Payment Options and Exchange Rates

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  • Lesson Identification and TEKS Addressed

    Cluster : Hospitality and Tourism

    Course : Travel and Tourism Management

  • TEKS Student Expectations

    • (1) The student gains academic knowledge and skills required to pursue the full range of career and postsecondary education opportunities within the travel and tourism industry. The student is expected to:
      • (D) calculate correctly using numerical concepts such as percentages and estimations in practical situations
      • (E) investigate the elements of geography that affect travel and tourism customer service
    • (4) The student uses information technology tools specific to the travel and tourism industry to access, manage, integrate, and create information. The student is expected to:
      • (D) use technology applications to perform workplace tasks
      • (F) employ computer operations applications to manage work tasks
    • (11) The student uses technical knowledge and skills required to pursue careers in the travel and tourism industry. The student is expected to:
      • (D) use different types of payment options
  • Basic Direct Teach Lesson

    Instructional Objectives

    Students will:

    • identify payment options for travel
    • differentiate between property management sytems and point-of-sale systems
    • identify foreign currency names
    • calculate foreign currency exchange rates
  • Rationale

    Script:

    Working in the travel industry involves dealing with foreign currency. Being able to advise the traveler about payments options and how to calculate the current exchange rate for many countries will prepare the client to make purchases and pay for hotel and transportation. Let’s find out how to do this!
  • Duration of Lesson

    Two 45 minute class periods

  • Word Wall

    Cash: Money or its equivalent (as a check) paid for goods or services at the time of purchase or delivery

    Check: A written order directing a bank to pay money as instructed

    Credit card: A small plastic card that is used to buy things that you agree to pay for later

    Currency: The money that a country uses

    Debit card: A card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder’s bank account without the payment of interest

    Exchange rate: A number that is used to calculate the difference in value between money from one country and money from another country

    Money order: An order issued by a post office, bank or telegraph office for payment of a specified sum of money usually at any branch of the organization

    Traveler’s check: A draft purchased from a bank or express company and signed by the purchaser at the time of purchase and again at the time of cashing as a precaution against forgery

  • Materials/Specialized Equipment Needed

    Equipment:

    • computer with projector for PowerPoint™ presentation
    • computers with Internet access (be sure to follow district guidelines)
    • light projector (Elmo)

    • cash registers (if available)

    Materials:

    • foreign currency (if available)
    • images of:
      • checks
      • credit cards
      • foreign currency
      • money orders
      • U.S. dollars
      • traveler’s checks

    Supplies:

    • calculators
    • copies of handouts (see All Lesson Attachments tab)
  • Anticipatory Set

    Before class begins:

    Display as many items from the Materials or Specialized Equipment Needed tab as you have available on a table in front of the room so that students may view as they enter.

    Distribute the handout Anticipatory Guide: Payment Options and Exchange Rates (see All Lesson Attachments tab) to the students and instruct them to place a check mark by the statement they THINK is true.

    After the lesson, this handout will be revisited in the Lesson Closure section to check for knowledge of the lesson.

  • Direct Instruction with Special Education Modifications/Accommodations

    Introduce lesson objectives, terms and definitions.

    Select and distribute a handout or graphic organizer from the Instructional Strategies drop down menu in Classroom Essentials or instruct students to take notes in their journal books or on their own paper.
    http://cte.sfasu.edu/wp-content/uploads/2012/08/Hospitality-and-Tourism-suitcases-Note-taking.pdf
    http://cte.sfasu.edu/rgroup/instructional-strategies/page/5/

    Introduce the PowerPoint™ Payment Options and Exchange Rates (see All Lesson Attachments tab). Students will be expected to take notes while viewing the slide presentation. Allow time for classroom discussion.

    Distribute the T-Chart PMS vs POS Systems (see All Lesson Attachments tab) and instruct students to compare and contrast the two systems.

    View video:

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • check for understanding
    • provide a copy of slide presentation

  • Guided Practice with Special Education Modifications/Accommodations

    Working in the travel industry, it is important that employees be able to identify the currency of each country.

    Distribute the handout Foreign Currency and Exchange Rate (see All Lesson Attachments tab) of the 50 most popular countries in the world to visit according to Business Insider at http://www.businessinsider.com/most-popular-countries-in-the-world-to-visit-map-2014-2

    Instruct students to log onto the website below:

    The U.S. Department of Treasury updates the current exchange rate quarterly.

    Students will be able to identify the foreign currency and exchange rate for the countries listed.

