FOCUS QUESTIONS FOR THIS SECTION
When, how, and why is it beneficial to manage your money?
How can a consumer balance short-term financial obligations with long-term financial goals?
Section 1: Budget and Goal Setting
SECTION DESCRIPTION
In these lessons, students will be able to define the term budget and the various categories within a budget. They will develop the skills of being able to create a budget, make budget adjustments, and apply this new knowledge by creating their own budgets after tracking expenses over time.
A budget is a plan for using money based on income and expenses. The goal-setting process allows people to plan how to save and spend their money in order to reach their goals.
LESSON OBJECTIVES
Identify short-, medium-, and long-term goals.
Identify the difference between income and expense categories.
Identify the difference between required and discretionary expenses.
LESSON OBJECTIVE
Explain that businesses make decisions to try to be profitable, but they incur both fixed and variable costs.
LESSON OBJECTIVES
Describe how franchises operate.
Evaluate the pros and cons of investing in a franchise.
LESSON OBJECTIVES
Compare the ways customers experience a small business versus a corporate franchise.
Debate the merits of starting a small business from scratch versus investing in a corporate franchise.
LESSON OBJECTIVES
Plan details for the opening of an original small business or a corporate franchise.
Construct a full-color diagram on poster board or PowerPoint.