This is part two of a three lesson series. The previous lesson plan is Statement of Financial Position Lesson Plan and the next lesson is Spending Plans Lesson Plan. Although the lesson may be taught independently, it is recommended that the lessons are taught in order. Begin the lesson by having participants guess the cost of certain items such as soda and coffee if they were purchased every day for a month. During the lesson facilitation, complete an Income and Expense Statement for Evan and conduct the Four on the Floor Active Learning Tool. Conclude the lesson by playing the Financial Facts Feud Active Learning Tool or using the real-world technology app, Mint, to do the Budgeting for Income and Expenses Simulation. Assess knowledge by having participants complete an Income and Expense Statement for a scenario or themselves.
Upon completion of this lesson, participants will be able to:
Evaluate the purpose of an Income and Expense Statement
Identify sources of income individuals have
Explore typical expenses individuals incur
Create an Income and Expense Statement