Category Archives: 7 Math

Financial Literacy Chapter 1: Money & Youth

CHAPTER ONE |MONEY AND YOUTH
  1. Opportunity Cost: the next best alternative given up when you make a decision.
  2. Carrying cost of a debt: the interest charges that you pay on debts that you carry on a credit card over time. That is, credit card debts that you don’t pay off right away and result in interest charges.
  3. Medium of exchange: one of the roles of money. Prices can be set in terms of money for goods and services and then money can be used to “exchange” to receive a good or service.
  4. Financial planning: setting goals for things you hope to achieve and acquire over time and making a plan for how to achieve those goals.

Did It Stick? Can you recall …?

  1. What factors may be having an influence on your money decisions?
  2. What are four things you can do to try and make a good decision?
  3. What is the purpose of having a financial plan?
  4. How can setting goals help you to make better financial decisions and find a balance in life?
  5. What is a key role of money in the economy?

Thinkabout … or discuss:

  • $ Which kind of financial decision do you find hardest to make – and why?
  • $ In your opinion, which factors have the biggest influence on money decisions
  • made by youth?
  • $ What are the advantages and disadvantages of credit cards for youth?
  • $ What are the biggest “money mistakes” youth often make?

Tips and Suggestions:

Five Steps to Saving Money

  • $Set a savings goal. Ask yourself: How much money will I need? How soon? Be realistic.
  • $ Decide how much you will save from your pay. Put aside money to save first, then spend what’s left.
  • $ Track where you spend your money.Learn more about where your money is going. This will help you find ways to cut your spending if you need to – since you will probably be surprised where some of it is going.
  • $Build a budget and try to stick to it.
  • $Reward yourself when you reach a goal. Give yourself something to look forward to if you do what you set out to do.

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Money & Youth – Free Resource

Money and Youth

Please review Part 1 at home over the December break. I am sending home pages 8 & 9 to review your money goals for 2014 with your parents.

  • What should you do with your Christmas money?
    • spend it all on clothes?
    • Put some in an RESP?
    • Buy a Canada Savings Bond?

Table of Contents

Download the full book.

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Dec. 5, 2013 – Homework

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Grade 7 Math: Update

We are going to be learning about measurement as our next math unit.

Things we are focusing on:

  • metric units of measurement
  • converting between units of measurement

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Math: “CREDIT” Problems

1. Brandon paid for his vacation using his credit card, which charges 21% annually.
The total cost of the trip was $1349. His credit card charges no interest if he pays
the total balance before the monthly due date. If he pays it all off at the end of the
month, how much will he owe? Show your calculations.

2. Max borrowed $1500 using a credit card at an annual interest rate of 22%. How
much interest will he owe after 2 years? Show your calculations.

3. Rachel needs a new computer. “Computer Mart” is selling it for $599 at an interest
rate of 10% annually. “Electronics Warehouse” has the same computer for $549,
with an interest rate of 13% annually. Assuming it will take her one year to complete
pay off her debt, where should she buy it? Show your calculations.

4. Amy wants to buy a wide-screen TV that sells for $2,000 cash. She will make a down
payment of $800 and monthly payments of $200. If the annual interest rate is 18%,
what is the cost of buying the TV? How long will it take her to pay off her debt? Show
your calculations.

5. Sanjay has seen a new bed that he would like to buy that will cost him $629 if he pays
cash. The $629 in his bank account earns him 2% annually. If he puts the entire
cost of the bed on his store credit card, he will pay no taxes. The rate of interest on
his credit card is 18% annually. The taxes (HST) are 13%. Assuming he would pay
off his credit card in one year, should he pay cash or use his credit card? Show your
calculations.

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Grade 7 Math: Understanding Credit Card Interest

Understanding Credit Card Interest

http://talkwithourkidsaboutmoney.com/resources/understanding-credit-card-interest/

The students will discuss the pros and cons of using a credit card. The teacher will demonstrate how to calculate interest annually. The students will be assigned a credit card worksheet of math problems to solve in pairs.

Lesson Plan: DOWNLOAD

Thinking about Credit

http://learningtogive.org/lessons/unit486/lesson2.html

The purpose of this lesson is to introduce middle school learners to the complex economic world of responsible credit use, including installment credit and credit cards. The learners will identify the uses as well as the abuses of various forms of credit, including installment loans and credit cards.  They will explore ways to effectively use credit cards so that they will be better able to spend, save, invest, and donate to meet their needs and wants.

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Banking Glossary: Earn, Save, Give, Spend, and General Financial Terms

GLOSSARY of Banking Terms: Earn, Save, Give, Spend & General Financial Terms

Use this glossary of terms as a reference.

EARN

  • Direct deposit—the electronic transfer of money from one bank account to another.

  • Income—money received in a given period as wages, interest, etc.
  • Income tax—tax paid on personal income such as salary or investment income; regulated and collected by governments.
  • Net income—the amount of money an individual takes home after deductions (which include income tax, CPP and EI).
  • Profit—financial gain, the sum remaining after the deduction of expenses. See also Net income.
  • Revenue—income made from sales or earned on investments or, as with government revenue, from taxes. Revenue is the money made before expenses are subtracted, in contrast to net income.

SAvE

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Algebra Games

Algebra

In this topic we cover the calculations and equations you need to understand graphs, coordinates and sequences.

Single-variable equations

  1. U.1Does x satisfy the equation?
  2. U.2Model and solve equations using algebra tiles
  3. U.3Solve one-step linear equations
  4. U.4Solve two-step linear equations
  5. U.5Solve equations involving like terms
  6. http://www.math-play.com/7th-Grade-Algebra-Jeopardy/7th-Grade-Algebra-Jeopardy.html
  7. http://www.funbrain.com/cgi-bin/alg.cgi?A1=s&A2=3
  8. http://www.mangahigh.com/en_us/games/algebrameltdown
  9. http://www.mathplayground.com/shuttle_mission_math/shuttle_mission_math_game.html

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Teaching Kids about Banking

http://canada.angloinfo.com/money/banking/

Banking in Canada

Banking in Canada is considered to be very safe and efficient. Bank branches and ATMs (automated teller machines, sometimes called ABMs – automated banking machines) are readily available across the country. Internet banking, direct debit and telephone banking is also commonplace across Canada. It is normal and fairly essential to have a bank account in Canada, not only for salaries to be paid into, but also in order to connect to utility services such as telephone, gas and electricity.

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