6200/6600 Principles of Business and Finance Summer 2010 Page 256
Name: ______________________ Class: _______ Date: _______
Financial Institutions Organizer
Directions: Compare depository and non-depository institutions by completing the provided Venn diagram.
Non-Depository InstitutionsDepository Institutions
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Financial Institutions Organizer Continued
Directions: Describe the provided characteristics for comparing financial institutionsServices offered
Safety
Convenience
Fees and charges
Restrictions
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Name: ______________________ Class: _______ Date: _______
Very Important Business Terms ActivityDirections: In the right-hand column below, describe why the terms listed in the left-hand column are important to financial institutions and services.
Very Important Business Terms Why the term is important to the topic:
Financial institutions
Commercial bank Example:Commercial banks provide a variety of services; therefore, they can serve individuals and businesses. Banks that offer full services may have specialized departments that process loans and real estate activities.
Deposit institutions
Non-deposit intermediaries
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Very Important Business Terms Activity Continued
Services of financial institutions
Bank reconciliation
Bank statement
Check register
Debit card
Deposit slip
Drawee
Drawer
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Very Important Business Terms Activity Continued
Endorsement
Federal Deposit Insurance Corporation (FDIC)
Joint account
Outstanding checks
Payee
Signature card
Stop payment order
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Name: ______________________ Class: _______ Date: _______
Types of Financial Services Activity
Directions: As a group:
FIRST: select one financial service offered by financial institutions.
SECOND: complete research on the selected service by using the textbook, the Internet, and other resources. Your research should include a description of the service and examples, as possible.
THIRD: summarize the information and prepare a presentation, which could be aPowerPoint or any other visual aid.
Types of financial services:1. Savings services
2. Payment services
3. Lending services
4. Electronic banking
5. Storing of valuables
6. Investment advice
7. Trust management
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Name: ______________________ Class: _______ Date: _______
What’s at Your Financial Institution ActivityDirections: Interview a financial institution representative to complete the requested items.
Name of Bank/Financial Institution _____________________________________Location ____________________________________Name of person interviewed _____________________________________Contact information _________________________________________________________________________________________________________________________________________________________________________________
Types of business accounts
Minimum balance
Interest rate
Service charges
Fees for other services
Other restrictions
Regular Checking
Interest –earning checking
Special checking
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Name: ______________________ Class: _______ Date: _______
Checking Account OrganizerDirections: Provide responses for listed items.
Describe the process of opening a checking account
The first deposit Types of endorsements
Describe the process of using a checking account
Check-writing procedures
What is bank reconciliation?__________________________________________________________________________________________________________________________________________________________________________________________________________________
What is an outstanding check?______________________________________________________________________________________________________________________________________
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Name: ______________________ Class: _______ Date: _______
Anatomy of a Check ActivityDirections: Identify the parts of the check and the order for completing a check.
.
and the order for completing a check.
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Name: ______________________ Class: _______ Date: _______
Practicing Writing Checks ActivityDirections: You are authorized to sign checks for Best’s Burgers. Write checks for the provided transactions which occurred during April of this year. Be sure to complete the check register too. The beginning balance is $1,577.89.
April 3 Check number 324 to Adam’s Realty for April store rent, $400 April 10 Check number 325 to Graham Wholesale Supply for meat, $745.86 April 15 Check number 326 to Carolina Power and Light for electric bill, $234.56
1-19
BEST’S BURGERS No. 1 1942
321 Main StreetHayes NC 23422-9321 Date _________________20________
PAY TO THEORDER OF _____________________________________________________________________ $ ___________
______________________________________________________________________________________DOLLARS
PEOPLE’S BANK400 Jefferson Street
Hayes, NC 23422-0400________________________________________________
‘:1914110197‘: 2321233
1-19
BEST’S BURGERS No. 1 1942
321 Main StreetHayes NC 23422-9321 Date _________________20________
PAY TO THEORDER OF _____________________________________________________________________ $ __________
______________________________________________________________________________________DOLLARS
PEOPLE’S BANK400 Jefferson Street
Hayes, NC 23422-0400________________________________________________
‘:1914110197‘: 2321233
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Practicing Writing Checks Activity Continued
1-19
BEST’S BURGERS No. 1 1942
321 Main StreetHayes NC 23422-9321 Date _________________20________
PAY TO THEORDER OF _____________________________________________________________________ $ ___________
______________________________________________________________________________________DOLLARS
PEOPLE’S BANK400 Jefferson Street
Hayes, NC 23422-0400________________________________________________
‘:1914110197‘: 2321233
NUMBER DATEDESCRIPTION OF
TRANSACTIONPAYMENT/DEBIT
(-)
T
FEE(IF
ANY)(-)
DEPOSIT/CREDIT
(+)
BALANCE
TO
FOR
TO
FOR
TO
FOR.
TO .
FOR
TO
FOR
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Name: ______________________ Class: _______ Date: _______
Bank Reconciliation ActivityDirections: Use the provided scenario and reconcile the checking account.
Marcus Johnston received his bank statement. After comparing the bank statement to his check register, Marcus discovered that he had four outstanding checks:
# 142 $127.50 # 157 $134.00# 156 $ 89.50 # 160 $ 26.00
Marcus also noticed that he had a $40 ATM withdrawal which he had forgotten to record and a deposit of $200 which was not on the bank statement. Also Marcus was charged a service charge of $2.50. The balance in Marcus’ check register is $4,379.92 and the balance on the bank statement is $4,514.42. Reconcile the bank statement.
BANK STATEMENT RECONCILIATION
BALANCE ON BANK STATEMENT $
BALANCE IN CHECK REGISTER $
ADD DEPOSITS NOT ON STATEMENT
TOTAL
$______________
$______________
$______________
$______________
ADD DEPOSITS NOT ALREADY IN YOUR CHECK REGISTER
TOTAL
$______________
$______________
$______________
$______________
SUBTRACT CHECKS ISSUED BUT NOT ON STATEMENT
Check # _________Check # _________Check # _________Check # _________
Total
$______________$______________$______________$______________
$______________
SUBTRACT SERVICE CHARGES AND PAYMENTS NOT IN CHECK REGISTER
Desc. __________Desc. __________Desc. __________Desc. __________
Total
$_______________$_______________$_______________$_______________
$_______________
Balance $______________ Balance $_______________
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Name: ______________________ Class: _______ Date: _______
Federal Reserve Graphic OrganizerDirections: Have you ever wondered how money flows around the United States and the world? In this activity, you will research and summarize what the Federal Reserve(sometimes called the ‘Fed’) does. If needed, use additional paper.
What is the Federal Reserve System?__________________________________________________________________________________________________________________________________________________________________________________________________________________
Why does it exist?__________________________________________________________________________________________________________________________________________________________________________________________________________________
Who participates?__________________________________________________________________________________________________________________________________________________________________________________________________________________
How is it organized?__________________________________________________________________________________________________________________________________________________________________________________________________________________
What services are provided by the Federal Reserve System?__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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Name: ______________________ Class: _______ Date: _______
Current Events for the Federal Reserve System ActivityDirections: Locate a current event related to the Federal Reserve System, and then summarize the event so that it will include all the information below. You may use the Internet, a newspaper, or a magazine.
Summary content:1. Provide a link to (or cite) the article2. Summarize the main points in two paragraphs.3. Summarize the implications of the article (i.e. What are the implications to the
Federal Reserve System, the United States economy, or the world?)4. What is your opinion on the article?