Economic Math Essentials Activity Guide Answer Key

Transcription

1 Economic Math Essentials Activity Guide Answer Key Printed June 2018

2 Natalie King May 20, 2016 DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL Natalie King [: :] :] FROM LESS RECEIVED ACCOUNT NUMBER Date: May 20, 2016 PAY TO THE ORDER OF Natalie King $ 5.00 Five and 00/100 For Salary Check NOT NEGOTIABLE SAMPLE VOID John Goody DOLLARS [: :] :001] Account Number Check Register. DC Payment / Debit (-) Fee Deposit / Credit (+) 5/20 Deposit /25 EV Sporting Goods 3 00 $

3 Practicing Deposits Natalie King May 25, 2018 DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL Natalie King FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Answer the following questions using the space provided. 1. Who is making the deposit? 2. What is the date of the deposit? 3. What is the amount of the check she is depositing? 3 Natalie King May 25, 2018 $ How much cash did she receive? 5. What is the account number? 6. What is the net deposit amount? 7. Why did she sign her deposit ticket? $ $4.50 She was receiving cash back. Use the deposit information above to complete this check register.. Payment / Debit (-) Fee Deposit / Credit (+) $ 0.00 Deposit /28/18 Deposit /28/18 Deposit

4 Natalie King Transaction Action On May 28th, Natalie made $8.50 in cash baby-sitting and received a $12 check for mowing her neighbor s lawn. Deposit it all. Complete the deposit ticket and make entries on the checkbook register on page 4. May 28, 2018 DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Citizen Alert! Some deposit tickets break down cash into 2 categories, currency and coins. Currency refers to paper money (bills). 5 On May 29,2018 Natalie received a $25 check for her birthday. She deposited $20 and got $5 in cash back to buy a new book. Complete the deposit ticket and make entries on the checkbook register on page 4. Natalie King May 29, 2018 Natalie King DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Citizen Alert! Your signature on your deposit ticket verifies that you received cash back. 6

5 Patsy Small Date: January 25, PAY TO THE Fantastic Cards Three and 25/100 ORDER OF For Pinellas County, Birthday card [: :] :] $ 3.25 DOLLARS NOT NEGOTIABLE SAMPLE VOID Patsy Small Acct # 083 Answer the following questions based on the check above. 1. Whose name is on this checking account? 2. Who wrote and signed this check? 3. From what bank was this check written? 4. To whom was the check written? 7 Patsy Small Patsy Small Fantastic Cards $ For: Birthday Card What is the check amount? 6. What is the account number? 7. Why was the check written? 8. What is the check number? 9. Enter this information into the following register. Payment / Debit(-) Fee Deposit / Credit (+) $ /25/16 Fantastic Cards

6 Personal Checks II Directions: Using today s date and account number 083, write a personal check for each of the following purchases. Then enter the information into the check register. 1. A gift from the Main Street Gift Shop for $ A box of envelopes from the Business Supplies Store for $2.00. Date: Today s Date PAY TO THE ORDER OF Main Street Gift Shop $ For Five and 50/100 Gift Pinellas County, Florida [: :] DOLLARS NOT NEGOTIABLE SAMPLE VOID DO NOT Citizen s Signature 083 Acct # 5.50 Date: Today s Date PAY TO THE ORDER OF For Business Supplies Store $ 2.00 Two and 00/100 NOT NEGOTIABLE Box of Envelopes SAMPLE VOID [: :] :] Acct # DOLLARS Citizen s Signature 083 Payment / Debit(-) Fee Deposit / Credit (+) $ Date Main Street Gift Shop Date Business Supplies Store

7 Scenario: What s My? Use today s date and the account number 083. Your checking account balance was $ You deposited a $10.00 check that your aunt sent. Bow-Wow Wow! Branch /25/ :46PM Using your debit card, you purchased a toy for your dog at Bow-Wow Wow! for $3.00. Use the deposit ticket and check register below to enter all transactions. What is the new checking account balance? $ / Fetch Ball T $ 2.81 subtotal $ 2.81 T=FL/Pinellas Tax % on Total $ 3.00 *7538 debit total payment $ 3.00 Receipt ID # Payment / Debit (-) Fee Deposit / Credit (+) $ Date Deposit DC Date Bow-Wow-Wow! Today s Date DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL FROM LESS RECEIVED 0 00 [: :] ACCOUNT NUMBER

8 What s My? Scenario: Use today s date and account number 083. Your checkbook register balance is $ You use your debit card to purchase a new belt at Walt s Western World for $ When depositing a check for $17.50, you requested $1.00 in cash back. Use the deposit ticket and check register below to enter all transactions. What is your balance? $33.00 Walt s Western World Branch /02/ :15 PM Leather Belt T $ 9.82 Brown subtotal $ 9.82 T=FL/Pinellas Tax % on Total $10.50 *6891 debit total payment $10.50 Receipt ID # 1248: Today s Date Endorsed DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL [: :] :] ACCOUNT NUMBER 13 FROM LESS RECEIVED Payment / Debit(-) Fee Deposit / Credit (+) $ DC Date Walt s Western World Date Deposit

