1. Marvelous Monday, November 9 Get ready for your notebook check! D54

2. Imagine that the government has removed all money from society. What would life be like without money? Today, we are going to learn about currency, checks, and credit as well as how your spending decisions can affect the US economy.

3. What are the 3 basic characteristics of currency? 1.It must be easy to carry. 2.It must be durable – last a long time. 3.It must be made in a stand form and must be considered legal tender (accepted in exchange for goods & services) by the government that issues it.

4. Where are coins and bills made in the US today? Coins – mints in Philadelphia and Denver Bills – Treasury Department’s Bureau of Engraving and Printing in Washington, DC

5. Why do you think it is important for currency to be durable? So people can keep and use it over long periods of time without worrying that it will become damages, which could render it worthless

6. Why do people and businesses accept checks as payments? It is easier and safer than carrying large amounts of cash (consumer) Businesses do not need to have large amounts of cash on hand to prevent people from breaking and entering, or committing a robbery.

7. How are checks and debit cards similar? Both are used to make payments from a checking account; a debit card is like an electronic check.

8. Which would you prefer to use, a check or a debit card? Why?

9. How is credit important to individuals and families? For making big purchases Individual – buying a car Families – buying a house

10. What is the difference between long-term credit and short-term credit? Long term credit is usually used for large purchases and is repaid over a longer period of time Short term credit may be used for smaller items and is repaid over a shorter period of time

11. Why would a person or business choose to declare bankruptcy? If the person or business had debt that they could not repay

12. How is business credit useful to the economy as a whole? It helps businesses sell more goods and services and helps consumers buy things faster.

13. How can a merchant arrange to buy goods if he or she does not have enough money to pay for them? The merchant can buy the goods on credit from the manufacturer or can borrow money from the bank.

14. Why is credit important to the US economy as a whole? It is important to the purchase and sale of goods and services in a free market. Consumer spending is an important part of the economy. As consumers buy more things, the economy grows.

15. Students create a 3-column chart on currency, checks, and credit. Read the section (504-509) and fill in the chart. (in Notebook) Students use their charts to write a paragraph comparing and contrasting the different forms of payment. COLLECT (turn in to me)

16. Guided Reading: sentence completion 19.1 handout – Can be found on the white board when you return to school.