Personal Financial Literacy

Size: px
Start display at page:

Transcription

2 Unit 7 Getting Ready Write your answers on notebook paper. Show your work. 1. Add or subtract. a b c d Multiply. a b c Write the letter for the fraction that is equivalent to Multiply. Describe any pattern you notice. a b c Divide. Describe any pattern you notice. a b c Round each number to the nearest hundred. Explain the rounding rules you used. a. 26 b. 349 c. 457 d Compute. Use what you know about order of operations. a b % 720 A Multiply. a b. 6% 180 c. 8% 1500 B. 6 4 C Unit 7 Personal Financial Literacy

3 Using Financial Services You Can Bank on It Lesson 31-1 Understanding Bank Accounts Learning Targets: Examine the features and costs of different types of bank accounts. Understand and use a bank account check register. SUGGESTED LEARNING STRATEGIES: Close Reading, Marking the Text, Summarizing Activity 31 Learning to manage your money is a skill that you will use throughout life. Many different financial institutions offer banking and other financial services, such as savings and investing accounts. Good money management is all about three things: earning money, saving money, and borrowing wisely. Having a savings account or a checking account is a good way to learn about managing money. It pays to check your local financial institutions, because one may pay more or less interest than the other or charge higher fees for their services. Local financial institutions may be branches of national companies or smaller community banks, credit unions, or savings and loans. Services Checking account minimum to open, monthly fees Number of free checks per month Interest paid on checking account Local Credit Union \$100; \$10 per month Local Bank \$150; \$5 monthly fee No limit \$0.10 charge per check Local Savings & Loan \$50; \$5.95 per month Limit of 10 free checks/month; \$0.15 thereafter 0.35% No 0.4% with combined balances (savings and checking) of \$500 Debit card No fee No fee No fee ATM fees outside No fee \$2.50 \$2 network Overdraft fee \$30 \$20 \$25 1. Which financial institution has the highest monthly costs for a checking account? ACADEMIC VOCABULARY A savings account pays interest on the amount of money in the account. A checking account may or may not pay interest, depending on the bank or financial institution. 2. Which financial institution has the lowest requirement for opening a checking account? 3. Apply mathematics in everyday life. If you wrote 20 checks a month, what fees would you pay to each financial institution? Activity 31 Using Financial Services 411

4 Activity 31 Lesson 31-1 Understanding Bank Accounts ACADEMIC VOCABULARY A debit card allows customers to withdraw cash from their accounts at ATM (automated teller machines) and pay for purchases at stores. Most financial institutions offer free debit cards to their customers. A debit card works much like a check in that money is taken from the account to pay for the withdrawal or purchase immediately. While the debit card is usually free, fees may be charged if a withdrawal is made from another bank s ATM, called an out-of-network withdrawal. 4. Communicate reasoning. Look back at the table on the previous page. Which debit card would you be likely to choose? Why? 5. Compare the features of debit cards offered by each financial institution. 6. Overall, which bank would you be likely to choose? Explain why. ACADEMIC VOCABULARY A deposit is money added to an account. A withdrawal is money taken out of an account. A transfer moves money from one account to another; for example, from a savings account to a checking account. Most financial institutions allow you to open both a checking and a savings account. You can transfer money back and forth between them. You will receive a monthly statement that shows your beginning and ending balances. It also shows deposits, checks written on the account, withdrawals, and transfers. Interest earned will also appear on the statement. To keep track of how much money you have in your checking account during the month, you would use a check register. Keeping track of your deposits and withdrawals helps you make sure you do not write a check without enough money in the account to cover it. This is known as an overdraft for which most banks charge high fees. 7. Use the information in the following check register to calculate the new account balance with each transaction. Check Number Date Description Check Amount/ Withdrawal Mar 1 Allowance \$ Mar 8 Class trip \$15.00 Mar 12 High Five Sports \$26.77 (debit card) Mar 18 Babysitting \$24.00 Mar 21 Transfer to \$15.00 savings Mar 24 ATM withdrawal \$ Mar 28 Pet supplies \$ Mar 30 School supplies \$12.40 Deposit Balance \$ Unit 7 Personal Financial Literacy

