ItAllAddsUp
Teachers' Guide
Getting Started
To access one
of the five interactive modules on this site, click on an image
in the moving menu bar at the base of the screen. (The ribbon of
images will slow down as your pointer gets closer.)
Introduction
"It All Adds
Up" is a Webbased, interactive program designed to help high school
teachers and students understand responsible personal finance management
skills and the proper care and use of credit.
The site:
 Provides
safe and pedagogically sound interactive learning.
 Promotes
standardsbased education. The site activities are aligned to
relevant standards in economics and math (Voluntary National Content
Standards in Economics, NCEE, 1997; and the Principles and Standards
for School Mathematics published by the National Council on Teachers
of Mathematics)
 Provides
realworld applications that are relevant to high school students.
Lesson Descriptions:
NCTM Standards
Standard
2 Patterns, Functions and Algebra
 Use
symbolic forms to represent and analyze mathematical situations
Students
should leave high school with a balanced understanding of
algebra. In solving problems that arise from real settings,
the symbolic language of algebra can be effective in finding
and interpreting solutions.
Standard
6 Problem Solving
 Apply
a wide variety of strategies to solve problems and adapt the
strategies to new situations
Problemsolving
activities must be embedded in the fabric of students' mathematics
learning.
Standard
8 Communication
 Organize
and consolidate their mathematical thinking to communicate
with others
 Express
mathematical ideas coherently and clearly
Communication
is a fundamental element of learning and is inseparable from
any of the other standards.
Standard
9 Connections
 Recognize
and use connections among different mathematical ideas
 Understand
how mathematical ideas build on one another
 Recognize,
use and learn about mathematics in contexts outside of mathematics
In grades
912, students should have many opportunities to become aware
of connections among mathematics, science and other disciplines.
They should apply mathematical understanding and computing
technology to solve realistic problems. Connections among
various content areas help students to see mathematics as
an integrated whole and to understand results in different
ways.
Module
1
Title:
Getting and Using a Credit Card
Content Keywords:
 Credit
 Credit
rating
 Compound
interest
 Simple
interest
 Rule
of 72
Objectives:
 Students
will be able to list major determinants of an individual's credit
rating.
 Students
will indicate the length of time it takes to pay off a credit
card balance, given minimum payments.
 Given a
formula, students will be able to calculate simple interest.
 Students
will describe the importance of maintaining a good credit history.
Standards:
National Economics
Standards
Standard
10
Institutions
evolve in market economies to help individuals and groups
accomplish their goals. Banks, labor unions, corporations,
legal systems, and notforprofit organizations are examples
of important institutions. A different kind of institution,
clearly defined and enforced property rights, is essential
to a market economy.
Grade
8, Benchmark 1. Banks and other financial institutions channel
funds from savers to borrowers and investors.
Standard
12
Interest
rates, adjusted for inflation, rise and fall to balance the
amount saved with the amount borrowed, which affects the allocation
of scarce resources between present and future uses.
Grade
12, Benchmark 6. Riskier loans command higher interest rates
than safer loans because of the greater chance of default
on the repayment of the risky loan.
Description:
Students
will read the "Credit Counselor" guide to learn about the costs
and benefits of credit cards; the C's of credit; credit history;
credit application evaluation; and become familiar with some
useful formulas. They will need to complete the reading in order
to make the best choice from a series of credit profiles and
to answer a series of questions during the simulation.
Students
will review 4 different credit applications and select one based
upon criteria suggested in the "Credit Counselor" guide. The
character selection will determine the player's initial cash
holdings, income and credit rating.
During this
timed simulation, the player's objective is to maximize cash
holdings, credit rating and value of purchased goods. In addition,
they will minimize their credit balance. They can shop a variety
of online 'stores' and earn income by answering questions about
credit. Players need to keep an eye on the timer, though, because
regular credit card payments are due periodically. If a payment
is missed, there's a negative impact on the player's credit
rating.
Play ends
when the timer stops. A composite score is calculated from the
credit rating, cash balance, credit balance, and total value
of goods purchased.
Additional resources:
Focus:
Personal Decisionmaking Copyright © 1997. National
Council on Economic Education. New York.
Personal
Finance Economics, 68: Money in the Middle. Copyright ©
1996. National Council on Economic Education, New York.
Module
2
Title:
Buying a Car
Content Keywords:
 Decision
making
 Choice
 Costs
 Ownership
cost
 Benefits
Objectives:
 Students
will be able to explore the costs involved with the ownership
of a car.
