Grade: 12

Course: Foundations for College Mathematics

Course Code: MAP4C
Strand: Personal Finance

Focus:
Students are preparing to graduate and potentially pursue post-secondary education. Many
students are interested in studying away from home. Building, sticking to, and
adjusting/revising a budget is a very valuable and relevant skill for these college level math
learners to possess. Students will create a personal budget for their learning task, which will
involve them brainstorming in regards to their personal income and expenses. It will also
encourage them to start thinking about their personal and financial goals while also doing
some research in order to find accurate and relevant information. For the assessment task,
students will create a budget based on a hypothetical scenario of a student in their shoes.
Students will have to figure out whether the budget is in surplus or deficit, and then reflect on
why this is so. They will then suggest possible revisions or adjustments for each budget in
order to balance it.

Enclosed you will find:

1. Learning Task: Building a Personal Budget
Two periods (approximately 140 minutes)
Teacher and Student versions
2. Assessment Task: Mike Goes to College
One period (approximately 70 minutes)
Teacher and student versions

Expectations
Included in both tasks:
Overall
Design, justify and adjust budgets for individuals and families described in case studies, and
describe applications of the mathematics of personal finance.
Specific
Gather, interpret and describe information about living costs, and estimate the living costs of
different households.
Design, explain and justify a monthly budget suitable for an individual described in a given
case study that describes the specifics of the situation.

Learning Task - Teacher Version

Personal Finance: Building Your Budget (2 x 70 minute periods)
 MAP4C: Foundations of College Mathematics

Minds On: Students are asked to brainstorm a list of items that they spend money
on in small groups (2-3 students) and record these lists on chart paper. The class will
then come together and create a complete list of ideas from each group, to be
recorded on the board. Students will categorize the items into specific budget
categories (discussed in previous classes), like food, entertainment, groceries, etc.
The learning task will then be introduced to the students and the sheets will be
distributed.

Action: Students create a monthly budget based on their personal income and
expenses. They will determine whether or not the budget is balanced, and if not,
what they can do to make it balanced. Students should keep in their personal
financial goals in mind while creating the budget. They will be given electronic
devices to use for research purposes. Students will need to select the categories that
are relevant to them as well as the dollar amount spent in that category. Students
can choose any categories they like, however, they may take inspiration from the
following (and the complete list generated by the students on the board):
Rent
Income
Scholarships
Savings
Family support
Cash gifts/allowance
Utilities
Car maintenance
Car insurance
Fuel
Cell phone
Groceries
Clothing
Restaurants
Transportation
Hobbies
Vacation
Education
Savings plan
Miscellaneous
Loans

Students are to use the budget template given, and they will have to fill in the
categories and the amount spent on each category. Students will have to
show/explain how they arrived at the values they have listed in the budget. If the
budget is not balanced, students must find a way to balance the budget (i.e.
allocating or removing money in a category (or categories)). Students can work in
 groups, however, they are to hand in their own individual learning task, as the
budgets should vary from student to student. Students are expected to hand in:
Completed Budget
Worksheet or other way of showing rationale behind the numbers listed in the budget
Can be a list of calculations, explanations, and/or any other way students are able to
explain their values (video, interview, voice recording, etc.)

Reflect & Connect: Students will work in small groups and discuss their budgets.
The following questions will be asked:
How much money is being spent in certain categories (food, cell phone,
transportation)? How many hours of work does that equate to for you?
Are there categories you feel you spend too much on? If so, how could you reduce
your spending in that area?
How much does the rest of the class spend on that category?
Are there categories you feel you need to spend more on? How could you adjust the
budget to make room to spend more in a specific category?
Have you thought about your future (i.e. savings, education, car, etc.)?
With the budget you created, are you able to reach some (or all) of your financial
goals?

After each question, the groups will share their findings with the rest of the class.
Students can compare aspects of their budget to aspects of others budgets in the
class. Students can record their responses on chart paper or a small whiteboard. If
there is time, students can also peer edit their budgets and worksheets.

Name:______________________ Date:___________

Learning Task
Personal Finance: Building Your Budget (2 x 70 minute periods)
MAP4C: Foundations of College Mathematics

Task: You are to create a monthly budget based on your personal income and
expenses. You will determine whether or not the budget is balanced, and if not, what
 you can do to make it balanced. Make sure to keep your personal financial goals in
mind while creating the budget (examples: saving for school, a car, an apartment,
etc.). You will need to select the categories that are relevant for you, as well as
calculate the amount that is spent in that category. You can choose any categories
you like, however, you may take inspiration from the following (and the complete list
on the board):
Rent
Income
Scholarships
Savings
Family support
Cash gifts/allowance
Utilities
Car maintenance
Car insurance
Fuel
Cell phone
Groceries
Clothing
Restaurants
Transportation
Hobbies
Vacation
Education
Savings plan
Miscellaneous
Loans

