Concept:    Liquidation

The target date for going home to Earth is July 4th. Knabian visitors "cash out" by liquidating assets and paying off liabilities. Will there be enough money to purchase the $10,000 ticket home? It all depends on good financial decision-making!

Objectives
Learners will:

  1. Gain awareness of the reality of the cost of living
  2. Understand financial responsibilities (expenses)
  3. Predict outcome of financial decisions
  4. Assess current income and expenses, assets and liabilities
  5. Understand the correlation between spending and saving
  6. Evaluate monthly income/expense statement
  7. Realize the results of financial decision-making
  8. Understand the ramifications of finanacial decisions over a period of time
  9. Appreciate the value of financial planning
Knowledge and Ideas:
  1. Income and expenses
  2. Assets/Liabilities
  3. Appreciation/Depreciation
  4. Return on investments
  5. Liquidation
Skills and Capabilities:
  1. Reading an income/expense statement
  2. Prediction and estimation
  3. Converting assets to cash
  4. Satisfying debts
  5. Recognizing return on investments
Values:
  1. Self-worth
  2. Financial planning
  3. Financial decision-making


National Standards: Mathematics
  1. Uses basic estimation techniques effectively (e.g., overestimate, underestimate, range of estimations).
    (Benchmark, procedural; Curriculum and Evaluation Standards for School Mathematics, National Council of Teachers of Mathematics, 1989, 94; Mathematics Content Specs, 8, National Assessment of Educational Progress, 6; Mathematics Assessment Framework, National Assessment of Educational Progress, 26.)
  2. Solves real-world problems involving percents.
    (Benchmark, procedural; Curriculum and Evaluation Standards for School Mathematics, National Council of Teachers of Mathematics, 1989, 87; Benchmarks for Science Literacy, American Association for the Advancement of Science, 1993, 291; Mathematics Content Specs, 8, National Assessment of Educational Progress, 8; Mathematics Assessment Framework, National Assessment of Educational Progress, 27.)
  3. Interpolates or extrapolates from data presented in various forms
    (Benchmark, procedural; Curriculum and Evaluation Standards for School Mathematics, National Council of Teachers of Mathematics, 1989, 105-107; Mathematics Content Specs, 8, National Assessment of Educational Progress, 21; Mathematics Assessment Framework, National Assessment of Educational Progress, 36.)
  4. Constructs, reads, and interprets data in charts, tables, plots, and graphs.
    (Benchmark, procedural; Curriculum and Evaluation Standards for School Mathematics, National Council of Teachers of Mathematics, 1989, 105-107; Mathematics Content Specs, 8, National Assessment of Educational Progress, 22; Mathematics Assessment Framework, National Assessment of Educational Progress, 37.)


National Standards: Economics
  1. Understands that since people cannot have everything they want, they must make choices about using goods and services to satisfy wants.
    (Benchmark, declarative; Framework for Teaching Basic Economic Concepts with Scope and Sequence Guidelines, K-12, Saunders & Gilliard, 1995, 78; Colorado Council on Economic Education, 4; Economics: What and When, JCEE, 15; Expectations of Excellence: Curriculum Standards for Social Studies, NCSS, 1994, 41.)
  2. Understands that choices usually involve trade-offs; people can give up buying or doing a little of one thing in order to buy or do a little of something else.
    (Benchmark, declarative; Framework for Teaching Basic Economic Concepts with Scope and Sequence Guidelines, K-12, Saunders & Gilliard, 1995, 92; Colorado Council on Economic Education, 3; Economics: What and When, JCEE, 17; Expectations of Excellence: Curriculum Standards for Social Studies, NCSS, 1994, 41.)


National Standards--Life Skills
  1. Makes forecasts regarding future income and expenses.
    (Benchmark, procedural; Report for America 2000, SCANS, xvii.)


Wisconsin's Model Academic Standards: Language Arts, E. Media and Technology.
Students in Wisconsin will use media and technology critically and creatively to obtain, organize, prepare and share information; to influence and persuade; and to entertain and be entertained.

Learners will:

  1. Use computers to acquire, organize, analyze. and communicate information (E.8.1).
  2. Collect information from various on-line sources, such as web pages, news groups and listservs (E.8.1).


