7th Grade Social Studies Personal Finance May 3 – 7th Checking FACTORY SHOALS MIDDLE SCHOOL MR. L. SMITH 7th Grade Social Studies Personal Finance May 3 – 7th Checking

First five Agenda Message: Savings Register Activity Worksheet Homework due Tuesday! Personal Money Management Vocabulary Quiz #2 is Friday May 13th. Social Studies Final Exam is Tuesday May 17th. Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question: Monday, May 9th ; Where do you place money that you need access to everyday? Warm-Up: What is the definition for money you receive from work after taxes and deductions? Today We Will: Quiz Make-Ups Personal Money Management Savings & Checking Accounts

ANSWERS E.Q. Answer for Monday May 9, 2016: A Checking Account Warm-Up: Net Pay or Take Home Pay

Personal money management What about the Money you need to access every day? That’s where checking accounts come in handy. A checking account is more flexible than a savings account.

Personal money management Using checks means that you have a record of whatever you have spent. If you pay in cash, you may not realize how much you’re spending or where it’s going on a day-to-day basis. Writing checks therefore allows you to track where your money is going, and helps you stay within your budget.

Personal money management Checking accounts are a safe and convenient way to pay for things without using cash, plus you can still get cash easily whenever you need it. New Vocabulary Word Checking Account– A bank account in which people deposit money that they need access to everyday. (Includes checks and check registers)

Personal money management Key Parts of a Check Check Number Who the Check is Paid to Numerical amount of the check Written amount of the check Account number Signature line

Personal money management Check Writing Activity Worksheet #1 Angie has gone to the mall and found a sweater she likes at Tops for Teens. Write a check to cover the cost of the $25 sweater. Don’t forget to add the 10% sales tax before you write the check.

Personal money management Check Writing Activity Worksheet #2 Angie is going to subscribe to magazine at a cost of $20 a year. Write a check to Teen Magazine for $20.

First five Agenda Message: Personal Money Management Quiz II is scheduled for Friday, May 13th. Social Studies Final Exam is Tuesday, May 17th. Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question for Tuesday, May10th: What do you use to keep track of money coming into and out of your savings account? Warm-Up: What is a Savings Account used for? Today We Will: Complete Savings & Checking Accounts Start Credit/Credit Accounts

ANSWERS E.Q. Answer for Tuesday May 10, 2016: A Savings Account Register Warm-Up: To hold money safe for future purchases

Personal money management New Vocabulary Word Balance The exact amount of money in your checking or savings account.

Personal money management Savings Account Register 1st Principle: When depositing money into your savings account you must “add” the amount deposited to your previous balance. 2nd Principle: When withdrawing money from your savings account you must “subtract” the amount withdrawn from your previous balance.

Personal money management Six (6) components of a check Check Number Who the check is paid to Numerical amount of the check Written amount of the check Account number Signature line

Personal oney management Using Checks Activity Sheet A. Check number B. Account number C. Written amount D. Signature line E. Who the check is paid to F. Numerical amount of the check

Personal money management New Vocabulary Words Sales Tax – A percentage added to the price of all products that goes to the local government (city, county and/or state). Final Purchase Price – The Sales Tax + the basic cost of the product equals the Final Purchase Price.