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Texas Cou.ci|o.
Grade Level: 6 Checks and Balances Lesson: 2
[ Visual 6.2-2 JVocabulary
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.
! Proÿction with
L overdraft fee
Insufftc- ieÿ
Overdraft! Protection linked to
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Transaction Denied I
on F0 U .'4 £ÿ A'l' 1 0 N
(Grade Level: 6 Checks and Balances Lesson: 2
Activity 6.2-1 ) 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 checknumbers and calculating the balance after each transaction. Be sure to apply the applicable feescharged by SafeMoney Bank. If Max withdraws cash from an ATM other than SafeMoney Bank, hemust apply the fees charged for that financial institution.
SafeMoney Bank Terms:
• Monthly service fee of 515 is appliedif the account falls below 5100
• Monthly debit card fee of 5ie An overdraft fee of 520 for each
overdraft.
• ATM cash withdrawals will bedenied if the account has insufficientfunds.
ATM Surcharge for Local Financial
Institutions:
® MY Credit Union: 53.00
• Wise Bank: 52.00
Transactions:
i. On April
,
3. On April
4. On April
i, Max had a balance of 562.00.
On April 5, Max withdrew 520.00 cash at MY Credit Union ATM.
ii, Max made an online payment to Cell Phone Services for 542.00.
13, Max deposited his paycheck for 588.00.
Max wrote check number i13 to Skate Inc. for 543 to purchase a5. On April i6,skateboard.
6. On April 25,haircut.
Max made a debit card purchase for 512 at Style Cut to pay for his
, On April 25, Max deposited 542. This is the money he received for his birthdayand mowing the lawn.
8. On April 26, Max withdrew 520 cash from the ATM at Wise Bank.
OB F . L A! IoN
Grade Level: 6 Checks and Balances Lesson: 2
Max's Check Register
Number Withdrawal/ Deposit/or Code Date Description of Transaction Payment/Fee BalanceCredit (+)(-)
Part B
On May 1, Max went to the SafeMoney ATM and tried to withdraw ÿ;40. 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?
¥[;' 0 L! .N D A',I' | 0 N
(Grade Level: 6 Checks and Balances Lesson: 2
Activity 6.2-2a 1 Name Class Periods
MY Credit Union Check Register
Numberor Code
Date Description of Transaction
Beginning balance
Withdrawal/ Deposit/Payment (-) credit (+)
Balance
150 O0
17o u ÿ L!A't'= ON
Ryan is 28 year old plumber. Twice a week he withdrawalscash from his checking account using his debit card. Sincehe is limited in time, he uses the ATM nearest to him. Ryanpays his bills on the computer. He is looking for a financialinstitution that accepts automatic deposits. He will alsoneed a savings account. Ryan does a poor job keeping upwith his account balance, therefore he sometimes getsoverdrawn.
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 $1,000 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 $1,000 in the savings account.
Which bank should she choose?
Why?
Kalie is a 19 year old college student who also works part-time as a computer operator. She spends most of her free-
time 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 ATMat her financial institution. She would like the ability totransfer 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 billsusing checks. She prefers to go to the bank and tall< to ahuman teller when making transactions. She visits hisfinancial institution about twice a month to deposit herretirement pension or to withdraw cash. She would like asavings account. Mrs. Rios keeps accurate records of her
checking account. When her account gets low, sheimmediately transfers money from her savings account.
Which bank should she choose?
Why?
Which bank would YOU prefer?
Why?
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Grade Level: 6 Best Payment Option' Debit or Credit Lesson: 1
Activity 6.1-1 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.
Debit Card Credit CardWhat does it looklike and feel like?
How does it work?
Are there any fees?
Are there anylimitations to howmuch you canspend?
What are otherthings you knowabout these cards?
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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
Grade Level: 6 Credit Reports Lesson: 3
I Activity6.3-3 i NameClass 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 53,000 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 1987. Rank:
o Explanation:
• Newest credit account established in January 2012. Rank:
o Explanation:
- Payments to Credit Corporation of America were made on time, Rank: __
o Explanation:
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Grade Level: 6 Which Job is Best for Me? Lesson: 4
6'::4 .......
Vocabulary
On-the-Job 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 areclassified as follows:e Doctoral or professional degree: degree awarded usually for at least 3 years of full-
time 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 academicstudy beyond a bachelor's degree
o Bachelor's degree: degree awarded usually for at least 4 years of full-time academicstudy beyond high school
o Associate's degree: degree awarded usually for at least 2 years of full-timeacademic study beyond high school
e Postsecondary nondegree award: usually a certificate or other award that is not adegree. Certifications issued by professional organizations or certifying bodies arenot 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 degreeor award
• High school diploma or equivalent: the completion of high school or the equivalentresulting in the award of a high school diploma or the equivalent, such as theGeneral Education Development (GED) credential
• Less than high school: the completion of any level of primary or secondaryeducation that did not result in the awarding of a high school diploma or theequivalent
Bureau of Labor and Statistics, http://www.bls.ÿov/ooh/about/pJossary.htÿ
¥[: O U N Lÿ AT i O N
Grade Level: 6 Which Job 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.
Education Level/Training
Income range: S60,001-
SlOO,OOO
Job
Annual salary
Hourly rate
Education Level/Training
Level of Education:
Training required
Job
Annual salary
Hourly rate __
Additional Training
I
Annual salary
Hourly rate
Job
Your Job Income range: Less than
536,000
Job
Annual salary
Hourly rate __
Education Level/Training
Income range: More than
5100,o00
Job
Annual salary
Hourly rate __
Education Level/Training
Level of Education:
High school diploma
Job
Annual salary
Hourly rate __
Additional Training
Income range: 536,001 -
560,000
Job
Annual salary
Hourly rate __
Education Level/Training
Level of Education:None required
Job
Annual salary
Hourly rate __
Additional Training
Level of Education:
College degree
Job
Annual salary
Hourly rate __
Additional Training
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