Beacon Lesson Plan Library

The Price is Right, So Let's Make Change

Denise Simonson
Bay District Schools

Description

Students estimate, calculate, and count back the amount of change needed from purchases made during small group activities. This lesson can be used to extend the lesson, -Is the Price Right?- available from the Beacon Learning Center.

Objectives

The student understands concrete and symbolic representations of whole numbers, fractions, decimals, and percents in real-world situations.

The student solves real-world problems involving estimates of measurements, including length, time, weight, temperature, money, perimeter, area, and volume.

Materials

-Play money sets for pairs of students (currency: $1s - 10, $5s - 2, $10 -1; coins: quarters - 4; dimes - 5; nickels - 5; pennies - 10)
-Overhead projector
-Coins and currency for overhead projector
-Grocery ads from newspapers and magazines that show the prices of foods
-Online student lesson -School Store- available from the Beacon Learning Center (see Weblinks)
-The Price is Right, So Let's Make Change worksheet- copies for students as well as for the overhead projector (see Associated File)
-Math journals
-Paper and pencil
-A children's book such as, ARTHUR'S FUNNY MONEY by Lillian Hoban (New York: Harper and Row Publishers, 1981)--optional

Preparations

1. Gather play money sets and overhead coins and currency

2. Make copies and an overhead transparency of The Price is Right, So Let's Make Change!

3. Check computer connectivity, bookmark, and preview the online Student Web Lesson -School Store.- See the weblinks.

4. Gather math journals or paper to use for Student Store problem

5. Clip grocery ads from newspapers or magazines, or use the ones clipped for the lesson, -Is the Price Right?-

Procedures

1. Review names and values of coins. [Note: If this lesson is not preceded by the online lesson plan, -Is the Price Right?,- the teacher may read the book, ARTHUR'S FUNNY MONEY by Lillian Hoban to further set the stage for this activity.]

2. Using the overhead projector, draw a pocket on one side and a price tag on the other side. Below the pocket and price tag, draw a hand. Put a one dollar bill (use overhead currency) in the pocket and write $0.65 on the price tag. Explain to the students that they have a one dollar bill in their pockets and they will be buying an item that costs $0.65. Have them estimate the amount of change they will get back while you write the subtraction equation on the overhead.

3. Solicit students' estimates and have them write the subtraction equation on their -Think Sheets- (a plain piece of paper) to find the actual amount of change they should receive after the purchase. Give the students time to write the equation and find the amount. Have one student come to the projector and write the amount ($0.35.)

4. Ask the students to think about which coins could be used to give us that amount. Have one student come to the overhead projector and place the correct coins in the hand (use overhead coins.) Select another student to place a different combination of the correct coins in the hand. Reinforce that often there is a variety of coin combinations that can be used to make the correct change.

5. Explain the importance of counting back change to self-check their estimates and subtraction. Model how to count back change from a dollar for a $0.65 purchase.

6. Repeat steps four and five several times using different amounts. Each time, have students estimate the change to be received before writing and solving the subtraction problem on their Think Sheets. Select students that can demonstrate various combinations of the change to be received and how to properly count back the change. (Be sure to include problems that require students to make change for amounts totaling from less than $1.00 to as much as $10.00.)

7. Introduce students to the work stations listed below. Explain that the majority of the class will begin in station one, while four or five students will rotate through station two. Since station one will take longer to complete, students will stay in this station until it is their turn to rotate to the computers. Model a sample problem in station one before allowing students to work independently.


Station 1: The Price is Right (revisited)

A. Give pairs of students several pieces of play money and some clipped coupons from magazines and newspapers. The students should be told that the coupon value is the amount they will pay for the item.

B. Ask each group member to select item(s) to buy and pretend to pay for it with dollar bills. (Remind students that the maximum amount they can spend with each purchase is $10.00.)

C. Students should add and record the cost of selected item(s) on the worksheet, The Price is Right, So Let's Make Change (see associated file)as well as their estimate of the amount of change to be received from the selected dollar amount ($1.00, $5.00, or $10.00.)

D. Students write and solve the subtraction equation used to calculate the change, and use the play money to count back the change they will actually receive.

[Note: Students may work together to select items and solve problems, but the estimates given should be based on their individual ideas.]


Station 2: Online student lesson -School Store-

A. Students complete the online Student Web Lesson -School Store- available from the Beacon Learning Center (see Weblinks.) This interactive lesson allows students to practice finding amounts of change for purchases made at a school store.

B. During this activity, have students write the subtraction equation for each problem on their Think Sheets before responding on the computer.


Students rotate to each station, while the teacher talks with and observes students to clarify understanding of estimates, subtraction procedures, and the various coin combinations used to count back change.


8. Wrap-Up

Gather students together, and distribute math journals. Have students estimate and then use subtraction to calculate the amount of change they should receive from the school store based on the purchases they made in their math journals during the summative activity of the lesson, Is the Price Right? If students did not complete this previous lesson, provide students a list of items (and their prices) available from a school store. (Use the items listed in the online student lesson, or list the actual items available at your school store.) Tell students that they have $10.00 in their pocket, but they must return some change to their parents. In their journals they are to 1) list the items they want to purchase, 2) add to find the total cost, 3) estimate the amount of change to be received from $10.00, 4) write the subtraction equation to be used, and 5) calculate the actual change they should receive.

Assessments

This lesson assesses the parts of the benchmarks that deal with whole numbers, decimals, and money.
Formative Assessments:

1) Observe students' work during small group activities. Be prepared to clarify misunderstandings as they arise in the areas of: reading, writing, and identifying decimal notation; translating problems into models using play money; and solving problems by estimating change from selected dollar amounts. Provide additional mini-lessons as needed.

2) The worksheet completed during The Price is Right game and the Think Sheet used during the online Student Web Lesson -School Store- should reflect students' understanding of the context of money to solve problems by:

-Reading decimal notation (1 point)
-Writing decimal notation (1 point)
-Identifying decimal notation (1 point)
-Translating problems into models using play money (2 points)
-Solving problems by estimating change from selected dollar amounts (5 points)

The two activities are worth a total of 20 points, and if desired, scores can be converted to grades by using normal percentages.


Additional Assessment:

1) The math journal entry can be used as a formative assessment based upon the same criteria. Assign appropriate point values to criteria and weigh the problem-solving criteria heavier than the other criteria. Students who do not score well will need additional practice and guiding feedback before being assessed again.

Extensions

This lesson can be preceded by the online lesson: Is the Price Right?

Web Links

Web supplement for The Price is Right, So Let's Make Change
School Store

Attached Files

The Price is Right, So Let's Make Change! worksheet.     File Extension: pdf

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