Unit 5 Understanding Financial Assets
AGENDA
Mon., Nov. 28 - Dec. 2, 2016
Mon. - Tues, Nov. 28 - 29, 2016
FYI
Unit 5.0 Test postponed until Thurs., Dec. 1st for addition review.
BELL RINGER (20 MIN.)
GUIDED PRACTICE (10 MIN.)
ASSIGNMENT(S) (55 MIN.)
Complete the class activities in the order listed below. Refer to the PPT to complete the worksheets below them.
Unit 6.0
Wed., Nov. 30, 2016
ESSENTIAL STANDARD (Unit 6.0):
WARM-UP/FOCUS
Unit 6.01 - Guided Practice (2)
Independent Practice
Computing the Total Assets, Liabilities, and Owner’s Equity – 3 worksheet
Reflection - Group Project
****** Reminders
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Thurs. - Fri., Dec. 1, 2016
BELL RINGER: (60 min.)
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ESSENTIAL STANDARD:
Unit 6.01 - Guided Practice (2)
Resources:
6.02 PowerPoint slides 1-4
GUIDED PRACTICE (2):
INDEPENDENT PRACTICE:
Students will:
Complete the 6.02 – Financial Activities in Careers using the online link below.
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Mon., Dec. 5, 2016
ESSENTIAL STANDARD:
Bell Ringer: http://ed.ted.com/on/JMFun76C
Money Matters
1. Guided Practice - Differeniate between accounting and finance
Assignment:
Activity 1 We also have two subsidiary (supporting) ledgers:
Activity 2 - Handout(s)
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Tues., Dec. 6, 2016
We also have two subsidiary (supporting) ledgers:
A liability is officially defined as:
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Activity 1
We also have two subsidiary (supporting) ledgers:
Activity 2
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Wed., Dec. 7, 2016
6.03 Tax, Insurance
Materials:
Objective:
Essential Questions:
Key Tax Lingo:
Income and Careers:
PLACE ALL HANDOUTS IN CLASS TRAY AT THE END OF CLASS. PLEASE DO NOT LEAVE YOUR SEATS UNTIL THE BELL RINGS FOR DISMAL. REMEMBER TO PUT YOUR NAMES ON YOUR PAPER (-10 PTS).
Bell Ringer (15 Min.)
Activity 1 (IA) (35 Min.) Complete worksheet from Tues. Do not go to the printer
Activity 2 (35 Min.)
http://www.accountingcoach.com/debits-and-credits/crossword-puzzles/1
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Thurs., Dec. 8, 2016
6.03 Taxes
Bell Ringer
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Fr., Dec. 9, 2016
Students will use links below to review Unit 6.0 Accounting / Finance - General Ledger and Journaling subsidiary entries (debits / credits)
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Week of Dec. 12
Mon., Dec. 12, 2016
Bell Ringer:
Guided Practice
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Tues. - Wed., Dec. 13 - 14, 2016
IP: Complete and place in class tray
USE MS Word separate scenarios ( 1 - 3) with a space. subtitle in BOLD - Case Scenario - Car Accident . Use complete sentences / punctuation.
FYI
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AGENDA
Mon., Nov. 28 - Dec. 2, 2016
Mon. - Tues, Nov. 28 - 29, 2016
FYI
Unit 5.0 Test postponed until Thurs., Dec. 1st for addition review.
- Many of the students spend an extended amount of time on the car project and did have an opportunity to complete the worksheets distributed.
- This is also an opportunity to help students that have not submitted any of their worksheets for the last two weeks with grade recovery, as well.
- This week has been dedicated as a learning extension for Unit 5.0. Therefore, additional worksheets have been posted to reinforce the content(s) for Unit 5.0 Economic System. Students are required to complete the worksheets below and complete the worksheets from Friday, as well, in fairness to everyone and to better prepare for the Unit 5.0 Test.
- Students that do not finish Mon. activities will need to come to SmartLunch A/ Mon. This will better guarantee that they will be able to complete Tuesdays assignments (65 min.). We will conclude Unit 5.0 on Tuesday, with a class review (20 min.) before dismissal.
