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.
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)
Discuss the BtN Budget story with another student.
Explain in your own words what the budget is.
Describe what a deficit is.
What is a surplus?
Is the budget in surplus or deficit?
In Australia we haven’t had a budget _______ for almost ten years.
What does GFC stand for?
What impact did the GFC have on the economy?
The mining industry has slowed down. What impact has that had on the budget?
Put yourself in the Treasurer’s shoes. How would you spend the budget? Explain your choices.
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:
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:
What would you spend the most on in the federal budget? Use the following structure to write a persuasive text explaining your decision.
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.
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?