.75 per game $1.00 shoes
Golf $20.00 for 18 holes, $20.00 for 1 dozen balls
Movies $4.00 - $7.00

CONCERTS $25.00 and up

PLAYS $15.00 and up

FREE! FREE! FREE!
A WALK ALONG THE FALLS
A FAMILY PICNIC
BIRD WATCHING
A VISIT TO THE LIBRARY
HIKING
WINDOW SHOPPING
A BIKE RIDE
KITE FLYING
SLEDDING, ETC.


TIME TO VISIT THE SALON!

MEN'S HAIRCUT $15.00
WOMAN'S HAIRCUT $22.00
CHILD’S HAIRCUT $ 8.00
COLOR (Includes Cut) $40.00
PERM (Includes Cut) $50.00


FISH POND

Pick a paper

Receive Money

  • fill out checking deposit slip for cash
  • put in back checking account
  • record in register
  • record on budget under #21

Receive Money

  • write check
  • record in register
  • record on budget #17



  • Prescription for flu. With insurance - NO CHARGE. Without insurance - pay $55.
    Make check payable to Rite Aid.

  • Visit doctor for headaches. With insurance - NO CHARGE. Without insurance - pay $35.
    Testing- with insurance pay $15, without insurance pay $175.
    Make check payable to Lew-Port Medical Group.

  • Chest pains. Hospital stay with insurance - $212. Without insurance - pay $2100.
    Make check payable to Memorial Medical Center

  • Chronic back pain caused by old mattress. Will you purchase a new one for $250?
    Make check payable to City Mattress.

  • A toothache in the night sends you to the dentist. Office visit cost is $25. If you have insurance, $5.
    Make check payable to Lew-Port Dental.

  • Routine doctor's appointment. With insurance - $5. Without insurance - pay $35.
    Make check payable to Lew-Port Medical Group.

  • Developed skin rash. Visit specialist. With insurance - NO CHARGE. Without insurance - pay $60.
    Make check payable to Lew-Port Medical Group.

  • Sprained ankle. Emergency room - with insurance $76. Without insurance - $760.
    Make check payable to Mt. St. Mary's Hospital.

  • Your TV broke. Repair it for $150 or buy a new one for $300. Your choice.
    Make check payable to Lew-Port Electronics.

  • Your only medical emergency this month is a paper cut. No charge!

  • Routine dental appointment. With insurance - NO CHARGE. Without insurance - pay $60.
    Make check payable to Lew-Port Dental.

  • You received an inheritance.
    Add $2000 to your savings account next to Life Surprises on financial plan.

  • You have an appliance to repair costing $85.
    Make check payable to Lew-Port Repair.

  • You left a pot burning on the stove. FIre damage is covered by insurance.
    If you do not have insurance, pay $1000.
    Make check payable to Lew-Port Builders.

  • You had a garage sale.
    Add $200 to your savings account next to Life Surprises on financial plan.

  • Your cousin is getting married. The gift and a card cost $45.99.
    Make check payable to Bon- Ton.

  • Your car needs repair. Deduct $150.
    Make check payable to Lew-Port Automotive.

  • You worked overtime this week. Add $300 to your pay.
    Deposit to your savings account.

  • You received an $85 speeding ticket.
    Make check payable to Village of Youngstown.

  • Your sweet tooth gets the best of you and you buy $30 worth of Girl Scout cookies.
    Subtract it from your income.
    Write check payable to Girl Scouts of America.

  • Bingo! You hit the jackpot $200 gets added to your income.
    Add to your savings account next to Life Surprises on financial plan.

  • Your child is turning five tomorrow. Buy a present. Your choice as to a reasonable cost.
    Write check to Toys-R-Us.

  • You must make out a will. Legal fees are $300.
    Make check payable to Lew-Port Lawyer's Inc.

  • Uncle Elmer sends you $25 for your birthday.
    Add it to your savings account next to Life Surprises on financial plan.

  • Ylkes! You ran over your son's bicycle. Buy him a new one.
    You can purchase a lower cost one for $75 or splurge a little and buy one for $150.
    Your choice.

    W rite a check payable to Lew-Port Cycle Shop.

  • Congratulations! You've won $50 in the comedy contest.
    Add to your savings account next to Life Surprises on financial plan.