- All worksheets are due by Wed., Nov. 30th; at the end of class
- Post in Canvas as Unit 5.0 FR
BELL RINGER (20 MIN.)
- Complete Unit 5.02 - 5.05 Worksheets / Review
- Mon. - 5.02 - 5.03 Worksheet from last week
GUIDED PRACTICE (10 MIN.)
- Candy Market Structure Simulation - Class Activity
ASSIGNMENT(S) (55 MIN.)
Complete the class activities in the order listed below. Refer to the PPT to complete the worksheets below them.
- Mon. (55 MIN.)
- Tues. (85 MIN.)
- Unit 5.0 Review(s)
- Comprehension Online Review(s)
- Self-Assessment / Review Terms
- Unit 4.0 Study Guide
- Create a sample test: Select options - deselect matching and written
- Practice Test
- Unit 4.0 Study Guide
- Unit 5.0 Review(s)
Unit 6.0
Wed., Nov. 30, 2016
ESSENTIAL STANDARD (Unit 6.0):
- Acquire a foundational knowledge of accounting to understand its nature and scope.
WARM-UP/FOCUS
- What does Accounting mean to a business?
- Decisions that make up Capital Investment Decisions
Unit 6.01 - Guided Practice (2)
- Students will complete the Steps in the worksheet to practice the Accounting Process
- Introduction - Accounting Principles
- Students will review Practice Examples on “Computing the Total Assets, Liabilities, and Owner’s Equity”
Independent Practice
Computing the Total Assets, Liabilities, and Owner’s Equity – 3 worksheet
- Students will complete handouts - 2
Reflection - Group Project
- Students will be in groups of 8. One member will roll the dice. The others will record on the groups ledger the appropriate accounting data.
- Monopoly for Lesson Review
****** Reminders
- Unit 5.0 Test - Thurs.
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Thurs. - Fri., Dec. 1, 2016
BELL RINGER: (60 min.)
- Test - Unit 5.0
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ESSENTIAL STANDARD:
- Acquire a foundational knowledge of accounting to understand its nature and scope.
Unit 6.01 - Guided Practice (2)
- Students will complete the Steps in the worksheet to practice the Accounting Process
- Introduction - Accounting Principles
- Students will review Practice Examples on “Computing the Total Assets, Liabilities, and Owner’s Equity”
Resources:
6.02 PowerPoint slides 1-4
GUIDED PRACTICE (2):
INDEPENDENT PRACTICE:
Students will:
Complete the 6.02 – Financial Activities in Careers using the online link below.
- Student will select TWO careers.
- Students will compare the two careers on the Similarities and
- 6.02 – Online: Career Planner website - http://www.careerplanner.com/ListOfCareers.cfm
- Differences on financial responsibilities?
- Answer: which career has more financial responsibilities? Why do you think this?
- 6.02 – Online: Career Planner website - http://www.careerplanner.com/ListOfCareers.cfm
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Mon., Dec. 5, 2016
ESSENTIAL STANDARD:
- Acquire a foundational knowledge of accounting to understand its nature and scope.
Bell Ringer: http://ed.ted.com/on/JMFun76C
- People tend to group Finance and Accounting because both functions deal with the administration of a business' assets
- "Finance and accounting are two halves of the financial book. The simplest way to differentiate the two is that accounting is more focused on the past and finance is more focused on the future.
Money Matters
1. Guided Practice - Differeniate between accounting and finance
- Finance is the science of planning the distribution of a business' assets.
- Accounting is the art of the recording and reporting financial transactions.
Assignment:
- Owner’s equity is officially defined as:
- The residual interest in the assets of the enterprise after deducting all its liabilities.
- That's a slightly complicated definition. Here's a simpler one:
- The owner’s equity is simply the owner’s share of the assets of a business.