5 Lesson 31-1 Understanding Bank Accounts Activity How many deposits were made in this month? What was the total amount deposited? 9. How many checks were written? What was the total amount? 10. What was the balance at the beginning of the month? At the end? 11. Analyze mathematical relationships. What mathematical operations do you use to balance a check register? Check Your Understanding 12. What facts would you consider in choosing where to open a bank account? 13. Suppose Janice has a beginning bank balance of \$467. She makes one ATM withdrawal for \$30 and writes 4 checks for \$16.80, \$22.74, \$12.38, and \$14. What is her ending balance? 14. How does using a check register help you manage money? LESSON 31-1 PRACTICE 15. Give examples of the types of fees that banks and other financial institutions charge for using their banking services. 16. Use a problem-solving model. If you have a beginning balance of \$ and you write checks for \$23.50, \$12.80, and \$97.26, what will be your ending balance? What fees might the bank charge? 17. Complete the following check register. Check Number Date Description Check Amount/ Withdrawal June 3 ATM withdrawal \$20.00 June 10 Yard work \$ June 15 T-Shirt Shop \$ June 20 Jeans Store \$22.28 June 25 ATM withdrawal \$20.00 June 26 Transfer to \$25.00 savings 414 June 30 Books & More \$12.44 Deposit Balance \$ Activity 31 Using Financial Services 413

7 Lesson 31-2 Using Credit Activity 31 Three nationwide agencies report on consumer credit. Everyone is entitled to a free credit report once a year. Information on the report includes the following: Public records, such as any fines remaining unpaid or late payments on utility bills, taxes, or city/local fees Late payments on loans, such as car loans or home mortgages Past-due or unpaid credit card payments, which might include payments to local stores or for items ordered online Accounts in good standing, which includes credit accounts for which all payments are up to date Math Tip Information on a credit report is usually kept for 7 years. Information about bankruptcy may be kept longer. Here are some ways to build a good credit record: Always pay bills on time. Even your monthly utility bill affects your credit score. Do not borrow or charge more than you can afford. Paying high interest rates on credit card balances can quickly increase the amount owed. Open a bank account before trying to get a credit card. Have different types of credit, such as a cell phone contract, credit card, and bank account. 2. What information in your credit report would be especially important to a lender? 3. Working in groups, create a short presentation that reflects your understanding of the information that goes on a credit report. Create a visual to support your presentation. 4. Why is your credit score important to you as a borrower? Check Your Understanding 5. How long is information kept on a credit report? 6. How does your credit score affect the interest rates on a loan? 7. What can you do to build a good credit history? LESSON 31-2 PRACTICE 8. Communicate reasoning. Explain why credit reports are valuable to both borrowers and lenders. 9. You have a credit card balance of \$188, and you pay annual interest on the unpaid balance of 18%. If you pay \$50 on your balance, how much interest will you pay for the next month on the remaining balance? 10. Compare the features of debit and credit cards. Activity 31 Using Financial Services 415

8 Activity 31 Lesson 31-3 Planning for the Future Learning Targets: Explain various ways to pay for a college education. Compare the annual salary of several occupations that require education or training beyond high school. Calculate the effects of different annual salaries on lifetime income. SUGGESTED LEARNING STRATEGIES: Close Reading, Marking the Text, Create a Plan As you dream about your future, what kind of job or career do you think you will want? Probably you will change your mind several times before deciding. One decision that will affect the kind of job you have and how much you earn is whether you go to college. College costs can vary greatly depending on the type of school, such as public or private college, community college, university, or trade school. There are several ways to help pay for college. Savings: Many parents start saving for college when their children are small. Children also can start saving early by putting some of their allowance or cash gifts into savings. There are many types of college savings accounts. Some are offered by local banks or government agencies. Others are private, through insurance or investment companies. Grants and scholarships: Grants and scholarships are available from several different sources. The federal government provides Pell grants based on financial need, costs to attend school, and status as a full-time or part-time student. Other grants or scholarships may be available from the college itself or from alumni or community groups. Many are available for students with a special talent, such as sports or music. Others are given for high grades. Others may be based on financial need. Unlike student loans, grants and scholarships do not have to be repaid. Student loans: Like other kinds of borrowing, student loans must be paid back, with interest. Like any loan, it is important to shop around for low interest and other terms. Work-study: Once you are in school, many colleges offer work-study jobs. These jobs can give you experience in a field you are interested in. They may be on campus or in private companies. At the same time, the money you earn helps pay your costs. 1. What factors can earn you a grant or scholarship to help pay college costs? 416 Unit 7 Personal Financial Literacy

9 Lesson 31-3 Planning for the Future Activity Explain the difference between taking out a student loan and paying with savings, work-study, and other options. 3. Assume that you are ready for college. You plan to go to a local college while living at home. The annual cost for tuition, fees, and books is \$14,500. Also assume that you qualify for a Pell grant of \$5,500 and scholarships of \$1,500. a. If the rest of your cost must come from savings, how much savings do you need to pay for your first year? b. If fees and tuition increase by 4% each year, how much money would you need for four years of college? Round to the nearest whole dollar for each year s calculation before adding all years. 4. Use a problem-solving model. Assume that you work 12 hours a week through a work-study program and earn \$7.50 per hour. a. How much would you earn per week? b. How much would you earn for two semesters of 16 weeks each? c. If you work 12 weeks during the summer and earn \$9.50 per hour for a 40-hour week, how much would you earn during the summer? Activity 31 Using Financial Services 417

