Money Instructor – Page 9 – Lessons and Worksheets

Career Exploration Project

A research-based activity that aims to develop college and career readiness skills, including research, communication, and critical thinking, where students will explore a chosen career and present their findings in an interactive and creative way.

Grade level: 9th Grade

Learning Objectives:

Students will research a chosen career and identify its description, salary, job requirements, and job availability.
Students will demonstrate their knowledge of the chosen career through an interactive presentation.
Students will develop college and career readiness skills, including research, communication, and critical thinking.

Teaching Strategies and Materials:

Introduction: The teacher will introduce the project and provide examples of different career options. The teacher will emphasize the importance of researching careers and identifying their specific requirements and benefits.
Research: The teacher will provide resources for students to research their chosen career, such as online databases or books from the library. Students will take notes and gather information about the career, including its job description, salary, job requirements, and job availability.
Presentation: Students will create an interactive presentation showcasing their chosen career. They can choose between creating a PowerPoint presentation, a brochure, or a poster board. The presentation must include visuals, data, and a detailed explanation of the career information they have gathered.
Peer Review: Students will present their projects to their classmates and provide feedback on each other’s presentations. The teacher will provide evaluation criteria to ensure that students cover all required aspects of the career exploration project.
Evaluation: The teacher will assess the students’ understanding of the chosen career by evaluating their projects and participation in the peer review session.

Assessment Strategies:

The teacher will use a rubric to evaluate each student’s presentation, including the accuracy and detail of the career information, the quality of the visual aids, and the overall effectiveness of the presentation.
Students will also be assessed on their participation in the peer review session, including their ability to provide constructive feedback on their classmates’ projects.

Accommodations for Diverse Learners:

Students with disabilities or learning differences will receive accommodations based on their individual needs, such as providing extra time for research or simplifying the presentation format.
English language learners will have access to bilingual resources and assistance from the teacher or a bilingual tutor.

Lesson Outline:

Introduction

Explain the purpose of the project and provide examples of different careers.
Emphasize the importance of researching careers and identifying their specific requirements and benefits.

Research

Provide resources for students to research their chosen career, such as online databases or books from the library.
Students will take notes and gather information about the career, including its job description, salary, job requirements, and job availability.

Presentation

Students will create an interactive presentation showcasing their chosen career.
The presentation must include visuals, data, and a detailed explanation of the career information they have gathered.
Students can choose between creating a PowerPoint presentation, a brochure, or a poster board.

Peer Review

Students will present their projects to their classmates and provide feedback on each other’s presentations.
The teacher will provide evaluation criteria to ensure that students cover all required aspects of the career exploration project.

Evaluation

The teacher will assess the students’ understanding of the chosen career by evaluating their projects and participation in the peer review session.

Expected Outcomes:

Students will develop an understanding of different career options and their requirements and benefits.
Students will develop college and career readiness skills, including research, communication, and critical thinking.
Students will present their findings in an interactive and creative way.
Students will receive feedback from their peers and the teacher on their projects.
Students will demonstrate mastery of the learning objectives through their presentations and participation in the project.

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

How to File a Tax Extension Lesson

In this lesson students will learn how to file a tax extension to get some extra time to prepare for their taxes. Includes instructions on how to file IRS Form 4868 and tips to use the extension wisely.

CONCEPTS

Use this video lesson on the topic of understanding the IRS W-2 form. Learn basic tax and related concepts of:

Tax extension process
Reasons for extension
IRS Form 4868
Submitting the form
Confirmation from IRS
Deadline and penalties

GRADE LEVEL

9-12th grades. High School. Adult Education.

TIME REQUIRED

25-35 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet. Review the questions on the worksheet. A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

How to File a Tax Extension

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on taxes:

Paying Taxes Lessons

Lesson Plan: How to File a Tax Extension

Objective:

By the end of this lesson, students will be able to understand the process of filing for a tax extension and be able to complete IRS Form 4868.

Materials:

“How to File Tax Extension” video
IRS Form 4868
Pen or pencil

Procedure:

Begin the lesson by asking students if they know what a tax extension is and why someone might need to file for one. Encourage a brief class discussion to gauge prior knowledge.