 Students
will be able to calculate simple math problems.
 Students
will be able to recognize the impact that decisions have on the
outcome of their choices.
Standards:
National Economics
Standards
 Productive
resources are limited. Therefore, people cannot have all the
goods and services they want; as a result, they must choose
some things and give up others.
 Effective
decisionmaking requires comparing the additional costs of alternatives
with the additional benefits. Most choices involve doing a little
more or a little less of something: few choices are "all
or nothing" decisions.
Description:
Students
will assume they are shopping to buy a car. They will select
a model they feel best fits their needs and budget. Students
will calculate the expense of buying and owning a car, including
finance, operating, and maintenance costs.
Students
will be offered a variety of selections and will be guided through
a decisionmaking process for selecting a car. Once the student
selects and approves the cars, they expenses connected to the
ownership of the car.
Additional resources:
Module
3
Title:
Budget Odyssey
Content Keywords:
 Decision
making
 Budget surplus
 Budget deficit
 Income
 Choice
 Fixed expenses
 Variable
expenses
Objectives:
 Students
will be able to identify examples of income, fixed expenses and
variable expenses.
 Students
will be able to calculate budget figures to determine the net
gain or loss on a budget.
Standards:
National Economic
Standards
 Standard
1
 Productive
resources are limited. Therefore, people cannot have all the
goods and services they want; as a result, they must choose
some things and give up others.
 Effective
decisionmaking requires comparing the additional costs of alternatives
with the additional benefits. Most choices involve doing a little
more or a little less of something: few choices are "all
or nothing" decisions.
 Standard
4
 People
respond predictably to positive and negative incentives.
Descriptions:
Students
will begin the Budget Odyssey driving a minibus to Budget Balancing
Bliss via a board game. Students will answer questions about
income, fixed expenses, and variable expenses. Once
the student reaches the end of the board game the player will
be presented with a spreadsheet upon which they will calculate
their net gain or loss.
Additional resources:
Consumer
Credit and Counseling Service provides budget counseling, educational
programs, debt management assistance and housing counseling.
Module
4
Title:
Saving and Investing Blitz
Content Keywords:
 Saving
 Investing
 Interest
rates
 Mathematics
 Certificates
 Rule of 72
Objectives:
 Students
will demonstrate an understanding of saving and investing.
 Given a formula,
students will be able to calculate simple interest.
 Students
will demonstrate their understanding of the importance of saving
and investing.
Standards:
National Economic
Standards
 Interest
rates, adjusted for inflation, rise and fall to balance the
amount saved with the amount borrowed, which affects the allocation
of scarcer sources between present and future uses.
 Investment
in factories, machinery, new technology, and in the health,
education, and training of people can raise future standards
of living.
Description:
The Saving
and Investment Blitz engages the student in a series of timed
questions that will test their understanding of saving and investment
as well as their ability to perform calculations related to
the time value of money.
The student
will go through a series of timed multiplechoice question on
saving and investing. The more time the student spends on the
question, the less point value the question will carry. The
student should be prepared to answer the questions using the
knowledge they have gained through study and the use of a calculator.
Students
may keep track of their scores and compare their scores with
other students playing the Saving and Investment Blitz.
Additional resources:
Module
5
Title:
You're Going to College
Content Keywords:
 Funding costs
 Benefits
 Economic
freedom
 Interest
Objectives:
 The student
will identify costs and benefits associated with college financing.
 The student
will determine approximate costs for a year at college.
Standards:
 National
Economic Standards
 Effective
decisionmaking requires comparing the additional costs of alternatives
with the additional benefits. Most choices involve doing a little
more or a little less of something: few choices are "all
or nothing" decisions.
Description:
The students
will explore the funding costs and the benefits of college.
The student will be engaged in three levels of games that help
the player understand the decisions connected to attending college
and the benefits available to a college graduate.
The first
game is a concentration type game where the student must match
cards that provide information about the cost and benefits of
alternative sources of funding.
The second
level game is ChaChingo. The student will be asked a series
of question pertaining to college costs. The answers are based
on published rates. For every correct answer the student is
provided with a chip. Once all of the questions have been answered,
the chips are then dropped in a chachingo style game that will
give the player points. When all of the chips have been dropped,
a problem appears that will ask students to determine how much
more money they need to pay for their college education.
Additional resources:
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