10 Activity 31 Lesson 31-3 Planning for the Future Math Tip 5. The following table shows the median weekly earnings for people with different levels of schooling. Complete the table by calculating the increase in weekly income with each additional level of education. Remember that a median is the middle number in a range of values. Education Level Median Weekly Income (2011) Increase (in dollars) Less than high school diploma \$ High school graduate \$638 Some college, no diploma \$719 Associate degree \$768 Bachelor s degree \$1053 Master s degree \$1263 Doctoral or professional degree \$ Use representations. What is the median increase in weekly income between a high school degree and a college (bachelor s) degree? According to the U.S. Census Bureau, someone with a college degree will earn about \$1 million more in a lifetime than someone with only a high school diploma. Consider the following statistics: The average total earnings for all people with a bachelor's degree is \$2.4 million. Those with a professional degree, such as a doctor or lawyer, may earn about \$4 million. Actual income also depends on many other factors, especially the field in which one works. Graduates in business, science, and engineering earn higher incomes than those with other degrees. 7. What is the percentage difference between the lifetime incomes of people with a high school education and those with a bachelor s degree? 8. Research two or three jobs that interest you. Find out the education that is required as well as the salary ranges you can earn. Use the data to create a table. 418 Unit 7 Personal Financial Literacy

11 Lesson 31-3 Planning for the Future Activity 31 Check Your Understanding 10. Why is starting a college fund early a good idea? 11. Identify ways of paying for college without borrowing. 12. What are the drawbacks of taking out student loans? 13. How does additional education affect your earnings over a lifetime? LESSON 31-3 PRACTICE 14. Communicate reasoning. Describe how work-study can help you both pay college costs and learn a profession. Education Level Median Weekly Income (2011) Less than high school diploma \$451 High school graduate \$638 Some college, no diploma \$719 Associate degree \$768 Bachelor s degree \$1053 Master s degree \$1263 Doctoral/professional degree \$ Use the weekly figures in the table above to calculate the median yearly incomes of these workers: a. High school graduate b. Bachelor s degree c. Professional degree 16. Compare the expected lifetime earnings for someone with a college degree versus someone with a high school degree. Activity 31 Using Financial Services 419

12 Activity 31 Using Financial Services You Can Bank on It ACTIVITY 31 PRACTICE 1. Explain the difference between a debit card and a credit card. 2. The balance in your checking account is \$ On September 3, you write Check 204 for \$33.99 to a clothing store. Three days later you make a deposit of \$24 for babysitting. On September 12, you take out \$20 from an ATM to go to the movies. Fill in this check register to record those transactions. On September 25, you transfer \$25 to savings. What is the new balance? Check Number Date Description Check Amount/ Withdrawal Deposit Balance \$ List four actions that can help you build a good credit history. 4. Explain the various ways that a family can pay for college without borrowing. 5. The median weekly income of someone who drops out of high school is \$451. Someone with a bachelor s degree from college earns \$1053 in that same week. Calculate each person s yearly income and then the difference between them. Mathematical Practices Apply Mathematics to Everyday Life 6. Make the calculations needed to balance the account shown in this check register. a. How often did this person use a debit card? An ATM machine? b. What is the ending balance in this account? Check Number Date Description Check Amount/ Withdrawal Deposit 300 June 6 Guitar lesson \$25.00 June 10 Bike repair (debit card) \$11.00 June 15 Allowance \$25.00 June 21 Ms. Soto (babysitting) \$22.00 June 22 Shoe Shoppe (debit card) \$19.99 June 25 ATM withdrawal \$20.00 June 25 Transfer to savings \$ June 30 B & B Books \$9.40 Balance \$ Unit 7 Personal Financial Literacy

It Is In Your Interest

STUDENT MODULE 7.2 BORROWING MONEY PAGE 1 Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money. It Is In Your Interest Jason did not understand how it

Lesson Description. Texas Essential Knowledge and Skills (Target standards) Skills (Prerequisite standards) National Standards (Supporting standards)

Lesson Description The students are presented with real life situations in which young people have to make important decisions about their future. Students use an online tool to examine how the cost of

Lesson Description. Texas Essential Knowledge and Skills (Target standards) Texas Essential Knowledge and Skills (Prerequisite standards)

Lesson Description This lesson gives students the opportunity to explore the different methods a consumer can pay for goods and services. Students first identify something they want to purchase. They then

COLLEGE. Going from high school to college. Getting Ready for College CHAPTER 1. Getting organized

CHAPTER 1 COLLEGE Getting Ready for College Going from high school to college means taking more difficult classes, meeting new people, and setting your own hours. But it also means taking charge of your

Table of Contents Checking In... 3 Pre-Test... 4 Introduction to Banks... 6 Types of Financial Institutions... 6 Opening and Maintaining a Bank Account... 7 Choosing a Bank and a Bank Account Checklist...

