LESSON PLAN

Name: Creating a budget Year Level: 6 Lesson No: 7 of 12

Subject: Humanities: Economics and Business School: Coburg Primary School Duration: 60 mins
Date: 1/10/17 Topic: Economics and Business
Learning Purpose/Rationale:

The aim of this lesson is to provide strategies to create a simple financial budget. Students will develop a budget which allows students to make
decisions, identify actions concerning the success of their fundraising efforts.
The activities in this lesson will allow students to calculate percentages and calculations to develop their final budget plan, including the 10% tax
deducted from total profits. Students explore Microsoft Excel, as an appropriate tool to develop their budget and the answers to the Ms
Hennings financial questions.

VCE focus Curriculum Focus from Victorian Curriculum

Create simple financial plans (VCMNA191)
Make decisions, identify appropriate actions by considering the advantages and disadvantages, and form conclusions concerning an
economics or business issue or event (VCEBE010)
Investigate and calculate percentage discounts of 10%, 25% and 50% on sale items, with and without digital technologies (VCMNA218)

Learning outcomes:

Students identify an appropriate product design plan to raise funds and consider the needs and wants of consumers. Students write an email
to Ms Henning to share their result of their fundraising.
Students apply clear simple financial plan components to create develop a fund-raising budget plan that accurately represents profit or loss
projection.
Students use both freehand calculations and computerised calculations (Microsoft Excel) to calculate GST on products.
 Assessment:
Teacher will use a set criteria and checklist to assess student learning about the ways budgets can inform business decisions through guided
questions, close monitoring and informal observation.
Assessment during group task will allow the teacher will be able to assess learning stage of mathematical concepts.

1. assess students prior knowledge and readiness for the learning in this lesson based on participation and engagement in topic.
2. assess emerging knowledge and understanding, improving skills by checking accuracy in worksheets and student discussion about reasoning.
3. feed assessment information back to the students to inform their learning by providing correction to worksheets and opportunity to discuss
incorrect responses

Students will be assessed against the set criteria to check for understanding of components of a budget.

Timing in Procedure:
minutes
Teacher activities: Learner activities: Differentiation:

Procedural steps:
5 mins 1. The students will be seated at their Support for remedial students will be
1. Introduction to budgets
workstations and will be responding provided as detailed below
Enquiry questions listening and responding to the
What is a budget? prompting questions.
Why is it important to budget?
What might we need to budget for?
How can a budget help plan our
choices?
What things go into a budget?
Can you think of other ways to
reduce the cost?
 Can you use recycled everyday
materials?
5 mins 2. Discuss budget components and 2. The students will be seated at their
requirements workstations and will be responding
Teacher provides example of a simple listening and responding to the
budget on the interactive whiteboard prompting questions.
and engages students in discussion
about the components.

Calculate your business profit found at:

https://www.onehen.org/calculatingloanand
costs.html. (See Apendix 1)

Teacher explains that they will be
creating a budget and displays the
criteria on the whiteboard. The
students are made aware of the
criteria and are aware that they need
to assess their groups work against
the criteria.
10 mins
3. Demonstrate percentage
3. The students will be seated at their
calculations
workstations and will be responding
listening and responding to the
Teacher demonstrates strategies of
calculating percentages. prompting questions.
Teacher explains the 10% added GST
Teacher explains that percentage
calculations will need to be
calculated freehand and approved by
 teacher before beginning Microsoft
Excel digital budget will need to be
included in their report to Ms
Hennings
4. Group work on creating a budget
35 mins
Groups work together to plan and
create their budget.
4. Students gather in their groups at
workstations to begin their budgets.
Students have been placed in
their groups based on their skill
achievement levels in
mathematics.
The remedial group will work
with the teacher on this task by
discussing their responses and
the teacher prompted
questions.
Remedial students will be
working with the teacher and
teachers aide and be provided
with print outs of the resource
Calculate your business profit
found at:
https://www.onehen.org/calcul
atingloanandcosts.html. (See
Apendix 1)
Students can choose to stay at
their desk or sit on the floor to
watch to work together.
5 mins 5. Conclusions 5. Students remain at their workstations

Teacher reinforces the criteria on the

whiteboard and the components to
be included in budget.
Teachers advises students to save
their work in group folder on the
shared work drive.

Catering for inclusion:

Remedial groups will develop a written budget using a template and may use calculators to help them with calculations.
Remedial groups are not expected to develop a digital budget as they may require more time to meet achievement of standards for
calculations. The two remedial groups will work with the teacher and teachers aide who will create the digital budget, using their
written budget and demonstrating the sets along the world.
I will be using will pulling of students names at random to engage students in discussion
A teachers aide will also support remedial students.

Teachers resources: Students resources: Other resources:

Laptop Laptops
Internet access Microsoft Excel
Cal cul ating your profit online Pencils, pens
resource Calculators remedial
Interactive whiteboard
Whi teboard
Whi teboard markers
 Budget criteria poster
Freehand cal culation worksheet x 8
Pri nt out of calculating your profit
onl i ne resource x2

Learning space set-up: Students to mainly be seated at pre-allocated desks within classroom. Students will group together and choose to work at
work stations or on the floor for budget activity. One remedial group will work in interview room with teachers aid, and one with teacher at
whiteboard.

Self-evaluation:

Mentors comments:

1) Calculate your business profit found at: https://www.onehen.org/calculatingloanandcosts.html.

Sales Steps Examples

1. Determine the product/service you will sell. I will sell lemonade.

2. Determine what materials you will needed to I will need lemonade mix, water, cups, a pitcher,
produce the product or provide the service. a poster board and markers (to make a sign), a
table, and a cash box.
3. Determine the cost of the materials. This is will For example:
tell you how much money you need to borrow o 5 containers of lemonade powder mix -
through a loan from a friend, teacher, or family $25
member.
o Water - Free

o Plastic cups - $10

o A pitcher - $7

o A poster board - $1

o Markers - $4

o A table - Free (borrow from my parents)

o A cash box - Free (use an old shoe box)

Cost: $47.00

4. Estimate how many products or services you o I think I can sell 100 cups of lemonade
think you can sell in a month. each week.

o I will sell for 4 weeks.

o 100 cups x 4 weeks = 400 cups

o My sales quantity will be 400 cups.

5. Estimate the price you want to charge for each o Price: I will charge $0.50 per cup
product or service and calculate your revenue.
o Quantity: I will sell 400 cups.

o Price x Quantity = Revenue

o So, $0.50 x 400 = $200

o My revenue will be $200.

6. Determine your revenue, pay back your loan, o Revenue = $200

calculate your profit.
o Cost = $47 loan

o Profit = Revenue Cost

o So, $200 - $47 = $153

o My profit will be $153.