Grade Level: 6 Checks and Balances Lesson: 2. Vocabulary. Transaction: Any activity with money such as a deposit, a withdrawal, or a transfer.

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2 Grade Level: 6 Checks and Balances Lesson: 2 [ Visual J Vocabulary Transaction: Any activity with money such as a deposit, a withdrawal, or a transfer. ATM Surcharge: An Automatic Teller Machine (ATM) fee financial institutions charge for withdrawing money. Insufficient Funds: This term describes the circumstance of not having enough money in a checking account to make a payment or to withdraw money. Overdraft fee: This is a fee charged by the financial institution for making a purchase against your checking account in which there is not enough money in the account to cover the payment. Insufftc- ieÿ q! Proÿction with L overdraft fee Overdraft! Protection linked to Transaction Denied I on F U.'4 ÿ A'l' 1 N

3 ( Grade Level: 6 Checks and Balances Lesson: 2 Activity ) Name Class Period Directions: Max has a checking account at SafeMoney Bank. He chose to have overdraft protection. Help Max complete the check register by documenting all of his transactions, dates and check numbers and calculating the balance after each transaction. Be sure to apply the applicable fees charged by SafeMoney Bank. If Max withdraws cash from an ATM other than SafeMoney Bank, he must apply the fees charged for that financial institution. SafeMoney Bank Terms: Monthly service fee of 515 is applied if the account falls below 51 Monthly debit card fee of 5i e An overdraft fee of 52 for each overdraft. ATM cash withdrawals will be denied if the account has insufficient funds. ATM Surcharge for Local Financial Institutions: MY Credit Union: 53. Wise Bank: 52. Transactions: i. On April i, Max had a balance of 562.., On April 5, Max withdrew 52. cash at MY Credit Union ATM. 3. On April ii, Max made an online payment to Cell Phone Services for On April 13, Max deposited his paycheck for On April i6, Max wrote check number i13 to Skate Inc. for 543 to purchase a skateboard. 6. On April 25, Max made a debit card purchase for 512 at Style Cut to pay for his haircut., On April 25, Max deposited 542. This is the money he received for his birthday and mowing the lawn. 8. On April 26, Max withdrew 52 cash from the ATM at Wise Bank. OB F. L A! IoN

4 Grade Level: 6 Checks and Balances Lesson: 2 Max's Check Register Number Withdrawal/ Deposit/ or Code Date Description of Transaction Payment/Fee Balance Credit (+) (-) Part B On May 1, Max went to the SafeMoney ATM and tried to withdraw ÿ;4. He was surprised that he didn't have enough money in his account to make this withdrawal. Why might Max think he had enough money? What advice would you give Max to help him avoid paying unnecessary fees? [;' L!.N D A',I' N

5 Grade Level: 6 Checks and Balances Lesson: 2 ( Activity 6.2-2a 1 Name Class Period s MY Credit Union Check Register Number or Code Date Description of Transaction Beginning balance Withdrawal/ Deposit/ Payment (-) credit (+) Balance 15 O 17o u ÿ L!A't'= ON

6 Ryan is 28 year old plumber. Twice a week he withdrawals cash from his checking account using his debit card. Since he is limited in time, he uses the ATM nearest to him. Ryan pays his bills on the computer. He is looking for a financial institution that accepts automatic deposits. He will also need a savings account. Ryan does a poor job keeping up with his account balance, therefore he sometimes gets overdrawn. Which bank should he choose? Why? Lewis is an astronaut who is currently stationed at the International Space Station. He has to pay all of his bills on-line since he's in space, so on-line banking is a must! He never writes checks, but he does use his debit card for on-line shopping. Astronauts earn an above-average income, so his checking account will always have at least $1, in it. Which bank should he choose? Why? Dr. Miller is a busy pediatrician. She's looking for a bank that's convenient and easy-to-use. She is constantly using her debit card, and rarely writes checks. She is planning to automatically deposit her paycheck into the checking account, so she doesn't care how much the overdraft protection will be (since she'll always have enough money in the account). She plans to open a savings account as well; she'll deposit her Income Tax Refund of $1, in the savings account. Which bank should she choose? Why?

