Clover Checking Checking Account Lesson

Transcription

1 Clover Checking Checking Account Lesson Objective(s): After completing this activity, students will: explain the benefits of having a checking account, demonstrate the process of writing checks and recording them in a check register. Life Skill(s): Keeping Records, Problem Solving, Wise Use of Resources Character Focus: Responsibility GLE: Economics Fundamental Economic Concepts Apply fundamental economic concepts to decisions about personal finance (E-1A-H1) Information Resources-8 th Grade Standard 5 - Locate and select information using organizational features of grade-appropriate resources, including: complex reference sources (e.g., almanacs, atlases, newspapers, magazines, brochures, map legends, prefaces, appendices) (ELA-5-M1) Information Resources-9 th Grade Standard 5 - Locate, analyze, and synthesize information from a variety of grade-appropriate resources, including: multiple printed texts (e.g., encyclopedias, atlases, library catalogs, specialized dictionaries, almanacs, technical encyclopedias, and periodicals) electronic sources (e.g., Web sites, databases) other media sources (e.g., community and government data, television and radio resources, and other audio and visual materials) (ELA-5- H2) Information Resources-10 th Grade Standard 5 - Locate, analyze, and synthesize information from grade-appropriate resources, including: multiple printed texts (e.g., encyclopedias, atlases, library catalogs, specialized dictionaries, almanacs, technical encyclopedias, and periodicals) electronic sources (e.g., Web sites and databases) other media sources (e.g., community and government data, television and radio resources, and other audio and visual materials) (ELA-5- H2)

2 Information Resources-11 and 12 th Grade Standard 5 - Locate, analyze, and synthesize information from a variety of complex resources, including: multiple print texts (e.g., encyclopedias, atlases, library catalogs, specialized dictionaries, almanacs, technical encyclopedias, and periodicals) electronic sources (e.g., Web sites or databases) other media (e.g., community and government data, television and radio resources, and audio and visual materials) (ELA-5-H2) Game Rules: The game is played much like the popular Monopoly game. Instead of using pretend money for purchases, players write pretend checks and deposits to keep up with their balances in their check registers. Each player starts with a $300 balance in a checking account. Each player receives a checkbook, check register (on a sheet of paper) and a playing piece. All players put their playing pieces on the Go square and roll the dice to determine who goes first. Once play begins, players take turns rolling the dice. They move the appropriate number of spaces and follow instructions on that space. Each time a player writes a check, he or she places the check face up in the center of the game board. Other players may check for accuracy and make corrections if needed. Each time a player rounds the board and passes Go, he or she deposits $50. After the allowed time has elapsed, the player with the highest balance is declared the winner. Delivery Mode: The game in the lesson is played much like Monopoly. Instead of using pretend cash for making purchases and deposits, students will write checks to make payments. They also will record checks written and received in a check register. Materials Needed for the Lesson: Posters, Easel, Handouts (blank check with parts to label), checkbooks/registers, Game board, Dice, Payment/Deposit cards, Playing pieces, Player checkbooks, Check registers, Pencils, Dry erase marker/ eraser. Number & Grade/Age of Participants: Junior high and high school students Author(s): Parish Members: Callie T Lemoine, Avoyelles; Joseph Barrett, Bosier; Nancy Cronan, Calcasieu; Deborah C. Cross, DeSoto; Shannon S. Zaunbrecher, Vermillion; David Williams, Livingston; Margaret Frey, St. Landry, Katherine David, Washington; State Office Members: Debra Davis, Ph.D., Environmental Programs; Fred Sanders, Ph.D., Environmental Programs; Evva Wilson, Ph.D., Family & Consumer Sciences; Michele Abington-Cooper, Personnel & Organization Development; Diane Sasser, Family & Consumer Science; Prepared By: Shannan Zaunbrecher, Vermilion Parish; Revised by: Lanette Hebert, Regional 4-H Coordinator, SW Region; Adrianne Vidrine, Extension Agent FCS, Acadia; Charles Hebert, County Agent, Lafayette

3 Can you remember the last five items you purchased and what each item cost? Take a moment to write them down. This list will be for your use only. (Allow a few minutes). Did you complete your list? Did you find it hard to remember what you bought? Do you know how much money you have now? Do you know how much you spend each week? Each month? Many people find it difficult to manage money well. They don t seem to know where their money goes, and they have a hard time saving it. Today, we will discuss and practice using checking accounts as a way to manage our money. A checking account is one way people choose to pay for purchases. A check is a written order directing a bank to pay the person or business named on the check. To pay by check, a person must open a checking account with a bank. An advantage of having a checking account is that you don t have to carry around large amounts of cash. But, if you don t have good money management skills, you may spend more than is in your account, and your checks may bounce. Many banks now offer debit cards or ATM cards, which work similar to checks. Instead of writing out a check, you simply hand over or swipe your card. This automatically withdraws the designated amount from your checking account. It is important to record these transactions in your check register. Let s go over the parts of a check together, and then you will get a chance to practice on your own by playing a game. Display title poster. Income Allowance Babysitting Yard work Washing cars Paper route Dog walking Manage Your Money With Checking Accounts Expenses Sports equipment School supplies Entertainment Snacks Clothes Grooming supplies Show an example of a checkbook and check register. Pass out sample blank checks. Display poster of blank check and register. Writing Checks Person or business to be paid Date the check was written Jane Smith Lake Forest Dr. Clover, LA $ Pay to the Order of DOLLARS Commercial National Bank Of Clover MEMO Amount of money to be paid Signature of person writing the check Write individual list of the last five items purchased.

4 You found $20 Lose a Turn In the Payment Card Deposit Card Payment Card Deposit Card Deposit Card Payment Card Payment Card parking lot. Move Ahead 3 spaces! Detention! Pay $50 to High School to get out or wait to roll a 1. Deposit Card You Borrowed your brother s bike Without permission & broke it. Pay $ Deposit Card Payment Card You stopped Deposit Card for a snack. Deposit Card Pay $2.15 Lose A Turn Deposit Card Payment Card Deposit Card Move up You gave Payment Card 5 spaces! $5 to charity Move up 3 spaces. Move back 2 spaces! Deposit Car Your frien borrowed $12. You rode with a frien Pay $10 for gas. Payment Card Deposit Car Move ahea 4 spaces Each time What You Say: What You Do: What Participants Do: Make sure you have at least the amount of the check in your account. Always use ink. Never sign a check until you are ready to use it. Write the date, person or business to be paid, amount of money to be paid and your signature on the appropriate marked lines. Make sure the amount of the payment is the same on both figures and words. You will notice across the bottom of the check the tracking number, account number and check number are printed. You will need this information if you are making an on-line check payment. It s important to keep a list of every check written, the date, the person or business and the amount in the check register. The register helps to keep track of how much money is in an account. Now that you have had the chance to fill out a check, you will practice that skill by playing the Clover Checking game. Using a dry erase marker, demonstrate on laminated poster how to complete a check (or get a participant to demonstrate). Make up a business and amount and complete the blank check and register as you discuss the different parts. Divide the group into small groups of 4-6. Give each group a game board and bag of playing pieces. Review the rules of the game and answer any questions. Allow a certain amount of time for the game, then conclude the lesson. Complete the sample blank check along with the teacher. Divide into small groups. Play the game. Clover Deposit Cards Checking Having a checking account takes a lot of responsibility. What did you learn about checking accounts that you did not know before playing the game? How will this information help you now or in the future? With practice and close attention, you can turn a checking account into a good money management tool. Payment Cards Go! Deposit $5 Respond to questions. Additional Activity : Using the newspaper look for bank advertisements which offer free checking accounts and other benefits.

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