Introduce the video “How to File Tax Extension” and explain that students will be watching and taking notes on the steps to complete IRS Form 4868. Play the video for the class.

After the video, distribute copies of IRS Form 4868 and provide time for students to fill out the form based on the instructions from the video. Walk around the room to provide support and answer any questions students may have.

Once students have completed the form, have them check their work with a partner or in small groups. Collect the completed forms from students and briefly review them to ensure understanding.

Conclude the lesson by reviewing the key points from the video and summarizing the process of filing for a tax extension. Encourage students to seek out additional resources or consult with a tax professional if they have any questions or concerns.

Assessment:

The completed IRS Form 4868 can serve as a formative assessment of student understanding. You can also ask students to share what they learned from the video or to write a short reflection on the process of filing for a tax extension.

How to File a Tax Extension

LESSON WORKSHEET

Worksheet

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LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Taxes, 10th Grade, 11th Grade, 12th Grade, 9th Grade
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How to Read Your W-2 Tax Form Lesson

In this lesson students will learn about the W-2 tax form from the IRS, which is an important document required for filing your taxes that you receive from your employer. We will understand the different boxes and sections of the W-2 form that provide information about your earnings and taxes withheld by your employer during the previous year.

CONCEPTS

Use this video lesson on the topic of understanding the IRS W-2 form. Learn basic tax and related concepts of:

W-2 form
IRS tax form
Tax filing
Taxable income
Withholding taxes
Social Security tax
Medicare tax
Federal income tax
Employer identification number
Tips reporting
Dependent care benefits
Deferred compensation income
State and local income tax

GRADE LEVEL

9-12th grades. High School. Adult Education.

TIME REQUIRED

25-35 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

How to Read Your W-2 Tax Form

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on taxes:

Paying Taxes Lessons

Lesson Plan: How to Read the W-2 Tax Form

Subject: Personal Finance/Taxation

Grade Level: High School

Objective: Students will be able to identify and understand the different boxes and information provided in the W-2 tax form.

Materials:

Video: “How to Read the W-2 Tax Form”
Copies of a sample W-2 tax form for each student
Pen/pencil

Procedure:

Introduction (5 minutes):
Begin by asking students if they have ever received a W-2 tax form. Discuss the purpose of the W-2 and why it’s important to understand it.

Video (10 minutes):
Show the video “How to Read the W-2 Tax Form” to the class.

Review of W-2 Form (20 minutes):
Distribute a sample W-2 tax form to each student. Go over each box and the information provided in it. Allow students to ask questions as you go over each box.

Practice (15 minutes):
Ask students to work in pairs and identify the information in each box of the W-2 form. Encourage them to discuss the meaning of each box and how it relates to their own income.

Quiz (10 minutes):
Distribute a multiple-choice quiz on the W-2 tax form to each student. Students will answer questions based on the information learned in the video and review.

Conclusion (5 minutes):
Review the quiz results with the class and address any questions or concerns. Remind students of the importance of understanding the W-2 tax form and its impact on filing taxes.

Assessment:
Students will be assessed through their participation in the practice activity and quiz.

Extension:
For an extension activity, have students research and compare different tax forms such as 1099 and 1040. Have them identify the differences in the forms and what types of income they are used for.

How to Read Your W-2 Tax Form

How to Read the W-2 Tax Form

LESSON WORKSHEET

Worksheet

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LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Earning Money, Taxes, Leave a comment

What is the Federal Reserve Lesson

What is the Fed and what does it do? In this lesson, students learn the role of the Fed, or Federal Reserve, which is the central bank of the United States, in managing the economy and preventing financial crises through monetary policy. It covers the various ways the Federal Reserve regulates financial institutions, influences interest rates, and stabilizes the economy.

CONCEPTS

Use this video lesson on the topic of understanding the Federal Reserve. Learn basic economic and related concepts of:

Central Bank
Monetary Policy
Interest Rates
Inflation
Federal Funds Rate
Economic Growth

GRADE LEVEL

7-12th grades

TIME REQUIRED

25-35 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

What is the Federal Reserve?

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on economics:

Basic Economic Lessons lessons

Lesson Plan: Introduction to the Federal Reserve

Objective: To introduce students to the Federal Reserve and its role in the U.S. economy, and to reinforce the key concepts covered in the video.