Using Credit. SSEPF4.a, SSEPF4.b, SSEPF4.c

Using Credit SSEPF4.a, SSEPF4.b, SSEPF4.c Loans and Credit Cards: Buy Now, Pay Later The U.S. economy runs on credit. Credit The ability to obtain goods now, based on an agreement to pay for them later.

Loans. What do you Want to Buy? Overhead 3-A. Beginner & Low-Intermediate Materials

Loans Beginner & Low-Intermediate Materials Pre-reading What do you Want to Buy? Overhead 3-A Put a check ( ) next to the pictures of the things you might want to have or do. www.valrc.org/courses/moneytalks

Banking and Budgeting

Banking and Budgeting By Dawn R. Owens and Lisa Rutner Federal Reserve Bank of Atlanta Lesson Plan of the Year Contest, 2007 2008 Second Place LESSON DESCRIPTION This five-day unit is designed as a hands-on

Housing Opportunities for Native Americans & Alaska Natives NativeNatives

Housing Opportunities for Native Americans & Alaska Natives NativeNatives The Section 184 Indian Home Loan Guarantee program is a home loan product for federally recognized tribal members, tribes, and

Lesson Description. Texas Essential Knowledge and Skills (Target standards) Texas Essential Knowledge and Skills (Prerequisite standards)

Lesson Description This lesson focuses on features and costs associated with checking accounts. Students will learn about overdraft protection options and how to record and calculate checking account transactions

Opening a bank account

Section 6 - Money4_7_Layout 1 10/01/2011 11:42 Page 124 Money Section 6 Opening a bank account 125 Borrowing money 127 Budgeting and managing your money 129 124 Money Opening a bank account Opening a bank

How to pay for College:

How to pay for College: What are some ways in which we can pay for college?? What are some ways in which we can pay for college?? 1. Grants/Scholarships What are some ways in which we can pay for college??

Standard 3: The student will describe the functions and uses of banks and other financial service providers.

TEACHER GUIDE 3.1 FINANCIAL SERVICE PROVIDERS PAGE 1 Standard 3: The student will describe the functions and uses of banks and other financial service providers. Finding Financial Services Priority Academic

Young Adults Version. Instructor guide. 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1

Young Adults Version Instructor guide 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1 Welcome to Wells Fargo s Hands on Banking program! This fun, interactive,

BUILD A SOLID CREDIT HISTORY

BUILD A SOLID CREDIT HISTORY WHAT IS CREDIT? Credit is money that you borrow, usually in the form of a credit card or loan, with the promise to pay it back. Why is it important to have good credit? There

Ch. 11.2: Installment Buying

Ch. 11.2: Installment Buying When people take out a loan to make a big purchase, they don t often pay it back all at once in one lump-sum. Instead, they usually pay it back back gradually over time, in

Newspaper Activities for Students

Newspaper Activities for Students Newspaper Activities for Students Page 2 Higher Learning By the year 2010, millions of the jobs available in the United States will require more than a high school diploma.

Why go to College? http://www.actstudent.org/college/

Why go to College? http://www.actstudent.org/college/ Whether you are uncertain about going to college or you just need some reassurance you're on the right track, here are a few reasons to go to college:

Personal Finance. Mao Ding & Tara Hansen

Personal Finance Mao Ding & Tara Hansen Banking Accounts Checking Account Checking account is either zero interest or very low interest bearing Checking account can have infinitely many transactions No

Credit BANKING ON THE FUTURE USCRI. Banking on the Future curriculum, To access the complete USCRI. visit www.refugees.org.

