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PERSONAL FINANCIAL LITERACY unitTable of Contents

Page Topic resource

4 Sample Pacing Guide

5-6 Ideas for Implementation and Helpful Hints

7-16 Binder Covers, Dividers, and Spine Labels

17-18 Comparing Salaries Student Handout 1

19 Comparing Salaries Homework 1

21-22 Costs and Features of a Checking Account Student Handout 2

23 Costs and Features of a Checking Account Homework 2

25-26 Balancing a Check Register Student Handout 3

27 Balancing a Check Register Homework 3

29-30 Debit Cards vs. Credit Cards Student Handout 4

31 Debit Cards vs. Credit Cards Homework 4

33-34 Personal Financial Literacy Quiz Quiz 1

35-36 Credit Reports Student Handout 5

37 Credit Reports Homework 5

39-40 Paying for College Student Handout 6

41 Paying for College Homework 6

43-45 Personal Financial Literacy Unit Study Guide Study Guide

47-49 Personal Financial Literacy Unit Test Test

51 Answer Keys


Personal Financial LiteracyPACING GU IDE

DAY 1 DAY 2 DAY 3 DAY 4 DAY 5

Comparing Salaries Costs and Features of a Checking Account

Balancing a Check Register

Debit Cards vs. Credit Cards

Personal Financial Literacy Quiz

Student Handout 1Homework 1




Quiz 1

DAY 6 DAY 7 DAY 8 Day 9 Notes

Credit Reports Paying for College Personal Financial Literacy Unit Study

Guide

Personal Financial Literacy Unit Test



Unit Study Guide Unit Test

*NOTE: This file has been organized for double-sided printing. Any blank pages were left so intentionally to make printing easy.

Ideas for Implementation: This bundle has all of the notes, homework, quizzes, and tests to make your life easier and help your students to be successful with personal financial literacy. A sample pacing guide is included for those of you who do not have a district scope and sequence or if it is very general. Additionally, an answer key is included.

If you notice any discrepancies in the documents or have any questions, please email me at: [email protected].

SUPPORTING

6.14A Compare the features and costs of a checking account and a debit card offered by different local financial institutions.

6.14B Distinguish between debit cards and credit cards.

6.14C Balance a check register that includes deposits, withdrawals, and transfers.

6.14D Explain why it is important to establish a positive credit history.

6.14E Describe the information in a credit report and how long it is retained.

6.14F Describe the value of credit reports to borrowers and to lenders.

6.14G Explain various methods to pay for college, including through savings, grants, scholarships, student loans, and work-study.

6.14H Compare the annual salary of several occupations requiring various levels of post-secondary education or vocational training and calculate the effects of the different annual salaries on lifetime income.

personal financial literacyStudent Handouts


HELPFUL Hints

A few ideas for organizing your curriculum and keeping things nice and neat.

Keep each unit in a separate binder, and use the spine labels and covers to keep them looking nice and easy to find. I personally love 1.5” binders.


Student Handouts

BINDERS

I place my originals in page protectors in chronological order. Any extra copies from that lesson I hole punch and place behind that page. When I need an extra or a student is missing something from weeeeeeeeks ago, I can simply pull out a copy.

Page protectors

I highlight the edges of my answer keys or, if I am really good print them on colored paper. It helps them to stand out and makes them easy to find on my desk, in a binder, by the document camera, etc. Plus, highlighter doesn’t show up if you make a copy.

Answer Keys

Card stock in a page protector makes an awesome divider. When I set up my dividers I include one for handouts, activities, assessments, and answer keys. Binder covers and spine labels have been included J

Card stock

Happy Teaching!

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U n i t e l e v e n : A N S W E R K E Y S



U n i t e l e v e n : A C T I V I T I E S



U n i t e l e v e n : A S S E S S M E N T S

1. Bethany is interested in the healthcare field and is considering the various options for education associated with nursing.

a. How much more will Bethany earn each year with a bachelor’s degree instead of an associate’s degree?

b. How much more will Bethany earn over a 10-year period if she decides to be a nurse practitioner instead of an RN?

c. What conclusions can you draw about the relationships between education and salary in the nursing field?

Name _____________________________________Date ______________________________Pd______

Unit: Personal Financial LiteracyStudent Handout 1

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Comparing Salaries

levels of education

• The amount of schooling or education that you attend can _____________

the salary you have the potential to earn.

• There are different levels of education:

• ______________________ : a four-year secondary school, awarded

with a high school diploma

• ______________________ : a school in which you learn a trade or

skill that is specific to a type of job; ex: car mechanic

• ______________________ : a two-year post secondary school, in

which you can earn credit for the first two years of a four-year

university

• ______________________ : a four-year post secondary school, in

which you focus on a major of study

• ______________________ : these degrees vary, but are all specific

to a certain specialized occupation; ex: dentist, architect

Use the table below to answer the questions about the various levels of education and the salary associated.

vocational school

associate’sdegree

bachelor’s degree

master’sdegree

Title Nurse Assistant LVN RN Nurse Practioner

salary $26,590 $44,090 $68,450 $107,460

3. Paulo in interested in the architecture field. He is considering the education required and the corresponding salary.

How much more would Paulo earn if he gets his bachelor’s degree in architecture over a 30 year career?

4. The average salaries of three different industries are shown below. Based on the information, how much more will someone in the marketing industry make than someone in the education industry over a period of 10 years?


Summarize today’s lesson:

2. Demetri is researching various occupations that he is interested in. According to the Bureau of Labor and Statistics, he has found the 2016 median annual salary associated with each occupation. Use the information to complete the earning potential after 10 and 30 years.

a. How much more will an electrician make than a freight agent over a period of 10 years?

b. How much more will a construction manager make than a dental hygienist over a period of 10 years?

c. How much more will an air traffic controller make than an electrician over a period of 30 years?

Apply your understanding of education levels and occupation salaries in the questions below.

