Students participate in a webquest where they have to budget for life as an independent adult. This project asks them to choose a job, a home, and an automobile. They will find out about taxes, insurance, as well as other expenses such as food, gas, utilities and leisure/fun activities. In the end they will create a final product displaying all they have learned.
Below is a list of all you should need for the project.
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Specific Seventh Grade TEKS Addressed:
(7.3) Patterns, relationships, and algebraic thinking. The student solves problems involving direct proportional relationships. The student is expected to
(A) estimate and find solutions to application problems involving percent; and Readiness Standard
(7.2) Number, operation, and quantitative reasoning. The student adds, subtracts, multiplies, or divides to solve problems and justify solutions. The student is expected to
(B) use addition, subtraction, multiplication, and division to solve problems involving fractions and decimals; Readiness Standard
Financial Literacy TEKS Addressed:
13 (A) calculate the sales tax for a given purchase and calculate income tax for earned wages;
(B) identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;
(C) create and organize a financial assets and liabilities record and construct a net worth statement;
(D) use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student’s city or another large city nearby;