chapter 3: banking services - v. sue cleveland high...
TRANSCRIPT
1.3.4.5.17 Section 3.1 Checking Accounts.notebook
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Chapter 3: Banking Services Section 3.1 Checking Accounts
Tuesday January 3rd, 2017
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1st Semester1. Setting goals: personal and financial (SMART)
2. Finding employment: Classified Ads, Online job searching, networking...
3. Different types salaries/income: pay periods (weekly, biweekly, semimonthly, monthly...), salary, commissions, royalties and piecework pay.
4. Employee Benefits: paid vacation, pensions and unemployment compensation.
5. Gross Pay and Net Pay: hourly/overtime gross pay, net pay (after deductions: FICA/state/federal taxes, retirement...)
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2nd Semester1. Banking Services: Financial Institutions,
Checking and Savings Accounts - simple vs. compound interest.
2. Consumer Credit: Installment/Deferred Payment Plans, Loans, Credit Cards, Interest rates (APR vs. APY), Calculating Monthly Payments
3. Income Taxes: Federal Tax owed based on filing status, W2's, Tax Credits and Deductions, Federal Tax forms (1040EZ and 1040A).
4. Monthly Budget End of Course Project5. Class Final Exam and State EOC
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How do people gain access to money they keep in the bank?
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Section 3.1 Checking Accounts
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Types of Checking Accounts 1) Basic Checking Accounts
2) Interest-Bearing Checking Accounts
3) Free Checking Accounts
4) Joint Checking Accounts
5) Express Checking Accounts
6) NOW Accounts
7) Lifeline Checking Accounts
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Checks, Deposit Slips and Check Registers
Deposit Slip
Check
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Writing Checks
1) You need to pay your cell phone bill. You received your Verizon statement and it shows you owe $83.27 for this past month. Write a check for this amount to Verizon.
2) You are buying a barely used Burton snow board for $175 from a family friend named James Thomas. You don't have cash on hand so you are going to write a check for your purchase.
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2) Allison currently has a balance of $2,300 in her checking account. She deposits a $425.33 paycheck, a $20 rebate check, and a personal check for $550 into her checking account. She wants to receive $200 in cash. a)Fill out a deposit slip to figure her total deposit transaction.
b) How much will she have in her account after the transaction?
Answer: Allison's new balance is $3,095.33 Add the check amounts: 425.33 + 20.00 + 550.00 = $995.33
Subtract the cash received: $995.33 - $200.00 = $795.33
Add current balance and deposit amount: $2,300 + $795.33 = $3,095.33
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Check Register
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Nick has a checking account with the Park Slope Savings Bank. He writes both paper and electronic checks. For each transaction, Nick enters the necessary information: check number, date, type of transaction, and amount. He uses E to indicate an electronic transaction. Determine the balance in his account after the Star Cable Co. check is written.
Answer: The balance in Nick's register is $2,499.90Nick writes a check to his friend James Sloan on May 11 for $150.32. What should he write in the check register and what should the new balance be?
Answer: The balance in Nick's register will be $2,349.58
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Section 3.1 Checking Accounts
Assignment: Text page 120 Problems: 2, 4, 5, 6, 7, 10, 12 (show all parts - label a-l), 13, 14
Show math work/steps and answer in a complete sentence.