Use the following problems to observe the lifetime income of various occupations.

title annualsalary

education level

Drafter $53,480 Associate’s

Architect $76,930 Bachelor’s

annual salary

10-year earnings

30-year earnings

electrician $52,720

air traffic controller $122,410

freight agent $41,920

Construction manager $89,300

dental hygienist $72,910

industry median salary

Education $48,710

Marketing $85,690

Legal Services $80,490

Name _____________________________________Date _____________________________Pd ______

Unit: Personal Financial LiteracyHomework 1

comparing salaries


Ariana has determined that she either wants to study public relations or accounting.

• Public Relations Specialist: $58,020 annual salary

• Accountant: $68,150 annual salary

1. How much more will she earn as an accountant after working one year?

2. If Ariana decides to become a CPA, she will need to continue her education. Her masters degree will cost $28,500, but as a CPA she will earn $72,150 each year. How many years will Ariana need to work as a CPA in order to pay for her additional education?

3. Would you recommend that Ariana continue her education? Why or why not?

Yu is considering two different education routes.

4. Over a period of 10 years, how much more will Yu earn by having his masters degree?


6. Describe some of the advantages and disadvantages to additional schooling.

______________________________________________________________________________________

______________________________________________________________________________________

______________________________________________________________________________________

7. On a job posting site, positions were being advertised with their average annual salary. Over a 30 year career, how much more will the software developer make than the social worker?

A. $1,302,000B. $1,661,700C. $282,300 D. $638,450

Answer each of the questions below. Be sure to show your work.

BACHELOR’S DEGREE$42,800

entry salary

MASTER’S DEGREE$58,400

entry salary

RETAIL SALESCLERK

$22,900

SOCIAL WORKER$46,890

SOFTWAREDEVELOPER$102,280

features of a

checking account

• Checking accounts can offer various ________________depending on the

type of account and the bank in which the account is held.

• Some of the features include: bill pay, the use of a debit card, direct

deposit, overdraft protection, online banking

costs of a checking account

• Banks offer features at a cost, or charge ________________when

requirements aren’t met. These fees are ________________from your

account balance.

• The overdraft fee is charged when you when your account balance

drops below ________________.

• Some of the other costs include: a minimum balance fee, a fee per check

written, an ATM fee

Name _____________________________________Date ____________________________Pd ______


costs & features of a checking account


TASK 1 Donovan is comparing two different banks to determine where he should open a checking account. Use the information about the two banks below to answer the questions.

Discuss:1. If Donovan opens an account at Texas State Bank and typically has about $400, then how much will he pay in monthly fees?

2. If Donovan opens an account at Lone Star Bank and typically has about $400, then how much will he pay in monthly fees?

3. If Donovan opens an account at Texas State Bank and typically has about $800, then how much will he pay in monthly fees?


bank fees

Texas State Bank• $10 monthly fee for accounts with less

than $500, no fee if greater than $500

Lone Star Bank• 1% monthly fee for account with less

than $1,000



TASK 2:Use the information about each of the banks below, as well as the information about each person’s needs in order to make the best recommendation for a bank.

Customer Bank rationale

josie

margo

miguel

tanisha

Discuss:5. What did you consider when determining which bank was a best fit?

6. If Miguel normally had a large bank balance, would you have suggested a different bank?

BANK A• no minimum

account fees• $5 debit card

fee• $3 per check

written fee• unlimited debit

card use

BANK B• 1% of checking

account balance• no checks• unlimited debit

card use• no ATM fee

BANK C• $5 monthly fee• no ATM fee• $3 per check

written fee• online bill pay

BANK D• no minimum

account fees• no charge for

writing checks• $5 debit card

monthly fee

“I work part-time by babysitting and really need a place to keep my money. I mostly use a debit card to make any purchases.”

josie“I normally keep about $2,000 dollars in my checking account. I mostly use a debit card, but I do write checks for my monthly bills.”

margo

“I really like using a debit card or getting cash out at the ATM. My bank balance is usually around $400, as I just work part-time for my dad.”

miguel “I only use a debit card and pay my bills online. I really don’t have any use for checks or an ATM card.”

tanisha

Name _____________________________________Date ____________________________Pd ______


costs & features of a checking accountRead each situation below, and then circle the choice that you think is the best banking solution. In the last column, describe why you believe it was the best banking solution.

situation choices explanation

1. Monica typically has about $750 in her checking account. She also uses a debit card and online banking regularly.

a. Bank of Texas charges a $10 monthly fee for online banking

b. Bank of the South charges 2% of the checking account balance

2. The Vasquez family keeps a balance of $3,000 in their checking account. They use checks to pay their household bills and use their debit card sparingly.

a. Texas First charges 1% of the checking account balance

b. State Bank charges a $3 fee for each written check and a $5 per month debit card fee

3. Skylar has a part-time joband makes about $200 per week. She would like to be able access her bank account online.

a. First State Bank charges a $15 minimum balance if you don’t have more than $1,000 in your checking account

b. Bank of the Republic charges a $7 online banking fee each quarter

Use the table below to determine which of the following statements are true. Correct any false statements.

______4. The fee at Southwest Bank will always be greater than the fee at Lone Star Bank.

______5. The fee at Southwest Bank will be less than the fee at Lone Star Bank if the customer has a $600 balance.

______6. The fee at Lone Star Bank will be greater than the fee at Southwest if the customer has a $2,000 balance.

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bank fees

Southwest Bank • $10 monthly fee

Lone Star Bank • 1% of checking account balance

deposit• A deposit is a ________________in which a sum of money is put into a

bank account by the account owner.

Ex: __________________________________________________________________

withdrawal• A withdrawal is a transaction in which money is ________________from a


Ex: __________________________________________________________________

transfer• Money can be transferred between accounts that are owned by the same

account owner.

Ex: __________________________________________________________________

DATE DESCRIPTION OF TRANSACTION DEPOSITS WITHDRAWALS BALANCE

4/8 $560.00

4/10 Pet Store $45.00

4/12 Veterinarian $175.50

4/16 Paycheck $635.40

check register

• A check register keeps track of the deposits, withdrawals, and transfers

within an account. After each transaction the account balance is

calculated to show the amount of money in the account.

