Embedded Files
Minds - On
Minds - On
It is summer time and Janice is planning to have a BBQ with some friends from her grade 7 class, and she really wants everyone to enjoy themselves.
What does she need to consider?
Teacher Considerations
Teacher Considerations
The goal of this section is to get students to critically think about as many different factors as they can.
Potential responses could be:
How many people is she going to invite? Does she anticipate others will show up?
What type of food should she buy? How much? Does anyone have allergies and/or dietary restrictions?
What music is she going to play?
Will there be games?
Use a think-pair-share strategy for this but do not have groups larger than 5 if possible
Action!
Action!
Teacher Considerations:
There are two different questions and the class will be split into 4 groups. Two groups will be working on the same question - this is to get two diverse ideas and, potentially, methods. I will circulate during this time, giving students the support they need without answering proximity or stop-thinking questions.
Question [A]
Question [A]
Issac’s older sister has recently finished school and now has a job at TD Bank as a financial advisor. One evening at the dinner table she explains that the bank now offers three different chequing accounts, designed for people who are between the ages of 13-19. Issac’s parents think that it is a good idea for him to get one. Which account should Issac choose? Explain your thinking.
Question [B]
Question [B]
Joe's sister was telling him about a Line of Credit account (loan), that has been created for recent high-school and post-secondary graduates. Given that she falls into this category she is looking at some options. Which account do you think is her best option? Explain your thinking.
Teacher Notes for Question [A & B]
Teacher Notes for Question [A & B]
[Question A]
Students should see that the answer depends on Issac’s intended use of the account.
Potential Student Findings:
Account A is better than account B and C if he typically does ATM withdrawals and online banking.
However, B is better than A and C if he writes cheques only (not likely for a teenager).
Account C is better than both A and B if he uses a lot of the transaction services that would cost him more than $10 if he chose another account.
Extension: If students finish quicker than other groups ask them to consider and explain which product the bank’s advertising team is likely to promote. Why? Create a script for the promotion/ad.
[Question B]
Students should recognize that the answer depends on the ‘needs’ of the client (Joe’s Sister) and the intended use of the account.
Each account can be a good fit for different reasons
Account A has the lowest annual fee but the maximum withdrawal is the lowest. If someone ‘needs’ more than $500/week, this account won’t be effective.
Account B and C have higher annual fees but the maximum withdrawals increase and the cost of online banking and etransfers decrease.
Extension: If students finish quicker than other groups ask them to consider and explain which product the bank’s advertising team is likely to promote. Why? Create a script for the promotion/ad.
Consolidation
Consolidation
Go over different answers via a gallery walk and see that students understand there is no single answer
Pose these two questions via a class discussion “based on what you now know about different banking and loan options…"
How would you choose a bank account?
How would choose a Line of Credit account?
EXIT TICKET:
When I’m making important financial decisions, I have many different product options to consider. If I was giving someone advice, I would tell them to…
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