Grade Levels: Middle School – High School

Time Needed: 50 minutes

Materials Needed:

Video: “What is the Federal Reserve?”
Whiteboard or blackboard
Markers or chalk
Handout with key concepts from the video
Discussion questions handout
Activity materials (optional)

Procedure:

Introduction (5 minutes)

Begin the class by asking students if they have heard of the Federal Reserve and what they know about it. Write their responses on the board. Then, introduce the video and explain that it will help them understand what the Federal Reserve is and what it does.

Video Watching (10 minutes)

Play the video “What is the Federal Reserve?” (see above) and ask students to take notes on the key concepts discussed in the video. After the video, distribute the handout with the key concepts for students to review.

Discussion (20 minutes)

Divide the class into small groups of 3-4 students and distribute the discussion questions handout. Ask each group to discuss and answer the questions. After 15 minutes, bring the class together and ask each group to share their responses.

Activities (15 minutes)

Role Play

Divide the class into groups and assign each group a role related to the Federal Reserve (e.g. Board of Governors, regional bank, commercial bank). Ask each group to discuss their role and responsibilities, and then conduct a role play activity where they act out different scenarios related to the Federal Reserve’s decision-making.

Conclusion (5 minutes)

Ask students to reflect on what they have learned and how it relates to their everyday lives. Remind them that the Federal Reserve plays an important role in the economy and their financial well-being.

What is the Federal Reserve

What is the Federal Reserve? Interest Rates and the Economy

LESSON WORKSHEET

Worksheet includes discussion questions and multiple choice quiz.

Get Lesson

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Banking, Economics, History of Money, Saving & Investing, 10th Grade, 11th Grade, 12th Grade, 6th Grade, 7th Grade, 8th Grade, 9th Grade
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Building and Maintaining Credit Lesson

This introductory lesson teaches important tips on how to build credit by using credit cards and loans responsibly, how to maintain good credit by making payments on time and keeping credit utilization low, and how to monitor credit reports to ensure accuracy.

CONCEPTS

Use this video lesson on the topic of building and maintaining credit. Learn basic credit and related concepts of:

Credit
Maintaining credit
Credit reporting agencies
Credit utilization
Improving credit score
Monitoring credit reports

GRADE LEVEL

9-12th grades

TIME REQUIRED

25-35 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Building and Maintaining Credit

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on credit:

Credit and Credit Card lessons

Lesson Plan: Building and Maintaining Good Credit

Objective: Students will understand what credit is, why it matters, how to build credit, and how to maintain good credit. Additionally, they will take a quiz to assess their understanding of the key concepts presented in the video.

Materials:

Video: “Building and Maintaining Good Credit”
Whiteboard or chalkboard
Markers or chalk
Handouts on credit reports and credit scores (see below)
Worksheet with multiple choice questions (see below)

Introduction:

Introduce the topic of credit and its importance in personal finance. Ask students if they have any experience with credit or know what it is. Show the video “Building and Maintaining Credit.”

Content:

Write the definition of credit on the board: “Credit is the ability to borrow money or obtain goods or services with the promise to pay later.” Discuss why credit matters, including its impact on interest rates, renting an apartment, and employment opportunities. Explain how to build credit using credit cards and loans, emphasizing the importance of making payments on time. Discuss how to maintain good credit by making payments on time and keeping credit utilization low. Show examples of things that can hurt credit scores, such as missed payments, defaulting on loans, and high debt-to-income ratios. Emphasize the importance of monitoring credit reports for errors and fraudulent activity. Provide handouts on credit reports and credit scores for students to take home.

Activity:

Divide students into pairs.

Give each pair a scenario, such as “You want to rent an apartment but have no credit history” or “You have missed a credit card payment and your credit score has dropped.” Have students work together to come up with a plan to address the scenario and improve their credit. Have each pair share their plan with the class and discuss the pros and cons.

Conclusion:

Review the key concepts of the lesson, including what credit is, why it matters, how to build credit, and how to maintain good credit. Emphasize the importance of responsible credit management and overall financial responsibility. Encourage students to continue learning about personal finance and credit management.

Assessment:

Observe student participation in class discussion and activity. Evaluate student comprehension of the material based on their answers to the scenario activity. Collect and review completed credit report and credit score handouts.