Name _____________________________________Date ____________________________Pd ______


balancing a check register

Discuss each of the transactions below. Label each as a deposit, a withdrawal, or a transfer.

___________ ___________ ___________ ___________ ___________

MOVING MONEY FROM YOUR

SAVINGS TO YOUR CHECKING

PAYING A BILL WITH BILL PAY

A PAYCHECK IS ELECTRONICALLY

DEPOSITED

REMOVINGCASH AT AN ATM

Determine the balance after each transaction in the check register below.


PUTTINGYOUR BIRTHDAY CASH IN YOUR

ACCOUNT

DEPOSIT WITHDRAWAL



1. Martina is organizing the receipts and pay stubs from the past week. Use the details below to organize them into the check register. Be sure to complete all the necessary lines on the register.

• On 10/1, Martina’s account balance was $865.00.• On 10/5, Martina went grocery shopping at HEB. She spent $74.20 in groceries. • On 10/3, Martina paid her water bill to Harris Country Utilities for $42.60.• On 10/6, Martina paid her cell phone bill to Smartphone USA for $85.50. • On 10/4, Martina transferred $100.00 to her savings account.

Use your understanding of deposits, withdrawals, and transfers to complete the check register below.

2. Jamal’s transactions for the past month are listed below. He is missing a few details, so use the information to answer the questions below.

a. What was the account balance at the end of the day on 12/7?

b. How much did Jamal spend on the Christmas present?

c. How much did Jamal write his check for the doctor’s visit?

d. On 12/15, Jamal found the account balance to be $2,220.70. Is this correct? Why or why not?

_________________________________________________________________________________________

_________________________________________________________________________________________

Use the check register below to answer questions about Jamal’s transaction history.

DATE DESCRIPTION OF TRANSACTION DEPOSITS WITHDRAWALS TRANSFER BALANCE


12/5 Account Balance $1,420.00

12/7 Rent $550.80

12/10 Christmas Present $772.70

12/15 Paycheck $1,250.00

12/16 Check - Doctor’s Visit $1962.70

Name _____________________________________Date ____________________________Pd ______



______ 1. Check Register

______ 2. Transfer

______ 3. Withdrawal

______ 4. Deposit

A. The amount of money put into a bank account

B. A transaction in which money is removed from a bank account to pay for a good or a service

C. A transaction in which money is moved from one account to another

D. A tool for organizing transactions and keeping track of an account balance

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Match the term on the left with the correct definition on the right.

Use the check register to answer the questions below.

5. What was the account balance at the end of the day on April 12th?

6. How much cash was deposited on April 16th?


8. How much did Eduardo pay for internet on April 17th?

9. Describe the benefit of maintaining an accurate check register.

_________________________________________________________________________________________

_________________________________________________________________________________________


4/8 Opening Balance $875.45

4/10 Car Insurance $88.60

4/12 Electricity Bill $153.25

4/16 Cash Deposit at ATM $681.60

4/17 Internet Bill

4/20 Cell Phone Bill $67.80 $563.60

4/20 Checking Account Monthly Fee $10.00

Name _____________________________________Date ____________________________Pd ______


debit cards vs. credit cards


credit card debit card

WHAT

IS IT? Using a small _____________card issued by

a financial company to _____________

money that you will repay later

Using a small _____________card issued by

a bank or financial institution to

immediately_____________your own money

out of your account

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Use the table to compare debit cards and credit cards, how they work, and the advantages and disadvantages to each.



___________1. Jayden bought a pair of shoes by swiping his card at the store. He’ll actually pay the balance at the end of the month.

___________2. Eleanor stopped for a coffee on her way to work and paid by swiping her card. The cost of her coffee was immediately taken out of her checking account.

___________3. Pete purchased a new set of speakers for his home. The speakers cost $400 after taxes, but he actually paid $453.12 by the time they were paid off because of interest.

___________4. Jaxon is saving his money to buy an engagement ring. He swipes his card and decides that he will pay the cost of the engagement ring over time.

___________5. Nora attempts to purchase a new purse by swiping her card. However, the transaction is denied because she does not have enough in her account to pay for the cost of the purse.

___________6. Mr. Thomas checks out at the store by swiping his card; he also receives $20 cash back from the clerk.

Read each situation below. Determine whether a debit card or a credit card is being described. Mark each statement appropriately.

7. Complete the Venn diagram below in order to show the similarities and differences between debit and credit cards.

8. Liam would like to purchase a new pair of golf clubs, but he does not have enough money in his bank account. Which of these is a possibility for Liam?

A. He can use his debit card to buy the golf clubs and pay interest on the purchase.

B. He can use his credit card to buy the golf clubs now and pay for them over time.

C. He can use his debit card to pay for the golf clubs directly from his bank account.

D. He can use his credit card to buy the golf clubs and pay the overdraft fee.

Use your understanding of debit cards and credit cards to answer the questions below.

debit cards credit cards

Name _____________________________________Date _____________________________Pd______


1. Read each description below. Record the letter under the method of payment it is describing.



2. Bianca works at a fast food restaurant, and she has noticed that people who are paying with credit cards end up spending more on average than people who are paying with debit cards. Why do you think that might be?

______________________________________________________________________________________

______________________________________________________________________________________

3. Greg has both a debit card and a credit card, but he is having a hard time knowing when to use his credit card vs. his debit card. What would you recommend to Greg?

______________________________________________________________________________________

______________________________________________________________________________________

debit card credit card

A. Michael dislikes that when he gets behind on his payments using this method of payment, he

will be charged interest.

B. Evie dislikes that this method of payment will charge her a fee if she accidentally tries to

spend more than is in her account at the time.

C. Travis likes that this method of payment allows him to create his own security code, as well

as to receive cash back at many stores when he needs it.

D. Jasmine likes that this method of payment allows her to earn rewards and will give her the

opportunity to build a positive credit history.

