Credit cards can be useful, but they also can easily leave a novice spender under a pile of debt. Business educators can explain the different types of credit cards. Students can get hands-on experience by analyzing and completing different types of credit card applications. They learn how to read between the lines and spot overcharging, high interest rates and annual charges. Students should realize the importance of a credit score and how to build credit by using cards wisely, or destroy it by overspending.
Keeping a budget is essential because it prevents overspending. According to the National Endowment for Financial Education, "Ten hours of classroom instruction can be enough to persuade students to improve their spending and saving habits." Activities might include having students sell a product, or open a school store. The student is expected to set a budget and identify how profit is influenced by expenses and overhead. Students can design a hypothetical business. They create a budget for it and show short- and long-term budgetary planning using spreadsheet software like Excel.
Technology has created a sophisticated workplace with the newest software and computer systems. Business educators can integrate real-world projects that are relevant. For example, students can choose from a list of research topics dealing with economics, budgeting, ethics, credit, finance or social responsibility. Students working in groups or independently can create a PowerPoint presentation showcasing the results of their research. Students learn from each other while practicing their communication skills.
Teaching workplace ethics can involve debates, critical thinking and reflection. Unethical practices have caused the fall of many top executives. Students can read articles on business leaders caught behaving unethically, and explore what it means to adhere to moral guidelines in the workplace. Students can watch and discuss movies such as "The Corporation" and "Wall Street," which highlight unethical business practices. Students, working independently or as a group, can choose a case study of a business that acted unethically and present their research to the class, proposing alternative ethical decisions the business could have made.