9 Scenario: Use today s date and account number 083. Your checking account balance was $8.75. You deposited your paycheck for $8.50. You purchased a new game with your debit card at Grant s Games for $3.75. Use the deposit ticket and check register below to enter all transactions. Calculate your new balance. $13.50 Grant s Games, Inc. Branch /25/20XX...10:45 AM 5468JK456/ 5 in 1 Games T $ 3.50 subtotal $ 3.50 T=FL/Pinellas Tax % on Total $ 3.75 *7896 debit total payment $ 3.75 Receipt ID # Current date DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL FROM [: :] LESS RECEIVED ACCOUNT NUMBER Payment / Debit (-) Fee Deposit / Credit (+) $ 8.75 Deposit Grant s Games

10 Scenario: What s My? Use today s date and account number 083. Your checking account balance was $ You deposited your paycheck for $9.00 and received $2.00 back in cash. You purchased the latest Hip Pop Rocker s CD at Zenith Music Store for $ Use the deposit ticket, check and check register below to enter all transactions. What is your balance? DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL Citizen s Signature FROM LESS RECEIVED [: :] ACCOUNT NUMBER 83 Date: PAY TO THE For Zenith Music Twelve and 50/100 - NOT NEGOTIABLE SAMPLE VOID CD Citizen s Signature [: :] Account Number $ DOLLARS 83. Payment / Debit (-) Fee Deposit / Credit (+) Deposit $ Zenith Music Store

11 Scenario: What s My? Your checking account balance was $ Using your ATM card you withdrew $20.00 from your checking account. Branch You also used your debit card to purchase a DVD at Mega Mart for $ Use the receipt to calculate your new checking account balance /07/ :15PM DVD - comedy T $ subtotal $12.62 T=FL/Pinellas Tax % on Total $ Payment / Debit (-) Fee Deposit / Credit (+) $ ATM Withdrawal DC Mega Mart

12 Scenario: Use today s date. Your account number is 083. Your checking account balance was $ You deposited your paycheck for $8.50. You made an online transfer of $1.50 to your savings account. Use the deposit ticket and check register below to enter all transactions. What is the new checking account balance? DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Payment / Debit Fee Deposit / Credit (+) $ Current Deposit Current Transfer to Savings - TTS

13 What s My? Scenario: Use today s date and account number 083. Your checkbook register balance is $6.25. You received your paycheck for $8.25. CVS Branch /17/ :32PM You made a deposit requesting a $1.00 in cash. You use your debit card to purchase a hat for $4.00 at CVS. Use the deposit ticket and check register below to enter all transactions. What is your new balance? / PC Sun Hat T $ 4.00 Total $ 4.00 *6521 debit total payment $ 4.00 Receipt ID # 16544v DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Today s Date Citizen s Signature Pinellas County, Florida FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Payment / Debit (+) Fee Deposit / Credit (+) $ 6.25 DC CVS Deposit

14 SALARIES Sample Business Costs Jim s Printing Palace Business Costs STUDENT NAME SALARY PAY PERIODS TOTALSALARY Manager $6.00 X 3 = Financial Officer $5.50 X 3 = Graphic Designer 1 $5.00 X 3 = Graphic Designer 2 $5.00 X 3 = Sales Associate 1 $5.00 X 3 = Sales Associate 2 $5.00 X 3 = $ $ $ $ $ $ Total of All Salaries $ $ OPERATING COSTS Mortgage () $ 5.00 Utilities ($5.00 to Verizon, Approx. $8.00 to Duke Energy, $2.00 to Water, $2.00 to Recycle) $ Supplies (Ditek) $ 5.00 Advertising ($4.00 to Times, $4.00 to MIX 100.7, $4.00 to Verizon, $3.00 to k.tek) $ Professional Services (CPA, Attorney, Gov t officials) $ 6.00 Health Care (Baycare) $ 1.00 Support of the Arts ($2.00 to Salvador Dali Art Center) $ 2.00 Total Business Costs (Salaries plus Operating Costs. Enter this amount on the first check stub in your business checkbook.) Total Operating Costs $ TOTAL AMOUNT OWED TO THE BANK $ $ $ $5.00 INTEREST $ (Loan plus Interest amount) 26

