RCN Lesson 27: Money and Debts

Last updated almost 3 years ago

18 questions

Lesson Synthesis - (10 min)

Required

RCN Lesson 27: Money and Debts

Last updated almost 3 years ago

18 questions

Develop Understanding
Today's Learning Goal: (G7, U5, L4)
Apply addition of signed numbers to calculate an account balance after a deposit or withdrawal and explain (orally and using other representations) the solution method.
Explain (orally and in writing) how signed numbers can be used to represent situations involving money, including deposits or withdrawals, and assets or debts.
Write an equation with an unknown addend to represent a situation where the amount of change is unknown.
Today's Materials:
Laptop
Laptop charger
Pen/Pencil/Paper (optional)
Please complete the Jump Start (activator). You have 5 minutes before we review. This is independent it should be silent.
Reminders:
1. Ready for class
2. No cellphones
3. Volume must be low.
4. Read and follow all directions
5.) Take your bag off and immediately begin the Activator.

Required

Launch: Mini Lesson - (10min)
I'll Try 
We'll Try 
You Try 

Required

Clare has $54 in her bank account. A store credits her account with a $10 refund. How much does she now have in the bank?

Required

Activity 1: Cafeteria Food Debt - (15 min) 

At the beginning of the month Kiran had $24 in his school cafeteria account. 
Use a variable to represent the unknown quantity in each transaction below and write an equation to represent it. 
Then, represent each transaction on a number line. What is the unknown quantity in each case?

Required

Activity 2: Bank Statement - (15 min) 
Here is a Bank Statement:

Required

If we put withdrawals and deposits in the same column, how can they be represented?

Required

Andre withdraws $40 to buy a music player. What is his new balance?

Required

Lesson Synthesis - (10 min)

Required

Today we learned about financial literacy: money, debt and how to add and subtract signed numbers.

What words do we use to mean "money added into" or "money taken out of" an account? How can we represent owing money?

Why does it make sense to use negative numbers to represent debt?

How can we tell how much money is needed to pay off a debt?

Cool Down: Buying a Bike -( 5 min)

Required

Clare has $150 in her bank account. She buys a bike for $200. What is Clare's account balance now?

Required

If Clare earns $75 the next week from delivering newspapers and deposits it in her account, what will her account balance be then?

Closure Questions:
What is a deposit?
What is a withdrawal?
Did the number line help you when adding and subtracting signed numbers?
How are negative signed useful in the financial world? 

RCN Lesson 27: Money and Debts

Lesson Synthesis - (10 min)

RCN Lesson 27: Money and Debts

Launch: Mini Lesson - (10min)

I'll Try

We'll Try

You Try

Clare has $54 in her bank account. A store credits her account with a $10 refund. How much does she now have in the bank?

Activity 1: Cafeteria Food Debt - (15 min)

Activity 2: Bank Statement - (15 min)

Here is a Bank Statement:

If we put withdrawals and deposits in the same column, how can they be represented?

Andre withdraws $40 to buy a music player. What is his new balance?

Lesson Synthesis - (10 min)

Cool Down: Buying a Bike -( 5 min)

Clare has $150 in her bank account. She buys a bike for $200. What is Clare's account balance now?

If Clare earns $75 the next week from delivering newspapers and deposits it in her account, what will her account balance be then?

Closure Questions:

Jump Start: Concert Ticket - (5 min)

How can you represent the amount of money that Priya has after buying the tickets?

How much more money will Priya need to earn to pay back the money she borrowed from the bank?

How much money will she have after she pays back the money she borrowed from the bank?

Launch: Mini Lesson - (10min)

I'll Try

We'll Try

You Try

Clare has $54 in her bank account. A store credits her account with a $10 refund. How much does she now have in the bank?

Mai owes the bank $60. She gets $85 for her birthday and deposits it into her account. How much does she now have in the bank?

Tyler is overdrawn at the bank by $180. His brother has $70 more than him. How much money does Tyler’s brother have?

Andre has $37 in his bank account and writes a check for $87. After the check has been cashed, what will the bank balance show?

Activity 1: Cafeteria Food Debt - (15 min)

In the first week he spent $16 on lunches. How much was in his account then?

Then he deposited some more money, and his account balance was $28. How much did he deposit?

Then he spent $34 on lunches the next week. How much was in his account then?

Then he deposited enough money to pay off his debt to the cafeteria. How much did he deposit?

Explain why it makes sense to use a negative number to represent Kiran's account balance when he owes money.

Activity 2: Bank Statement - (15 min)

Here is a Bank Statement:

If we put withdrawals and deposits in the same column, how can they be represented?

Andre withdraws $40 to buy a music player. What is his new balance?

If Andre deposits $100 in this account, will he still be in debt? How do you know?

Cool Down: Buying a Bike -( 5 min)

Clare has $150 in her bank account. She buys a bike for $200. What is Clare's account balance now?

If Clare earns $75 the next week from delivering newspapers and deposits it in her account, what will her account balance be then?

Closure Questions:

Jump Start: Concert Ticket - (5 min)

How can you represent the amount of money that Priya has after buying the tickets?

How much more money will Priya need to earn to pay back the money she borrowed from the bank?

How much money will she have after she pays back the money she borrowed from the bank?

Mai owes the bank $60. She gets $85 for her birthday and deposits it into her account. How much does she now have in the bank?

Tyler is overdrawn at the bank by $180. His brother has $70 more than him. How much money does Tyler’s brother have?

Andre has $37 in his bank account and writes a check for $87. After the check has been cashed, what will the bank balance show?

In the first week he spent $16 on lunches. How much was in his account then?

Then he deposited some more money, and his account balance was $28. How much did he deposit?

Then he spent $34 on lunches the next week. How much was in his account then?

Then he deposited enough money to pay off his debt to the cafeteria. How much did he deposit?

Explain why it makes sense to use a negative number to represent Kiran's account balance when he owes money.

If Andre deposits $100 in this account, will he still be in debt? How do you know?