To access the complete Banking on the Future curriculum, visit www.refugees.org. You can order your credit report from the following credit reporting agencies: Equifax PO Box 105873 Atlanta, GA 30348 800-685-1111

Funding Your Education Wisely. Trusted Advice for Smarter Choices

Funding Your Education Wisely Trusted Advice for Smarter Choices WE RE HERE HELP! to We want to help you fund your education wisely while meeting your educational goals. Whether it s: A live event in your

3Budgeting: Keeping Track of Your Money

This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 3Budgeting: Keeping Track of Your Money Chapter 3 Budgeting: Keeping Track of Your Money

Promoting the Health and Well-Being of Families During Difficult Times. Family Financial Management Planning for the Future

Promoting the Health and Well-Being of Families During Difficult Times Family Financial Management Planning for the Future DenYelle Baete Kenyon, Doctoral Student, Lynne M. Borden, Extension Specialist

Investigating Investment Formulas Using Recursion Grade 11

Ohio Standards Connection Patterns, Functions and Algebra Benchmark C Use recursive functions to model and solve problems; e.g., home mortgages, annuities. Indicator 1 Identify and describe problem situations

Students will devise a savings plan for college.

Lesson Description Students will analyze data to determine the relationship between level of educational attainment and weekly earnings and the relationship between level of educational attainment and

Financial Aid Vocabulary Matching Game

Financial Aid Vocabulary Matching Game MATERIALS: - Financial Aid Vocabulary Handout - Financial Aid Matching Cards DESCRIPTION: Groups of students compete against one another to match the most financial

Standard 3: The student will describe the functions and uses of banks and other financial service providers.

STUDENT MODULE 3.1 FINANCIAL SERVICE PROVIDERS PAGE 1 Standard 3: The student will describe the functions and uses of banks and other financial service providers. Finding Financial Services Dorey has a

Lesson 9: To Rent-to-Own or Not to Rent-to-Own?

All About Credit Lesson 9: To Rent-to-Own or Not to Rent-to-Own? Standards and Benchmarks (see page C-61) Lesson Description Students review the elements of a contract. They discuss the characteristics

Building Your Future A Student and Teacher Resource for Financial Literacy Education

Building Your Future A Student and Teacher Resource for Financial Literacy Education Copyright 2009, 2011 The Actuarial Foundation About This Book Personal finance is part knowledge and part skill and

www.refugees.org Protecting Refugees, Serving Immigrants, Upholding Freedom since 1911 BANKING ON THE FUTURE

U.S. COMMITTEE FOR REFUGEES AND IMMIGRANTS www.refugees.org Protecting Refugees, Serving Immigrants, Upholding Freedom since 1911 BANKING ON THE FUTURE BANKING ON THE FUTURE A FINANCIAL LITERACY CURRICULUM

How Does Money Grow Over Time?

How Does Money Grow Over Time? Suggested Grade & Mastery Level High School all levels Suggested Time 45-50 minutes Teacher Background Interest refers to the amount you earn on the money you put to work

I m Going To College Activity Book

I m Going To College Activity Book This activity book belongs to: Name of student who is going to college NORTHWEST EDUCATION LOAN ASSOCIATION Adapted from the California Association of Student Financial

Understanding Credit Personal Management Merit Badge

Understanding Credit Personal Management Merit Badge Kelsey Balcaitis Youth Financial Education Coordinator Class Rules Leave No Trace Wear your uniform to class A Scout is Trustworthy, Loyal, Helpful,

Checking Account Overdraft Agreement

Checking Account Overdraft Agreement Account Name Account Number Share # This Overdraft Agreement ("Agreement") describes the circumstances when we (the Credit Union) will pay overdrafts in your checking

Top 50 Banking Interview Questions

Top 50 Banking Interview Questions 1) What is bank? What are the types of banks? A bank is a financial institution licensed as a receiver of cash deposits. There are two types of banks, commercial banks

Understanding the Student Loan Explosion. Implications for students and their families. Sponsored by:

Understanding the Student Loan Explosion Implications for students and their families Sponsored by: Understanding the Student Loan Explosion: Implications for students and their families True wisdom is

Maureen Baran SVP Business Development. Kris Bona Business Relationship Officer

Williams College Maureen Baran SVP Business Development Kris Bona Business Relationship Officer Agenda What is credit and why is it so important? Credit reports and credit scores Building credit Comparing

14 ARITHMETIC OF FINANCE

4 ARITHMETI OF FINANE Introduction Definitions Present Value of a Future Amount Perpetuity - Growing Perpetuity Annuities ompounding Agreement ontinuous ompounding - Lump Sum - Annuity ompounding Magic?

Kids Version. Instructor guide. 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1

Kids Version. Instructor guide. 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1 Hands on Banking Instructor s Guide Kids Version (Grades 4 and 5).Table of Contents.