15 Price Setting for an Business Directions for pricing your items: Use the Pricing Guide below to price the listed items. Merchandise should never be priced lower than $1. or more than $11. You may use 50 increments. When you add the Amount column the total should be $40 to $60 over your bank loan. If your total is not $40 to $60 over your bank loan, you must adjust your prices. Stay within the ranges found in the pricing guide. Pricing Guide 27 Answers will vary = $8 to $11 = $5 to = $1 to Description Quantity Price Each Amount Alien Crayons 3 X = Enterprise Rulers 5 X Beach Ball - Penguin 4 X 6.50 = Laser Yo-Yo 3 X 7.00 = Lip Gloss Cell - Phone 3 X 6.50 = Patriotic Dog Tag 7 X 3.00 = Tampa Bay Rays Wig 3 X 7.00 = Sports Car Paperweight 3 X 6.50 = HSN Notebook/Pen 3 X 9.00 = Must be $ $ over bank loan. Total

16 What s My? Scenario: Use today s date and account number 083. You deposited your paycheck for $8.75 and got $1.00 in back. Your checkbook register balance is $5.50. Carol s Card Shack Branch /25/ :56PM Using your debit card, you bought some note cards at Carol s Card Shack for $3.50. Use the deposit ticket and check register below to enter all transactions. What is your balance? $ / 48 Patriot Noise T $ 3.25 Makers subtotal $ 3.25 T=FL/Pinellas Tax % on Total $ 3.50 *6891 debit total payment $ 3.50 Receipt ID # DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Citizen s Signature Pinellas County, Florida FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER Payment / Debit (-) Fee Deposit / Credit (+) $ 5.50 DC Date Deposit Carol s Card Shack

17 What s My? Scenario: Use today s date and account number 083. Your checking account balance was $ Today, you deposited a birthday check for $ Sam s Sporting Goods Branch /25/ :32PM Then you used your debit card to purchase a package of tennis balls for $3.00 at Sam s Sporting Goods. Use the deposit ticket and check register below to enter all transactions. What is the new checking account balance? $ / Tennis Balls Pkg T $ 2.81 subtotal $ 2.81 T=FL/Pinellas Tax % on Total $ 3.00 *6521 debit total payment $ 3.00 Receipt ID # DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL FROM LESS RECEIVED [: :] :] ACCOUNT NUMBER DC Current Current Deposit Payment / Debit Sam s Sporting Goods Fee Deposit / Credit $

18 Read the following information and complete check and check register. On March 14, James Dunn deposited $5 into his checking account. Later that day he bought a gift for his friend at Macy s. He wrote a check for $3.75. Payment / Debit Fee Deposit / Credit $ /14 Deposit /14 Macy s Date: March 14, 2018 PAY TO THE ORDER OF $ Pinellas County, Florida For James Dunn 111 Macy s 3.75 Three and 75/100 - gift [: :] NOT NEGOTIABLE SAMPLE VOID James Dunn DOLLARS 33 Use the following information to complete the deposit ticket. Mark Hill received his $62 paycheck. He s going to a movie tonight, so he wants to get $20 cash when he makes his deposit at the bank. Mark Hill March 17, 2018 DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Mark Hill FROM LESS EIVED Pinellas County, Florida [: :] :] ACCOUNT NUMBER

19 Directions: Use the following word bank to complete the story below. Complete the financial forms, too. balance checks endorse net deposit bounce credit card financial institution teller checking account debit card interest transactions checkbook register loan The 5th grade class at Moonbeam Academy was going to! The principal asked students to help raise money for the program because there were many expenses, such as classroom materials and buses. A few students did not want to work on a fundraiser. Scott wanted loan to apply for a at a and borrow the money. But, when you borrow money, you have to pay back the amount you borrow, plus. That would make the trip even more expensive! Bob said the school could use his dad s credit financial card institution interest and they would have 30 days to pay it back, but that didn t seem right either. They would still have to raise the money eventually, so the Moonbeam Academy students decided to sell pies to raise the money. 35 The Parent Club offered to let students use their checking account since they had plenty of deposit tickets to use when depositing money into the account, and checks to write when the students needed to withdraw money from the account for their purchases. Students bought 300 pies at $5 each from Baker s Palace and promised to give the baker a check for $1,500 as soon as they sold all of them. When they sold all the pies for $10 each, they had $900 in cash and $2,100 in checks. On the deposit ticket, the was $3,000. (Use today s date to complete the deposit ticket.) net deposit Parent Club DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Pinellas County, Florida [: :] :] ACCOUNT NUMBER 36 FROM LESS RECEIVED