  • You win $75 in the bowling tournament. Strike!
    Add to your savings account next to Life Surprises on financial plan.

  • Your child needs dental work that isn't covered by insurance.
    You 'II have to pay $50 per month for the next five months in advance.

    Make check payable to Lew-Port Dental.

  • Your $2 lottery ticket won $20.
    Add the difference to your savings account next to Life Surprises on financial plan.


  • Sorry, you bought $10 worth of lottery tickets, but none of them were winners.
    Subtract the cost of the tickets.
    Make check payable to NYS Lotto.

  • All those phone calls to Alaska are sure adding up. (Start writing more letters next month.)
    Write a check for $60 to NYNEX.

  • Purrfect, your cat wins the Prettiest Feline Competition.
    Add $25 to your savings account next to Life Surprises on financial plan.

  • Spring cleaning time! Freshen up your walls with a new coat of paint.
    Subtract $60 for supplies.
    Make check payable to Valu Hardware.

  • Your boss likes your suggestion. You are Employee of the Month and win $75.
    Add to savings account next to Life Surprises on financial plan.

  • You forgot to return a copy of Jurassic Park to the video shop.
    Subtract $15 for the extra days rental.

    Make check payable to Blockbuster Video.

  • Little Susie wants to take guitar lessons. Each lesson costs $8.
    Subtract the cost of four lessons.

    Make checks payable to Mr. Loucks.

  • Oops! A baseball went through your living room window.
    Pay $50 and your homeowners insurance will cover the rest

    Make check payable to Lew-Port Glass Co.

  • Grandma and Grandpa are coming to visit for their anniversary.
    You'll need extra groceries for the party you're throwing for them. Deduct an extra $75.
    Make check payable to Tops.

  • Your hard work at night school paid off. You've received a promotion at work and can add 5% to your monthly income.
    Deposit in your savings account next to Life Surprises on financial plan.

  • Little Joey's eyeglasses fly off his face during the big basketball game. Crunch!
    Subtract $100 to replace them.
    Make check payable to Lew-Port Optical.

  • Your car needs a new tire. Subtract $50.
    Make check payable to Sam's Club .

  • Surprise! You won the carnival raffle.
    Add $50 to your savings account, next to Life Surprises on financial plan.

  • Your dog has worms. $45 for the vet and medicine please!
    Make check payable to Lew-Port Vet.

  • Pink eye, doctor visit. With insurance - NO CHARGE, without insurance - $35.
    Make check payable to Memorial Medical Center.

  • Prescription - with insurance $5, without insurance - $24.
    Make check payable to CVS.


Reality Store Reflection Question

Name ______________________ Date ________________________

Write an essay about your experience at the Reality Store. In your essay be sure to include:

  • If your budget turned out the way you expected in giving you the quality of life you wanted.

  • If you would make different choices if you were to visit the Reality Store again.

  • What you learned about career choices from visiting the Reality Store that will be useful in your future.

  • An introduction, a body and a conclusion.

Check your writing for correct spelling, grammar, and punctuation.


Reality Store Evaluation

Name __________________________________ Period _________

1. Name 3 school subjects that were necessary to help you understand and take this walk through life, and how did each help you?

Subject 1: ______________________________

Helped by: __________________________________________________________

Subject 2: ______________________________

Helped by: __________________________________________________________

Subject 3: ______________________________

Helped by: __________________________________________________________

Circle the number that fits your opinion:

3 My checkbook records are near perfect 1 My checkbook records have some errors/confusion.
2 My checkbook records are pretty good 0 My checkbook records are a total mess

Circle the number that fits your opinion:

3 This Reality Store was the greatest! 1 This Reality Store was OK.
2 This Reality Store was great. 0 This Reality Store was nothing special.

