Big Idea:

• demonstrate the knowledge and skills needed to make informed financial decisions

Expectations:

Financial Literacy

F1.2 estimate and calculate the cost of transactions involving multiple items priced in whole-dollar amounts, not including sales tax, and the amount of change needed when payment is made in cash, using mental math

Number: Mental Math

B2.3 use mental math strategies to multiply whole numbers by 10, 100, and 1000, divide whole numbers by 10, and add and subtract decimal tenths, and explain the strategies used

B2.4 represent and solve problems involving the addition and subtraction of whole numbers that add up to no more than 10 000 and of decimal tenths, using appropriate tools and strategies, including algorithms

Number Talks (10 minutes)

Source: Fosnot, C.T and Uittenbogaard, W. (2007) Minilessons for Extending Addition and Subtraction: A Yearlong Resource. Heinemann

Pg. 62-69

Number Strings D1-D10 on representing, exchanging and adding and subtracting money amounts

i.e. String D5: Partial Sums, Splitting, Standard Regrouping Algorithm:

13 dimes + 5 pennies

12 dimes + 15 pennies

135 cents - 9 cents

135 cents - 16 cents

6 dimes + 10 cents: How many dimes?

7 dimes - 36 cents

90 cents - 26 cents

12 dimes + 3 cents

123 cents - 64 cents

132 cents - 49 cents

Discussion:

Pull out the math and look at students who used efficient mental math strategies.

How much was your total cost of supplies?

If you sold 40 drinks and 40 cookies with the cost of each item you chose in the Getting Started activity. Would you profit from your sales? Would you lose money or break even? (Work together through one example) Have them do the same with a partner for independent consolidation.

What would you change in order to profit from your “Kool-Aid” Stand?

Extensions: May want to act out the transactions of the Kool-Aid Stand.

Games:

https://www.kidsmathgamesonline.com/money/lemonadestand.html

Independent Consolidation Activities (10 minutes)

Source: Open and Parallel Tasks

Exit Ticket Options

Open Question

Traven bought 8 items at a store (students can use the internet to pick a store and items - Canadian Tire for example). Using mental math, calculate how much money Traven spent to the nearest dime.

Parallel Tasks

Task 1:

• Jessie was going camping on the weekend with her grandma and needed a few extra items. She purchased a tent for $45, a sleeping bag for $80, two towels for $5 each, a cooler for $40 and 4 camp food kit boxes for $11each. How much did her purchases cost all together? If Jessie had $300 (three $100 bills), what change will she get back?

Task 2:

• Matt was painting a mural on a nearby store wall as part of a community project. He needed 8 colours of paint. Each colour cost $6 each. How much did the paint cost? If Matt had $60 (3 $20 bills), how much change will he get back?