PAY DAY

CLERKS PREPARATION
  • Clerks–Write a paycheck for each student in your group
  • Class Banker–Make sure there is enough cash in the Central Classroom Bank.
  • Everyone–There are extra bank slips and bank logs in the back of the room in case you don’t have it in your folder.
AUCTIONEERS PREPARATION
  • Auctioneers: Make sure each student in your group has an auction paddle/paper.
  • Auctioneers: Make sure you have an auction record form and extra bank slips ready.
  • Auctioneers: Gather the items for sale and set a starting bid level for each one based on its appeal. A starting level around $500 should work for many items.
  • Display the items so everyone can preview the goods.
  • Auctioneer–announce the items and their starting bids
  • Assistant Auctioneer–document each sale
FINE OFFICER PREPARATION
  • All students–Extra bank slips and bank logs are in the back of the room.
  • Fine Officers–Extra blank fine slips are in the back of the room.
  • Fine Officers–Check the offense log.
ALL STUDENTS PREPARATION
  • All students–your folder should contain: A rental agreement, an electricity log, and a rent log
  • Banker–check for unpaid bill notices
  • All students–extra bank slips and bank logs are in the back of the room
  • All students–deeds are available in case you are ready to purchase your desk
IN CLASS

Here is what needs to happen on Pay Day:

  1. Clerks–hand out the paychecks.
  2. Teacher–distribute bonus money to students who have earned it.
    1. Who has all their assignments turned in for this class so far?
    2. Who participated in after school activities this month?
    3. On a piece of paper, write down the name of one of your classmates that you think deserves a bonus and why. Give it to your teacher.
  3. Each student–completes a bank slip.
  4. Each student–updates his or her bank log with the amount of the paycheck and any bonus money received.
  5. Each student–takes the paycheck and the bonus cash (if any) to their Banker.
  6. Banker–updates his or her copy of the student’s bank log.
  7. Banker–places the paycheck in the paycheck envelope within the banking folder.
  8. Banker–be sure you have $2,000 in the bank folder at all times.
  9. Banker–should deposit any additional cash in the Central Classroom Bank through the Class Banker.

 BILL DAY

PREPARATION
  • All students–your folder should contain: A rental agreement
  • Banker–check for unpaid bill notices
  • All students–extra bank slips and bank logs are in the back of the room
  • All students–deeds are available in case you are ready to purchase your desk
IN CLASS
  1. Paying bills is one of your most important financial responsibilities. It’s so important that, unless you pay your bills, you won’t be allowed to participate in Auction Day.
  2. It is important to plan and watch your spending so you will always have the rent money ready when it’s due.
  3. You can escape rent payments altogether if you can save $1,500 to buy the deed to your desk. THIS IS SOMETHING YOU SHOULD SERIOUSLY CONSIDER DOING.
  4. Electrician–report on electricity usage and provide suggestions about how to lower next month’s bill.
  5. You will need to pay taxes in April (1st semester–November) and you should consider setting money aside to prepare for this. You can earn tax deductions by making charitable gifts. Review the tax document placed in your folder and keep track of your charitable contributions throughout the semester.

BILL PROCEDURES

  1. Electrician–announce the usage bill–$150
  2. All students–update your bank log to show the withdrawal of rent and electricity money.
  3. All students–take your bank log to your Banker.
  4. Banker–update each student’s copy of their bank log, and write “Paid”.
  5. Banker–if the student cannot pay the month’s bills, fill out an unpaid bill notice and put it on the teacher’s desk.
    1. Banker–once the student manages to make the payment, update the student’s rent log or electricity log, or both, noting the date.
  6. Can anyone purchase their desk this month? If you can do so, get your DEED TO YOUR DESK from your teacher!
  7. All students–if you buy a desk, take the $1,500 to your Banker along with the deed.
  8. Banker–mark the student’s rental account “Paid in full.”

FOLLOW-UP DISCUSSION

Paying bills is a strong indicator that you are succeeding in the classroom economy program. If a you can’t pay bills, it is important to get back on track as soon as possible. The unpaid bill notice is a way to keep you informed about who is falling behind. Be sure to participate in more activities, complete all assignments, work well with other, etc. so you will earn enough bonus money to catch up on bills and get in on the Auction Day fun.

