The recorded lesson from Princess Trust focuses on managing money, specifically covering the subtopics of understanding different types of deductions from earnings and explaining the reasons for these deductions. Students are taught to interpret their paychecks by identifying earnings, net pay, and various deductions, including federal and state taxes, Medicare, Social Security, and employer-offered benefits such as health insurance. By the end of the lesson, students are expected to clearly explain these deductions and recognize their importance in financial planning.