Complete the budget using the budget template given. You will have to select and fill
in the categories and the amount spent on each category. You will also have to
show/explain how you arrived at the values you have listed in the budget. If the
budget is not balanced, you must find a way to balance the budget (i.e. allocating or
removing money in a category (or categories)). You can work in groups, however,
you must hand in your own individual learning task, as the budgets should vary from
student to student.
You are expected to hand in:
Completed Budget
Worksheet or other way of showing rationale behind the
numbers listed in the budget
Can be a list of calculations, explanations, and/or any
other way students are able to explain their values (video,
interview, voice recording, etc.)
The Learning Tasks will be returned with descriptive feedback on them. This
feedback will help you improve your budgeting skills prior to the Assessment task.

Budget Table:
INCOME

Total Monthly Income

 EXPENSES

Total Monthly Expenses

INCOME EXPENSES

Assessment Task: Teacher Version

Foundations for College Mathematics (MAP4C)
Personal Finance: Mike Goes to College

Description
Students are continually faced with a number of different expenses and costs throughout
high school. These expenses and costs usually increase a significant amount once they
graduate and then pursue a post-secondary education. More often than not, despite having
part or even full time income, students tend to spend money as fast as they make it. Have
your students, while keeping this is mind, read the scenario below. Upon reading, your
students are to create a monthly budget for the prospective college student named Mike.
Students should be sure to keep in mind what they think Mikes personal and financial goals
may be.
Note
Allow your students to work in groups of 2-3 or individually
 Students should know to produce their own work as they will be assessed individually
Explain to students that they are to round each amount to the nearest dollar

Scenario
College Student: Mike is 18 years old and just finished his last year in high school. He is
really excited because he has been accepted into the Electrical Engineering Technician
program at Cambrian College in Sudbury, Ontario. It is a three-year program and electricians
are in high demand in Northern Ontario so he is not worried about finding a job after
graduation. Tuition, including all student fees and textbooks, for his selected program is
$4800 per academic year. Since Mike does not live in Sudbury, he will have to look for a
place to live. Luckily, he has found an apartment to rent with 3 other students. The rent of
$1200 per month will be equally split between the four of them. Upon speaking to the
landlord, Mike has estimated his utilities to cost approximately $40 per month. The roomates
have determined that they will split the cost of internet and cable equally as well. They found
a plan that offers both services for a bundled rate of $1500 under a one year contract. Mike
has a part time summer job in his hometown of Nipigon that pays $12/hr as customer
service representative at Tim Hortons. After taxes and deductions, this job pays him an
average of $600 every two weeks. His first shift was on May 1st, and he will work his last
shift on the last day of august. During his study period in Sudbury, Mike will be working at a
grocery store where he will earn approximately $12/hr after taxes and deductions, and will
work approximately 25 hours per week. He does not have any major financial responsibilities
during the summer since he lives at home, but he does have a cell phone which costs
approximately $57 each month. Mike does not have a car since he is still trying to earn
enough money for his tuition this summer. This means that his main source of transportation
while in Sudbury is the Greater Sudbury Transit ($2 one way). Mike figures that he will, on
average, ride the transit three times per day (21 rides/week). Mike has also estimated that
he will be spending $80/week on food and $60/week on entertainment. He is receiving
$1440 from the Ontario Student Assistance Program (OSAP) 30% off tuition. Mikes parents
purchased his flights to and from Thunder Bay for his Christmas break as a present.
However, Mike is responsible for his flights at the start and end of the school year. Also, Mike
is planning a surprise trip to see his family for Thanksgiving. He forgot to book his flights in
advance, so the plane fares will cost him approximately $500 round trip for each trip (2 in
total).

Instruction
Students are to use the template below to construct Mikes Monthly Budget
Students should list their selected categories in the table with the amount of money spent
each month within that category as stated in the scenario
If the budget is not balanced, students should troubleshoot reasons why this is the case.
Also, they should come up with possible ways to resolve the unbalanced budget.
For example:
- Surplus: What can Mike do with the extra money?
- Deficit: What expenses can Mike reduce or remove?
Students will submit the following to Mr. Valley and Ms. Murie:
Worksheet
- The worksheets purpose is to show your logic/reasoning behind the numbers in your budget
table. In other words, it is your way of communicating your thinking.
- It can therefore be produced in various forms. For example:
i. Handwritten or typed calculations
ii. Handwritten or typed rationale (long enough to fully explain each number in your budget)
Budget Table
Reflection
- Students will be asked to answer various questions that connect their thinking and work
produced to the learning goals and expectations.
- Questions may include: How much money is being spent in certain categories? Are there
any categories that Mike spent too much on? How could Mike reduce his spending? Are
there categories Mike could spend more on? How could Mike adjust his budget in order to
make room for increased personal spending? Has Mikes budget influenced your thoughts
about your future? Can or should Mike put money aside in a savings account? Do you need
to start saving for your education? Is having a car a necessity or a privilege?
- Note that this reflection can be submitted in multiple forms. Students can choose but are not
limited to the following:
i. Handwritten or typed paper (long enough to fully answer each of the above questions)
ii. Verbal or video recording (again, long enough to answer each of the above question in full
detail)
iii. In person interview with Mr. Valley