TICKET DAY

Getting and Paying Fines

On Ticket Day, students must pay the fines that have been assessed since the last Ticket Day.

PREPARATION
  • All students–Extra bank slips and bank logs are in the back of the room.
  • Fine Officers–Extra blank fine slips are in the back of the room.
  • Fine Officers–Check the offense log.
IN CLASS

Violations for breaking the class rules over the past month need to pay up now. You will have to withdraw the money from your bank account.

FINE PROCEDURES

  1. Fine Officers–examine the offense log, write tickets, and give them to the students being fined.
  2. Fined Student–fills out a bank slip to make a withdrawal.
  3. Fined Student–enter the withdrawal in your bank log.
  4. Banker–update a copy of the each student’s bank log, put the bank slip in the student’s envelope, and hand over the cash.
  5. Fined student–take the cash and ticket to the Fine Officer.
  6. Fine Officer–mark the ticket paid and deliver it to the teacher along with the cash.
  7. Fine Officer–write in the offense log that the fine was paid.

AUCTION DAY

The auction is an important component of the classroom economy. It lets you reward yourself for working diligently to earn money. From a learning perspective, it links directly to the concept of supply and demand, and you will quickly discover how impulse buying can shrink a bank account.

PREPARATION
  • Auctioneers: Make sure each student in your group has an auction paddle/paper.
  • Auctioneers: Make sure you have an auction record form and extra bank slips ready.
  • Auctioneers: Gather the items for sale and set a starting bid level for each one based on its appeal. A starting level around $500 should work for many items.
  • Display the items so everyone can preview the goods.
  • Auctioneer–announce the items and their starting bids
  • Assistant Auctioneer–document each sale
IN CLASS

Introducing the auction

Explain that students can only spend the amount of money they have in their bank accounts, and that they’re not required to purchase anything. This is a good time to reinforce the importance of saving, and to remind the students that they have the ability to buy the deed to their desks and thus escape rent payments forever.

It’s also important to emphasize that an auction bid is a binding contract, and there’s no going back on it, even if they later wish that they hadn’t spent the money.

If necessary, explain the auction procedures before beginning the auction.

Auction procedures

Before the auction starts, allow students to quickly confirm their bank logs with the Bankers so everyone knows what he or she can spend.

    1. The Auctioneer displays the first item, explains what it is, and opens the bidding at the assigned price. Example: “We have an Ultimate Frisbee disc. The starting price is $500. Do I have any takers?”
    2. Students who want the item raise their paddles.
    3. Once a paddle is up, the Auctioneer acknowledges the bid and asks if anyone will go for a higher price. Example: “[Student name] for $500. Do I hear $600?”
    4. The Auctioneer repeats this process until bidding stops. The last bidder wins the item. Example: “[Student Name] for $1,500. Any more bidders? …Going once, going twice, sold!”
  • The Assistant Auctioneer enters the sale on the auction record form.
  1. The Auctioneer moves on to the next item.

Collecting payments

After the auction, each winning bidder needs to withdraw cash from the bank to pay for items bought. Do not give an item to the student until you receive the cash.

At this point some students may decide they bid too much and no longer want the item they won. It is very important that you require them to purchase it anyway. The auction is a vital tool in teaching the lesson of buyer’s remorse.

  1. Fill in a bank slip with the amount needed to cover the auction payment.
  2. Update his or her bank log.
  3. Bring the bank slip to the Banker and receive the cash.
  4. Bring the cash to you and exchange it for the item.
FOLLOW-UP DISCUSSION15–30 minutes

After an auction, some students will feel overwhelmed because they got caught up in the action and spent most or all of their money. This can be a tremendous learning opportunity.

You could use some of the following questions to guide a discussion:

  • What made you keep bidding even when the price was getting so high?
  • How do you feel now about the item you bought? Was it worth it?
  • What concerns do you have about the amount of money you spent?
  • How will you go about rebuilding your savings?
  • Will you be able to make rent the next time it is due?
  • Will you change the way you bid at the next auction?

