Grade 6-8
,
Activity
Net Worth Key Terms
Objective
Students will be able to:
- Recognize the key terms associated with calculating a person’s net worth.
Standard
National Standards in Economics
Income
Standard: 13
- Students will understand that: Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce.
- Students will be able to use this knowledge to: Predict future earnings based on their current plans for education, training, and career options.
National Standards in Financial Literacy
Earning Income
Standard: 1
- Students will understand that: Most people earn wage and salary income in return for working, and they can also earn income from interest, dividends, rents, entrepreneurship, business profits, or increases in the value of investments. Employee compensation may also include access to employee benefits such as retirement plans and health insurance. Employers generally pay higher wages and salaries to more educated, skilled, and productive workers. The decision to invest in additional education or training can be made by weighing the benefit of increased income-earning and career potential against the opportunity costs in the form of time, effort, and money. Spendable income is lower than gross income due to taxes assessed on income by federal, state, and local governments.
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In this math activity, students will review their understanding of net worth key terms.
Procedure
This is an individual activity where students will review their knowledge of the key terms related to net worth.To complete this activity, students need to follow the directions below:
- Match the terms in the word bank with the definitions in the Quizizz activity, with the Net Worth Key Terms Matching Game Worksheet, or complete the ReadyAssessments Activity.
- Then, check the answer key.