Summary of Unit of Work:
Learning in this unit is aimed at developing students’ ability to work with money. The students revise/refresh their knowledge of addition, subtraction, multiplication and division. Students explore everyday money matters such as shopping lists, bank statements and personal budgets. Learning progresses to incorporate fractions and decimal algorithms into financial mathematics by investigating and understanding General Sales Tax (GST) in everyday purchases.
The unit integrates learning from the Australian Curriculum Economics and Business curriculum. Students develop business knowledge and understanding. As students create and reflect on their financial business models, they identify alternate responses to the given scenarios. Therefore, students employ economic reasoning, decision-making and application as outlined in the E&B Curriculum.
Australian Curriculum Links:
Year 5 Mathematics:
- Use efficient mental and written strategies (ACMNA291).
- Use efficient mental and written strategies and apply appropriate digital technologies to solve problems (ACMNA291).
- Create simple financial plans (ACMNA106).
- Describe and interpret different data sets in context (ACMSP120).
- Construct displays, pose questions, and collect categorical or numerical data (ACMSP118 and ACMSP119)
Business and Economics:
- The difference between needs and wants and why choices need to be made about resources (ACHEK001).
- Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003).
- Develop questions, gather data and information from observation (ACHES004)
- Identify alternative responses to an issue or event, and consider the advantages and disadvantages (ACHES006).
- Literacy: Students learn the vocabulary associated with mathematical concepts and processes: income, expenses, general sales tax, receipt, budget etc.
- Numeracy: Students develop numeracy skills as they develop knowledge and skills across mathematics.
- Critical and Creative thinking: students learn to generate and evaluate knowledge, ideas and possibilities when seeking solutions.
- ICT Capabilities: Use of ICT is incorporated into all lessons.
Lesson Plans / Unit Overview:
LESSON 1: Breaking Down the Docket
- Review previous learning of financial mathematics
- Class collaborates on the use/reasons/purpose of shopping lists
- Students create their own shopping list in maths books (include all details such as date, time, shop name, money given, GST, payment methods, and change).
LESSON 2: Grasping GST (using dockets from lesson 1)
- Refreshing simple percentage and fraction calculations
- Give background understanding of GST: why we have GST
- Demonstrate how to calculate GST
- Students are given posters from surf shop lesson and should work out GST for each item
LESSON 3: Basic Banking
- Review previous bank account learning (prior knowledge)
- Revise terminology associated with bank accounts.
- What is involved in everyday banking?
- Benefits of bank accounts
- Analysing a bank statement
LESSON 4: Budget Benefits A
- Introducing Budgets or Financial Plans for personal use
- Brainstorm uses and give examples of budgets
- Work through components of a budget with the class
- Students then complete a personal monthly budget Worksheet
LESSON 5: Budget Benefits B
- Students create a budget for business use
- Give students a selection of scenarios to work with
- Students take into consideration learning from lessons 1-3: income, expenses, and GST
- Students should complete a draft in their maths books
- Give students time to discuss and share their budgets ideas with each other
- Final budget should be well presented as a separate file or hard copy
LESSON 6: Budget Benefits (Extension)
Lesson 6 (and additional lessons) may be required for students to complete this assignment. Students that complete the budget ahead of time should plan an extension budget, incorporating ways to increase their income. This can be presented in a document and should be attached to the initial financial plan. Students will create a logo for their small business. Students will provide a sample tax invoice for the goods or service they provide.
Download The Teaching Resources Below:
ATO Tax Invoice Template (PDF)
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