SERVICES w w w. c o v e n a n t b a n k. c o m

SERVICES w w w. c o v e n a n t b a n k. c o m Mission To improve the quality of life for our citizens, businesses, shareholders, and the community through distinctive banking and financial services. Vision

Credit Abuse Resistance Education

Credit Abuse Resistance Education (CARE) U S Bankruptcy Court U.S. Bankruptcy Court Southern District of California Are these things you Need or Want? 3 For Big Ticket t Items Unless you ve saved lots

CARDMEMBER AGREEMENT AND DISCLOSURE STATEMENT

CARDMEMBER AGREEMENT AND DISCLOSURE STATEMENT Part 1 of 2: Agreement About this Agreement Part 1 and 2 together make your Cardmember Agreement and Disclosure Statement ( Agreement ) and govern your Credit

Home HOW TO BUY A WITH A LOW DOWN PAYMENT 3 % A consumer s guide to owning a home with less than three percent down. or less

A consumer s guide to owning a home with less than three percent down. 3 % WITH A LOW DOWN PAYMENT or less HOW TO BUY A Home If you re dreaming of buying a home, congratulations. You re in good company!

CHECKING ACCOUNTS and ATM TRANSACTIONS

Grades 6-8 Lesson 1 CHECKING ACCOUNTS and ATM TRANSACTIONS Key concepts: Checking accounts, ATMs, debit cards, credit cards, bank fees and regulation, safeguarding personal information Summary: This lesson

Borrowing Money Standard 7 Assessment

1 Name: Class Period: Borrowing Money Directions: Match each description in the column below with the CORRECT term from the list. Write the letter of the term in the space provided. A. Interest B. Interest

CREDIT CARD DISCLOSURE STATEMENT AND AGREEMENT FOR APGFCU CREDIT AND SHARE SECURED CREDIT

CREDIT CARD DISCLOSURE STATEMENT AND AGREEMENT FOR APGFCU CREDIT AND SHARE SECURED CREDIT In this Agreement the words you and your mean each and all of those who apply for the card or who sign this Agreement.

April 2016. Online Payday Loan Payments

April 2016 Online Payday Loan Payments Table of contents Table of contents... 1 1. Introduction... 2 2. Data... 5 3. Re-presentments... 8 3.1 Payment Request Patterns... 10 3.2 Time between Payment Requests...15

Being a Wise Borrower: The Importance of Managing Your Money

B2. Being a Wise Borrower: The Importance of Managing Your Money Introduction This lesson will help guide students through the process of borrowing and managing money in a responsible way so they are prepared

HOW TO FINANCE YOUR COLLEGE EDUCATION

HOW TO FINANCE YOUR COLLEGE EDUCATION If financial aid, whether need-based or merit-based, is going to be essential for you to attend college, please do not limit your choices by eliminating colleges that

Member FDIC. Checking Account Guide

Member FDIC Checking Account Guide Table of Contents o Introduction. 3 o Checking Account Management.. 4 o Documents. o Check Register o Checks o Debit Card o o o Making a Purchase 4 Writing a Check..5

Financial Aid. www.mohela.comk. Offering Support and Low Cost Options for College Bound Students

Financial Aid The mission of MOHELA is to provide lower-cost student loans and other financial and educational resources to benefit a diverse group of students so they can access higher education and to

Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.

TEACHER GUIDE 7.2 BORROWING MONEY PAGE 1 Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money. It Is In Your Interest Priority Academic Student Skills

Helping you to manage your money

Helping you to manage your money 2 Contents Section 1: Managing your money 1 Budgeting made easy Section 2: Borrowing sensibly 7 Managing your credit cards Managing your overdraft Managing your loans Section

TALKING POINTS HIGH SCHOOL STUDENTS PRESENTED BY JEAN CHATZKY AND PASS FROM AMERICAN EXPRESS SM

INTRODUCTION Give your kids a heads-up that tonight you re going to make some time to talk about money. It won t take all night, but they should finish their homework, tell their friends they re not available,

Control Debt Use Credit Wisely

Lesson 10 Control Debt Use Credit Wisely Lesson Description In this lesson, students, through a series of interactive and group activities, will explore the concept of credit and the impact of liabilities

You will be introduced to careers that are available in the Accounting and Finance Pathway.

In this unit you will discover ways to apply sound decision-making skills, discover stable saving and spending habits, and practice using bank accounts to manage your money. You will be introduced to careers

Teens Version. Instructor guide. 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1

Teens Version. Instructor guide. 2003, 2013 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 VERSION 5.1 Hands on Banking Instructor s Guide. Teens Version (Grades 6 8). Table of Contents.

