Lesson Plan: Money In, Money Out!

Grade Level Appropriateness: 1st Grade

Technology Content Standard Addressed:

§ Computational Thinker 1.5c. – Break problems into component parts, extract key
information, and develop descriptive models to understand complex systems or facilitate
problem solving.
§ Computational Thinker 1.5.d. –Understand how automation works and use algorithmic
thinking to develop a sequence of steps to create and test automated solutions.
§ Designer 2.5.c. – Design authentic learning activities that align with content area
standards and use digital tools and resources to maximize active, deep learning.

Nevada Academic Content Standards:

§ Essential Concepts, Skills, and Experiences Economics (1)2.2 - Develop an awareness

of the value and purpose of money.
§ English Language Arts/Reading Discussion (1)10.1 - Demonstrate turn-taking in
conversations and group discussions [NS 10.1.1]
§ Essential Concepts, Skills, and Experiences Numbers, Number Sense, and
Computation (1)1.15 - Know basic addition facts (sums to 10) and the corresponding
subtraction facts. [NS 1.2.1]
§ Essential Concepts, Skills, and Experiences Numbers, Number Sense, and
Computation (1)1.16 - Write number sentences for the basic addition and subtraction
facts (sums to 10 or less) and corresponding subtraction facts.

Objectives:

§ The student will be able to tell about things that cost money, ways to make money, and
why we need money in a small group discussion with 90% accuracy.
§ The student will be able to identify whether to use addition or subtraction after spinning
the money wheel and will be able to build addition and subtraction math problems with
90% accuracy.
§ The student will be able to solve the addition and subtraction problems on the Money In
Money Out worksheet with 95% accuracy.
Materials:

Student Chromebook
Internet
Classroom Home Page
Money In Money Out Worksheet
Pencil
Eraser
$1 Bills for Each Student (Real, Monopoly, or Printed Paper)
Individual Mini Size Pack of M&Ms for Each Student
White Board
Marker
Eraser

Suggested Group Size:

Students will work individually, performing the same lesson at the same time while at their seats

Procedure:

1. Introduce: When lined up to return to the classroom from lunch tell the students that if
they can walk through the halls with their arms folded and not make a sound they will
each receive a $1 bill once they get back to the classroom. Before entering, stop at the
classroom door and if possible take out real $1 bills. If unable to provide real, printed
play paper or Monopoly $1 bills will also work. Before each student enters the room,
hand them a $1 bill. Remind them that if they do not take their seats quietly and quickly
they will lose their $1 bill. Once everyone is seated take out the bag of individual M&Ms
packs and tell the students that they now get to buy the pack of M&Ms from you. If
students do not want to buy the M&M’s and want to keep the money let them know that
for lesson purposes they have to buy the M&M’s. Have the students remain at their seats
while you go to each table and exchange the M&M’s for their $1 bill.

2. Discuss: Allow the students to open their M&Ms so that they can eat them. While the
students are eating their M&M’s remind them that they earned the $1 bill by following
directions. Then remind them that they gave up their $1 dollar bill when then bought
M&M’s. Explain to the students that they started out with $0 from you that day, then
added $1 for following the rules, but then subtracted $1 when they purchased their
M&Ms. Next, students will take turns answering the question below at their table groups
of four, one at a time while remaining in their seats. Each of the students know their
assigned number in the group so ask question one and then call out a number 1-4 and the
student who is that number will respond to their group. Walk around the room listening
for the answers. Once all the tables are finished with question 1 move on to question 2
and select a different number. Ask all four questions until each student has had a turn
 answering. While students are responding walk around listening and collect M&M
wrappers. Ask the students the following questions:

1. What are some different ways people can earn money?

2. What are some things that cost money?
3. What happens if you go to a store and do not have enough money to buy
something that you want?
4. Why do we have to pay for things?

After everyone has had a turn to answer a questions quickly go over the questions again
and give answers so the students can compare their answers to the teachers. Remind them
that they did a great job and that you are giving them more ideas to think about.

