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31-45 min
Personal Finance

Understanding Taxes (Lesson 4B)

Understanding Taxes (Lesson 4B)

OVERVIEW

In this lesson, students learn about factors that make various taxes different: bases, rates, structures, methods of collection, and level of government. They learn a simple information about four common types of taxes and apply this knowledge to calculate total taxes paid for three households.

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More in This Series

CURRICULUM UNITS 1 HOUR+

Making Personal Finance Decisions Curriculum

The Making Personal Finance Decisions curriculum teaches valuable personal finance lessons grounded in economic theory.

LESSONS & ACTIVITIES 31-45 MIN

The Wealth Game—Factors for Success (Lesson 1A)

After playing a game simulating wealth creation, students reflect on determinants of wealth: natural abilities, effort, motivation, and luck.

LESSONS & ACTIVITIES 31-45 MIN

Making Choices and Identifying Costs (Lesson 1B)

Students are introduced to the PACED decisionmaking model and grid as a guide to making personal finance choices.

LESSONS & ACTIVITIES 31-45 MIN

The Inventory Game—Net Worth and Cash Flow (Lesson 2A)

Students play a game to learn about net worth, cash flow, and the relationship between them.

LESSONS & ACTIVITIES 31-45 MIN

Meeting Financial Goals—Rate of Return (Lesson 2B)

Students are shown the two ways that investments can earn a return.

LESSONS & ACTIVITIES 31-45 MIN

Investing in Yourself (Lesson 3A)

Students perform calculations to demonstrate the importance of human capital in increasing a person’s productivity.

LESSONS & ACTIVITIES 31-45 MIN

Entrepreneurship—Working for Yourself (Lesson 3B)

Students learn about common traits of entrepreneurs through an activity.

LESSONS & ACTIVITIES 31-45 MIN

What Are Taxes For? (Lesson 4A)

Students learn why it is necessary for the government to provide some goods and services.

LESSONS & ACTIVITIES 31-45 MIN

Making a Budget—It Is All Spending! (Lesson 5A)

Students discover that all elements of a budget are essentially spending on goods and services.

LESSONS & ACTIVITIES 31-45 MIN

Budget Trade-Offs—A Penny Here and a Penny There (Lesson 5B)

Students participate in an activity that illustrates that budgeting is really an allocation problem.

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