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Description of Unit

Students create and present a budget for a real school or class activity that requires a budget, estimating the costs and presenting their product graphically and tabularly. Then students will identify one dream/goal and conduct research using their identified resources and $1 million to make a budget for completing this dream/goal. This project generates an understanding of the relationship between fractions, decimals, and percentages.

This guide links the Instant Millionaire unit to the Texas Essential Knowledge and Skills (TEKS) for sixth graders. Instant Millionaire is a social studies and mathematics unit that allows students to study the mathematics of money and budgets, the economics of making money, and the social responsibility of having money. Instant Millionaire also gives students opportunities to practice skills in the other subject areas. For example, students will understand and interpret visual images, messages, and meanings, which the English Language Arts and Reading TEKS cover. The following document includes the applicable TEKS and the details of the Instant Millionaire unit. The asterisks indicate the TEKS that are testable on the State of Texas Assessments of Academic Readiness (STAAR). The final section of this document presents the applicable Texas College and Career Readiness Standards adopted by the Texas Higher Education Coordinating Board (THECB) on January 24, 2008.

Phase I. Learning Experiences

  1. Introduce students to the concept of a budget. Share with them budgets for projects that are relevant to them. 
  2. Select a real school or class activity for which there needs to be a budget. Inform students of the fixed amount of money that can be spent to achieve the goal and also any restrictions on spending the money. Divide students into small groups. Each small group develops a budget with estimated costs that has to be shown graphically and in a table, using Excel. There must be at least five budget categories (e.g., supplies, transportation, equipment). 
  3. Each group presents its budget with a rationale for the budget estimates. After students have shared their budget proposals, encourage them to look at multiple ways the goal can be achieved. Discuss these questions: 
    1. How long will it take to reach the goal? Come up with three different scenarios based on different lengths of time. 
    2. Where will the various components be purchased? 
    3. Where will the project be located? Depending on the answer to this question, who will benefit from it? Once finished, how will the project benefit the community? 
  4. Select the budget that the class likes best, and use that budget to carry out the project. At the end of the project, have students compare actual expenses to budgeted expenses and create a report that shows the differences. 

Phase II. Independent Research

A. Research process 

  1. Selecting a topic. Each student should identify a dream. The dream can be as big as the student can imagine. The student may wish to start a business, start a non-profit organization, build a school, or complete a community service project. The budget for the dream project is $1 million. 
  2. Asking guiding questions. Once students have selected their dream projects, each student should think of three to five guiding questions, such as: 
    1. What is the need or desire? 
    2. What are all the components that need to go into making the dream a reality?  
    3. How will you find out how much they cost?  
    4. How much do they cost?  
    5. What if you’re over budget?
    6. Who else would benefit from and support this project? 
    7. Most components are available from multiple sources. What are the advantages/disadvantages of purchasing from various vendors (e.g., foreign sources, lowest cost vs. more expensive, quality vs. quantity)? 

      While these examples are general, the student’s questions should be specific to the chosen topic. The questions should lead him/her to form individual research-based opinions. The student should also develop a hypothesis or some possible answers to the questions.
  3. Creating a research proposal. The student should include numerous components in the research proposal: 
    1. The dream project, including the project’s goals and interested parties 
    2. Three to five guiding questions he/she will investigate
    3. Resources he/she will need to find answers to questions
    4. Ideas about how the $1 million will be spent 
  4. Conducting the research. After the teacher has approved student proposals, each student begins using the resources he/she has identified and others he/she may encounter. During this stage, the student will need to keep a log, note cards, and/or resource process sheets for all the sources he/she uses and what he/she learns from each one. 

B. The product 

Each student will create a poster showing how the $1 million will be spent, through a graph and a table. The table should show the category of expense and the amount with the relation to the whole shown in fractions, decimals, and percentages. 

C. Communication 

Each student will present their proposal to a panel/teacher who will determine who “wins” the $1 million. Alternatively all students in the class can vote on the winner. As a class, students should establish criteria for determining who wins. Criteria could include need for the project, feasibility, community support, and/or staying within budget restraints. 

D. A completed project consists of: 

  1. The research proposal 
  2. A log, note cards, or resource process sheets
  3. Final budget proposal
  4. Recreation of the poster on a smaller scale, including all pertinent information on the poster
  5. A Works Cited Page
  6. An audiotape or videotape of the panel presentation, including an unscripted Q&A session
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