20 The Parent Club treasurer drove them to the bank, and the bank deposit ticket. The students were concerned the treasurer might have to teller endorse asked her for the the back of each check, but they used a stamp instead. While the bank teller completed the, the treasurer wrote the $1,500 check to Baker s Palace for the pies. The check looked like this. (Use today s date to complete the check.) Parent Club Date: PAY TO THE ORDER OF $ For DOLLARS NOT NEGOTIABLE transaction SAMPLE VOID Susan Witcher (Parent Club Treasurer) 83 [: :] :] Acct # 1501 Baker s Palace 1, One thousand five hundred and 00/100 - Pies 37 After they made their deposit and wrote out the check to Baker s Palace, they remembered they need $125 to pay back their principal for the trailer he rented to get all the pies to school. The debit card Parent Club treasurer then used her to withdraw the cash from the bank s ATM. As they were leaving the bank, the students realized they had not recorded the check, deposit and the ATM transaction in the check register. They did not want the Parent Club to possibly accurate bounce balance a check, so they recorded all their entries and calculated an. (Use today s date to complete the register below.) Payment / Debit(-) Deposit / Credit(+) Fee $ Deposit 3, Date Baker s Palace DC Date ATM Principal

21 First Break Practice During your 1st break you will complete the following task. Using the information we have provided complete the following task. Circle your choices. 1. Endorse the back of your paycheck. You are paid $5.00 $5.50 $6.00 for a salary. 2. Complete your deposit ticket. Remember you can ask for cash back, but no more than $1.00 in increments of $0.25. (To use for snacks and/or donations to Unified Giving) At this deposit you request $1.00 cash back for soda and a snack. 3. Fill in your checkbook register to match the amounts on your deposit ticket. 4. Go to the bank to make your deposit. 5. Use this break to window shop to see what items you are interested in purchasing and enjoy a snack at McDonald s! Student Signature Account Number X Endorse Here 39 Deposit / Credit Payment / Debit Date Deposit Depends on salary $ Citizen s Signature DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Pinellas County, Florida FROM LESS RE- CEIVED [: :] :] ACCOUNT NUMBER Depends on salary Depends on salary 1 00 Depends on salary Citizen s Acct # 40

22 Second Break Practice During your 2nd break you will complete the following task. Using the information you have received about your salary complete the following practice. 1. Carry over your balance from the 1st break practice sheet. 2. Endorse the back of your paycheck. 3. Complete your deposit ticket. You choose to ask for $.50 cash back. 4. Fill in your checkbook register to match the amounts on your deposit ticket. 5. You have purchased some pencils from Bic graphics. These pencils cost $2.00, record this transaction. 6. Transfer $1.50 to your savings account on your checkbook register. 7. Go to the bank to make your deposit. This is a good time to start shopping and spending your money!! Student Signature Account Number X Endorse Here 41 Citizen s Signature DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL Pinellas County, Florida [: :] :] FROM LESS RE- CEIVED ACCOUNT NUMBER Depends on salary Depends on salary - 50 Depends on salary Citizen s Acct # Number Date Transaction Description Payment./Debit (-) Deposit/Credit (+) from previous page Date Deposit Depends on salary $ Date TTS DC Date BIC Graphics

23 Third Break Practice During your 3rd break you will complete the following task. Using the information you have received about your salary complete the following practice. Circle your choices. 1. Carry over your balance from the 2nd break practice sheet. 2. Endorse the back of your paycheck. Your salary is $5.00 $5.50 $ Complete your deposit ticket. The only reasons you need cash at this time will to purchase a newspaper for $0.25 and/or if you want to donate money to Unified Giving. This time you deposit your whole paycheck 4. Fill in your checkbook register to match the amounts on your deposit ticket. 5. Go to the bank to make your deposit. 6. This is the time to make sure you spend ALL of your money. There is no second chance. 43 Student Signature Account Number X Endorse Here Today s Date DEPOSITS MAY NOT BE AVAILABE FOR IMMEDIATE WITHDRAWAL FROM Depends on salary Pinellas County, Florida LESS RE- CEIVED [: :] :] ACCOUNT NUMBER Depends on salary Depends on salary Citizen s Acct # Number Date Transaction Description Date Deposit Payment/Debit (-) Deposit/Credit (+) Depends on salary $ from previous page 44

24 Quiz Fill in the banks: 1. What three things must you take to on your three breaks? Deposit Ticket Checkbook Register Paycheck - endorsed 2. What is your account number? Citizen s Acct # 3. What are the only three businesses where you can use cash? EV Times McDonald s Unified Giving 4. How much money will you transfer to savings (TTS) on your second break? $ What business do you work for? Citizen s Business 6. What is your job title? Citizen s Job Title 7. What must you do to the back of your paycheck before depositing it at the bank? Endorse it debit card 8. After using my, I must record my purchases on my checkbook register. 9. Where are the only restrooms located in? McDonald s 10.I,, pledge to be responsible, respectful, honest, and trustworthy while at. If I have any issues I will make sure to find an adult (my volunteer, my teacher, an teacher) to address the problem so I do not get myself into trouble. 46