Description
What our Financial Literacy: Debit or Credit Cards lesson plan includes
Lesson Objectives and Overview: Financial Literacy: Debit or Credit Cards teaches students about the differences between debit and credit cards. At the end of the lesson, students will be able to differentiate between a debit and credit card account. Students will also gain a basic understanding of the role financial institutions play in managing personal funds. In addition, students will understand there is a cost to credit purchases, and waiting to pay in cash is an excellent strategy to avoid debt. This lesson is for students in 5th grade and 6th grade.
Classroom Procedure
Every lesson plan provides you with a classroom procedure page that outlines a step-by-step guide to follow. You do not have to follow the guide exactly. The guide helps you organize the lesson and details when to hand out worksheets. It also lists information in the blue box that you might find useful. You will find the lesson objectives, state standards, and number of class sessions the lesson should take to complete in this area. In addition, it describes the supplies you will need as well as what and how you need to prepare beforehand. The supplies you will need for this lesson include pencils, pens, and highlighters.
Options for Lesson
Included with this lesson is an “Options for Lesson” section that lists a number of suggestions for activities to add to the lesson or substitutions for the ones already in the lesson. An optional adjustment to the lesson activity is to engage students in a whole class discussion or have a few students from each side explain why they chose their respective answers. If you have limited space for the activity, consider doing it in the cafeteria, gym, or outside! One optional addition to the lesson is to invite a bank representative to come to your classroom and explain how debit cards work, their advantages, why banks created them, and how they can sign up to get a debit card with their parent; they can also discuss the differences between debit cards and credit cards. You could also start a discussion with your class about the best choice for students. Finally, you could have students can vote on their preference between the two cards or you could even set up a debate!
Teacher Notes
The teacher notes page includes a paragraph with additional guidelines and things to think about as you begin to plan your lesson. This page also includes lines that you can use to add your own notes as you’re preparing for this lesson.
FINANCIAL LITERACY: DEBIT OR CREDIT CARDS LESSON PLAN CONTENT PAGES
Debit or Credit Cards
The Financial Literacy: Debit or Credit Cards lesson plan includes five pages of content.
FINANCIAL LITERACY: DEBIT OR CREDIT CARDS LESSON PLAN WORKSHEETS
The Financial Literacy: Debit or Credit Cards lesson plan includes three worksheets: an activity worksheet, a practice worksheet, and a homework assignment. You can refer to the guide on the classroom procedure page to determine when to hand out each worksheet.
DO OR DON’T ACTIVITY WORKSHEET
Students will work in groups to play the lesson activity game. Students will stand in the center of the classroom and listen to different scenarios related to debit and credit cards. For each scenario, they will either move to one side of the room labeled “Do/Agree” or the other side of the room labeled “Don’t/Disagree”. They will also write down why they responded the way they did for each scenario. They will move back to the center of the room after each scenario.
COMPARISON PRACTICE WORKSHEET
For the practice worksheet, students will work with a group to complete a chart comparing debit and credit cards. They will then write down what they learned about debit and credit cards while filling out the worksheet.
FINANCIAL LITERACY: DEBIT OR CREDIT CARDS HOMEWORK ASSIGNMENT
The homework assignment asks students to look at an example credit card statement and answer several questions using the information on the statement.
Worksheet Answer Keys
This lesson plan includes answer keys for the practice worksheet and the homework assignment. If you choose to administer the lesson pages to your students via PDF, you will need to save a new file that omits these pages. Otherwise, you can simply print out the applicable pages and keep these as reference for yourself when grading assignments.
