Lesson Plans
Grade 10
Components Covered: Production of Goods & Services | Budgeting, Planning, & Goal Setting | Investing Money | Borrowing & Using Credit | Protecting Money & Assets
Teaching Units: Community Enterprise & Entrepreneurship | Goal Setting & Planning | Making Investments | Managing Debt & Credit | Protecting You, Your Family, & Your Possessions
Targets for knowledge, skills, and behaviours below are possible targets. It is not expected that all will be covered by a single Teaching Unit. Teachers can select their learning targets using the Teaching Units provided, adaptations of these Teaching Units, or Units/Lesson Plans they develop on their own.
TEACHING UNIT:
Community Enterprise and Entrepreneurship
Financial literacy components covered: Production of Goods & Services
Language Arts
Career Development
Every community depends on small businesses providing goods and services. Students should have an opportunity to develop enterprising skills – whether they ever start a business or not – and consider whether being an entrepreneur is of interest to them.
LEARNING TARGETS:
KNOW:
Characteristics and skills common to many entrepreneurs
Enterprising skills and abilities can be applied to all endeavours
Roles of cooperatives, unions, NGOs, and volunteers in producing and providing goods and services
How to explore and identify opportunities
How to compare and evaluate opportunities for an enterprise
Key steps in setting up an enterprise – for-profit or not-for-profit
Key components of a plan to set up an enterprise
BE ABLE TO:
Assess their personal entrepreneurial interest and potential
Identify and assess opportunities for enterprising initiative in their community
Create and assess some ideas generated for an opportunity
Develop a plan for an enterprising initiative to address an opportunity in their school or community
ACTION/BEHAVIOUR:
Make informed decisions about their participation in the economy
Follow news and events that might lead to opportunities and affect their actions and decisions
Develop an effective plan to setup a business if they make the decision to become an entrepreneur
Consider opportunities for social enterprise to start initiatives that could help others or sustain the environment
TEACHING UNIT:
Goal Setting & Planning
Goal setting is important in life – and starting early to think about goals, and starting to set goals, can improve a young person’s chance of achieving their goals.
Financial literacy components covered: Budgeting, Planning, & Goal Setting
Language Arts
Career Development
LEARNING TARGETS:
KNOW:
How to set goals over different time periods – short, medium, long term
How goals can change over the life cycle
Goals become more challenging when two or more people set shared goals
Components of a good financial plan
Importance of keeping receipts and records
How to use a budget and plan to try to achieve goals
BE ABLE TO:
Set some life goals
Work with others to set shared goals
Develop and use a budget to guide money decisions
Develop a financial plan to achieve goals
ACTION/BEHAVIOUR:
Track expenses – know where money is going
Able to work with a budget
Able to plan for the future
Prepare for the unexpected
Set some initial life goals and review goals over time
Keep good records and receipts
TEACHING UNIT:
Making Investments
Most Canadians have investments of some type. Investing can lead to gains and improvement – or losses or worse situations. Learning about investing, types of investments, and the basics of how to invest wisely will help many young people.
Financial literacy components covered: Investing Money
Information and Communication Technology
Career Development
LEARNING TARGETS:
KNOW:
Different kinds of investments (stocks, bond, GIC, etc.)
Factors that can affect the return on different investments
Risks associated with various investments
The trade-off between risk and reward when investing
Importance of knowing your investment goals, preferences, and risk tolerance
Concept of an investment portfolio
The advantages of diversifying investments
Various frauds and scams that exist
Where to find good information and advice
BE ABLE TO:
Make basic investments, and build a portfolio to fit their goals, preferences, and comfort with risk
Find advice and assistance if needed
Set investment goals when they are ready to do so
Diversify choices when making investments
ACTION/BEHAVIOUR:
Make investments they understand
Ask questions, seek advice, and help when needed
Use reliable, licensed, registered advisers as needed
Take on risk suited to fit goals, life stage, and comfort level
Diversify when investing
Avoids frauds and scams
Review contracts and legal documents carefully before making investment decisions
TEACHING UNIT:
Managing Debt & Credit
It is important for students to learn how to make good borrowing decisions – and to be aware of, and protect, their credit rating. This will help them in the future when they face big borrowing decisions – such as a mortgage.
Financial literacy components covered: Borrowing & Using Credit
Language Arts
Math
LEARNING TARGETS:
KNOW:
Factors affecting how much you can borrow
Factors affecting the cost of borrowing
Advantages and disadvantages of credit cards
Credit rating – what it is
Factors that will affect one’s credit rating
How a mortgage works and factors affecting the cost
Signs a person may be heading for debt trouble
What payday loans are, and the costs they entail
BE ABLE TO:
Set reasonable, affordable limits on debt
Make informed decisions regarding use of debt
Check and maintain a good credit rating
Estimate the mortgage a person can afford
Take appropriate action if debt trouble should arise
Apply for a loan and/or credit card
Keep the costs of credit as low as possible
ACTION/BEHAVIOUR:
Pick a credit card most suited to their needs
Avoid paying higher costs to borrow than is reasonable/warranted
Review contracts and legal documents carefully
Assume debts that are affordable
Maintain a good credit rating
Avoid debt problems
Accept responsibility for how much is borrowed since others may be willing to lend more than can reasonably be afforded
TEACHING UNIT:
Protecting You, your Family, & Your Possessions
Over the course of life, people have, or acquire, things of value. It is important to learn how to protect things in life that are valuable – including loved ones, oneself, and the ability to earn an income.
Financial literacy components covered: Protecting Money & Assets
Language Arts
Math
LEARNING TARGETS:
KNOW:
The risks of losing the ability to earn an income – e.g. because of injury, disability, illness, death
The risks property and other assets face – loss, theft, damage, destruction
How insurance can be used to reduce and manage risk
Types of insurance
Who sells insurance
The different types of life insurance
Sample costs for insurance – for a car, house, etc.
Factors that can affect the cost of insurance
The concept of identity theft
BE ABLE TO:
Estimate one’s own “lifetime earning potential”
Seek out and buy insurance when needed
Link levels of risk with different costs for insurance
Estimate the cost of auto insurance
Compare costs of insurance for different young drivers
ACTION/BEHAVIOUR:
Acquire sufficient insurance as they acquire assets over time
Acquire adequate insurance, as and when needed, to protect family members if death, disability, or disease should affect ability to earn income
Assign an appropriate amount of a budget to acquire adequate insurance protection when it is needed
Protect their identity and control what happens to personal information and material
Review contracts and legal documents carefully