Budget Table (Solutions):

INCOME ($/month)

Tim Hortons 650

Grocery Store 1300

OSAP 180

Total Monthly Income 2130

EXPENSEs ($/month)

Tuition 600

Rent 300

Utilities 40

Internet/TV 31

Phone 57

Transportation 182

Food 347

Entertainment 260
 Flights 125

Total Monthly Expenses 1943

INCOME EXPENSES $187

Reflection:
I feel like Mike spends an average amount of money on most of his expenses. None
of his expenses seem unreasonable in comparison to other college students that I know. His
rent is low to average in terms of cost, and it is realistic that he, like many other college
students, is sharing the space with other students. If anything, I feel that Mike could cut back
his spending in entertainment to help him reach a financial goal, like saving for a car or a
vacation. Of course this depends on whether or not those are personal goals of his. I
personally plan on having some money saved up for S-Trip after graduation, and also plan
on having a car in college.
Another way that he could increase his income, therefore increasing his savings, in
order to reach his potential personal and financial goals would be by finding a new job that
pays more per hour. If Mike couldnt find another job, he could ask his boss for more hours,
which would also earn him more money for personal spending. Even if he does not have any
financial goals at the moment, he could probably afford and should be depositing at least a
little bit of money into a savings account to save for something in the future. This savings
account could also come in handy if he were to need any emergency funds. My friend Toms
parents set up a tax-free savings account for him in grade 10 that he deposits money into
from each cheque he gets from work.
Mikes budget has influenced my thoughts about the future as I consider what I want
to do next year in terms of school. School and living on your own are major expenses, and I
am happy that I know more about the expenses I will encounter. Mikes budget looks very
similar to what mine will likely look like in the future. I feel that I need to start saving for my
education, and that I should have started saving a long time ago because tuition and living
expenses are not cheap. Also, I learned that OSAP is a good idea and I plan on applying for
it for college.

Rubric:
Processes Criteria Level 1 Level 2 Level 3 Level 4

Connecting Developing the Demonstrates Demonstrates Demonstrates Demonstrates

(Thinking) dollar value little rationale some rationale rationale behind detailed
listed in each behind the behind the the dollar rationale behind
category to dollar amounts dollar amounts amounts listed the dollar
create an listed in each listed in each in each amounts listed
effective category and/or category and/or category and/or in each
monthly lists rationale for lists rationale for lists rationale for category and/or
budget few categories some categories all categories lists rationale for
all categories

Representing Creation of a Creates a Creates a Creates a Creates a

 (Application) budget to budget that budget that budget that budget that
represent the represents little represents most represents all of represents all of
proposed to some of the of the given the expenses the expenses
expenses and given expenses expenses from from the given from the given
living from the the scenario scenario in scenario in full
expenses scenario some detail and detail and
accuracy accuracy

Exploring Ability to apply Applies the Applies the Applies the Applies the
and the processes processes of processes of processes of processes of
Reflecting of inquiry and creating a creating a creating a creating a
(Thinking) problem budget with budget with budget without budget without
solving in significant minor prompts, prompts, and prompts, and
order to create prompts, and and includes includes a includes a
a budget from includes little to some reflection complete detailed and
based on a no reflection reflection broad
given scenario reflections with
revisions or
adjustments
offered

Name:______________________ Date:___________

Assessment Task: Mike Goes to College

Foundations for College Mathematics (MAP4C)

Description
Students are continually faced with a number of different expenses and costs throughout
high school. These expenses and costs usually increase a significant amount once they
graduate and then pursue a post-secondary education. More often than not, despite having
part or even full time income, students tend to spend money as fast as they make it. With
this is mind, read the scenario below about a high school graduate named Mike. Upon
reading, you are to create Mikes monthly budget. Be sure to keep in mind what you think
Mikes personal and financial goals may be.