Building and Maintaining Credit

LESSON WORKSHEET

Worksheet includes multiple choice quiz.

Get Lesson

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Credit, Credit Cards, 10th Grade, 11th Grade, 12th Grade, 9th Grade
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What is Credit Score? Beginner’s Guide to Credit

The lesson explains credit scores in an easy to understand way. Understanding your credit score is crucial for managing your finances, whether you’re just starting to build credit or have been doing so for a while.

CONCEPTS

Use this video lesson on the topic of credit score. Learn basic credit and related concepts of:

Credit score
Credit history
Credit reporting agencies
Importance of credit score
Improving credit score
Factors that hurt credit score

GRADE LEVEL

9-12th grades

TIME REQUIRED

15-25 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

What is Credit Score ? Beginner’s Guide to Credit

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on credit:

Credit and Credit Card lessons

Lesson Plan: What is Credit Score?

Objective: Students will understand the importance of credit scores and learn how to manage their finances to improve their credit score. Additionally, they will take a quiz to assess their understanding of the key concepts presented in the video.

Materials:

Video: “What is Credit Score?” (see above)
Computer and projector
Whiteboard and markers
Handouts on credit score management (see below)
Worksheet with multiple choice questions (see below)

Introduction (10 minutes):

Show the video “What is Credit Score?” to the class. Ask students to share what they learned from the video. Write key points on the whiteboard.

Main Activity (30 minutes):

Divide the class into groups of three. Give each group a handout on credit score management. Instruct each group to read and discuss the handout, highlighting key points. Each group will then present their key points to the class.

Quiz (15 minutes):

Give each student a worksheet with multiple choice questions based on the video. Instruct students to complete the quiz individually. Collect the quizzes and grade them.

Discussion (10 minutes):

After the quiz, facilitate a discussion on credit score management. Review the correct answers to the quiz and discuss any areas where students may need additional clarification. Ask students what they think are the most important factors in maintaining a good credit score. Discuss ways to improve credit scores, including paying bills on time, keeping credit utilization low, and monitoring credit reports.

Conclusion (5 minutes):

Recap the key points discussed in the lesson. Remind students that managing their finances is important and can affect their financial future. Encourage students to take steps to improve their credit scores.

Assessment:

Students will be assessed based on their participation in the group discussion, their ability to identify key points in the handout on credit score management, and their performance on the quiz.

What is a Credit Score?

What is Credit Score?

LESSON WORKSHEET

Worksheet includes multiple choice quiz.

Get Lesson

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Borrowing Money, Credit, Credit Cards, Saving & Investing, 10th Grade, 11th Grade, 12th Grade, 9th Grade
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What is Credit? The Basics of Credit

The lesson explains what credit is and how it works, including the types of credit available and how to obtain it. It also emphasizes the importance of using credit responsibly and paying bills on time to maintain good credit standing and secure better interest rates and terms.

CONCEPTS

Use this video lesson on the topic of credit. Learn basic credit and related concepts of

Definition of credit and its function
Types of credit (revolving credit, installment credit)
How to obtain credit (application process, credit score, collateral, cosigners)
Importance of credit (financial objectives, responsible use, good credit standing, better interest rates, saving money)

GRADE LEVEL

7-12th grades

TIME REQUIRED

15-25 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

What is Credit? Basics of Credit

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on credit:

Credit and Credit Card lessons

Lesson Plan: What is Credit?

Objectives:

Students will understand what credit is and how it works.
Students will be able to identify the main types of credit.
Students will be able to explain why credit is important.

Materials:

Video on “What is Credit”
Quiz on “What is Credit” (see below)
Whiteboard and markers
Handouts on credit

Procedure:

Introduction (10 minutes)

Start the class by asking students if they have ever heard of credit or used credit before. Discuss with the class what they know about credit and why it might be important. Explain that in this lesson, they will be learning more about credit and its different types.

Video on “What is Credit”

Show the video on “What is Credit” to the class. Pause the video at certain points to ask the class questions or to clarify certain concepts. After the video, ask the class if they have any questions or if there is anything they would like to discuss further.

