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5GRADE

The Classroom Store

This lesson teaches students how to calculate money amounts and make change by conducting simulated purchases through a classroom store activity.

Subject Mathematics

Suggested Timing 40 minutes

Financial Literacy Objectives

At the end of this lesson, students will: • identifyformsofmoney;• conductsimulatedpurchasesforamountsupto$1,000.

Curriculum Expectations

Mathematics, Grades 1-8 (2005) Mathematics

Number Sense and Numeration• Readandwritemoneyamountsto$1000.• Solveproblemsthatarisefromreal-lifesituations.• Addandsubtractdecimalnumberstohundredths,includingmoneyamounts,usingconcretematerials.

• Useestimationwhensolvingproblemsinvolvingtheaddition,subtraction,multiplication,anddivisionofwholenumbers,tohelpjudgethereasonablenessofasolution.

Assessment Use:ObservationChecklist:ClassroomStore(AppendixA)Collect:ReceiptTemplatesfromsellers(AppendixC)

What You Need • Havestudentsbringtoclasspicturesoffiveitemsfrommagazinesorcataloguesthattheywanttosellduringtheclassroomstoreactivity(orteachercanprovidemagazinesandcataloguesforthispurpose).

• ObservationChecklist(AppendixA)• Chartpaper(cutintostrips)andmarkers• Blankstickerstouseaspricetags• Playmoney(AppendixB)Note-ifplaymoneyisnotavailable,studentscandrawthebillsandcoinstheywouldgiveaschangeonasmallpieceofpaper.

• Fivereceipttemplatesperstudent(AppendixC)

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GRADE 5The Classroom Store

Minds On Group WorkProvideastripofpaperandamarkertoeverystudent.

Organizestudentsintogroupsandaskthemtobrainstormdifferentretailstorestheyknowwhichsellproducts(asopposedtoservices).

Haveeachstudentuseamarkertorecordatleastonestorenameonthestripofpaper.

Collectthestripsofpaperand,withthestudents’help,sortstoresintocategories(grocery,clothing,toystores,etc.)bytapingpaperstripsundereachcategoryheading.

Askstudentsiftheyhaveevertriedtosellormarketitemstheyhaveowned,andencouragethemtoelaborateastohowandwheretheydidthis.(Answersmightincludegaragesales,lemonadestands,paperroutes,onlineauctionswithparents,etc.).

Askstudentstoexplainthedifferencebetweenabuyerandasellerandthendefinetheword“retailer”.

Havestudentscommentonanyissuesthatretailersmightneedtoconsiderastheyprepareitemsforsale(moneyforchange,qualityofproduct,pricing,ethicaladvertising).

Explaintostudentsthattodaytheywillbesettingupastorefrontandthateachpersonwillhaveachancetosellitemstotheirclassmatesusingplaymoney. Thelearninggoalsoftheactivityaretothinkabouttheprocessinvolvedinsellingsomethingtothepublicandtopracticemakingcorrectchange.

Action Activity: Classroom Store

Set Up:Arrangestudentsingroupsoffour,andhavethemsetuptheirdesksasastorefront/sellingarea.

Letthegroupsdecidehowtheywilldisplay,organize,andpromotetheitems(images)thattheyhavebroughttosell(e.g.encouragestudentstoposttheirimagesonthewallorposterboard,etc.).

Havestudentsinventastorenameandencouragegroupstocooperateinmakingasign,jingle,ormottotoadvertisetheirstoreanditsitems.

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GRADE 5The Classroom Store

Action (continued)

Instruction:Provideguidelinesforpricingitems,andmodelexamplesofhowtomakechangewithbillsandcoinsbyconductingseveraldemonstrationswiththeclass.Explaintheideaofa“float”andhowitisused.Defineandexplaintheterm“transaction”.

Intheirsmallgroups,havestudentsdiscussappropriatepricesfortheiritems.Studentsthenlabeltheirimagesofitemswithpricestickers.Encouragestudentstoselectpricesthatwillrequirethemtomakechange(forexample,$17.50).