E. Drake likes that this method of payment allows him to make purchases on things that he

might not necessarily have the money for at the time but knows that he will later.

Use your understanding of debit and credit cards to answer the questions below.

Name _____________________________________Date ______________________________Pd______

Unit: Personal Financial LiteracyQuiz

QUIZ: PERSONAL FINANCIAL LITERACYChoose the best answer for the questions below.

1. Anna would like to purchase a new mountain bike that costs $600. She only has $300 in her checking account now. Which of the following statements is true?

A. She can use her debit card to pay for the bike and pay off the debit card over time.B. She can save up the remainder of the balance and then pay with a credit card.C. She can use her debit card to pay for the bike directly from her bank account.D. She can use her credit card to buy the bike now and pay it off over a period of time.

2. Kane is comparing two different regional banks. Which of the following statements is true?

• First Texas Bank charges a $7 monthly fee• Republic of Texas Bank charges 1% of the checking account balance

A. First Texas Bank will always be the best valueB. Republic of Texas Bank will always be the best valueC. If Kane typically has more than $700 in his checking account, then First Texas Bank is the best value.D. If Kane typically has less than $700 in his checking account, then First Texas Bank is the best value.

Answers

1. ______________

2. ______________

3. ______________

4. ______________

5. ______________

6. ______________

7. ______________

8. ______________

9. ______________

10. _____________


3. A vocational school offers different tracks for different types of mechanics. Over a 20 year career, how much more will the aircraft mechanic make than the automotive mechanic?

A. $654,000B. $436,000C. $21,800 D. $545,000

4. Which of the following situations does NOT describe the use of a credit card?

A. may earn rewards B. can be used to build a positive credit history

C. allows for unlimited purchases D. purchases may be subject to interest charges

5. Using the check register below, determine the amount spent on the groceries on May 4th.

AIRCRAFTMECHANIC

$60,270

AUTOMOTIVEMECHANIC

$38,470

MACHINERYMECHANIC

$49,100



5/3 Rent $720.00

5/4 Groceries $752.30

6. Xavier is interested in the technology field. He is considering the education required and the corresponding salary.

How much more would Xavier earn if he gets his bachelors degree over a 15-year career?

7. Two different banks are advertising their checking accounts. Which of the following is a better choice if the Jackson family averages about $2,200 in their checking account?

A. Bank of TexasB. Main Street BankC. They are equally good choices

8. The average salaries of three different positions are shown in the table below. Based on the information, how much more will the physician earn than the paralegal over a 15-year career?

A. $68,660 B. $432,400C. $864,200D. $1,029,900

The check register shows the transactions of the Palencia family. Use the check register below to answer questions 9-10.

9. Based on the information above, how much did it cost for the Palencia family to attend the museum?

10. What was the balance at the end of the day on June 7th?

Answer the questions below. Be sure to show work and justify your thinking.


titleannualsalary

education level

Computer Support

Specialist$51,470 Associate’s

Web Developer

$66,130 Bachelor’s



6/3 Mortgage $965.25 $2087.50

6/4 Museum $2,004.00

6/6 Utilities $168.25


BANK OF TEXAS$10.00 MONTHLY

FEE IF YOUR ACCOUNT IS LESS THAN

$3,000

MAIN STREET BANK1% OF YOUR

MONTHLY BALANCE IF YOUR ACCOUNT

IS LESS THAN $3,000

occupation median salary

Physician $118,160

Accountant $68,150

Paralegal $49,500

borrower• A borrower takes a loan from a bank and agrees to pay the loan back

over time. The borrower pays _____________________ on the loan.

Lender• A lender is a person or ________________________ that lends money. In

return the lender charges interest in order to earn money from the

loan.

credit report

• A credit report displays an individuals history of borrowing and

_____________________ money.

• Lenders use this to determine if the borrower is _____________________

and how much risk there is in the borrower not paying them back.

Name _____________________________________Date _____________________________Pd ______



credit reports

“I am planning to buy a new car. I have saved $2,000 but will need to finance the rest.”

“I just started earning money by babysitting and would like to open a checking account with a debit card.”

Felicity

“I have saved for my college tuition but will need to borrow some money from my grandparents in order to pay for room and board.”

Hunter “I am new to town and completing an application to rent an apartment.”

darius

Read each scenario below. Then, discuss whether or not the situation would require information on a credit report.

bryan

Customer is a credit report necessary? why or why not?

bryan

felicity

hunter

darius



Use the sample credit report to complete the table below.

JACOB MICHAEL ROSEREPORT # 157832 REPORT DATE: 08/26/2017

Name: Jacob Michael Rose Also Known As: Jacob M. Rose

Date of Birth: 14 March 1985 SSN: XXX-XX-2556

Address History: 400 Sagebrush Lane, Abilene, Texas1398 Windy Lane, Odessa, Texas

Employers: ABC Construction

POTENTIALLY NEGATIVE ITEMS

Credit Direct PlusAccount Number: 2589 6350 7549 4455

Status:Date Opened:

Type:Original Amount:

60 Days Past Due02/2011Installment$3,260

ACCOUNTS IN GOOD STANDING

Automobile Auto FinanceAccount Number: 56780215-9

Good Home MortgageAccount Number: 444 778 3505

Status:Date Opened:


Open/Never Late05/2014Installment$8,450

Status:Date Opened:



REQUESTS FOR CREDIT HISTORY

Eastern Funding5600 15th St E.Dallas, Texas

Date of Request: 10/06/2016

1. What type of accounts do you see on the credit report?

2. What personal information is available on a credit report?

3. In which section would a foreclosure appear?

4. What institutions would fall in the requests for credit history section?

Name _____________________________________Date _____________________________Pd______



1. Read each statement about credit reports below. Record the letter in the appropriate column.

true false

A. A credit report states whether or not a lender should allow you to borrow money.

B. If I don’t pay my rent, then that will show up on my credit report.

C. My children are held responsible for my credit history.

D. Any one of my friends can make a credit inquiry on my credit report.

E. A credit report does not have errors on it.

F. A credit report does not change.

G. A credit report includes personal information like my name, employer, and address.

H. Late payments are noted on a credit report.

I. A future employer cannot check my credit report.

J. Information about purchases I make in cash or with a checking account appear on my credit

report.

