Business Math 3.1 Checking account. Start up A 25 year old college student who lives at home buys two money orders a month to pay her bills. A 42 year.

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Presentation transcript:

Business Math 3.1 Checking account

Start up A 25 year old college student who lives at home buys two money orders a month to pay her bills. A 42 year old, single mother gets six bills each month. She also pays by money order. If neither of them have a checking account, should they open one to save the cost of buying money orders? Math Builder Pa 84

Deposit Slip Cancelled checks are sent back to person as proof of payments. Deposit slips are proof of deposits. Cash deposits are bills or coins Each check is inputted on a separate line. If you have a lot of checks they should be listed on back of deposit slip. See page 85 example Do Check for understanding A and B page 85

Check Register Each deposit and withdrawal (or check written) should be entered in the check register The balance is the amount of money left in account after every transition. Subtract checks written or purchases, MAC withdraws or fees and add all deposits or interest given. Example 2 Check for understanding page 87 C and D

Wrap up Whether to open a checking account depends on any fees associated with the account and on how much the money order fees are. Each person must figure out which method is the less expensive option for them. Team meeting assignment