Complete these sentences:

  • I am glad I… ____________________________________________________________

  • I wish I had… ___________________________________________________________

  • I learned that I… _________________________________________________________

  • I will always remember the Reality Store because… _______________________________

  • The Reality Store could be better if… _________________________________________


“REALITY STORE” RUBRIC

DIMENSION 4 EXPERIENCED REALITY 3 PRETENDED REALITY 2 UNREALISTIC 1 OUT OF TOUCH WITH REALITY

Decision-Making
The ability to apply decision-making strategies and mathematical reasoning to manage personal, material & financial resources

FACS 3abc, CDOS 3a.7, MST 3.1

· Shows thoughtful coordination between Profile form & Budget Plan

· Decisions provide for needs within income and allow for unexpected emergencies

 

· Profile form & Budget Plan appear coordinated

· Decisions provide for needs within income

· Profile form & Budget Plan do not appear coordinated

· Decisions do not provide for some needs, or loans are needed to supplement income

· Profile form & budget plan are not coordinated & do not make sense

· Decisions do not provide needs, or excessive loans are necessary to supplement income

Mathematics
The ability to use mathematical operations in a real-world setting

MST 3.7

a. Lists all data

b. Calculates with absolute accuracy


c. Lists important data necessary

d. Calculates to a reasonable degree of accuracy

· Data listed is incomplete or unclear

· Calculations appear inaccurate or unclear

· Data & calculations are not meaningful

Check Writing
The ability to write a usable check

FACS 3b


· All parts of sample check are written correctly & clearly & could be cashed
· Minor errors appear in sample check and/or may not be clearly written but nothing interferes with cashing of check · Minor errors and/or legibility interfere with cashing of check · Major errors and/or legibility make check not negotiable

Evaluation and Reflection
The extent to which written explanations contain meaningful content, organization & conventions of English

FACS 3d, ELA 1.2ab

· Meets class standards: on time, legible

· Develops & elaborates ideas clearly & fully using many supporting & relevant details, answers questions

· Ideas are presented in a logical order making writing easy to understand & follow

· Makes few if any mechanical errors which do not interfere with reader’s ability to understand response

· Meets class standards: on time, legible

· Develops ideas clearly with some supporting details, answers questions

· Ideas are presented in a clear order & logical sequence

· Makes minor mechanical errors which do not interfere with reader’s ability to understand response

· Meets class standards: on time, legible

· Ideas are stated simply, few supporting details are given, may wander from question

· Ideas presented in some sequence but creates confusion in understanding

· Makes major and/or many errors in mechanics which confuse the reader’s understanding of the response

· Meets class standards: on time, legible

· Develops ideas in fragmented manner, does not use supporting details & includes random information, may be off topic

· Ideas presented with no organization, difficult to follow

· Makes many major errors in mechanics which interfere with reader’s response



REFLECTION

The Reality Store concept was first developed for elementary school children by Gretchen Varney through a VATEA grant in the early 1990’s. With the help of Barbara Gallucci and Gail McMahon I adapted the activity for the Middle School Home and Career Skills classroom.

My overall goals are to encourage students to stay in school, make wise choices, know the difference between needs and wants, and to recognize the importance of math skills. Because of Home & Career Skills being 13 weeks, interdisciplining with my academic team did not work when I first tried this activity.

The consumer unit is not included in this packet, however, the money management unit is included. I use mini role plays to explain Credit Price Tags with the students being borrowers. I also use student role plays to show how a check goes from buyer to seller, to bank, and back to buyer. Individual teachers could add or subtract information depending on time allotments. Sometimes I begin the next unit before the Reality Store event depending on available volunteers.

The Reality Store activity can be chaotic at times. The first time through can be confusing for the teacher. The second time, the teacher can make his/her own rules based on the student composition and personal theory.

The level of excitement for those students with money and frenzy for those without money, can be felt by everyone in the room. The students take this simulation seriously once they begin to plan the budget. The Reality Store presents students with an age-appropriate, real-life experience to learn home and career skills for their future. The Reality Store could be used as a career assessment but the check writing lessons would be necessary.

The best way to see the value in the Reality Store activity is to hear from the students themselves:

"An important factor in applying for a job is education." (Alexis)

“I realized that one little mathematical error can make a big difference in a checkbook." (Kristie)

"When I first started to do the checkbook thing, I thought it was a waste if time, but once I learned how hard it was to do all that stuff, I realized why they were teaching it." (Jerry)

"The thing that surprised me the most was all of the insurance." (Mario)

"I learned I need to take care of bills before I spend all my money on luxuries." (Shane)

"My daughter cost me a tons of money, my hand hurts from writing checks, and my budget is not balancing." (Danielle)

"It helped me understand how hard it is to be grown up and have to pay for everything." (Christine)