Types of Credit (15 minutes)

Using the whiteboard, explain the main types of credit: revolving credit, installment credit, and open credit. Give examples of each type and ask the class if they can think of any other examples. Provide handouts on credit that further explain the different types and their characteristics.

Quiz on “What is Credit” (10 minutes)

Administer the quiz on “What is Credit” to the class. Go over the answers to the quiz and address any questions or concerns the students may have.

Importance of Credit (10 minutes)

Discuss with the class why credit is important, such as building credit history, obtaining loans or credit cards, and purchasing goods or services. Ask the class if they have any personal experiences with credit and how it has affected their financial lives. Provide tips on how to use credit responsibly and effectively.

Conclusion (5 minutes)

Summarize the main points of the lesson and emphasize the importance of understanding credit. Encourage the students to continue learning about credit and to use credit responsibly in their financial lives.

Assessment:

The quiz on “What is Credit” will serve as the assessment for the lesson. Observations during class discussion and participation will also be considered.

What is Credit?

Today we’re going to talk about credit. If you’ve ever used a credit card, taken out a loan, or financed something you purchased, then you have used credit. But what exactly is credit and how does it work?

Credit is the ability to borrow money or obtain goods and services with the understanding that payment will be made later. Using credit means taking out a loan or using a line of credit for purchases you cannot or don’t want to make right away.

Credit is a tool you can use to borrow money or purchase goods and services. Here are some types of credit you might consider using:

Revolving Credit: This type of credit permits you to borrow up to a specified limit and repay the debt over time. Credit cards are an example of revolving credit.

Installment Credit: Installment credit is a type of financing used to cover specific purchases such as cars or homes. With installment credit, you borrow money for your purchase and then repay it over an agreed-upon period with fixed payments.

So how do you Get Credit?

In order to obtain credit, you typically need to apply. The application process varies depending on the type of loan you seek but generally involves providing information about your income, employment history, and credit score. Lenders use this data in deciding whether or not they will approve your application and provide you with specific terms.

If your credit history or score are poor, it can be challenging to qualify for credit. But there are ways you can improve your odds of approval. One option is applying for a secured card or loan which requires collateral such as a deposit, or an asset such as a car in order to guarantee the credit. Another alternative would be asking someone in your family or a friend with good credit to cosign your application.

So Why Is Credit Important?

Credit plays a pivotal role in reaching your financial objectives. Whether you’re looking to purchase a house, lease an automobile or launch a business venture, having access to credit makes it simpler than ever to secure the funding necessary. But it’s essential that you use it responsibly and pay your bills on time in order to maintain good credit standing and avoid damaging your score which could make future qualifying difficult. Moreover, having good credit allows for better interest rates and terms which over time helps you save money .

Remember to use credit responsibly and pay your bills on time in order to maintain a good credit score and boost your financial wellbeing.

LESSON WORKSHEET

Worksheet includes multiple choice quiz.

Get Lesson

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Borrowing Money, Credit, Credit Cards, 10th Grade, 11th Grade, 12th Grade, 7th Grade, 8th Grade, 9th Grade
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Tax Tips to Help Save Money

Filing taxes and navigating the complexities of the tax code can be overwhelming. In this video, we’ll share some tips to help you make the most of filing your tax return.

Using this as a warm-up or lesson starter is an effective way to engage students in a practical and relevant topic that directly affects their lives. By starting a lesson with tax tips, teachers can help students understand the importance of financial planning and budgeting, as well as how to take advantage of tax savings opportunities. This can help students develop important financial skills, make more informed financial decisions, and become more financially responsible. Overall, tax tips can be a great way to help introduce the concept of financial responsibility and improve students’ financial literacy.

CONCEPTS

Use this video lesson on the topic of tax tips. Learn basic tax and related concepts of

Taxes
Tracking Finances
Tax Deductions

GRADE LEVEL

9-12th grades

TIME REQUIRED

15-25 Minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Top Tax Tips to Help Save Money & Maximize your Refund

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on taxes:

Paying Taxes lessons

Lesson Plan: Tips for Tax Season

Objective:

Students will learn important tips for tax season to ensure they file their taxes accurately, claim all deductions and credits, and avoid common mistakes and penalties.

Materials:

Computer or mobile device for watching the video
Pen and paper for note-taking

Introduction:

Greet students and introduce the topic of tax season.