    Note: If computers or tablets are not available, project the website to a screen and complete the assignment as a class.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • provide a printed copy of website
    • check for understanding

  • Independent Practice/Laboratory Experience with Special Education Modifications/Accommodations

    Distribute calculators to the students.

    Read the following scenario:

    You are employed as an international travel agent and need to keep up with the foreign exchange rates for customers who travel across the world. You must be able to calculate the United Stated Dollar (USD) to foreign currency and then back again. How will you do this?

    Distribute the handout Exchange Rates (see All Lesson Attachments tab) and instruct students to calculate the exchange rates for the different countries listed.

    Note: The exchange rates varies daily and may change the answers to the handout Exchange Rates (Key) (see All Lesson Attachments tab) so be prepared to re-calculate some of the rates.

    If computers or tablets are available, students may use a website that will allow them to calculate the exchange rate automatically.

    Individualized Education Plan (IEP) for all special education students must be followed. Examples of accommodations may include, but are not limited to:

    • assist with calculations
    • shorten assignment

  • Lesson Closure

    Review terms, definitions and objectives.

    Re-distribute the handout Anticipation Guide: Payment Options and Exchange Rates from the Anticipatory Set.

    Allow students to re-read each statement and place a check mark by the statements they KNOW are true. They should also provide information that PROVES other statements are not true.

  • Summative/End of Lesson Assessment with Special Education Modifications/Accommodations

    Distribute the handout Exchange Rate Quiz (see All Lesson Attachments tab) and instruct the students to calculate the current exchange rates to U.S. dollars and foreign currency.

    Students may be assessed with a quiz grade.

    Examples of accommodations may include, but are not limited to:

    • providing guided participation
    • extra time for oral response
    • encourage participation

  • References/Resources

    Images:

    • Shutterstock™ images. Photos obtained with subscription

    Textbook:

    • Mancini, M. (2013). Access: Introduction to travel and tourism. Clifton Park, NY. Cengage Learning.
    • Reynolds, J. S. & Chase, D. M. (2010). Hospitality services. Tinley-Park, Illinois: The Goodheart-Willcox Company.

    Website:

    Video:

  • Additional Required Components

    English Language Proficiency Standards (ELPS) Strategies

    • word wall
    • draw visual representations of terms on word wall
    • add terms and definitions to personal dictionary
  • College and Career Readiness Connection

    AchieveTexas Career Cluster Crosswalks

    The Career Cluster Crosswalks housed on the AchieveTexas website http://www.achievetexas.org/index.html provide Texas teachers with a direct connection between their CTE course TEKS and the College and Career Readiness Standards (CCRS). Language Arts, Mathematics, Science, Social Studies, and Cross-Disciplinary integration are the focus of the CCRS. These college and career readiness standards are essential in the planning and delivery of CTE lessons. The extent to which the integration occurs is determined by the methods and strategies utilized by each teacher.

    Career Cluster Crosswalks for Education and Training, Hospitality and Tourism, and Human Services Career Clusters can be found at:
    http://www.achievetexas.org/Career%20Cluster%20Crosswalks.htm

  • Recommended Strategies

    Reading Strategies

    Other articles pertaining to this lesson that students may read include:

    • How Do Currencies Fluctuate?
      When currencies were linked to specific weights of gold or silver, their value changed very little over time. For hundreds of years, until the twentieth century, this was the case. In the modern market-based currency system, currencies have no fixed value, and instead, they are quoted in relation to other currencies. The result is a system wherein currencies fluctuate based on the buying a selling of participants in global currency markets.
      http://www.ehow.com/how-does_4571541_currencies-fluctuate.html
    • How to Obtain Traveler’s Checks
      While the heyday of traveler’s checks has long been over, the precursor to charge cards remains one of the safest forms of transporting travel money. Largely, traveler’s checks are refundable, replaceable, liability free and cash-backed by accepted currency.
      http://www.ehow.com/how_2971_obtain-travelers-checks.html
    • What Factors Cause Exchange Rates to Fluctuate?
      The foreign exchange market, or forex, is one of the largest markets in the world, and is in constant flux. When it’s night in one part of the world, it’s morning in another, and exchange rates fluctuate as currencies are bought and sold. With trillions of dollars’ worth of currency trading each day, the currency market is one of the most important in an economy of global trade, and exchange rates fluctuate in response to a variety of factors ranging from economic data to changes in interest rates.
      http://www.ehow.com/about_5127290_factors-cause-exchange-rates-fluctuate.html

