HOM 'Town' Brings Lessons In Math & Economics To Life
HOM âTownâ Brings Lessons In Math & Economics To Life
By Tanjua Damon
The Internal Revenue Service could be knocking on the desks of fifth graders in Philip Cruzâs fifth grade class at Head Oâ Meadow School. The students are learning about the realities of life â having a personal checkbook and a business in an exercise called âTown.â
Personal check books and business receipts were spread across the fifth gradersâ desks on Friday after they had done some shopping and then had to balance both the personal checkbooks and the business checkbooks during âTown,â which is a combination of math and economics lessons for the students.
âI like it because it is everyday math. They get to use decimals and money,â Mr Cruz said. âThey learn the hassles parents go through.â
The IRS or Mr Cruz will penalize the students if their math is incorrect in their personal checkbooks or the business books. Some of the students may even have to pay accountants $50 to help figure out where they went wrong.
âI reconcile the business and they get penalized and fined. When they get audited, itâs an eye opener for them,â Mr Cruz said. âThey start off with $500 in a personal account. The money in their business account stays low so they donât take money away from the economy. They need to keep it circulating.â
The students have to pay Head Oâ Meadow Bank 20 percent of their earnings for rent and other bank interests, plus the students have to pay six percent in taxes. If there is a profit they split it between their partners so they can shop some more.
âThis helps them prepare for the sixth grade,â Mr Cruz said. âWhen they work with the stock market next year, this gives them a good foundation with decimals, place values, multiplication, division, addition, subtraction, and percentages.â
Andy Kirner enjoys the opportunity to be able to have his own checks to buy things and then see the progress of his business too.
âItâs cool,â he said. âItâs getting us ready for when we get a job.â
Being able to shop and buy whatever they want is another factor some of the students like about âTown.â
âItâs very educational for people who will get inspired for a job,â Jaclyn Petrasanta said. âI would like to help people find what they need.â
Even though it is fun to shop, many of the students found selling items just as enjoyable.
âItâs a good way for kids to learn about these things before they get older,â Claire Ober said. âSelling is more of a challenge because there is more to do.â
The students have a few more years before they can enter the job market, but most feel âTownâ provides them with skills they will use in the future.
âI think itâs quite fun and it helps you learn your money,â Mathieu DeBrantes said. âI think it will help me when Iâm older with writing checks and if I become a salesperson.â
But the students found it was not going to be all fun. After they had a chance to shop and then the businesses closed for the day, the reality of what life is like set in for some that had a few problems as business people. Remembering to keep copies of the receipts and having people sign their checks were some mistakes students were learning about.
âI like buying better because I love to shop,â Jennifer Durelli said. âWriting the receipts is hard because I always mess up on the prices.â
Michael Hill wishes he could spend more time buying than selling.
âI like all the different things,â he said, âand looking at the catalogs.â
So anyone wishing to purchase spring clothing, tools, or software might want to consider checking out âTownâ at Head Oâ Meadow, but do not count on getting any deals from these students who are learning quickly the facts of dealing with money.