3. Activities:

§ Wheel of Money: After discussion time and all of the trash has been collected
have the students take out their chromebooks. Instruct them to go to their
classroom home page and select the wheel of colors exercise. Explain that on the
wheel of colors page there are three ways to earn money such as going to work,
chores, and gifts. Explain that there are other ways to earn money as well but we
are just working with these three ways today. After discussing the ways of making
money show the students that there are also three ways that they will lose money
on the wheel and those things are pay for house, buy food, and buy a toy. Have
everyone at the same time spin the wheel on their chromebook for a practice
round to see what they landed on. Use the equity sticks with all the student’s
names provided to pull and ask a student what they landed on. On the equity
sticks red side up means the student has already been picked before, green side up
means to go ahead and select that stick. Ask the chosen student what they landed
on and ask if that means they make money or if they have to give away their
money. Explain that when we make money we are using addition to figure out
how much money we now have and when we spend money we are using
subtraction to figure out how much money we now have. Show an example on the
white board of how the students will fill out their worksheet with the numbers the
chosen student provides. Go through this step two more times and make sure
everyone in the class understands. Make sure to pick a different student on each
of the three rounds.

§ Money In Money Out Worksheet: After all the students understand that making
money is adding money to their total amount and giving spending money is
subtracting money from their total amount, hand out the Money In Money Out
worksheet. Tell all the students to take out their pencils and erasers and begin by
writing their name and date at the top of the worksheet. Explain that on the
worksheet they are to start at number 1 where they have already earned $5 for
being great students today. Let the students know that they will work at their own
pace after you tell them to begin. The first step is to spin the wheel. If the wheel
 lands on work, chores, or gifts they will add that amount to the $5 but if it lands
on house, food or toys then they have to subtract that amount from the $5. Let the
students know that they will continue to spin the wheel and do the math until the
teacher says time is up. Let the students know that if they run out of space on their
sheet that they are to raise their hands and wait quietly for the teacher to bring
them a new sheet. Also, let the students know that if they get to $0 and land on a
picture that they need to subtract to spin again until they get a number that they
can add. Also, let the students know that if they reach10 and get a picture that
they need to add that they need to spin again until they get a number that they can
subtract. Set the timer for 20 minutes and tell the students to begin. If a student’s
chromebook is not working have them watch their neighbors spins and use the
same numbers for their worksheet.

4. Discuss: After time is up use the equity sticks to ask the students the following questions:

1. Did it take a lot of money to pay for things?

2. Why is it important to make money?

Assessment:

§ Group Discussion: Students will be assessed on their participation in telling the group
what they believe the answer to the question is and quietly listening to others as they give
their answers to the group as well. Students will earn a ½ point if they answer the
question to the best of their ability. Students will earn a ½ point if they listen respectively
to their classmates when speaking. Total of 1 point possible for this section.
§ Wheel of Money: Students will be assessed on the wheel of money activity by actively
engaging in the activity and completing at least six rounds in the twenty-minute time
frame. Students must set up their math problem by putting in their addition or subtraction
sign, the amount on the wheel, and the new amount in the next box. Students can earn up
to 3 points each round. One point for the sign, one point for the amount, and one point for
putting the new amount in the next box. Total of 18 points possible for this section.
§ Money In Money Out Worksheet: Students will be assessed on the worksheet by the
amount of correct math problems they were able to perform. Students will earn 1 point
for each correct answer given up to six points max. Total of 6 points possible for this
section. If students answered more than six problems count the problems that are correct
when scoring.
§ Extra Credit: Students will receive ½ point if they have their name on their paper
and ½ point if they have the date on their paper.






 “Money In, Money Out” Worksheet

Begin in Spin 1 Box. Spin the money wheel on your Chromebook. If the wheel lands on work, chores, or gift
put a + sign in the circle and put the amount above the black line. If the wheel lands on the house, food, or toy
sign put a – in the circle and put the amount above the black line. Add or subtract your number from the $5.
Take the answer in the red box and put that number in the Spin 2 box beside the green arrow. Continue the
process.

Spin 2 Spin 3 Spin 4

Spin 1

$5

Spin 5 Spin 6 Spin 7 Spin 8

Spin 9 Spin 10 Spin 11 Spin 12

Spin13 Spin 14 Spin 15

Spin 16