MATHEMATICS8 Q2 12. solve financial problems involving_ a. earning money, b. profit and loss,.pptx

MATHEMATICS8 Q2 12. solve financial problems involving_ a. earning money, b. profit and loss,.pptx

1. Managing Money: Financial Problem-Solving for Teens

2. Introduction to Financial Problem-Solving Welcome to our journey into real-world financial problem-solving! We'll explore earning money, profit and loss, finding the best deals, and buying on instalments These skills will help you make smart money decisions in your daily life Are you ready to become a financial whiz?

3. Earning Money: The Basics Earning money is the foundation of financial independence We'll discuss various ways teens can earn money How many ways can you think of to earn money as a teenager? Remember: your time and skills are valuable!

4. Calculating Your Earnings Let's practice calculating earnings from different jobs Example: Babysitting for 4 hours at $10/hour Can you calculate the total earnings? What if you worked 3 days a week for a month?

5. Understanding Profit and Loss Profit: When you earn more than you spend Loss: When you spend more than you earn Why is it important to understand profit and loss? How can this knowledge help you in your daily life?

6. Calculating Profit and Loss Let's practice with a lemonade stand scenario Cost to make lemonade: $10 Selling price: $1 per cup How many cups do you need to sell to break even? What's your profit if you sell 15 cups?

7. Best Buys: Getting the Most for Your Money Best buys are products that offer the best value for your money How do you determine what's a "best buy"? We'll learn to compare prices, quantities, and quality Can you think of a time when you looked for the best deal?

8. Comparing Unit Prices Unit price: the cost per unit (e.g., per ounce, per item) Example: 16 oz shampoo for $8 vs. 12 oz for $7 Which is the better deal? How do you calculate the unit price?

9. Practice: Finding the Best Buy Cereal A: 18 oz for $3.50 Cereal B: 24 oz for $4.80 Which cereal is the best buy? How much do you save per ounce by choosing the best buy?

10. Buying on Terms: What is an Instalment Plan? An instalment plan allows you to pay for something over time Instead of one large payment, you make several smaller payments What are some items people often buy on instalment plans? Can you think of pros and cons to buying this way?

11. Understanding Interest on Instalment Plans Many instalment plans charge interest Interest is an extra fee for the convenience of paying over time How might interest affect the total cost of an item? Let's calculate an example in the next slide

12. Calculating the True Cost of an Instalment Plan Example: $500 phone, 12 monthly payments, 5% interest rate What's the monthly payment? What's the total amount paid after 12 months? How much extra did you pay compared to buying outright?

13. When to Use Instalment Plans Instalment plans can be useful for large, necessary purchases They can also lead to overspending if not carefully considered What questions should you ask before agreeing to an instalment plan? How can you determine if it's worth it?

14. Bringing It All Together: A Real-World Scenario You want to start a dog-walking business Initial costs: $100 for supplies You charge $15 per walk How many walks to break even? What's your profit after 20 walks?

15. Expanding Your Dog-Walking Business You want to buy a $300 professional dog-walking kit Option A: Save up and buy outright Option B: 3-month instalment plan with 10% interest Which option is better? Why?

16. The Importance of Budgeting A budget helps you track income and expenses Why is budgeting important for financial problem-solving? How can a budget help with profit/loss, best buys, and instalment decisions? Let's create a simple budget in the next slide

17. Creating Your First Budget List your income sources (allowance, part-time job, etc.) List your expenses (snacks, entertainment, savings, etc.) Calculate the difference between income and expenses What can you learn from this budget?

18. Smart Shopping Strategies Compare prices across different stores Look for sales and discounts Consider quality as well as price What other strategies can you think of to get the best value?

19. The Power of Saving Saving money gives you more financial options It can help you avoid unnecessary instalment plans How can you incorporate saving into your budget? What are some of your saving goals?

20. Review and Real-Life Application We've covered earning, profit/loss, best buys, and instalment plans How can you apply these concepts in your daily life? Can you think of a recent financial decision you made? How might you approach it differently now?

21. Conclusion: Your Financial Future Financial problem-solving is a lifelong skill Practice these concepts regularly Don't be afraid to ask questions about money What's your next step in becoming financially savvy?

22. The Power of Compound Interest Compound interest is interest earned on interest It can help your money grow faster over time How does compound interest work? Can you think of ways to take advantage of compound interest?

23. Needs vs. Wants: Making Smart Choices Needs are things you must have to survive Wants are things you'd like to have but can live without Why is it important to distinguish between needs and wants? How can this help you make better financial decisions?

24. Understanding Taxes Taxes are money we pay to the government They fund public services like schools and roads What types of taxes have you heard of? How might taxes affect your future earnings?