LEARN HOW TO RUN A BUSINESS

IMPORTANT: At the end of every class, write about the following on today’s lesson plan at the bottom of this page:

  1. Describe what happened or what you did during class.
  2. Interpret how things went by using one (or more) of these terms:
    1. Strength & Weaknesses
    2. Successes & Setback
  3. What have you learned due to this experience?
  4. Answer one (or more) of these questions:
    1. What can you do to improve your learning?
    2. How will you extend your learning past what is expected?
  5. Remember to go back and read what your classmates wrote about to get ideas for yourself!
  6. Be sure to use good writing skills!!

 

70 thoughts on “Day 26 (8)

  • October 11, 2016 at 10:03 am
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    For Ty and Kayden’s video I give them a 4. It didn’t really grab my attention, but I thought it was very creative and I loved the music too.

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  • October 11, 2016 at 10:03 am
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    Brady and brandon gets a 4
    Got my attention no music or credits was good video though.

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  • October 11, 2016 at 10:02 am
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    Ty&Kayden
    4.5 points
    The reason for this is that the video was interesting with the cool effects and text in the videos, and the message was memorable. However, it was a little unprofessional to abbreviate you to u. Other than that, you did a great job.

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  • October 11, 2016 at 10:01 am
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    I think that Blaze should get a 4/5 because it had a good message got the message across and told us what to do but was boring because it didn’t have music.

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  • October 11, 2016 at 10:00 am
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    lexi and Rebecca-4/5 it had no credits but it has really good quotes and music. gives a lot of details.

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  • October 11, 2016 at 10:00 am
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    For Cisco and Mariah’s video I give them a 5. I liked the music, it was very creative, I liked the effect with the words and the background, it really grabbed my attention.

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  • October 11, 2016 at 9:59 am
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    Good video needs credits had my attention.
    maddie and zoe gets a four

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  • October 11, 2016 at 9:59 am
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    I give my self A 4.5 I think i could maybe have what I did not for pictures I added.

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  • October 11, 2016 at 9:59 am
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    Zoe and Maddie- They caught our attention. Especially the music. It was kind of short, but kept my attention the whole time,. We give it a 4.5

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  • October 11, 2016 at 9:58 am
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    Nick and Teresa – 3/5 because it didn’t really get our attention but it was good and it gave some good information.

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  • October 11, 2016 at 9:58 am
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    Cisco and Mariah
    4.5
    The video was very beautiful with nice effects that held attention. The message was also memorable, short and to the point, however the music can in late.

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  • October 11, 2016 at 9:58 am
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    Ty and Kaydens-I give them 3 because they slept you like (u) and also it lost my eye. Though it was creative.

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  • October 11, 2016 at 9:57 am
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    Zoe and Maddie
    I scored theirs a 4 because i liked hoe it had an attention getter but i wish it was a little longer but other then that it was a little longer.

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  • October 11, 2016 at 9:57 am
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    Blazes video gets a 4
    Good video but needs music and credits. Had good pics though.

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  • October 11, 2016 at 9:55 am
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    Jacobs- I think Jacob did really good i give him a 5 he had credits and it was really creative.

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  • October 11, 2016 at 9:55 am
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    Nick&Teresa
    5 points
    This is because the video caught and held attention with it’s beautiful transitions and effects. The music was also nice, and it was a good idea to give examples of how to be trustworthy. However, there was a lot of reading, and sometimes text went away a little too fast.

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  • October 11, 2016 at 9:55 am
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    Lexi and Rebecca – 3.5/5 Because it was good and had good and inspirational quotes. The reason we took away points is because some of them were too short to read and they didn’t have credits.

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  • October 11, 2016 at 9:55 am
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    I liked Lexi and Rebecca’s video. It was really nice and I liked the calm music. I give them a 4 and a half. But I love all the message.

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  • October 11, 2016 at 9:54 am
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    For Teresa and Nick’s video I give them a 4. It didn’t really grab my attention with the music. But I thought what they did with the slides was creative.

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  • October 11, 2016 at 9:54 am
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    Adriana and Sydney
    I scored there at a 5 because it had a good attention getter and it was strait to the point. I really liked the raping part.