7 Kalie is a 19 year old college student who also works parttime as a computer operator. She spends most of her freetime on the computer. She also pays her bills online. She rarely writes checks and enjoys the convenience of using a debit card to pay for items at the store. Once a month, Kalie withdrawals cash for spending money using the ATM at her financial institution. She would like the ability to transfer money from her checking to her college savings account. Kalie has never been overdrawn.!: Which bank should she choose? Why? Mrs. Rios is a retired teacher. She prefers to pay her bills using checks. She prefers to go to the bank and tall< to a human teller when making transactions. She visits his financial institution about twice a month to deposit her retirement pension or to withdraw cash. She would like a savings account. Mrs. Rios keeps accurate records of her checking account. When her account gets low, she immediately transfers money from her savings account. Which bank should she choose? Why? Which bank would YOU prefer? Why?

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10 Grade Level: 6 Best Payment Option' Debit or Credit Lesson: 1 Activity i Name Class Period Directions: With your group, complete the chart below to compare debit cards and credit cards. Write everything your group knows about these cards. What does it look like and feel like? Debit Card Credit Card How does it work? Are there any fees? Are there any limitations to how much you can spend? What are other things you know about these cards? J [ÿ'oundatiion

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12 Grade Level: 6 Credit Reports Lesson: 3 (Activity6.3.2 I Narne Class Period Directions: Complete the graphic organizer below about the information included in credit reports. Personal Information Credit Information and Payment History Public Information Credit Reports Credit Inquiries Length information is retained on credit report: fÿ' O U N D A'}' I O in

13 Grade Level: 6 Credit Reports Lesson: 3 I Activity6.3-3 i Name Class Period Directions: Study this diagram below, representing factors affecting credit and the weight of each, compared to the whole. Then, rank the items in the list below, with 1 affecting credit the most and 5 affecting credit the least. Finally, provide an explanation as to why each rank was chosen. Factors Affecting Credit e 53, balance owed to Ford Motor Credit for auto financing. Rank: o Explanation: o Consumer currently holds one home mortgage, one credit card, and one installment loan. Rank: o Explanation: o First credit established in Rank: o Explanation: Newest credit account established in January 212. Rank: o Explanation: - Payments to Credit Corporation of America were made on time, Rank: o Explanation: [" Okl NL}AI'!ON

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15 Grade Level: 6 Which is Best for Me? Lesson: 4 6'::4... Vocabulary On-the- Training (OJT): training or preparation that is typically needed, once employed in an occupation, to attain competency in the occupation. Training is occupation specific rather than job specific; skills learned can be transferred to another job in the same occupation Education: levels of education typically needed for entry into an occupation are classified as follows: e Doctoral or professional degree: degree awarded usually for at least 3 years of fulltime academic work beyond a bachelor's degree; e.g., lawyers, physicians and surgeons, and dentists Master's degree: degree awarded usually for i or 2 years of full-time academic study beyond a bachelor's degree o Bachelor's degree: degree awarded usually for at least 4 years of full-time academic study beyond high school o Associate's degree: degree awarded usually for at least 2 years of full-time academic study beyond high school e Postsecondary nondegree award: usually a certificate or other award that is not a degree. Certifications issued by professional organizations or certifying bodies are not included in this category. Programs may last only a few weeks to 2 years, e.g., nursing aides, EMTs and paramedics, and hairstylists Some college, no degree: a high school diploma or the equivalent, plus the completion of one or more postsecondary courses that did not result in any degree or award High school diploma or equivalent: the completion of high school or the equivalent resulting in the award of a high school diploma or the equivalent, such as the General Education Development (GED) credential Less than high school: the completion of any level of primary or secondary education that did not result in the awarding of a high school diploma or the equivalent Bureau of Labor and Statistics, [: O U N Lÿ AT i O N

16 Grade Level: 6 Which is Best for Me? Lesson: 4 Activity 6.4ola ) Name Class Period Directions: Find classmates who have the information for the job described and fill in the additional information in that block. Your Income range: Less than 536, Income range: 536,1-56, Hourly rate Education Level/Training Hourly rate Education Level/Training Hourly rate Education Level/Training Income range: S6,1- SlOO,OOO Income range: More than 51,o Level of Education: None required Hourly rate Education Level/Training Hourly rate Education Level/Training Hourly rate Additional Training Level of Education: Training required Hourly rate Additional Training Level of Education: High school diploma Hourly rate Additional Training Level of Education: College degree Hourly rate Additional Training I ' O L!.'41ÿ A',I' 1 N

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