Explain that tax season can be confusing and stressful, but with the right tips and tools, it can be manageable and even stress-free.

Introduce the video as a comprehensive guide to navigating the tax season with ease.

Body:

Play the video “Tax Tips to Help Save Money”

After the video, allow time for students to ask questions and clarify any concepts covered in the video.

Provide a summary of the key points covered in the video:

Keep accurate records
Understand tax deductions
File on time
Use tax software
Seek professional help if necessary

Conclusion:

Review the importance of following these tips to ensure a successful tax season.

Encourage students to take action and implement these tips when filing their taxes.

Offer additional resources or opportunities for students to seek help if they need it.

Assessment:

Provide a short quiz to assess students’ understanding of the key points covered in the video.

Allow time for students to review their quiz results and ask any questions they may have.

By presenting the lesson as a video, students can easily follow along with the tips and concepts covered in the lesson. Additionally, the video can be used as a resource for students to refer back to when they are filing their taxes.

Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.

LESSON WORKSHEET

Worksheet includes multiple choice quiz.

Get Lesson

LESSON CATEGORIES

For additional related lessons, explore our main category pages:

Saving & Investing, Taxes, 10th Grade, 11th Grade, 12th Grade, 9th Grade
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Understanding the Debt Ceiling (Debt Limit) and the National Debt of the United States

The lesson explains the concept of the debt ceiling, or debt limit, and the national debt, their implications on the US government’s financial operations and the potential consequences of hitting the debt ceiling. It also discusses extraordinary measures and possible solutions to address the national debt, including raising the debt ceiling, cutting spending, increasing revenue and implementing structural reforms to entitlement programs.

CONCEPTS

Use this video lesson on the topic of an introduction to the national debt and the debt ceiling. Learn basic economic and related concepts of

Debt Management
Budgeting
Government spending
Credit
Taxes

GRADE LEVEL

7-12th grades. Middle School. High School

TIME REQUIRED

30-45 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Understanding the Debt Ceiling

After watching the video, have students tell what the most important things they learned from the video.

Additional Resources

See our additional resources on basic economics and finance:

Basic Economics and Finance lessons

Lesson Plan: Understanding the Debt Ceiling and National Debt

Objective:

Students will be able to understand and explain the concept of the debt ceiling, national debt, and its impact on the economy.

Materials:

Video: “Understanding the Debt Ceiling and National Debt” (see above).
Whiteboard and markers
Handouts with key terms and questions
Computer or mobile devices for research

Procedure:

Introduction (10 minutes)

Begin the class by asking students what they know about the national debt and the debt ceiling. Write down their responses on the board.

Introduce the topic by explaining that the government borrows money while it spends more than it earns, and that the national debt and debt ceiling play a crucial role in this process.

Video (15 minutes)

Show the video “Understanding the Debt Ceiling and National Debt.”

Encourage students to take notes during the video, paying particular attention to the key terms and concepts covered in the video.

Discussion (20 minutes)

Divide the class into groups of 3-4 students and distribute handouts with key terms and questions related to the video.

Ask the students to discuss the questions in their groups, using the handouts and their notes from the video as a reference.

Walk around the classroom and provide support and guidance as needed.

Research and Presentations (25 minutes)

Ask students to use their devices to research the impact of the national debt on the economy.

Instruct them to find at least three different sources of information and take notes on the key points.

Ask students to work in groups to prepare a brief presentation on the topic, including the key points they found during their research.

Each group should present their findings to the class, highlighting the different perspectives they found.

Wrap-Up (10 minutes)

Ask the students to summarize what they learned about the national debt and the debt ceiling.

Discuss the impact of the national debt on the economy and the role of the government in managing it.

Assessment:

Students will be assessed based on their participation in the discussion including the accuracy of their research, and the quality of their presentations.

Understanding the Debt Ceiling

In recent years the debt ceiling has been a contentious topic with political negotiations often breaking down and leading to the threat of government shutdown. Meanwhile, the national debt has kept rising due to ongoing budget deficits and an absence of fiscal responsibility. Raising the debt ceiling was a necessary measure to avoid an economic catastrophe, yet it also raised questions about government borrowing and its long-term effect on GDP of the United States.

