Sources of Income: Scenarios

Lesson Content

• Lesson Plan Template:

  CTE Lesson Plan

• CTE Course Info and Benchmark Notes

  
  

  Program Title (as applicable): N/A

  Course Title: Personal Financial Literacy

  Course Number: 8500120

  Career Cluster: Finance

  CIP Number: 09200104PA

  Course Type: Non Career Preparatory

  Standard(s) or benchmarks

  • 03.01 – Identify sources of income

• Unit Outline

  
  

  This lesson is the 2nd in a series of lessons focused on investigating strategies for managing personal and family income. The unit will start by identifying sources of income and then expand on that knowledge to explore how career choices, education, and skills affect income, consider tradeoffs when making financial decisions, and investigate how purchasing power changes over time due to inflation. In totality, the lessons addressing this standard will support students’ understanding of how income, personal goals, and economic factors are things to consider when making short and long-term financial decisions.

• Career Connection

  
  

  Students will apply the career ready practice of attending to personal health and financial well-being, in this lesson plan. By exploring the various sources of income, students may begin to consider how the different sources of income could affect their career choice, future earning potential, and short- and long-term financial goals.

• Learning Objectives

  
  

  Students will be able to:

  • Categorize careers and jobs into different groups based on their source of income
  • Explain why some careers and jobs could have multiple types of income sources
  • Create a product to demonstrate their knowledge of the various sources of income

• Prior Knowledge

  
  

  Students should be familiar with/able to:

  • Distinguish between a career and a job
  • The characteristics of different sources of income
  • Using technology to conduct informal research

• Guiding Questions

  
  
  • How do you know this source of income applies to this career or job?
  • Could this career or job have more than one source of income?

• Procedure

  
  

  1. To introduce the lesson, review the sources of income by displaying the “Odd One Out” image (see attachment) and ask students to choose one word that doesn’t belong or isn’t related to the other words.

  • Remind students that there is no right or wrong choice and that they should have a unique reason for choosing one word as the odd one out.
  • Allow students to share their choice and supporting reasons for their choice. Facilitate discussion and use responses to review the characteristics of each source of income, as needed.
  • Explain to students that each source of income is more common for specific types of jobs and that they will be analyzing scenarios to categorize careers and jobs into different groups based on their source of income.

  2. Group students in small groups of 3 – 4. Pass out the Card Sort activity (see attachments).

  • Explain to students that they should review each scenario and identify the source of income. Students should use the headers included with the activity to create distinct groupings under each header.
  • While students are working and discussing with each other how to identify the source of income, the teacher can visit each group to monitor student progress, monitor and facilitate discussion, and answer questions students may have. The guiding questions can be used during this time to deepen student understanding and informally assess student learning.

  3. Discuss the scenarios and their sources of income.

  • The teacher can review each scenario and allow students to share their reasoning for how they categorized each scenario. The teacher should be clear that these are scenarios, and the careers and jobs may include more than one source of income.
  • If time is limited, the teacher can survey students to figure out which scenarios were difficult to identify the source of income and focus on reviewing those scenarios first.

  4. To bring the lesson to a close, students will create their own scenarios to model 3 of the 6 sources of income discussed. Students will need to include an answer key for each scenario created.

• Teacher Notes

  
  
  • The card sort activity can be prepared ahead of time to maximize instructional time. The teacher can cut out the cards ahead of time and use a plastic bag or paper clip to store/group the cards for each group before the lesson is implemented.
  • The Create Your Own template attachment can be used to guide students when creating their 3 scenarios.
  • The student scenarios can be used throughout the unit as warmups or exit tickets to review sources of income.

• Optional

  
  

  Differentiation Ideas:

  • The card sort activity can be used as a gallery walk for students to see and discuss how other groups categorized the different scenarios. Students will need chart paper and glue to display their groupings.
  • The card sort could be implemented as a Jigsaw activity. Each group can be assigned specific scenarios (i.e. A – F, G – L, M – R, S – X), categorize their scenarios by the income source, then share out to the whole class how they determined the source of income.

  Formative Assessment Ideas:

  • During the card sort activity, the teacher can use student responses to the guiding questions and student discussions amongst each other to informally assess student reasoning and understanding.