Activity 1 We also have two subsidiary (supporting) ledgers:
- Debtors (or Receivables) Ledger: This ledger only contains T accounts for each person/business that owes our business (each debtor).
- Creditors (or Payables) Ledger: This ledger only contains T-accounts for each person/business that our business owes (each cred
Activity 2 - Handout(s)
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Tues., Dec. 6, 2016
- A transaction can be defined as an exchange of goods or services between two parties.
We also have two subsidiary (supporting) ledgers:
- Debtors (or Receivables) Ledger: This ledger only contains T accounts for each person/business that owes our business (each debtor).
- Creditors (or Payables) Ledger: This ledger only contains T-accounts for each person/business that our business owes (each creditor).
A liability is officially defined as:
- A present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits.
- In other words, a liability is... A debt of the business or an individual.
- Guided Practice 1 (D/C)
- Broken window was replaced in the office.
- An addition to the office was built during the year.
- A major repair, which extended the life of a machine, was made during the year.
- A transmission in a truck was replaced during the year.
- A wastebasket was purchased during the year.
- Guided Practice 2 (Complete the scenario below.)
- A company's bank statement shows a balance of $1,234 on December 31. The company's general ledger shows a balance of $658. The bank statement reports a service charge of $14. The amount of outstanding checks is $590. The adjusted or correct cash balance to be reported on the balance sheet for this account is ___
- George Burnham is running short of cash at home. He needs some money to buy his daughter a bicycle for her birthday (i.e. for personal use). He decides to withdraw $500 from the business bank account. What is the impact on the equation for George’s Catering?
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Activity 1
- Bank Reconcilliation
- Input information from your business journal. Print - LJ. DO NOT GO TO THE PRINTER. PRINTOUTS WITHOUT NAMES (- 15)
We also have two subsidiary (supporting) ledgers:
- Debtors (or Receivables) Ledger: This ledger only contains T accounts for each person/business that owes our business (each debtor).
- Creditors (or Payables) Ledger: This ledger only contains T-accounts for each person/business that our business owes (each cred
Activity 2
- Idependent Practice - Handouts
- Put your names on your sheets.
- Place in the tray - 1st Period.
- Due today, Tues., Dec. 6, 2016
- Ethics - Finance
- Students will use MS Word 2013 to complete the link above.
- Read the passage in its entirety.
- Use complete sentences ( - 10)
- Print your names on your paper (-10)
- Send to the LJ Printer
- Do not go to the printer
- Ms. Blount will call names of the sheets that are printed
- Do not go to the printer
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Wed., Dec. 7, 2016
6.03 Tax, Insurance
Materials:
- Optional: Consult the IRS website for Educators at http://www.irs.gov/app/understandingTaxes/index.jsp *Materials not attached to this file may be found in a separate resource file.
Objective:
- “To learn about federal and state income taxes, why we pay them, how to make sense of tax rates, and how to consider them in financial planning.”
Essential Questions:
- Explain the purpose of taxation.
- Differentiate between marginal and average tax rates.
- Understand how taxes play a role in financial (investment) planning.
- Differentiate between tax avoidance and tax evasion.
Key Tax Lingo:
- Adjusted Gross Income (AGI): the amount of gross (total) minus your deductions.
- Tax deduction: an amount subtracted from Adjusted Gross Income to lower the amount of tax owed. Home mortgage interest, local property tax payments, contributions to charity, and health or business expenses are the most common.
- Tax credit: a direct reduction from the amount of taxes owed (not a deduction from income); tax credits are usually targeted to a policy or objective such as a child care tax credit, a residential energy improvement tax credit, a credit for certain education expenses, or a business tax credit for starting an employee pension program.
- Personal exemption: a dollar amount provided by the federal government (e.g. $3,700 in 2011) that is deducted from income for yourself and each “dependent” such as a child.
- Taxable income: the amount of income that is taxed after all deductions but before tax credits.
- Flat tax: a percentage tax rate that is the same across all levels of income. Progressive tax: tax rates that increase as income rises.
