1. **Round to the nearest dollar**
$31,000
$2, 214
$22
$155
Leave blank
Leave blank
Net Monthly x %= Minimum / Maximum amount to spend
Example:
2,214 x 1% (.01) = 22.14
2,214 x 7% (.07)= 155
**Round to the nearest dollar**

2. Today we will: balance a checkbook So we can: keep track of our money

3. What are 2 accounts you can open at a bank?

4. Definitions Interest: amount added to your total
** can be a good thing or a bad thing**
Definitions
Savings Account
A bank account that earns interest
**allows you to accumulate interest on funds you’ve saved for future needs **
Average interest rate on a savings account
is from 1%- 6%.
Checking Account
account held at a financial institution that allows for withdrawals and deposits.
** offers easy access to your money for your daily transactional needs and helps keep your cash secure **
Interest rate: percentage added to your total

5. Definitions Debit the amount deducted from your bank account
*When you spend money, that is a debit towards your account
Credit( Deposit)
adding an amount to your account
*When you put money into your account (paycheck), that is a credit towards your account

6. What ways can money come out of your checking account? (think spending)

7. How does it work? Debit Card Credit Cards
The card owner deposits money into a bank account. The card can be used to withdraw this money or to purchase goods and services.
Buy Now, Pay Now
Credit Cards
Each time the card owner purchases goods or services with the card, he or she is borrowing money from the credit card company.
Buy Now, Pay Later

8. Are there any limitations on how much you can spend?
Debit Card
You CANNOT spend more than what is in your bank account.
If you spend more than the balance of your account, you will owe the financial institution this money plus a hefty fee.
Credit Cards
You will be given a credit limit. This is the maximum dollar amount you can borrow.

9. # in top right corner of check Debit or Credit $ amount
Current amount in account
Who you are paying / what for
Ex: Water Company Ex: Uncle Jason Vice

11. Scenario Example: 350.00 + 864.36 ------------------ 1-21-17
Paycheck Deposit
864.36 1,
-72.58
1025
Target
72.58 1,
Hy-Vee
105.23 1,
1026
Rent
350.00
686.55

12. Voiding a Check: 350 -------------- 686.55 1-26-17 Void Check 1026
350.00
1,036.55
1027
Rent
305.00
731.55

13. **Whatever you don’t get done will be
Agenda
Scenario #1
Complete the scenario independently
When done get key from teacher
**Whatever you don’t get done will be
Homework**

14. Writing a Check... Discuss with your table partner:
When would you write a check (for what)?
How does a check work?
Why do some businesses not accept checks?
So what is a Check??
a method of payment, in which money is taken out of your account

16. Who you are paying: Transaction Description
The date you write the check
check #
Amount of $
Writing the $ amount out
your signature
What items are you buying

17. Check Example
Target
Toiletry items
$72.58

18. Now practice writing a check
Pick 2 transactions from scenario #1
Write the check out to the appropriate place
When you are finished trade with a table partner and have them check it over. Make corrections in red