Five pages of money skills for 5th grade. Page 1 explains four kinds of taxes, asks which tax each of seven short stories is about (write A, B, C or D), and finds the sales tax and total for five things at 8¢ for every $1. Page 2 explains gross and net income, then reads two pay stubs: hours times the pay for an hour is the gross pay, and income tax, Social Security, Medicare and health insurance are taken out to leave the net pay. Students find the missing amount on four paychecks and explain the difference in their own words. Page 3 describes four ways to pay: circle an advantage or disadvantage for each, choose the best way for four situations, and find what a credit card costs with interest. Page 4 fills in an account register with deposits, payments and a running balance, totals the deposits and payments, and makes a record of a month from a list of what happened. Page 5 decides whether four budgets are balanced, fixes a family budget that is over by choosing two changes, and sorts what helps balance a budget.
Bring in a store receipt and find the sales tax line together before page 1. For page 2, show a sample pay stub and ask where the rest of the gross pay went. Page 3 makes a good class debate: give each group one way to pay and have them argue for it. Before page 5, plan a pretend class party budget on the board that costs too much, and ask the class what to change.
Look at a receipt together and find the price, the sales tax and the total. If you have a pay stub, point out the gross pay, what is taken out and the net pay. Let your child keep a simple register for their allowance or savings for a month, and talk about what you do when a budget does not balance.
This pack supports the following Common Core State Standards for Mathematics:
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A 5-page financial literacy pack for 5th grade. Learn what income, payroll, sales and property taxes are, decide which tax each story is about, and find the sales tax and total for five things you buy. Read two pay stubs to find gross pay, what is taken out and net pay, then explain why net income is less. Weigh the advantages and disadvantages of checks, debit cards, credit cards and electronic payments and choose the best one. Keep an account register with a running balance, make a record of your own, and balance budgets when expenses are more than income. Every page comes in color and in black and white. Answer keys included.
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