Mathematics – Year 5 Create simple financial plans (acmna106) Economics and Business – Year 5



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Episode 12

12th May 2015

eacher Resource

B


    Students will develop their knowledge of the nature of budgets, financial decisions and the implications of these decisions. Students will learn how to create simple budgets for a class fundraising event.





Mathematics – Year 5

Create simple financial plans (ACMNA106)

Economics and Business – Year 5

Influences on consumer choices and methods that can be used to help make informed personal consumer and financial choices (ACHEK003)

Economics and Business – Year 7

Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025)

Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018)

udget



  1. Discuss the BtN Budget story with another student.

  2. Explain in your own words what the budget is.

  3. Describe what a deficit is.

  4. What is a surplus?

  5. Is the budget in surplus or deficit?

  6. In Australia we haven’t had a budget _______ for almost ten years.

  7. What does GFC stand for?

  8. What impact did the GFC have on the economy?

  9. The mining industry has slowed down. What impact has that had on the budget?

  10. Put yourself in the Treasurer’s shoes. How would you spend the budget? Explain your choices.




Glossary

Download the transcript from the BtN Budget story page. Highlight all the words that relate to budgets and finance. Circle any unfamiliar words. Expand on this list of words and create your own classroom glossary and write a definition for each term. Some words to include:


Glossary of terms

  • Tax

  • Income

  • Expenditure

  • Deficit

  • Surplus

  • Global Financial Crisis (GFC)

  • Transaction

  • Bank account

  • Credit


Hold a classroom discussion to find out what your students know about money and budgeting.

  • When do we need to make decisions about money?


  • What is a budget? Describe using your own words.

  • How is a budget useful?

  • Have you used a budget before? Describe your experience.

  • What do you want to learn about budgets?





Have your say!

What do you think Australia’s top budget priorities should be?
Begin this activity by researching Australia’s federal budget and how the government allocates spending. Analyse the ABC’s interactive graphic of the 2012 federal budget to learn more about the different categories.
Imagine you are the treasurer of Australia and rank the following areas from most important to least important in terms of spending in the budget.
Below is a list of areas:

  • health

  • education

  • welfare

  • defence

  • foreign aid

  • research

  • environment

  • communication

  • transport



What would you spend the most on in the federal budget? Use the following structure to write a persuasive text explaining your decision.

frame3

frame4




Imagine you are the treasurer and write and present a one minute speech about your decision. Think about the language you will use in your speech. Visit this ABC website to get a breakdown of the most-used words in budget speeches. Try to include some of these words in your own budget speech.



Classroom budget

Working in groups of 2 or 3, students will plan a classroom picnic to raise money for their school. Students will be required to plan the fundraising picnic working to a budget of $100. Students will need to address the following when drawing up their budgets:


  • Write down your goal/s for this activity.

  • How many students will be attending the picnic?

  • How much of the budget can you allocate to each person?

  • What food and drink will you purchase for the picnic? Compare prices across different products. Why have you chosen these products?

  • What quantities of food and drink will you need?

  • What will the food and drinks cost?

  • Will there be any other incidental costs, for example paper plates and cups?

  • What is your total income and total expenditure?

  • Do you have enough income to cover your expenses?

  • How much will you charge students to attend the picnic? How much will you raise from the picnic?


Students will swap their budget with another group and check the following:


  • Is there enough food and drink for the number of students attending the picnic?

  • Are the food and drink choices value for money?

  • Can savings be made or can more be afforded on food and drinks?

  • Do the calculations balance?

  • Is the budget realistic?


Alternatively, ask students to plan a class stationery budget at the beginning of the school year. This activity will help students develop a sense of responsible management of classroom resources.

ABC News – Budget figures likened to Stephen King novel at Deloitte predicts $14.1 billion blowout for 2015-2016


http://www.abc.net.au/news/2015-05-04/budget-deficit-figures-likened-to-stephen-king-novel/6441346
ABC News – Budget 2015: What we know so far
http://www.abc.net.au/news/2015-04-13/budget-2015-what-we-know-so-far/6389700
Behind the News – Budget Taxes
http://www.abc.net.au/btn/story/s4005243.htm
Behind the News – Budget Decisions
http://www.abc.net.au/btn/story/s3997710.htm
Parliamentary Education Office – Budget
http://www.peo.gov.au/learning/fact-sheets/budget.html






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