UNIT PLAN: REALITY STORE

WEEK 1 MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
Learning Opportunities

· Envision Your Life form
· What’s Your Credit Score worksheet
· Discussion of credit using Credit Price Tags
· Review Money Sense Notes definitions

· Discussion of credit vs. saving
· Cost of Borrowing
· Which Would You Choose worksheet
· Review Money Sense Notes on saving

· Checking Account Forms
· Money Sense Notes on checking

· Check writing exercise
· Finish for homework due Monday

· Guest speaker from Dept. of Social Services on teen parenting, public assistance & employment outlook
Standards
FACS 3bd, CDOS 3a.7 FACS 3b, CDOS 3a.l, 3a.7 FACS 3b, CDOS 3a.l, 3a.7, MST 3ab MST 3.1, 3.3, CDOS 3a.1 FACS 3abcd, CDOS 3a.7

Assessments

Worksheets
Discussion

Worksheets
Discussion

Worksheets Practice worksheets Teacher mentoring

Observation
Question & answer

WEEK 2
Learning Opportunities



· Review check writing homework
· Money Sense Notes on budget
· Complete student profile using Envision Form
· Begin Budget Plan

· Finish Budget Plan

· Write checks for Reality Store
· Finish for homework

· Reality Store event

· Reality Store event
· Begin evaluation & reflection when finished at the event

Standards FACS 3abcd, CDOS 3a.1, 3a.7, MST 3.1, 3.3 FACS 3abcd, CDOS 3a.1, 3a.7, MST 3.1, 3.3 FACS 3abcd, CDOS 3a.1, 3a.7, MST 3.1, 3.3 FACS 3abcd, CDOS 3a.1, 3a.7, MST 3.1, 3.3 FACS 3abcd, CDOS 3a.1, 3a.7, MST 3.1, 3.3

Assessments

Homework
Worksheets

Worksheet Checks

Budget Plan
Checks & check register

Student Packet
Checks & check register

WEEK 3
Learning Opportunities

· Debrief lesson
· Reality Store Evaluation form
· Write reflection essay due next day

· Turn in essay & Reality Store packet forms w/rubric score circled
· Begin next unit

 

 

 

 

 

 

Standards
CDOS 3a.7, FACS 3abcd,

CDOS 3a.7, FACS 3abcd, ELA 1.2ab

 

 

 

 

 

 

Assessments

Discussion
Budget Plan
Evaluation Form
Essay

Student Profile
Budget Plan
Evaluation Form
Essay
Rubric

 

 

 

 

 

 

* Bold items are titles of worksheets.


STANDARDS AND INTERMEDIATE PERFORMANCE INDICATORS

STANDARDS FOCUS

FACS SPENDING PLAN
CDOS EDUCATION + EMPLOYMENT = QUALITY OF LIFE
MST USE OF MATHEMATICS
ELA REFLECTION

FAMILY AND CONSUMER SCIENCES
Standard 3: Students will be able to manage their personal and community resources.
a. Understand how the family can provide for the economic, physical and emotional need of its members.
b. Understand the resources available to them, make informed decisions about the use of those resources, and know some ways to expand resource.
c. Are able to budget money.
d. Understand how working contributes to a quality living environment.

CAREER DEVELOPMENT AND OCCUPATIONAL DEVELOPMENT
Standard 3a: Students will demonstrate mastery of the foundation skills and competencies essential for success in the workplace.
1. Apply a combination of mathematical operations to solve problems in oral or written forms.
7. Understand the material, human and financial resources needed to accomplish tasks and activities.

MATHEMATICS
Standard 3: Students will understand mathematics and become mathematically confident by communicating and reasoning mathematically and by applying mathematics in real-world settings.
1. Mathematical Reasoning: Apply a variety of reasoning strategies.
3. Operations: Add, subtract using decimals.

ENGLISH LANGUAGE ARTS
Standard 1.2 Students will read, write, listen and speak for information and understanding.
a. Develop information with appropriate supporting material, such as facts, details, illustrative examples or anecdotes, and exclude extraneous material.
b. Use standard English for formal presentation of information, selecting appropriate grammatical constructions and vocabulary using a variety of sentence structures, and observing the rules of punctuation, capitalization and spelling.

 


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