    Jacob
    I scored this video a 4 because i would have liked to see more pictures but i did like the sound and how it was strait to the point.

    Blaze
    I scored this a 3 because it didn’t have the best attention getter but it did get strait to the point, but i would have liked to have some sound.

    Rylie and David
    I scored theirs a 5 because it was strait to the point and it had a good toon to it plus it had a good attention getter.

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  • October 11, 2016 at 9:53 am
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    I give Cisco and Mariah a 4.5/5 because they did very well and kept my attention and it was very creative but there were no credits.

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  • October 11, 2016 at 9:52 am
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    Brandon and Brady- 4/5 the facts slide went to fast and there was no credits. But I like how you put cartoons because it caught my attention.

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  • October 11, 2016 at 9:52 am
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    Brady and Brandon – We give them a 4/5 because it was good and it gave all of the information but it didn’t really grab our attention.

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  • October 11, 2016 at 9:51 am
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    I really liked Ty’s and Kayden’s video, I give them a 5. I thought there was a lot going on and There was awesome music that kept my attention. Also I liked that they put a quote in it.

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  • October 11, 2016 at 9:50 am
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    I give Teresa and Nick a 4/5 because it kept my attention and carried a good message but was pretty long and there were no credits.

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  • October 11, 2016 at 9:50 am
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    Lexi and Rebecca
    4
    The text was readable, the music was nice, and they got there point across well. Sometimes the text disappeared to quickly and there was a lot to read.

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  • October 11, 2016 at 9:50 am
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    For Lexi and Rebecca’s video I gave them a 4. I really liked how it grabbed my attention with the quotes and the music. The slides could have gone a little slower though.

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  • October 11, 2016 at 9:49 am
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    For lexi i give them a 4 because it went to fast but it caught my attention and it was great.

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  • October 11, 2016 at 9:48 am
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    Zoe and Maddie – We give them a 2/5 because we didn’t really get it and it was really short.

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  • October 11, 2016 at 9:48 am
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    Ty and Kayden- 4 It was good with good pictures. It didn’t have credits and the music wasen’t very attention grabing.

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  • October 11, 2016 at 9:48 am
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    I give myself a 5 because it was good and i was in it so it must be good.

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  • October 11, 2016 at 9:47 am
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    Lexi and Rebecca-4 because there was no credit but it was creative and kept me watching.

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  • October 11, 2016 at 9:47 am
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    Jacobs was pretty good, I give him a 4. He had a really good message but it was kind of boring. I don’t really like slideshows.

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  • October 11, 2016 at 9:47 am
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    David and Rylie- I thought that it caught our attention by the music. Some of the pictures were blurry, and some of them were cut off. The 2 way respect thing was useful. Overall We give them a 4

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  • October 11, 2016 at 9:46 am
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    Riley and David- 3/5 because we didn’t like that some of the pictures were blurry or cut off. But it did grab our attention well because of the music.

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  • October 11, 2016 at 9:46 am
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    Brady&Brandon
    4.5 points
    This is because the video was interesting, visually appealing, and creative. On one slide, however, the text was hard to read and disappeared too quickly.

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  • October 11, 2016 at 9:45 am
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    I give maddies group a 5 because they had a quote and they caught my attention and it was cool and it was great.

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  • October 11, 2016 at 9:45 am
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    For Zoe’s and Maddie’s I give them a 5. It really got my attention because it was so creative and I liked how they used a quote from a movie.

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  • October 11, 2016 at 9:45 am
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    I really liked Sydnee and Adrianna’s video, I give it a 5. I liked it because you was cool and funny like when she rapped and flipped the bottle and dabbed.

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  • October 11, 2016 at 9:45 am
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    Cisco and Mariah- 4.5 It was really good. It had some good pictures and the music was attention grabing. It didn’t have creitds

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  • October 11, 2016 at 9:44 am
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    Blaze- We gave her a 3/5 because it had information but it was hard to pay attention because it didn’t have any music or sound.

