Lesson 1.4 Keeping A Balance

Transcription

1 Lesson 1.4 Keeping A Balance Using Positive and Negative Numbers as They Apply to Money When using money, the money coming in is has a positive value and the money going out has a negative value. Example Write each of the following statements as a positive or negative dollar amount. a. Johnny earns a paycheque of $ b. Tamara spends $97.26 on a new DVD player. c. Jillian wins $75.00 a the casino d. The Smith family orders a dinner that cost $85.00 e. Michael s salary for this week is $ f. John pays his $ rent

2 Using the money in front of you, complete the following activity. Record the money added or removed and the total amount of money on the bank account sheet provided. 1. Your bank account currently has $300. Place $300 in your bank account using a variety of bills and coins. 2. You have to buy a calculator for math class. Take $7.00 out of your bank account. Write down the total amount of money in your bank account now. 3. You bought breakfast on the way to school. Take $3.50 out of your bank account. Write down the total amount of money in your bank account now. 4. It s Friday and you just got paid! Put $ in your bank account. Write down the total amount of money in your bank account now. 5. Your phone bill just arrived. Take $52.50 out of your bank account. Write down the total amount of money in your bank account now. 6. Your dog needs to go to the vet for his shots. Take $ out of your bank account. Write down the total amount of money in your bank account now. 7. You go out for dinner with friends. Take $43.00 out of your bank account. Write down the total amount of money in your bank account now. 8. You went on a shopping spree! Take $ out of your bank account. Write down the total amount of money in your bank account now. (Hint: Use negative numbers!) Instead of counting at every step, consider using positive and negative numbers to add and subtract money.

3 Keeping a Balance In banking, balance refers to the amount of money in a particular account. Debit means to take money out of an account. Credit means to put money into an account. When an account has a negative balance, we say the account is overdrawn. Example Feb.7 Groceries $78.25 Feb. 11 Gas for truck $25.00 Feb. 15 Paycheque $ Feb. 16 Dinner out $42.45 Feb. 24 Phone bill $38.84 Feb. 28 GST Rebate $45.00 Feb. 28 Rent $ Feb. 28 Paycheque $ Complete the bank balance below using the data given above. Date Transaction Debit Credit Balance Feb. 1 New shoes Feb. 3 Gas for Truck $ Feb. 7 Birthday Cheque $ Feb.7 Groceries Feb. 11 Gas for truck Feb. 15 Paycheque Feb. 16 Dinner out Feb. 24 Phone bill Feb. 28 GST Rebate Feb. 28 Rent Feb. 28 Paycheque Start here 1. Using the information given, work backwards to determine the starting balance on Jan 25, 2005.

4 2. Create a table with the headings: date, transaction, debit, credit and balance, then using the information given below, compete the bank balance. Beginning bank balance: $ May 3 Cable bill $47.35 May 6 Phone bill $44.00 May 8 Paycheque $ May 12 Movie $14.00 May 18 Sold old TV $50.00 May 21 Clothes $ May 22 Paycheque $ May 30 Rent $425.00

5 How to Read and Write Cheque This information will be printed on your cheques Your Name 1001 Your Address City, Province, Postal Code Date Pay to the order of $ /100 Bank s Name Address City, Province, Postal Code Memo Your personal information: name address city, province, postal code 2. The number of the cheque (1001, 1002, 1003, 1004, etc.) This number is also printed in the last line. 3. Your bank s information: name address city, province and postal code 4. Your bank s routing number This number identifies the bank. 5. Your bank account number Writing a Cheque Date: The date you want the cheque to be cashed Pay to the Order of: The person or company you a writing the cheque to $: The amount of the cheque in numerical form (eg. 100) The first long line: The amount of the cheque written out in words (eg. One hundred) /100: the cents, written in numerical form (eg /100) Memo: What the cheque is for (eg. Cable bill, rent) The last long line: Your signature

6 Cheques, Cheques, Cheques Complete the following transactions using the cheques provided. Utilities are things you use, like electricity (hydro), water, cable, internet, etc. 1. You just signed a lease for a new apartment. The rent costs $ each month, not including utilities. You need to give your landlord, John Doe, a cheque for first and last months rent by this Friday. Write one cheque that will pay for two months of rent. Write First and Last in the memo line. 2. For the rest of the year, you want to give your landlord 10 post-dated cheques (one for every month) so you do not need to visit your landlord to deliver another cheque on the first day of each month. Write a post-dated cheque for your second month s rent (November). Write Rent in the memo line. 3. Your first utility bill has arrived. You need to pay your cable bill or else you will no longer have TV or internet. Read the bill below. Write a cheque to the cable company to pay for the bill. Write the Account number in the memo line (You will usually pay utility bills online using the account number on the bill).

7 Cheques, Cheques and Cheques /333 Date Pay to the Order of $ /100 Fake Bank 2019 Decimal Drive Fergus, On MAT LUV Memo /333 Date Pay to the Order of $ /100 Fake Bank 2019 Decimal Drive Fergus, On MAT LUV Memo /333 Date Pay to the Order of $ /100 Fake Bank 2019 Decimal Drive Fergus, On MAT LUV Memo

8 Assignment 1.4 Keeping a Balance Name 1. Write each of the following statements as a positive or negative dollar amount. a. David s friend pays him $40.00 for winning a Super Bowl bet. b. Janet purchases a new pair of shoes for $ c. Timmy get $12 for mowing his neighbour s lawn d. Tabatha sells her Xbox for $ Using the information given, complete the bank balance after each transaction. 3. Create a table with the headings: date, transaction, debit, credit and balance, then using the information given below, compete the bank balance. Beginning bank balance: $ May 3 Paycheque $ May 6 Clothes $ May 10 Paycheque $ May 12 Gas for car $45.00 May 18 Groceries $ May 17 Paycheque $ May 22 Electrical bill $78.24 May 24 Paycheque $ Use the table on the back of this page

9 Date Transaction Debit Credit Balance 4. Pay the following bill using the cheque provided /333 Date Pay to the Order of $ /100 Fake Bank 2019 Decimal Drive Fergus, On MAT LUV Memo

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