Wisconsin's Model Academic Standards: Mathematics Learners will:
  1. Use reasoning abilities to
    • evaluate information
    • perceive patterns
    • identify relationships
    • formulate questions for further exploration
    • evaluate strategies
    • justify statements
    • test reasonableness of results
    • defend work (A.8.1.)
  2. Read and understand mathematical texts and other instructional materials and recognize mathematical ideas as they appear in other contexts (A.8.6).
  3. Use reason and logic to evaluate information (A.12.1).
  4. Analyze nonroutine problems and arrive at solutions by various means, including models and simulations, often starting with provisional conjectures and progressing, directly or indirectly, to a solution, justification, or counter-example (A.12.3)
  5. Read and understand
    • mathematical texts and other instructional materials
    • writing about mathematics (e.g., articles in journals)
    • mathematical ideas as they are used in other contexts (A.12.6).
  6. Perform and explain operations on rational numbers (add, subtract, multiply, divide) (B.8.2).
  7. Apply proportional thinking in a variety of problem situations that include, but are not limited to
    • ratios and proportions (e.g., rates, scale drawings, similarity)
    • percents, including those greater than 100 and less than one (e.g., discounts, rate of increase or decrease, sales tax) (B.8.5).
  8. In problem-solving situations, select and use appropriate computational procedures with rational numbers such as
    • calculating mentally
    • estimating
    • using technology (e.g., scientific calculators, spreadsheets) (B.8.7).
  9. Compare real numbers using
    • order relations (>, <) and transitivity
    • arithmetic differences
    • ratios, proportions, percents, rates of change (B.12.2)
  10. Perform and explain operations on real numbers (add, subtract, multiply, divide) (B.12.3).
  11. Create and critically evaluate numerical arguments presented in a variety of classroom and real-world situations (e.g., political, economic, scientific, social) (B.12.5).
  12. Routinely assess the acceptable limits of error when
    • evaluating strategies
    • testing the reasonableness of results
    • using technology to carry out computations (B.12.6).
  13. Work with data in the context of real-world situations by
    • evaluate information
    • formulating questions that lead to data collection and analysis
    • designing and conducting a statistical investigation
    • using technology to generate displays, summary statistics and presentations (E.8.1).
  14. Determine the likelihood of occurrence of simple events by
    • using a variety of strategies to identify possible outcomes (e.g., lists, tables, tree diagrams)
    • conducting an experiment
    • designing and conducting simulations
  15. Work with data in the context of real-world situations by
    • formulating hypotheses that lead to collection and analysis of one- and two-variable data
    • using technology to generate displays, summary statistics, and presentations (E.12.1).


Wisconsin's Model Academic Standards: Social Studies, D. Economics: Production, Exchange and Consumption.

Learners will:

  1. Explain the operations of common financial instruments and financial institutions (D.12.9).


Wisconsin Academic Content and Performance Standards--Family and Consumer Education

Learners will:

  1. Explain the importance of the family's role in society such as meeting family members' needs for food, clothing, shelter and economic resources.
  2. Explain what it means to assume responsibility as a family member and citizen.


Illinois Learning Standards: State Goals 6-10: Mathematics

Learners will:

  1. Solve practical computation problems involving whole numbers, integers and rational numbers (6.B.3a).
  2. Select and use appropriate arithmetic operations in practical situations including calculating wages after taxes, developing a budget and balancing a checkbook (6.B.4).
  3. Select computational procedures and solve problems with whole numbers, fractions, decimals, percents and proportions (6.C.3a).
  4. Show evidence that computational results using whole numbers, fractions, decimals, percents and proportions are correct and/or that estimates are reasonable (6.C.3b).
  5. Solve problems involving recipes or mixtures, financial calculations and geometric similarity using ratios, proportions and percents (6.D.4).
  6. Apply formulas in a wide variety of theoretical and practical real-world measurement applications involving perimeter, area, volume, angle, time, temperature, mass, speed, distance, density and monetary values (7.A.4b).
  7. Construct, read and interpret tables, graphs (including circle graphs) and charts to organize and represent data (10.A.3a).


Illinois Learning Standards: State Goal 15 U. S. Economic Systems

Learners will:

  1. Explain why consumers must make choices (15.B.1).
  2. Explain that when a choice is made, something else is given up (15.B.2c).


Minnesota--The Profile of Learning: Preparatory Standards (High School Level)

Mathematics
Learners will:

  1. Translate between real-world situations and mathematical models using:
    • graphs
    • data tables and/or spread sheets
    • verbal descriptions.
Personal and Family Resources Management
Simulations should require students to manipulate unexpected factors which complicate real-life financial management.

Learners will:

  1. Apply the fundamentals of personal/family resource management through informed decision-making.
  2. Know personal finance terminology.
  3. Evaluate personal financial services (e.g. checking accounts, savings accounts) and cash/credit options.
  4. Know the use of banking services.
  5. Analyze a household budget.
  6. Analyze how to manage household resources considering broader economic and environmental systems.


Minnesota--The Profile of Learning: Preparatory Standards (Middle School Level)

Mathematics
Learners will:

  1. Use number concepts, relationships and computational procedures to communicate, solve problems and evaluate results.
  2. Select appropriate operations.
  3. In problem situations connect verbal, symbolic and graphical representations, identify constraints, propose and justify solutions.
Managing Resources: Technology Applications
Learners will:
  1. Access and evaluate information from electronic sources.
Managing Resources: Informed Consumerism
Learners will:
  1. Understand the impact of purchases in the areas of household, business, community and environment.
  2. Describe a variety of personal or household purchases over a period of time.
  3. Compare wants, needs and available resources.
  4. Evaluate the impact of the total purchases on the total household budget.
Tools:
  1. Budget planning
  2. How to write a check
Financial Products:
  1. Direct deposit of wages
  2. Savings account
  3. Checking account
  4. Transfer funds
  5. Credit card



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