Differences in Income & Gifts
T.I.P.S.
Students should understand the difference between receiving money as income for work done or selling items and receiving money as a gift which is not earned.
Example
In the following examples, decide if each statement is an example of receiving money as income or receiving money as a gift. Solve the problem by explaining your thinking and writing a number sentence.
a) Leo has 7 dollars he received for mowing the yard. His dad gave him 3 dollars for helping him wash the car. How much money does Leo have?
b) Patty’s grandmother sent her 5 dollars for Christmas and 5 dollars for her birthday. How much money did Patty receive?
Digital Tools
Click on the following links for interactive games.
Resources
Click on the following links for more information.
Money as You Grow Federal Reserve System’s Resources for Educators
Teacher Online Resource Center
TEKS
K.9 Personal financial literacy The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (B) differentiate between money received as income and money received as gifts
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