7th Grade Social Studies Personal Finance – Day 6 FACTORY SHOALS MIDDLE SCHOOL MR. L. SMITH 7th Grade Social Studies Personal Finance – Day 6

FIRST FIVE Agenda Message: Personal Money Management Vocabulary Quiz #1 is Friday! Social Studies Final Exam is Wednesday May 18th. Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question for Wednesday, May 4th: What is the definition for a Saving Account? Warm-up: What is gross income? Today We Will: Savings Accounts, Deposits & Withdrawals

ANSWERS E.Q. Answer for Wednesday May 4th: A place to keep money safe while holding it for future purchases or emergencies. Also a form of investing. Warm-Up: The amount of money you make before taxes and deductions are taken out.

FIRST FIVE Savings Accounts, Deposits & Withdrawals Agenda Message: Personal Money Management Vocabulary Quiz #1 is TOMORROW. Bring your calculators for the quiz. Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question for Thursday May 5th: What paper form do you use to put money into a saving account? Warm-up: What percentage of your gross income should you use for taxes and deductions in order to compute your net income? Today We Will: Savings Accounts, Deposits & Withdrawals

ANSWERS E.Q. Answer for Friday May 8th: A Savings Deposit Slip Warm-Up: Subtract 35% of your gross income for taxes & deductions in order to find your net income.

Personal money management What is a Savings Account? A place to keep money safe while holding it for future purchases or emergencies. Also a form of investing.

Personal money management When money is deposited in a Savings Account, the bank pays you money, also known as interest, for as long as the money is in the account. As a result, the amount of money in the account grows!

Personal money management There are different types of Savings Accounts, including: Regular Savings Account Deposit & withdrawals are permitted May require a minimum balance Interest paid monthly or quarterly

Personal money management Certificate of Deposit (CD) Money must remain for a fixed term (often monthly, three months, six months, one or five years) It is intended that the CD be held until “maturity”, at which time the money can be withdrawn together with the earned interest. In exchange for keeping the money on deposit for the agreed-on-term, banks usually grant higher interest rates than they do on regular savings accounts where money can be withdrawn on demand.

Personal money management Once a Savings Account is Opened, How do you Add more Money? By Using a Deposit Slip (Deposit: putting money into your bank account)

Personal money management Once a Savings Account is Opened, How is Money taken out? By Using a Withdrawal Slip (Withdrawal; taking money out of a bank account)

Personal money management Savings Deposit & Withdrawal Worksheet Savings Deposit for Account #-23456789 Checks to Deposit: $57.58 $146.25 $10.92 $27.63 Angie wants $20.00 cash back from this deposit. What is the actual amount of her deposit?

Personal money management Savings Deposit & Withdrawal Worksheet (cont.) Add Deposits #1-4 Subtotal = $242.38 Subtract -20.00 (cash back from deposit) Total Deposit $222.38

Personal money management Annual Gross Income 1. $50,000 4. $40,000 2. $60,000 5. $45,000 3. $55,000 6. $65,000 Monthly Household Budget Quiz

Personal money management Vocabulary Words Savings Account Certificate of Deposit Deposit Withdrawal Regular Savings Account Interest Theme for Personal Money Management