25. The Basics of Banking Banks offer services to help you manage your money What's the difference between checking and savings accounts? How can online banking make managing money easier? What questions do you have about banks?

26. Credit Cards: The Good and the Bad Credit cards allow you to borrow money for purchases They can be useful but also dangerous if misused What are some advantages of using credit cards? What are some potential risks?

27. Setting Financial Goals Financial goals help guide your money decisions Short-term goals might include buying a new game Long-term goals could be saving for college What are some of your financial goals?

28. The Importance of an Emergency Fund An emergency fund is money set aside for unexpected expenses It can help you avoid debt in tough situations How much do you think you should have in an emergency fund? What kinds of emergencies might require this fund?

29. Understanding Income Sources Income can come from various sources Examples: allowance, part-time job, freelance work What are some ways you currently earn money? Can you think of new ways to increase your income?

30. The Impact of Inflation Inflation is the increase in prices over time It can affect your purchasing power How might inflation impact your savings? What strategies could help protect against inflation?

31. Investing Basics for Teens Investing means putting money into something to make more money Examples: stocks, bonds, mutual funds Why might someone choose to invest their money? What are some potential risks of investing?

32. The Cost of Education Education often comes with a price tag Consider costs like tuition, books, and living expenses How might you start saving for future education expenses? What are some ways to reduce education costs?

33. Charitable Giving and Money Giving to charity can be a rewarding way to use money It's possible to give even on a tight budget What causes are you passionate about? How might charitable giving fit into your budget?

34. Understanding Your Paycheck Paychecks often include various deductions Examples: taxes, social security, health insurance Why is it important to understand your paycheck? What questions do you have about paychecks?

35. The Gig Economy and Teen Opportunities The gig economy offers flexible, short-term work opportunities Examples: dog walking, tutoring, content creation What gig economy jobs interest you? How could gig work fit into your schedule?

36. Financial Scams and How to Avoid Them Scams are tricks used to steal your money or information Common scams: phishing emails, fake job offers, "get rich quick" schemes What are some red flags that might indicate a scam? How can you protect yourself from financial scams?

37. The Value of Financial Literacy Financial literacy is the ability to understand and use financial skills It can help you make better money decisions throughout your life How might being financially literate benefit you in the future? What financial topics would you like to learn more about?

38. Creating a Simple Business Plan A business plan outlines your business idea and strategy It includes things like your product/service, target market, and costs Why might creating a business plan be helpful? What business idea would you like to plan out?

39. The Psychology of Spending Our emotions and environment can influence our spending habits Understanding these influences can help us make better choices What factors might lead to impulse buying? How can you resist the urge to overspend?

40. Preparing for Your Financial Future The financial habits you develop now can impact your future Continued learning and practice are key to financial success What's one financial skill you want to improve? How will you apply what you've learned in this presentation?

41. Question 1: Earning Money If you babysit for 5 hours at $12 per hour, how much will you earn? A) $48 B) $60 C) $72 D) $80 What other part-time jobs can teens do to earn money?

42. Question 2: Understanding Profit and Loss You spend $15 on supplies for a lemonade stand and sell 25 cups at $1 each. What's your profit? A) $0 B) $10 C) $15 D) $25 How could you increase your profit from the lemonade stand?

43. Question 3: Best Buys Which is the better deal? A) 20 oz of cereal for $4.00 B) 16 oz of cereal for $3.50 How did you calculate this? What other factors might you consider besides price?

44. Question 4: Instalment Plans A $600 phone is offered with 12 monthly payments of $55. How much extra will you pay compared to buying it outright? A) $0 B) $60 C) $50 D) $100 When might it be a good idea to use an instalment plan?

45. Question 5: Budgeting Basics Which of these is NOT typically part of a personal budget? A) Income B) Expenses C) Savings D) Your friend's income Why is it important to create and stick to a budget?

46. Question 6: Compound Interest What is compound interest? A) Interest on the original amount only B) Interest on the original amount plus accumulated interest C) A type of bank account D) A loan without interest How can compound interest help your money grow over time?

47. Question 7: Needs vs. Wants Which of these is typically considered a "need" rather than a "want"? A) The latest smartphone B) Designer clothes C) Food and water D) Video games Why is it important to distinguish between needs and wants when managing money?

48. Question 8: Understanding Taxes What is the main purpose of taxes? A) To punish people B) To fund government services C) To make people save money D) To control spending Can you name some services that are funded by taxes?

49. Question 9: Banking Basics Which type of account is typically used for everyday transactions? A) Savings account B) Checking account C) Investment account D) Credit card account What are some advantages of having a bank account?

50. Question 10: Setting Financial Goals Which of these is an example of a long-term financial goal? A) Buying lunch tomorrow B) Saving for college C) Getting this week's allowance D) Buying a video game next month What are some of your personal short-term and long-term financial goals?