Congress must navigate the complex budget process and consider debt reduction strategies in order to avert a debt ceiling crisis that could negatively affect credit ratings agencies, financial markets, and even lead to inflation or higher interest rates. Effective public debt management and responsible tax policy will be essential in solving these problems and guaranteeing long-term economic stability.

What is the debt ceiling?

A government’s debt ceiling is a legal limit on how much money they can borrow to finance operations. It sets an upper limit to how much debt a government may accumulate. In the United States, Congress periodically raises or suspends this limit in order to continue borrowing money. Without sufficient resources, governments may face defaulting on loans with severe economic repercussions.

What is the national debt?

The national debt is the total amount of money a government owes its creditors – individuals, businesses and other governments. It builds up over time due to spending more money than it receives in revenue. It includes both public debt owed to individuals and organizations outside of government as well as debt held by government accounts such as Social Security Trust Fund. In America alone, this total has increased steadily over the years until now stands in trillions of dollars.

What Happens if the Debt Ceiling Is Hit?

If the debt ceiling is breached and not raised or suspended, the government could find itself without enough money to meet its obligations such as Social Security, Medicare, government salaries and interest on the national debt. In such a scenario, they would have to prioritize which bills to pay and delay or default on. This could have serious economic repercussions such as higher interest rates, decreased value of US dollar, decline in financial markets and potential recession or depression.

What are extraordinary measures?

Extraordinary measures refer to accounting and cash management techniques the US Treasury Department can utilize temporarily in order to avoid breaching the debt ceiling. These measures may include suspending investments in certain government funds, such as the Civil Service Retirement and Disability Fund, and redeeming Treasury securities held by government accounts such as the Social Security Trust Fund. These measures enable the Treasury to free up extra cash to meet government obligations without borrowing additional money. However, these are only temporary solutions; if the debt ceiling isn’t raised or suspended, eventually there would be no other options left for paying its bills on time.

What can be done about the Debt Ceiling?

The debt ceiling can be raised or suspended through legislative action. In America, for instance, Congress has the authority to do this by passing a bill which then gets signed into law by the President. However, raising the debt ceiling can be a politically sensitive issue, with some lawmakers using it as leverage to extract concessions from their opponents. In addition to raising the debt ceiling, policymakers can also address the national debt by cutting government spending, increasing revenue through taxes or implementing structural reforms to entitlement programs such as Social Security and Medicare. Ultimately, finding a sustainable path forward requires an integrated and balanced approach that addresses both revenue and spending needs.

LESSON WORKSHEET

Worksheets include handouts and multiple choice quiz.

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Banking, Borrowing Money, Credit, Debt, Economics, Spending Money, 10th Grade, 11th Grade, 12th Grade, 7th Grade, 8th Grade, 9th Grade
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Play Money Lesson Plan: Create a Money Graph

The Play Money Lesson Plan is an activity designed to teach students about different denominations of currency and how to create and interpret bar graphs. They are given printed play money, construction paper, glue, and a pencil; they sort their bills according to denomination, line them up vertically on the page, then glue them down for creating a bar graph. They then title their graph and label its sides while answering questions about its contents such as which bill type has the most money on it and how much total there is on their graph. This activity can be tailored for different grade levels.

Teaching Objectives:

Students will be able to identify and sort different denominations of currency, including $1, $5, $10, and $20 bills.
Students will learn how to create a bar graph by lining up and gluing down the sorted bills on a piece of construction paper.
Students will be able to interpret data from the bar graph, answering questions about which types of bills they have the most and least of, how many bills they have of a specific denomination, and how much money is on their graph.
Students will practice adding currency and using math skills to analyze and interpret data from the graph.
Students will engage in a hands-on, creative activity that helps them develop important critical thinking and problem-solving skills.

Suggested Grade Level

This lesson plan is suitable for elementary school students in grades 3-5.

Lesson Excerpt:

Students use printed play money to learn about different denominations of currency and create a bar graph. After sorting the bills, they glue them down for their graph and label its sides and title. Students will answer questions about their graph which helps them practice adding currency and using math skills to interpret data. This hands-on activity encourages critical thinking and problem-solving skills while encouraging creativity.

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Basic Money, 2nd Grade, 3rd Grade, 4th Grade, 5th Grade
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