K. A credit report predicts how much money I will need to borrow.

credit reports

______ 1. Borrower

______ 2. Lender

______ 3. Credit Report

______ 4. Credit Inquiry

A. When a person or a company looks at your credit report in order to make a decision

B. A person who takes and uses a sum of money under an agreement to pay it back

C. A detailed list of transactions regarding a person’s history in borrowing and paying back money.

D. A bank, financial intuition, or person


PAYING FOR COLLEGE

Paying for college can be a costly expense, but fortunately there are several options to help. Use the handout below to record details about each of the five options and then answer the questions.

SAVINGSThough it seems like a large task, saving for college is something you can start

doing ______________. You can open a simple savings account at a financial

institution and begin earning ____________________on the amount you have saved.

Students who have saved for college are ____________________ to attend.

Name _____________________________________Date ____________________________Pd ______


scholarships

a. What do you think are some of the limitations that keep students from saving for college?


PROS CONS

A scholarship is something that you apply for and are ______________based on talents,

grades, or other circumstances. There are thousands of scholarships available based on

different circumstances that cover ______________amounts. Some students are able to

pay for a ______________amount of their college expenses with several scholarships.

PROS CONS


grants

work-study

b. What are some considerations you should make before taking on a student loan?

A grant is an amount of money that is ______________, and it is usually based on a financial

need. Students can apply for grants by completing the ____________________, which calculates

how much a family can contribute to college.

PROS CONS

You can ______________money through a work-study by ____________________ at various

jobs provided by the college or university. A work-study is another option for students who

have a financial ____________________ based on the FASFA.

PROS CONS

student loansStudent loans are a common option in which you ________________money from

a private bank or the ____________________ government. These loans must be repaid, with

interest, over a period of time. Oftentimes, the payments are ________________until you

have completed your schooling.

PROS CONS

Name _____________________________________Date ____________________________Pd ______


Four students who are various ages are planning to go to college. Use the information below to answer questions and provide recommendations on how they can pay for college.


paying for college

1. What methods of payment for college would you recommend for Kate?

2. What methods of payment for college would you recommend for Jerod?

3. Which students would qualify for work study?

4. Which students might qualify for scholarships?

5. How might the fact that Sophia is the first in her family to attend college be a benefit to her ability to pay for college?

___________________________________________

___________________________________________

___________________________________________

6. Describe how Kate has the advantage of time when it comes to paying for college.

___________________________________________

___________________________________________

___________________________________________

7. Think about your specific situation. Describe what you can begin doing today that will help you to pay for college in the future.

_________________________________________________________________________________________

_________________________________________________________________________________________

_________________________________________________________________________________________

Kate• age 12• likes to babysit• extremely talented

at soccer

Eric• valedictorian of

his senior class• his family meets

the qualifications for having a financial need

jerod• age 16• works part-time• his family does

not meet the qualification for having a financial need

Sophia• high school senior • the first member

of her family to attend college

• her family meets the qualifications for having a financial need

Name _____________________________________Date ____________________________Pd ______

Unit: Personal Financial LiteracyReview

personal financial literacy Unit Study GuideSolve each of the problems below. These represent the types of questions on your test. Be sure to ask questions if you need more help with a topic.

I can compare the annual salary of several occupations. 6.14H

1. The Bureau of Labor and Statistics shows the 2016 median annual salary associated with each occupation below. Use the information to complete the earning potential after 10 and 30 years.

a. How much more will a paramedic make than a retail clerk over a period of 30 years?

b. How much more will a veterinarian make than a postal worker over a period of 10 years?

c. How much more will a television producer make than a postal worker over a period of 30 years?


annual salary

10 year earnings

30 year earnings

retail clerk $22,900

paramedic $32,670

tv producer $70,950

postal worker $56,790

veterinarian $88,770

I can compare the features & costs of a checking account & a debit card. 6.14A

2. Use the information below to compare First Texas Bank and Republic Bank. Then, make a suggestion for the people below.

• First Texas Bank: no monthly fee, $3 per check fee• Republic Bank: $5 monthly fee

• Lone Star Bank: 0.5% of checking account balance

________________ a. Joanna typically has $600 in her bank account and usually writes three checks per month.

________________ b. Tamara typically has $900 in her bank account and doesn’t write checks.

________________ c. Devon typically has $2,000 in his bank account and usually writes six checks per month.

________________ d. Reece typically has $250 in her bank account and usually writes one check per month.

I can balance a check register. 6.14C

4. Felix is organizing the receipts and pay stubs from the past week. Use the details below to organize them into the check register. Be sure to complete all the necessary lines on the register.

• On 8/2, Chelsea’s account balance was $467.80• On 8/6, Chelsea went grocery shopping at Kroger. She spent $95.20 in groceries. • On 8/7, Chelsea paid her internet bill to Communications for $63.40.• On 8/9, Chelsea went to AMC movies for $22.50.• On 8/9, Chelsea received $150.00 for her birthday.

5. Use your understanding of a check register to define the following terms, and then give an example.

a. deposit: ____________________________________________________________________________________

b. withdrawal: _________________________________________________________________________________

c. transfer: ___________________________________________________________________________________

d. balance: ____________________________________________________________________________________


I can distinguish between debit cards & credit cards. 6.14B

3. Use your knowledge of debit cards and credit cards to complete the table below.


What is the maximum you can spend?

When do you pay for the item purchased?

Does it help build credit history?

If the item costs $50, then how much will you

pay for the item?


I can describe the information on a credit report & the importance of good credit history. 614D, 6.14e, 6.14F

6. Julian is applying for his first loan. In discussing it with his parents, they offer the advice that in order to have good credit he must pay the bill early and avoid interest payments. Explain why this is or is not accurate advice.