    Reading Strategy
    Encourage students to “visualize” as they read. Many students are visual learners and will benefit from making sketches or diagrams on scrap paper as they read. Providing students with graphic organizers to help them organize their thoughts is also helpful.
    http://cte.sfasu.edu/rgroup/instructional-strategies/page/4/

  • Quotes

    A weak currency is the sign of a weak economy, and a weak economy leads to a weak nation.
    -Ross Perot

    Bitcoin is mostly about anonymous transactions, and I don’t think over time that’s a good way to go. I’m a huge believer in digital currency… but doing it on an anonymous basis I think that leads to some abuses, so I’m not involved in Bitcoin.
    -Bill Gates

  • Multimedia/Visual Strategies

    PowerPoint™:

    • Payment Options and Exchange Rates
    • Presentation Notes – Payment Options and Exchange Rates

    Technology:

    • TED Talk:
      • What gives a dollar bill its value? – Doug Levinson
        The value of money is determined by how much (or how little) of it is in circulation. But who makes that decision, and how does their choice affect the economy at large? Doug Levinson takes a trip into the United States Federal Reserve, examining how the people who work there aim to balance the value of the dollar to prevent inflation or deflation.
        http://ed.ted.com/lessons/what-gives-a-dollar-bill-its-value-doug-levinson

    Files for downloading:

  • Graphic Organizers/Handout

    Handouts:

    • Anticipation Guide: Payment Options and Exchange Rates
    • Anticipation Guide: Payment Options and Exchange Rates (Key)
    • Exchange Rates
    • Exchange Rates (Key)
    • Exchange Rates Quiz
    • Exchange Rates Quiz (Key)

    Graphic Organizers:

    • Foreign Currency and Exchange Rate
    • Foreign Currency and Exchange Rate (Key)
    • PMS vs POS Systems
    • PMS vs. POS Systems (Key)

    Files for downloading:

  • Writing Strategies

    Journal Entries:

    • I would like to travel to _______________ since my money will …
    • I think traveler’s checks are …

    Writing Strategy:

    • RAFT Writing Strategy:
      • Role – bank officer
      • Audience – bank employees
      • Topic – current exchange rates
      • Format – memo

    Write a memo to bank employees to check the exchange rates of foreign currency before changing money for customers.

  • Communication 90 Second Speech Topics

    • Three things I have learned about the exchange rates are …
    • Property Management Systems (PMS) used in the lodging industry are beneficial because …
  • Other Essential Lesson Components

    Enrichment activity

    Students may create a math packet for the elementary level so that students may practice math calculations using the foreign exchange rates.

    Infographic:

    Infographics are graphic visual representations of information, data or knowledge intended to present complex information quickly and clearly.

    The infographic below is related to this lesson. Allow students to view the image on a projector and lead a discussion concerning the information provided.

    TED Talk:

    TED-Ed’s commitment to creating lessons worth sharing is an extension of TED’s mission of spreading great ideas. This allows users to take any useful educational video, not just TED’s, and easily create a customized lesson around the video.

    The video below is related to this lesson. Allow students to view the video and lead a discussion concerning the TED Talk.

    • What gives a dollar bill its value? – Doug Levinson
      The value of money is determined by how much (or how little) of it is in circulation. But who makes that decision, and how does their choice affect the economy at large? Doug Levinson takes a trip into the United States Federal Reserve, examining how the people who work there aim to balance the value of the dollar to prevent inflation or deflation.
      http://ed.ted.com/lessons/what-gives-a-dollar-bill-its-value-doug-levinson
  • Family/Community Connection

    Invite a bank officer to speak to the class about the foreign exchange rate and the currency the bank handles.

    If possible, ask the bank officer to bring foreign currency for students to view.

  • CTSO connection

    Family, Career and Community Leaders of America

    http://www.fcclainc.org

    • Hospitality, Tourism and Recreation
      An individual or team event, recognizes participants who demonstrate their knowledge of the hospitality, tourism and recreation industries and ability to translate their knowledge into a hypothetical or real business. Project must relate to culinary, lodging, recreation, tourism or event coordination.
  • Service Learning Projects

    Successful service learning project ideas originate from student concerns and needs. Allow students to brainstorm about service projects pertaining to this lesson.
    www.ysa.org

    Possible ideas:
    (see enrichment)
    Students may create a math packet for the elementary level so that students may practice math calculations using the foreign exchange rates.

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