Lesson Plan : Microsoft Excel Budget Project
Teacher Name: | Miss Julie Viercinski |
Grade: | Grade 7-8 |
Subject: | Other |
Topic: | Math- BUDGET; Salary and Monthly Income after Taxes |
Content: | Creating a monthly budget based on a yearly salary (Gross Annual Income); Using Microsoft Excel program to calculate the Net Salary and the monthly income after taxes; creating formulas for calculations and determining Monthly Savings |
Goals: | *Students will be able to determine Gross Pay, Annual Taxes, and Net Pay. *Students will use Microsoft Excel to create a spreadsheet to calculate the information. *Students will graph their results. |
Objectives: | *Students will set up a monthly budget based on a salary of $24,000 before taxes of 25% are taken out. *Students will calculate salary after taxes and determine how to create a budget of how to spend their monthly earnings. *Students will use the computer program Microsoft Excel to set up a spread sheet to record and calculate their information. *Students will use Microsoft Excel to create graphs that will compare the budgets of salaries of $24,000 and $32,000. |
Materials: | Handout and directions Computers Microsoft Excel Program LCD projector |
Introduction: | Students will then be discussing the differences between Gross Pay and Net Pay. Students will be given a scenario: (You have just graduated from college and have been hired for your first job. You earn $24,000.) Students will be told they are to set up a monthly budget. They have to pay for all of their expenses and make decisions on how they want to spend their money. They cannot spend more than they earn. |
Development: | The students Gross Pay is $24,000, but they must pay 25% of their pay to the government in taxes. They are to figure out how much money they pay in taxes and what their Net Pay will be. ($6000 in taxes, Net Pay= $18,000). Students will then determine how much their monthly income is ($18,000/ 12 months = $1500/month). The students will have $1500/month to spend on rent/mortgage, utilities, car costs, clothing, entertainment and food. However much money is left over goes into their Savings Account. Once students have completed their spreadsheet for a salary of $24,000, they will be given a raise of $32,000 and will need to create another spreadsheet with the new information. |
Practice: | At their seats, students will be given a handout with the scenario typed up for them, along with directions of how to set-up the spreadsheet in Microsoft Excel. Students will also be given an example of a students project to help them set theirs up. Studenrs will be able to begin their projects as soon as all questions are answered and all papers are handed out. |
Accommodations: | |
Checking For Understanding: | Students will be allowed to ask questions and work with one another. Students will save and print their spreadsheets and graphs and will be graded. |
Closure: | Students will need to save their projects and print out a copy for the teacher to grade. |
Evaluation: | Students will be graded on class participation, class work, and the hardcopy of their projects that are printed out. |
Teacher Reflections: | The students love this project because it gives them a feel of responsibility and they love the idea of being able to have money and spend it the way they want. Overall I have had much success with this lesson and the students really get great practice with spreadsheets and their math skills are enforced! |
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