Each lesson will follow a similar structure - see diagram above.
Following a similar structure is important for:
- Classroom Management
- Moving toward a well-rounded, rich educational experience
All lesson activities are done in either pairs, groups or as a class for accountability and support.
Solve problems involving earning money
Lesson One
Syllabus Dot-Points:
> Calculate earnings from wages for various time periods, given an hourly rate of pay, including penalty rates for overtime and special rates for Sundays and public holidays.
- Use classifieds and online advertisements to compare pay rates and conditions for different positions (Problem Solving)
- Read and interpret examples of pay slips (Communicating)
Lesson Two
Syllabus Dot-Points:
> Calculate earnings from non-wage sources, including commission and piecework
> Calculate leave loading as 17.5% of normal pay for up to four weeks
- Research the reasons for inclusion of leave loading provisions in many awards (Reasoning)
Lesson Three
Syllabus Dot-Points:
> Calculate weekly, fortnightly, monthly and yearly earnings
> Use published tables or online calculators to determine the weekly, fortnightly or monthly tax to be deducted from a worker's pay under the Australian 'pay-as-you-go' (PAYG) taxation system
Lesson Four
Syllabus Dot-Points:
> Determine annual taxable income by subtracting allowable deductions and use current tax rates to calculate the amount of tax payable for the financial year
- Determine a worker's tax refund or liability by comparing the tax payable for a financial year with the tax already paid under the Australian PAYG system (Problem Solving)
Lesson Five - Word Problems
Syllabus Dot-Points:
> Calculate net earnings after deductions and taxation are taken into account
Solve problems involving simple interest
Lesson Six
Syllabus Dot-Points:
> Calculate simple interest using the formula I=PRN where I is the interest, P is the principal, R is the interest rate per time period (expressed as a fraction or decimal) and N is the number of time periods
- Apply the simple interest formula to solve problems related to investing money at simple interest rates
- Find the total value of a simple interest investment after a given time period (Problem Solving)
- Calculate the principal or time needed to earn a particular amount of interest, given the simple interest rate (Problem Solving)
Lesson Seven
Syllabus Dot-Points:
> Calculate the cost of buying expensive items by paying an initial deposit and making regular repayments that include simple interest
- Investigate fees and charges related to 'buy today, no more to pay until …' promotions (Problem Solving)
- Compare the total cost of buying on terms to paying by cash (Problem Solving)
- Recognise that repossession does not remove financial debt (Reasoning)
Connect the compound interest formula to repeated applications of simple interest using appropriate digital technologies
Lesson Eight
Syllabus Dot-Points:
> Calculate compound interest for two or three years using repetition of the formula for simple interest
- Connect the calculation of the total value of a compound interest investment to repeated multiplication using a calculator, eg a rate of 5% per annum leads to repeated multiplication by 1.05 (Communicating)
- Compare simple interest with compound interest in practical situations, eg to determine the most beneficial investment or loan (Communicating, Reasoning)
- Compare simple interest with compound interest on an investment over various time periods using tables, graphs or spreadsheets (Communicating, Reasoning)