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Bell Ringer
• Linda bought a new sewing machine for $599.95 (no tax) and then returned it for one that was $451.77 (no tax). Figuring 6% sales tax, what would be the total of the refund?
• Have your homework out to be checked off for a completion grade.
Bell Ringer Answer
• $599.95 * 6% = $36.00 in tax.• $599.95 + $36.00 = $635.95
• $451.77 * 6% = $27.11• $451.77 + $27.11 = $478.88
• $635.95 - $478.88 = $157.07
Agenda
• Bell Ringer / Announcements/College Survey Results – 5 mins.
• How To Do Your Banking ANSWERS– 5 minutes• Dave Ramsey – Parts 5 & 6– 20 minutes– NO NOTES
• Personal Budget Activity Description – 30 minutes
How To Do Your Banking
• Read Chapter 5– Pages 16 & 17
• Complete Situation A (pages 18 - 20) and Situation B (pages 20 – 21).
How To Do Your Banking Answers
1. $312.96 (Balanced Checkbook)2. $343.31 (Ending Balance on Statement)3. $0.00 (Outstanding deposits)4. $30.35 (Outstanding checks)5. $312.96 (Balanced checkbook)
Before You Begin – Chapter 6
1. True2. True3. False4. False5. True
6. False7. True8. False9. True10. False
Money Facts 1. 93% of teens agree that it is important to live within their means and have good money habits in order to be successful. 2. 86% of teens expect their parents to stop supporting them before age 25.3. 63% of teens say they are knowledgeable about money management, including budgeting and saving.4. 62% of teens believe they are prepared to deal with the finances after high school.5. 41% of teens say they are very or somewhat knowledgeable about how to budget money.6. 34% of teens say they are very or somewhat knowledgeable about how to balance a checkbook and reconcile an account register to a bank statement.7. 51% of teens say they are very or somewhat knowledgeable about how to write a check.8. 58% of teens have more than $100 in savings.9. Teens report spending an average of $19 per week.10. The top four things teens spend money on (according to our survey of 1,000 students around the country) are food, clothes, gas and entertainment.
Chapter 7: Budgeting 101 Overview
This chapter explains the benefits of a budget and demonstrates how to complete a zero-based budget. An in-depth explanation of balancing a checkbook is included.
Vocabulary Words for Chapter 7 Page 116
• Active• ATM Card• Budget• Carbon Checks*• Currency• Debit Card• Discipline• Envelope System
• Hoarding*• Impulse Purchase• Persistent*• Pro-active• Procrastinate• Reconcile• Zero-based Budget
Chapter 7 Vocabulary NOT IN BOOK!
• Carbon Checks - a duplicate check that is included behind the original check on carbon paper. These are beneficial for people who often forget to write their checks down in their check register.
• Hoarding - the excessive collection of items, with the inability to discard them.
• Persistent - to have strong initiative; when one happens ‘to’ things.
Learning Outcomes
• You will be able to explain how money is active.
• You will be able to analyze the reasons why people do not budget
• You will be able to examine common problems associated with budget failures
• You will be able to explain the benefits of a budget
Chapter 7 Lesson Plans
Monday:Introduce Chapter 7Parts 1 and 2 of Dave Ramsey
Tuesday:Parts 3 and 4 of Dave RamseyHow to Write Checks
Wednesday: Parts 5 and 6 of Dave Ramsey Consumer Equity Activity
Thursday: Family Budget Activity
Friday: Family Budget Activity
Tuesday Chapter 7 ReviewWednesday Chapter 7 Test
Consumer Equity Activity
• Use the information on the Consumer Equity sheet to fill out a Consumer Equity Form for each family. (There are 2 families)
• Answer the two questions at the bottom of the Consumer Equity sheet.
• Staple your Consumer Equity sheet and Consumer Equity forms together and turn in to the tray.
How to Write a Check Activity40 points. Turn in to tray when finished!
Step 1:Read ‘How to Write a Check’ on page 1 – CHECK THE BOARD FOR AN EXAMPLE.
Step 2:On page 2, write the following three checks:Check #1 – You bought groceries at Kroger for $123.96Check #2 – You paid your cell phone bill to AT&T for $96.25Check #3 – You paid your senior/junior dues to Moore for $50.00
Step 3:Read ‘Part 2’ on page 3, regarding filling out a check register properly AND page 97 in your workbook.
Step 4:Complete the check register, using the three checks you just wrote.
Step 5:You made a deposit of $63.25 to your account. Add this to your check register.
Step 6: In the white space on page 3, answer the following question:‘Why is it important to fill out a checkbook register and balance your checkbook each month, even though my bank has online banking?