Jump\$tart Washington Curriculum Unit 1 Chapter 1 Contents

Jump\$tart Washington Curriculum Unit 1 Chapter 1 Contents Jump\$tart... 1 UNIT ONE: PLANNING AND MONEY MANAGEMENT... 2 Chapter One: Financial Literacy... 2 Chapter Learning Objectives... 2 Episode 301 Synopsis...

Personal Loans 101: Understanding

Personal Loans 101: Understanding APR Everyone needs access to affordable credit, whether it is to make a small purchase, pay for an unexpected emergency, repair their car or obtain a mortgage on their

MATHEMATICS Grade 6 2015 Released Test Questions

MATHEMATICS Grade 6 d Test Questions Copyright 2015, Texas Education Agency. All rights reserved. Reproduction of all or portions of this work is prohibited without express written permission from the

2014 Junior Achievement USA, M1205 Debit and Credit PowerPoint

JA Finance Park will help you build a foundation for making intelligent, lifelong personal financial decisions. Topics include income and saving, credit and debit, and budgeting. 2014 Junior Achievement

APPENDIX. Interest Concepts of Future and Present Value. Concept of Interest TIME VALUE OF MONEY BASIC INTEREST CONCEPTS

CHAPTER 8 Current Monetary Balances 395 APPENDIX Interest Concepts of Future and Present Value TIME VALUE OF MONEY In general business terms, interest is defined as the cost of using money over time. Economists

London Branch Interest Rate & Charges Guide for Personal Banking

London Branch Interest Rate & Charges Guide for Personal Banking Effective from November 2009 Your Guide to our charges for personal accounts. If you have a personal account with us, this guide tells you

Financial Mathematics

Financial Mathematics For the next few weeks we will study the mathematics of finance. Apart from basic arithmetic, financial mathematics is probably the most practical math you will learn. practical in

Higher Education studies in Sweden

Higher Education studies in Sweden HIGHER EDUCATION STUDIES IN SWEDEN Published by Swedish Council for Higher Education 2014, Hylte tryck PHOTO: Erik Lundback (cover, p. 5, 6, 11, 13) Eva Dalin (p. 8-9,

A guide to help you make the most of Your Choice. Employee Guide

A guide to help you make the most of Your Choice Employee Guide This guide is to help you understand a bit more about Your Choice. This is the total package of benefits that you may be eligible for as

How to manage manage your your checking checking account. account.

How How to manage to manage your your checking checking account. account. Introduction Welcome to Desert Schools Federal Credit Union. Congratulations on your first checking account! It s the perfect time

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

ANZ Credit Card Frequently Asked Questions

ANZ Credit Card Frequently Asked Questions January 2013 CARD FEATURES What are the main features of the new ANZ Credit Card? features including, up to 45 days interest free, acceptance at over 30 million

A Guide to the Mortgage Arrears Resolution Process (MARP)

EBS Building Society is regulated by Central Bank of Ireland Chief office of EBS: 2 Burlington Road, Dublin 4. Registered No.139 USEFUL CONTACT DETAILS: Citizens Information Board Lo Call: 1890 777121

THE ABC S OF VEHICLE FINANCING CURRICULUM. Counting Your Money

Counting Your Money Section Objectives Counting your money and managing your money wisely is the most important part of your trip on the road to personal financial success. It is a critical step in achieving

Chapter Objectives. Chapter 6. Short Term Credit Management. Major Topics. Reasons for Using Credit. How to Get Credit. Disadvantages of Using Credit

Chapter Objectives Chapter 6. Short Term Credit Management To evaluate reasons for and against using credit and decide whether or not credit is appropriate for you. To be able to take the necessary steps

FEDERAL ELECTRONIC FUND TRANSFER DISCLOSURES

FEDERAL ELECTRONIC FUND TRANSFER DISCLOSURES IMPORTANT INFORMATION for our customers who have authorized electronic fund transfers: The Federal Electronic Fund Transfer Act and regulations adopted thereunder

It s Your Paycheck! Glossary of Terms

Annual percentage rate The percentage cost of credit on an annual basis and the total cost of credit to the consumer. APR combines the interest paid over the life of the loan and all fees that are paid

5.1 Simple and Compound Interest

5.1 Simple and Compound Interest Question 1: What is simple interest? Question 2: What is compound interest? Question 3: What is an effective interest rate? Question 4: What is continuous compound interest?

Lesson Description. Texas Essential Knowledge and Skills (Target standards) National Standards (Supporting standards)

Lesson Description The students will share their base knowledge of payment options through a sorting activity. Students will brainstorm with groups to discuss the differences between debit and credit cards.