- Marginal tax rate: the rate at which the last (highest) dollar of income is taxed. Margin means “extra” or “added.”
- Marginal tax bracket: the dollar range in income that corresponds to a marginal tax rate.
Income and Careers:
- Standard 3: “Describe factors affecting take-home pay.”
- Standard 5: “Explain how taxes affect the rate of return on investments.”
PLACE ALL HANDOUTS IN CLASS TRAY AT THE END OF CLASS. PLEASE DO NOT LEAVE YOUR SEATS UNTIL THE BELL RINGS FOR DISMAL. REMEMBER TO PUT YOUR NAMES ON YOUR PAPER (-10 PTS).
Bell Ringer (15 Min.)
- Handout(s)
- Managing Credit
- Label the bullets A through E.
- Use the Labels (A - E) to respond the the questions (1 - 5).
- Budgeting
- DO NOT COMPLETE CALCULATING FUTURE VALUE worksheet
- Managing Credit
Activity 1 (IA) (35 Min.) Complete worksheet from Tues. Do not go to the printer
- Ethics - Finance
- Students will use MS Word 2013 to complete the link above.
- Read the passage in its entirety.
- Use complete sentences ( - 10)
- Print your names on your paper (-10)
- Send to the LJ Printer
- Do not go to the printer
- Ms. Blount will call names of the sheets that are printed
- Do not go to the printer
- Handout
- Employment and Taxes
- Paystub Worksheet
Activity 2 (35 Min.)
- Handout
- Risk and Rewards
- International Trade
http://www.accountingcoach.com/debits-and-credits/crossword-puzzles/1
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Thurs., Dec. 8, 2016
6.03 Taxes
Bell Ringer
- Marginal vs Average Tax Rate
- Checking Accounts
- Individual or Joint
- Debit Cards
- Banking Options
- Commercial Banks
- Savings and Loans
- Credit Unions
- Deposit Slips
- FICA
- Social Security taxes fund retirement benefits, benefits for the dependents of retired workers, and benefits for the disabled and their dependents.
- The funds received for Medicare are used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65.
- Ticker Symbol
- A ticker symbol -- also known as a stock symbol -- is a string of letters used to identify a stock, bond, mutual fund, ETF or other security traded on an exchange.
- (ROI) Return On Investment
- How much money your money actually earned
- ROI tells you How Much Money Your Money Earned
- Here is the ROI formulaROI= 100
- 7. Here is the ROI formula Net ProfitROI= 100
- Here is the ROI formula Net ProfitROI= Investment 100
- Here is the ROI formula Net ProfitROI= Investment 100 Expressed as a Percentage
- Zero Percent is the Break Even Point If you buy something for a dollar and sell it for a dollar your ROI is 0%
- 100% means you Doubled your Money If you buy something for a dollar and sell it for two your ROI is 100%
- Example: Buy/Sell a car• You bought a used car for $1200• You sold the car for $1800• So your Net Profit was $600 What was the Return on your Investment?
- Example: Buy/Sell a car• Your Investment was $1200• Your net profit was $600 Your Return on Investment was 50% ROI = 600 x 100 = 50% 1200
- Example: Buy/Sell Stock• You Invested $2000 in stock• One year later, You sold the stock for $1200• So your net profit was -$600 So, what was the Return on your Investment? ROI = Net Profit x 100 Investment
- Example: Buy/Sell Stock• You Invested $2000 in stocks• One year later, You sold the stock for 1200• So your net profit was -600 When you plug your numbers into the formula, you see that your Return on Investment was a Negative Thirty Percent ROI = -600 x 100 = -30% 2000
- MIKETURCO.COMEmail: [email protected] Phone: (310) 714-9669
- Calculate your stock portfolio performance in excel
- How much money your money actually earned
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Fr., Dec. 9, 2016
Students will use links below to review Unit 6.0 Accounting / Finance - General Ledger and Journaling subsidiary entries (debits / credits)
- Simulation Review
- Tax Credit Simulation
- Input State Witholding as - North Carolina
- Input Gross Salary as 25,000
- Input 4 witholding allowances
- Calculate
- Redo using your preferences
- Identifying Dependents
- Understanding Taxes
- Complete activities and simulations / questions online
- the WHY of TAXES activities
- (Theme 1) Lesson 1 - Why Pay Taxes?