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

7. Read each of the statements below. Mark the statements that explain the benefit of having a good credit history.

______ You will be able to continue to borrow money at lower interest rates.

______ You will be a strong candidate for renting a home or an apartment.

______ You will demonstrate that you will not be distracted by your finances in the event that an employer checks your credit.

8. Read each of the statements below. Mark the statements that can be found on a credit report.

______ Your social security number

______ Accounts that are past due

______ The balances on any accounts in which you have borrowed money

______ The amount of money you owe a family member

______ An auto loan that was paid off 15 years ago

I can explain various methods to pay for college. 6.14G

9. Use what you know about paying for college to briefly describe each option.

a. scholarships: _________________________________________________________________________________

b. work study: __________________________________________________________________________________

c. grants: ______________________________________________________________________________________

d. student loans: ________________________________________________________________________________

e. savings: _____________________________________________________________________________________

10. What advantage does an 11-year-old have over a 17-year-old when it comes to paying for college?

________________________________________________________________________________________________

________________________________________________________________________________________________

11. How does your family’s financial need impact your options for paying for college?

________________________________________________________________________________________________

________________________________________________________________________________________________

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1. Lucas is planning to attend a state university and qualifies for financial aid. Which of the sets below can Lucas apply for solely based on his financial need?

A. scholarship, grant, student loan B. work-study, student loan, grantC. grant, work-study D. student loan, work-study

2. Which of the following would be found on a consumer’s credit report?

A. a savings account balance

B. whether or not the consumer has made any late payments

C. the number of children the consumer has

D. whether or not the consumer is approved for a loan

3. Jose is looking for a job that he can support himself with while taking part-time college classes. How much more will he earn as a veterinary tech than a barista for the four years he is in school?

A. $41,040B. $10,260C. $12,860 D. $51,440

4. Which of the following situations does NOT describe the use of a debit card?

A. Margie purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account.

B. Ralph purchases a book at the bookstore. He types in a secure code at checkout.

C. Finley purchases a present by swiping her card. She doesn’t have the money for the present now, but she will before the bill is due.

5. Joley is opening her first checking account as a teenager. She doesn’t have a job, so most of the income will be presents from birthdays and holidays. Bank A has a $8 monthly charge. Bank B charges 2% of the balance. Which account balance below will result in bank A being a better financial choice?

A. $300 B. $450C. $800 D. $900

6. Ms. Brentfield is planning to take out a loan to buy a home. When applying she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit?

A. to determine if Ms. Brentfield will take good care of her homeB. to decide how much money Ms. Brentfield earnsC. to determine if Ms. Brentfield can afford the homeD. to determine the likelihood of Ms. Brentfield paying back the loan

Name _____________________________________Date ____________________________Pd ______

Solve the problems below. Be sure to show your thinking.

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Unit: Personal Financial LiteracyTest

personal financial literacy Unit test

BARISTA

$19,630

VETERINARYTECH

$32,490

ANIMALGROOMER

$22,230

7. Mr. Boxer has organized the features of a credit card and a debit card into a table below. Which description is the best representation for the missing detail?

A. purchases are unlimited in fundsB. purchases are paid back over timeC. purchases must in a one-time paymentD. purchases are subject to a credit limit

8. Which of the following students bellow will qualify for a grant?

• Jack: will play baseball for the college, does not meet the qualifications for financial need

• Ruby: valedictorian of senior class, meets the qualification for a financial need

• Quinton: plans to work to put himself through school, does not meet the qualification for financial need

A. Ruby onlyB. Ruby and Jack onlyC. All threeD. Jack and Quinton only

Fiona is taking some time to balance her check register at the end of the month. Use the check register to answer questions 9-10.

9. Based on the transactions, what was the balance in Fiona’s account after she deposited her birthday gift on 6/4?

A. $780B. $690C. $340D. $430

10. Fiona forgot to record the cost of the dry cleaner on 6/7. How much did she spend at the dry cleaner?

A. $16.75B. $15.75C. $763.25D. $30.50

11. Mr. Hernandez is searching for a new checking account. He compares the fees associated with two different banks in his town. Which of the following statements best supports the information?

A. Mr. Hernandez should choose Star Bank because it has no fees.

B. Mr. Hernandez should choose First Bank because the fees are the same.

C. Mr. Hernandez should choose Star Bank if he normally has $800 in his bank account

D. Mr. Hernandez should choose First Bank because the fee is just $10.


6/1 Account Balance $755.75

6/3 Movie Theater $25.75

6/4 Birthday Gift $50.00

6/6 Eating Out $28.25

6/7 Dry Cleaner $735.00


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FIRST BANK STAR BANK

FEES $10 per month no fee if account has more than $500

CREDIT CARD DEBIT CARD

? purchases are withdrawn immediately from bank

account

may not spend more than your credit limit

may not spend more than the balance of the

account

purchases are subject to interest

no interest charged on purchases

12. Which of the following best represents a withdrawal in a checking account?

A. You take your paycheck to the bank and put it in your account

B. You go to the ATM and get cash

C. You receive a check for your birthday and go to the account to cash the check

D. You move money from your checking account to your savings account

13. Piper is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 20 years?

14. The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?

A. $18,650

B. $279,750

C. $742,500

D. $1,022,250

15. Which of the following does NOT describe the benefits of establishing a positive credit history?

A. It allows you to borrow money at lower rates and fees.

B. You are more likely to be approved to rent a house or apartment.

C. Lenders are more likely to approve you to borrow money.

D. You will receive a discount when you purchase items.

16. What is the difference between a grant and a scholarship?

A. A grant must be paid back, while a scholarship does not need to be paid back.

B. A scholarship must be paid back, while a grant does not need to be paid back.

C. A grant is solely based on financial need, while a scholarship is based on a variety of factors.

D. A scholarship is solely based on financial need, while a grant is based on a variety of factors.



Physician $118,160

Accountant $68,150

Paralegal $49,500



U n i t e l e v e n : A N S W E R K E Y S

1. Bethany is interested in the healthcare field and is considering the various options for education associated with nursing.

a. How much more will Bethany earn each year with a bachelor’s degree instead of an associate’s degree?

b. How much more will Bethany earn over a 10-year period if she decides to be a nurse practitioner instead of an RN?

c. What conclusions can you draw about the relationships between education and salary in the nursing field?