Provideeachgroupwithafloatformakingchange.(Suggestion–giveeachgroupashoeboxinwhichtostoretheirfloat/playmoney).Remindthegrouptocounttheirfloatinadvanceofsellingandhavethemremembertheamountorrecorditontheirshoebox.

Recording Transactions:Dividetheclassintobuyersandsellers.Explainthatonehalfoftheclasswillselltheirproductsfirst,whiletheotherhalfwillwalkaroundtheroommakingpurchases.

Provideampleplaymoneytothebuyersandhandoutfivereceipttemplates(AppendixC)tothesellers.

Beforethestoresareopenforbusiness,modeltotheclasshowtorecordtransactionsonthereceipts(AppendixC).Besuretomakeitclearthateachsellermustproduceareceiptforeveryproductsold.

After15minutes,havebuyersandsellersswitchroles.

Consolidation/ Debrief

Helpgroupsaddupthemoneytheymadefromsellingtheiritemsandthenshowthemhowtosubtractthefloattoobtaintheirsalestotal.Havegroupssharetheirtotalswiththeclass.

Whole Class DiscussionAsaclass,havestudentsdiscusssomeofthechallengestheyencounteredwhensellingandmakingchangebyansweringthefollowingquestions:1. Whatwasthemostdifficultpartofmakingchange?2.Werethereanytricksyouusedtohelpyoucalculatethecorrectchange?3.Whatsellingtechniquesworkedbest?4.Whydoyouthinkitisimportantforretailerstokeeparecordoftheirtransactions?

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GRADE 5The Classroom Store

Observation Checklist: Classroom Store

Date:

Student Name Marketing Strategy

Appropriate Pricing

Actively Engaged in Selling and

Buying

Makes Correct Change

Able to add up money s/he has

made

A P P E N D I X A

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GRADE 5The Classroom Store

Play Money

A P P E N D I X B

#

1 ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1

ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1

ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1

ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1

ten cents

five cents

twenty-five

centstwo dollars

one cent

one dollar

10¢

25¢

5¢

$2

1¢

$1

onehundreddollars 100

100

100 100

100

fiftydollars 50

50 50

50 50

twentydollars 20

20 20

20 20

tendollars 10

10 10

10 10

fivedollars 5

5 5

5 5

onehundreddollars 100

100

100 100

100

fiftydollars 50

50 50

50 50

twentydollars 20

20 20

20 20

tendollars 10

10 10

10 10

fivedollars 5

5 5

5 5

onehundreddollars 100

100

100 100

100

fiftydollars 50

50 50

50 50

twentydollars 20

20 20

20 20

tendollars 10

10 10

10 10

fivedollars 5

5 5

5 5

onehundreddollars 100

100

100 100

100

fiftydollars 50

50 50

50 50

twentydollars 20

20 20

20 20

tendollars 10

10 10

10 10

fivedollars 5

5 5

5 5

onehundreddollars 100

100

100 100

100

fiftydollars 50

50 50

50 50

twentydollars 20

20 20

20 20

tendollars 10

10 10

10 10

fivedollars 5

5 5

5 5

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GRADE 5The Classroom Store

Receipt Template (Handout5toeachstudentbeforeactivitybegins)

A P P E N D I X C

Transaction Receipt

NameofSeller:

Date:

ItemName:

CostofItem:

CashReceived:

ChangeGivenBack:

SignatureofBuyer:

Transaction Receipt

NameofSeller:

Date:

ItemName:

CostofItem:

CashReceived:

ChangeGivenBack:

SignatureofBuyer:

Transaction Receipt

NameofSeller:

Date:

ItemName:

CostofItem:

CashReceived:

ChangeGivenBack:

SignatureofBuyer:

Transaction Receipt

NameofSeller:

Date:

ItemName:

CostofItem:

CashReceived:

ChangeGivenBack:

SignatureofBuyer:

#