Lesson 1
I. When have you used cost comparison?
Provide an example: When shopping for food, comparisons between brands are necessary.
II. When have you used cost-benefit analysis?
Provide an example: Items such as pots and pans must be looked at for durability and size.
Identify something you want to do or purchase: Visit a friend in St Louis
What is the cost? $600
What is the benefit? Catch up after so long being out of touch, tour the city
III. Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term goal: Pass 10th grade English
Medium-term goal: Move out
Long-term goal: Graduate from college.
IV. Choose one of your goals from above and estimate its expense. How much income do you estimate will be needed to support your goal?
Goal: Pass English class.
Estimated (monetary) expense: $0
Estimated income needed: $0
Scenario One: Saving for a Car
What financial information do you need? What financial decision-making strategies can you use?
Cost comparison, cost-benefit analysis, budgeting, calculation of future expenses
Scenario Two: Saving for College
What financial information do you need? What financial decision-making strategies can you use?
Budgeting, calculation of future expenses, cost benefit analysis, cost comparison
Scenario Three: Buying a Cell Phone Plan
What financial information do you need? What financial decision-making strategies can you use?
Cost comparison, cost-benefit analysis, budgeting, calculation of future expenses
Provide an example: When shopping for food, comparisons between brands are necessary.
II. When have you used cost-benefit analysis?
Provide an example: Items such as pots and pans must be looked at for durability and size.
Identify something you want to do or purchase: Visit a friend in St Louis
What is the cost? $600
What is the benefit? Catch up after so long being out of touch, tour the city
III. Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term goal: Pass 10th grade English
Medium-term goal: Move out
Long-term goal: Graduate from college.
IV. Choose one of your goals from above and estimate its expense. How much income do you estimate will be needed to support your goal?
Goal: Pass English class.
Estimated (monetary) expense: $0
Estimated income needed: $0
Scenario One: Saving for a Car
What financial information do you need? What financial decision-making strategies can you use?
Cost comparison, cost-benefit analysis, budgeting, calculation of future expenses
Scenario Two: Saving for College
What financial information do you need? What financial decision-making strategies can you use?
Budgeting, calculation of future expenses, cost benefit analysis, cost comparison
Scenario Three: Buying a Cell Phone Plan
What financial information do you need? What financial decision-making strategies can you use?
Cost comparison, cost-benefit analysis, budgeting, calculation of future expenses