Name _____________________________________Date ______________________________Pd______


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Comparing Salaries

levels of education

• The amount of schooling or education that you attend can _____________

the salary you have the potential to earn.

• There are different levels of education:

• ______________________ : a four-year secondary school, awarded

with a high school diploma

• ______________________ : a school in which you learn a trade or

skill that is specific to a type of job; ex: car mechanic

• ______________________ : a two-year post secondary school, in

which you can earn credit for the first two years of a four-year

university

• ______________________ : a four-year post secondary school, in

which you focus on a major of study

• ______________________ : these degrees vary, but are all specific

to a certain specialized occupation; ex: dentist, architect

Use the table below to answer the questions about the various levels of education and the salary associated.

vocational school

associate’sdegree

bachelor’s degree

master’sdegree

Title Nurse Assistant LVN RN Nurse Practioner

salary $26,590 $44,090 $68,450 $107,460

impact

high school

vocational school

associate’s degree

bachelor’s degree

professional school

$24,360

$390,100

In the nursing field, the more education you receive, the higher your salary.

3. Paulo in interested in the architecture field. He is considering the education required and the corresponding salary.

How much more would Paulo earn if he gets his bachelor’s degree in architecture over a 30 year career?

4. The average salaries of three different industries are shown below. Based on the information, how much more will someone in the marketing industry make than someone in the education industry over a period of 10 years?



2. Demetri is researching various occupations that he is interested in. According to the Bureau of Labor and Statistics, he has found the 2016 median annual salary associated with each occupation. Use the information to complete the earning potential after 10 and 30 years.

a. How much more will an electrician make than a freight agent over a period of 10 years?

b. How much more will a construction manager make than a dental hygienist over a period of 10 years?

c. How much more will an air traffic controller make than an electrician over a period of 30 years?

Apply your understanding of education levels and occupation salaries in the questions below.

Use the following problems to observe the lifetime income of various occupations.

title annualsalary

education level

Drafter $53,480 Associate’s

Architect $76,930 Bachelor’s

annual salary

10-year earnings

30-year earnings

electrician $52,720

air traffic controller $122,410

freight agent $41,920

Construction manager $89,300

dental hygienist $72,910

industry median salary

Education $48,710

Marketing $85,690

Legal Services $80,490

$527,200 $1,581,600

$1,224,100 $3,672,300

$419,200 $1,257,600

$893,000 $2,679,000

$729,100 $2,187,300

$108,000

$163,900

$2,090,700

$369,800$703,500

Name _____________________________________Date _____________________________Pd ______


comparing salaries


Ariana has determined that she either wants to study public relations or accounting.

• Public Relations Specialist: $58,020 annual salary

• Accountant: $68,150 annual salary

1. How much more will she earn as an accountant after working one year?

2. If Ariana decides to become a CPA, she will need to continue her education. Her masters degree will cost $28,500, but as a CPA she will earn $72,150 each year. How many years will Ariana need to work as a CPA in order to pay for her additional education?

3. Would you recommend that Ariana continue her education? Why or why not?

Yu is considering two different education routes.



6. Describe some of the advantages and disadvantages to additional schooling.

______________________________________________________________________________________

______________________________________________________________________________________

______________________________________________________________________________________

7. On a job posting site, positions were being advertised with their average annual salary. Over a 30 year career, how much more will the software developer make than the social worker?

A. $1,302,000B. $1,661,700C. $282,300 D. $638,450

Answer each of the questions below. Be sure to show your work.

BACHELOR’S DEGREE$42,800

entry salary

MASTER’S DEGREE$58,400

entry salary

RETAIL SALESCLERK

$22,900

SOCIAL WORKER$46,890

SOFTWAREDEVELOPER$102,280

$156,000

Advantages – potential for a greater salary

Disadvantages – cost of education, time required to attend school

$10,130

8 years

If Ariana thinks that she will continue in this career path, then it would be worth it to pursue her education. $468,000

features of a

checking account

• Checking accounts can offer various ________________depending on the

type of account and the bank in which the account is held.

• Some of the features include: bill pay, the use of a debit card, direct

deposit, overdraft protection, online banking

costs of a checking account

• Banks offer features at a cost, or charge ________________when

requirements aren’t met. These fees are ________________from your

account balance.

• The overdraft fee is charged when you when your account balance

drops below ________________.

• Some of the other costs include: a minimum balance fee, a fee per check

written, an ATM fee

Name _____________________________________Date ____________________________Pd ______


costs & features of a checking account


TASK 1 Donovan is comparing two different banks to determine where he should open a checking account. Use the information about the two banks below to answer the questions.

Discuss:1. If Donovan opens an account at Texas State Bank and typically has about $400, then how much will he pay in monthly fees?


3. If Donovan opens an account at Texas State Bank and typically has about $800, then how much will he pay in monthly fees?


bank fees

Texas State Bank• $10 monthly fee for accounts with less

than $500, no fee if greater than $500

Lone Star Bank• 1% monthly fee for account with less

than $1,000

features

fees

withdrawn

$0.00

$10

$4

$0

$8



TASK 2:Use the information about each of the banks below, as well as the information about each person’s needs in order to make the best recommendation for a bank.

Customer Bank rationale

josie

margo

miguel

tanisha

Discuss:5. What did you consider when determining which bank was a best fit?

