Warm UP 1.What is the difference between gross pay and net pay? 2.What is the difference between a...
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Warm UP1. What is the difference between gross pay and net pay?
2. What is the difference between a deduction and a bill?
3. What is the difference between revenue and expenditures in your budget?
4. What is the difference between a premium and a co-pay on your insurance policy?
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1= That’s me 2= Sometimes 3= That’s not me
1. I count the change I’m given by cashiers in stores and restaurants. 1 2 3
2. I always pick up all the change I receive from a transaction in a store; even it’s only a few cents.
3. I don’t buy something right away if I’m pretty sure it will go on sale soon.
4. I feel a real sense of accomplishment if I buy something.5. I always remember how much I paid for something.6. If something goes on sale soon after I’ve bought it, I feel cheated.7. I have money in at least one interest-bearing bank account.8. I rarely lend people money.9. If I lend money to someone repeatedly without getting it back, I stop lending it to
that person.
10. I share resources (e.g. CDs, books, magazines) with other people to save money.
11. I’m good at putting money away for big items that I really want.12. I believe most generic or off-brand items are just as good as name brands
My Savings Style Survey
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Add up your ratings and answer these questions.
• 12-15 Very aggressive saving style• 16-20: Careful saving style• 21-27 Fairly loose saving style• 28-32 Loose saving style• 33-36 Nonexistent saving style
1. What are the advantages and disadvantages of your saving style? 2. How do you think your saving style would affect your ability to keep to a
budget? 3. If you are dissatisfied with your saving style, how might you be able to change it?
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5.3 manage a checking and savings account
$371.00
$1029.00
$1200.00Credit Card
Savings Account
Debit Card
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5.3
Credits and Debits
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What is the purpose of a financial institution?
• An institution that collects deposits and provides a financial reason to do so.
• Types: financial reason
• Bank: give out loans, provides low interest rate• Credit Union: give out loans, provides higher interest
rate• Insurance Company: pays money if someone is in
trouble• Investment Institution: helps individual to invest money
in a place where they can make more (ex. Stock Market)
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Debit vs. Credit•Debit: Taking money out of your account (*NOTE* this is different than DEBT)
•Credit: Putting money in your account
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•Checking v. Savings •Checking Account: A bank account where you can easily transfer and use the money
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Checking Account cont…•Debit Card: Money that can be easily transferred in any transaction from checking account (online, store, atm machine)
•Check: written statement asking for money to be taken out of checking account
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Balancing your checking account
• Your first paycheck is $4000.00
• Fill out the deposit slip
• Write in CHECK in the box under CASH
• Add this deposit (credit) to your account.
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$516.27
$2576.21
$40.00
$46.23
$237.19 $15.72
Using Card
Using Check #1000
ATM for cash
Using Card
Using Check #1001
Using Card
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5.4 Compare and contrast the purposes of credit and debit
Fill out the last blank check to Shinn Enterprises for Rent for this month. Your rent costs $425.85. RecordThis transaction in your check register.
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•Savings: A bank account where you store money and can earn money (interest)• Interest: earning extra money for lending it out
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•Credit•Credit: money is “credited/deposited” to your account as a loan (borrowing money)
• Interest: Paying extra money for borrowing
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•Types of Credit:•Credit Card: can borrow a certain amount of money to spend
•Student loan•Car loan•Mortgage (home loan)
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•Credit line: how much money is available for borrowing
•“Financing”: borrowing money to pay for an item that you will pay off over time
•Debt: money that you owe
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•Collateral: the borrower agreeing to give up property in the event he/she can’t pay off the loan•Ex. Foreclosure: giving up home as collateral when the borrower can’t pay it off.