- Tax Credit Simulation
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Week of Dec. 12
Mon., Dec. 12, 2016
Bell Ringer:
- Types of Insurance
- Complete handout
Guided Practice
- Ms. Blount -
- Loan Payments
- Simple / Compound Interest
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Tues. - Wed., Dec. 13 - 14, 2016
IP: Complete and place in class tray
- Project - Budgeting (35 min.)
- Access / complete the budget project from Mon. You may use your own resources, rather than those listed in the attachment.
- Label items as Liability / Asset
- Budget Worksheet (15 min.)
- Place your name on the line (First Last)
- Input your data
- Replace XX with your initials when saving file
- send to the LJ printer (DO NOT GO TO THE PRINTER)
- Review Worksheets from Mon., Dec. 12 (20 min.)
USE MS Word separate scenarios ( 1 - 3) with a space. subtitle in BOLD - Case Scenario - Car Accident . Use complete sentences / punctuation.
- Case Scenario - Car Accident
- Scenario #1
A tree falls on your car during a thunderstorm causing major damage. - Scenario #2
Your car collides with a stopped car at an intersection. Both cars are damaged but no one is hurt. - Scenario #3
You're driving alone when your vehicle collides with a car carrying three people. Everyone sustains injuries.
- Scenario #1
- Comparison Shopping
- The Wang family—Martin, Janice and their 16-year-old daughter, Kathy—is shopping around for auto insurance. Help them decide which policy to purchase by reviewing the three quotes and insurer information below. (All quotes are for the same vehicles and usage.) Explain why the family might or might not choose each of the policies. What should they consider when choosing? What are the advantages and disadvantages of each option? There is no right or wrong answer.
- USE MS Word separate with the subtitle in BOLD Comparision Shopping QUOTE (1 - 3) with a space on the same shee.. Use complete sentences / punctuation.
- QUOTE 1: • Liability: 500/500/100 Annual premium: $2,472.48 • Medical Payments: $5,000/person • Uninsured/Underinsured Motorist: 500/500 • Collision: $100 deductible • Comprehensive: $100 deductible Excluded drivers: None J.D. Power rating for claims satisfaction: “Among the best”* A.M. Best rating for financial strength: A (Excellent)**
- QUOTE 2: • Liability: 250/500/100 Annual premium: $1,814.00 • Medical Payments: $5,000/person • Uninsured Motorist: 250/500 • Collision: $1,000 deductible • Comprehensive: $1,000 deductible • Rental Reimbursement: $25 per day/$750 maximum Excluded drivers: None J.D. Power rating for claims satisfaction: “Better than most” A.M. Best rating for financial strength: B+ (Good)
- QUOTE 3: • Liability: 100/250/50 Annual premium: $1,361.17 • Uninsured/Underinsured Motorist: 250/250 • Collision: $1,000 deductible • Comprehensive: $1,000 deductible Excluded drivers: Kathy Wang J.D. Power rating for claims satisfaction: “About average” A.M. Best rating for financial strength: A++ (Excellent)
- Case Scenario - Health Insurance
- Nathan has the following health insurance policy:
- USE MS Word separate with the subtitle in BOLD - Case Scenario - Health Insurance with a space on the same sheet (at the bottom). Use complete sentences / punctuation.
- $250 deductible
- 80/20 co-insurance
- $2,000 stop loss limit (amount to which insurance is applied)
- $1,000,000 limit of policy
- Nathan had a skate boarding accident and the bill was $40,250.
- How much did Jim pay?
- How much did the insurance company pay?
FYI
- We will begin Unit 7 on Wednesday.
- We will take Unit 06 and Unit 07 Test on Mon., Dec. 19, 2016.
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- (Study, Play, Test)