Students are to:

Work in groups of 2-3 or individually
Produce their own work as they will be assessed individually
Round each amount to the nearest dollar

Scenario
College Student: Mike is 18 years old and just finished his last year in high school. He is
really excited because he has been accepted into the Electrical Engineering Technician
program at Cambrian College in Sudbury, Ontario. It is a three-year program and electricians
are in high demand in Northern Ontario so he is not worried about finding a job after
graduation. Tuition, including all student fees and textbooks, for his selected program is
$4800 per academic year. Since Mike does not live in Sudbury, he will have to look for a
place to live. Luckily, he has found an apartment to rent with 3 other students. The rent of
 $1200 per month will be equally split between the four of them. Upon speaking to the
landlord, Mike has estimated his utilities to cost approximately $40 per month. The roomates
have determined that they will split the cost of internet and cable equally as well. They found
a plan that offers both services for a bundled rate of $1500 under a one year contract. Mike
has a part time summer job in his hometown of Nipigon that pays $12/hr as customer
service representative at Tim Hortons. After taxes and deductions, this job pays him an
average of $600 every two weeks. His first shift was on May 1st, and he will work his last
shift on the last day of august. During his study period in Sudbury, Mike will be working at a
grocery store where he will earn approximately $12/hr after taxes and deductions, and will
work approximately 25 hours per week. He does not have any major financial responsibilities
during the summer since he lives at home, but he does have a cell phone which costs
approximately $57 each month. Mike does not have a car since he is still trying to earn
enough money for his tuition this summer. This means that his main source of transportation
while in Sudbury is the Greater Sudbury Transit ($2 one way). Mike figures that he will, on
average, ride the transit three times per day (21 rides/week). Mike has also estimated that
he will be spending $80/week on food and $60/week on entertainment. He is receiving
$1440 from the Ontario Student Assistance Program (OSAP) 30% off tuition. Mikes parents
purchased his flights to and from Thunder Bay for his Christmas break as a present.
However, Mike is responsible for his flights at the start and end of the school year. Also, Mike
is planning a surprise trip to see his family for Thanksgiving. He forgot to book his flights in
advance, so the plane fares will cost him approximately $500 round trip for each flight (2
flights in total).

Instruction
Use the template below to construct Mikes Monthly Budget
List your selected categories in the table with the amount of money spent each month within
that category (as stated in the scenario)
If the budget is not balanced, you should troubleshoot reasons why this is the case. Also,
you should investigate possible ways to resolve the unbalanced budget.
For example:
- Surplus: What can Mike do with the extra money?
- Deficit: What expenses can Mike reduce or remove?
Submit the following to Mr. Valley:
Worksheet
- The worksheets purpose is to show your logic/reasoning behind the numbers in your budget
table. In other words, it is your way of communicating your thinking.
- It can therefore be produced in various forms. For example:
i. Handwritten or typed calculations
ii. Handwritten or typed rationale (long enough to fully explain each number in your budget)
Budget Table (see below)
Reflection
- You can keep in mind, but are not limited to, the following questions when creating your
reflection: How much money is being spent in certain categories? Are there any categories
that Mike spent too much on? How could Mike reduce his spending? Are there categories
Mike could spend more on? How could Mike adjust his budget in order to make room for
increased personal spending? Has Mikes budget influenced your thoughts about your
future? Can or should Mike put money aside in a savings account? Do you need to start
saving for your education? Is having a car a necessity or a privilege?
- Note that this reflection can be submitted in multiple forms. You can choose but are not
limited to the following:
 i. Handwritten or typed paper (long enough to fully answer each of the above questions)
ii. Verbal or video recording (again, long enough to address the above questions in full detail)
iii. In person interview with Mr. Valley

Budget Table:
INCOME

Total Monthly Income

EXPENSES

Total Monthly Expenses

INCOME EXPENSES
Rubric:

Processes Criteria Level 1 Level 2 Level 3 Level 4

Connecting Developing the Demonstrates Demonstrates Demonstrates Demonstrates

(Thinking) dollar value little rationale some rationale rationale behind detailed
listed in each behind the behind the the dollar rationale behind
category to dollar amounts dollar amounts amounts listed the dollar
create an listed in each listed in each in each amounts listed
effective category and/or category and/or category and/or in each
monthly lists rationale for lists rationale for lists rationale for category and/or
budget few categories some categories all categories lists rationale for
all categories

Representing Creation of a Creates a Creates a Creates a Creates a

(Application) budget to budget that budget that budget that budget that
represent the represents little represents most represents all of represents all of
proposed to some of the of the given the expenses the expenses
expenses and given expenses expenses from from the given from the given
living from the the scenario scenario in scenario in full
expenses scenario some detail and detail and
accuracy accuracy

Exploring Ability to apply Applies the Applies the Applies the Applies the
and the processes processes of processes of processes of processes of
Reflecting of inquiry and creating a creating a creating a creating a
(Thinking) problem budget with budget with budget without budget without
solving in significant minor prompts, prompts, and prompts, and
order to create prompts, and and includes includes a includes a
a budget from includes little to some reflection complete detailed and
based on a no reflection reflection broad
given scenario reflections with
revisions or
adjustments
offered