DIVISION OF DECIMALS. 1503 9. We then we multiply by the

Tallahassee Community College 0 DIVISION OF DECIMALS To divide 9, we write these fractions: reciprocal of the divisor 0 9. We then we multiply by the 0 67 67 = = 9 67 67 The decimal equivalent of is. 67.

Where Would You Like To Go?

Where Would You Like To Go? CASH AND HIS DOG MAX WANT TO HELP YOU FIGURE OUT WHAT TO DO AFTER HIGH SCHOOL What Is A College Or University? Match each of the words below on the left with the description

Annual Percentage Rate (APR) for Purchases 25.49%* This APR will vary with the market based on the Prime Rate.

(BA922TC0216MCY) (68/14) DEPARTMENT STORES NATIONAL BANK CREDIT CARD DISCLOSURES FOR THE MACY S AMERICAN EXPRESS ACCOUNT Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases 25.49%*

Introduction to Savings and Checking Accounts

Introduction to Savings and Checking Accounts LESSON PREPARATION AND TEACHER INFORMATION Lesson Summary: This lesson is intended for elementary students during a forty minute time period. The lesson teaches

William D. Ford Federal Direct Loan Program Direct PLUS Loan Borrower s Rights and Responsibilities Statement

Important Notice: This Borrower s Rights and Responsibilities Statement provides additional information about the terms and conditions of the loans you receive under the accompanying Federal Direct PLUS

Store Use Only: Identification requires a valid driver s license and/or government issued photo ID

NTB Credit Card APPLICATION INFORMATION ABOUT YOURSELF First Name Middle Initial Last Name Street Address (No P.O. Boxes) City State Zip Code Home Phone Social Security Number Date of Birth Employer Employer

Family Information Sheet Four: Paying for College!

Family Information Sheet Four: Paying for College! Dear Family Member, During today s lesson your student learned about the resources available to help you and your family pay for college. Financial aid

Saving and Creating a Personal Budget

Grade Five Saving and Creating a Personal Budget Overview Students share several chapters of the book From the Mixed-Up Files of Mrs. Basil E. Frankweiler, by E.L. Konigsburg, to learn about the role of

Part 1 Test Question Bank

Module 1 1. Which is true regarding unemployment rates? a. The unemployment rate for people with a bachelor s degree and a high school diploma are the same. b. People with a bachelor s degree experience

Teens version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394

Teens version Instructor guide 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Hands on Banking Instructor s Guide Teens Version (Grades 6 8) Table of Contents Introduction...

Establishing a Credit History

Establishing a Credit History When you say you want credit, you are probably asking for payment terms on a purchase. You are seeking to purchase goods or services today and forego all or a portion of the

STUDENT FINANCE FEES & FUNDING. Helen Smith Outreach Specialist

STUDENT FINANCE FEES & FUNDING Helen Smith Outreach Specialist Aims of this session Up to date information regarding student finance for 2013 entry Know how to calculate the funding you are likely to receive

Savings and Bank Accounts

LESSON 2 Savings Savings and Bank Accounts Quick Write Suppose a relative gives you a generous gift of \$1,000 for your sixteenth birthday. Your parent or guardian says that you can spend \$50 on things

Kids version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394

Kids version Instructor guide 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Hands on Banking Instructor Guide Kids Version (Grades 4 and 5) Table of Contents Introduction...

Lesson Description. Texas Essential Knowledge and Skills (Target standards) Texas Essential Knowledge and Skills (Prerequisite standards)

Lesson Description Students will learn various methods to pay for college, including savings, grants, scholarships, student loans, and work-study. They will create an interactive notebook in which they

A safety net for your checking account.

Heading Member Privilege or title Program A safety net for your checking account. At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having

2016 DollarWise Summer Youth Contest Final Quiz Study Guide

2016 DollarWise Summer Youth Contest Final Quiz Study Guide The DollarWise Summer Youth Contest Final Exam questions are designed to test your full knowledge of the information provided in the contest.

GOLD MASTERCARD AND STANDARD MASTERCARD CONSUMER CREDIT CARD AGREEMENT

GOLD MASTERCARD AND STANDARD MASTERCARD CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure.

How do you Get money?

How do you Get money? TOPIC Making Responsible Choices SUBJECT AREA Social Studies RELATED SUBJECT AREAS Economics LESSON OBJECTIVES Students will: Brainstorm ways to get money Discuss responsible ways

1Planning Your Financial Future: It Begins Here

This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 1Planning Your Financial Future: It Begins Here Terms Financial plan Financial goals Needs

Job Search. How to make your job search successful

Job Search How to make your job search successful Pick a major that relates to a specific job or occupation. Get a great GPA. Participate in leadership activities. Secure internships, summer jobs, part-time