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  • October 11, 2016 at 9:44 am
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    I give them a 4 because it got my attention and the quote caught my attention but i docked a point because it went to quick.David

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  • October 11, 2016 at 9:43 am
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    Jacobs video gets a 3
    Got my attention in the begging but lost me at the end. Gave him a 3 because no credits and didnt have pictures.

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  • October 11, 2016 at 9:43 am
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    Jacob- We gave it a 4/5 because it was good with the information but in some places it was boring.

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  • October 11, 2016 at 9:43 am
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    Becca and Lexi- 4 It was good. It gave some good points, but it didn’t have credits and it didn’t have their own ideas.

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  • October 11, 2016 at 9:42 am
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    For David’s video I give him a 4. It really got my attention and I loved the music it was very creative, it also had great quotes. But the slides were going a little too fast.

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  • October 11, 2016 at 9:42 am
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    Adrianna and Sydnee- We gave their video a 5/5 because it was original and creative and and it did a good job keeping our attention.

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  • October 11, 2016 at 9:42 am
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    I think that Brady and Brandon deserve a 3/5 because they did not keep my attention. They did not put down credits and the facts went too fast. Besides that it was creative. It had a good idea to go off of.

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  • October 11, 2016 at 9:41 am
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    David and Rylie
    3.5
    Theirs was long, kind of repeated itself, and some of the text was had to read or cut off. The music was interesting and it was colorful.

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  • October 11, 2016 at 9:41 am
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    Brady and Brandon- 3 It was ok. It had too much writing on it and was too fast but it gave some good overall points.

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  • October 11, 2016 at 9:38 am
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    Blaze- 4 i gave you a 4 because you don’t have any sound or credits and it didn’t really catch our attentions. But other then that you did good because you gave lots of details.

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  • October 11, 2016 at 9:38 am
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    Zoe and Maddie- 3.5 It was good because the begging was attention grabbing. It was kind of hard to understand so we had to re watch.

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  • October 11, 2016 at 9:38 am
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    For Blaze’s video I give her a 4 because it really got my attention. They could of had music in it though besides that it was good.

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  • October 11, 2016 at 9:37 am
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    for blazes video I give her a a 4 because it really got my attention. They could of had music in it though but other wise it was good.

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  • October 11, 2016 at 9:37 am
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    Blaze
    3.5 points
    It had a memorable message, showed care, and the transitions between slides were nice. It wasnt very interesting or attention grabbing since there wasnt any music.

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  • October 11, 2016 at 9:36 am
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    Maddie and Zoe should get a 3.5/5 because they did not put credits and did not explain what to do. It was short and caught my attention. It was creative. I liked it a lot.

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  • October 11, 2016 at 9:36 am
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    Rylie and David- 3.5 Their video had a good idea but it felt like they were just repeating themselves. They never really put their own ideas out there. Their music was good because it was attention grabbing.

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  • October 11, 2016 at 9:35 am
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    4 I think it was really good and i liked it way to go. I liked how you put the music in it was good it caught my attention and it was great.

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  • October 11, 2016 at 9:33 am
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    Jacob- It kind of caught our attention. We learned that if you give love you will get love. They go the point across. This is info we can use. They didn’t tell us to do anything in the end. He did provide credits. Overall I give them a 4.5

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  • October 11, 2016 at 9:30 am
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    Jacob
    4 points
    This is because the video was very well made, but had lots of information in it was hard to remember a message.

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  • October 11, 2016 at 9:29 am
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    Blaze- 3 It had a good idea. Didn’t have credits an no sound.

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  • October 11, 2016 at 9:28 am
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    Jacob- 4 It was good at had a good idea but it was kind of boring and didn’t have credits.

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  • October 11, 2016 at 9:27 am
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    I think that Adriann and Sydnee should get a 4/5. It was creative and kept my attention for a while. Overall they did well.

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  • October 11, 2016 at 9:26 am
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    Adrianna &Sydnee
    5 points.
    This is because it was interesting, creative, and had the credits.

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  • October 11, 2016 at 9:25 am
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    Aj and Sydnee- 3.5 because it was pretty good. They had a really good idea and had nice words to their rap. They didn’t have credts and the bottle flip was too slow.

    Reply

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