6. If Miguel normally had a large bank balance, would you have suggested a different bank?

BANK A• no minimum

account fees• $5 debit card

fee• $3 per check

written fee• unlimited debit

card use

BANK B• 1% of checking

account balance• no checks• unlimited debit

card use• no ATM fee

BANK C• $5 monthly fee• no ATM fee• $3 per check

written fee• online bill pay

BANK D• no minimum

account fees• no charge for

writing checks• $5 debit card

monthly fee

“I work part-time by babysitting and really need a place to keep my money. I mostly use a debit card to make any purchases.”

josie“I normally keep about $2,000 dollars in my checking account. I mostly use a debit card, but I do write checks for my monthly bills.”

margo

“I really like using a debit card or getting cash out at the ATM. My bank balance is usually around $400, as I just work part-time for my dad.”

miguel “I only use a debit card and pay my bills online. I really don’t have any use for checks or an ATM card.”

tanisha

ASince Josie doesn’t write checks, she will not pay that fee. It is also the most cost-effective.

DSince Margo writes checks, bank D is the best because they don’t charge a fee for writing checks.

B Bank B is going to be $1 less than banks A, C, or D.

C Bank C offers online bill pay.

Ex: I considered what the customer needed and the fees for the various features.

Yes, because if Miguel had more than $500, then the other options would be cheaper.

Name _____________________________________Date ____________________________Pd ______


costs & features of a checking accountRead each situation below, and then circle the choice that you think is the best banking solution. In the last column, describe why you believe it was the best banking solution.

situation choices explanation

1. Monica typically has about $750 in her checking account. She also uses a debit card and online banking regularly.

a. Bank of Texas charges a $10 monthly fee for online banking

b. Bank of the South charges 2% of the checking account balance

2. The Vasquez family keeps a balance of $3,000 in their checking account. They use checks to pay their household bills and use their debit card sparingly.

a. Texas First charges 1% of the checking account balance

b. State Bank charges a $3 fee for each written check and a $5 per month debit card fee

3. Skylar has a part-time joband makes about $200 per week. She would like to be able access her bank account online.

a. First State Bank charges a $15 minimum balance if you don’t have more than $1,000 in your checking account

b. Bank of the Republic charges a $7 online banking fee each quarter

Use the table below to determine which of the following statements are true. Correct any false statements.

______4. The fee at Southwest Bank will always be greater than the fee at Lone Star Bank.

______5. The fee at Southwest Bank will be less than the fee at Lone Star Bank if the customer has a $600 balance.

______6. The fee at Lone Star Bank will be greater than the fee at Southwest if the customer has a $2,000 balance.

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bank fees

Southwest Bank • $10 monthly fee

Lone Star Bank • 1% of checking account balance

Bank of Texas is a $10 flat fee, which is cheaper than the $15 fee that is 2% of Monica’s balance.

State Bank is likely the better bank because 1% of $3,000 is $30, so with State Bank the Vasquez family could write up to 7 checks.

Bank of the Republic is only $7 every 3 months, but First State Bank is $15 per month.

The fee with Southwest Bank will be more than Lone Star Bank.true

The fee at Southwest Bank is greater when the account is less than $1,000.

false

false

deposit• A deposit is a ________________in which a sum of money is put into a


Ex: __________________________________________________________________

withdrawal• A withdrawal is a transaction in which money is ________________from a


Ex: __________________________________________________________________

transfer• Money can be transferred between accounts that are owned by the same

account owner.

Ex: __________________________________________________________________


4/8 $560.00

4/10 Pet Store $45.00

4/12 Veterinarian $175.50

4/16 Paycheck $635.40

check register

• A check register keeps track of the deposits, withdrawals, and transfers

within an account. After each transaction the account balance is

calculated to show the amount of money in the account.

Name _____________________________________Date ____________________________Pd ______



Discuss each of the transactions below. Label each as a deposit, a withdrawal, or a transfer.

___________ ___________ ___________ ___________ ___________

MOVING MONEY FROM YOUR

SAVINGS TO YOUR CHECKING

PAYING A BILL WITH BILL PAY

A PAYCHECK IS ELECTRONICALLY

DEPOSITED

REMOVINGCASH AT AN ATM

Determine the balance after each transaction in the check register below.


PUTTINGYOUR BIRTHDAY CASH IN YOUR

ACCOUNT

DEPOSIT WITHDRAWAL

transaction

subtracted

paying for a purchase

moving money from a savings account to a checking account

transfer withdrawal deposit

$515.00

depositing a paycheck, depositing cash

withdrawaldeposit

$339.50

$974.90



1. Martina is organizing the receipts and pay stubs from the past week. Use the details below to organize them into the check register. Be sure to complete all the necessary lines on the register.

• On 10/1, Martina’s account balance was $865.00.• On 10/5, Martina went grocery shopping at HEB. She spent $74.20 in groceries. • On 10/3, Martina paid her water bill to Harris Country Utilities for $42.60.• On 10/6, Martina paid her cell phone bill to Smartphone USA for $85.50. • On 10/4, Martina transferred $100.00 to her savings account.

Use your understanding of deposits, withdrawals, and transfers to complete the check register below.

2. Jamal’s transactions for the past month are listed below. He is missing a few details, so use the information to answer the questions below.

a. What was the account balance at the end of the day on 12/7?

b. How much did Jamal spend on the Christmas present?

c. How much did Jamal write his check for the doctor’s visit?

d. On 12/15, Jamal found the account balance to be $2,220.70. Is this correct? Why or why not?

_________________________________________________________________________________________

_________________________________________________________________________________________

Use the check register below to answer questions about Jamal’s transaction history.




12/7 Rent $550.80

12/10 Christmas Present $772.70

12/15 Paycheck $1,250.00

12/16 Check - Doctor’s Visit $1962.70


10/3 Water – Harris County Utilities $42.60 $822.40

10/4 Transfer $100.00 $722.40

10/5 Groceries – HEB $74.20 $648.20

10/6 Cell Phone – Smartphone USA $85.50 $562.70

$869.20

$96.50

$60.00

$869.20

$2,022.70

No, Jamal incorrectly added the balance and the paycheck. His balance is $2,022.70.

Name _____________________________________Date ____________________________Pd ______



______ 1. Check Register

______ 2. Transfer

______ 3. Withdrawal

______ 4. Deposit

A. The amount of money put into a bank account

B. A transaction in which money is removed from a bank account to pay for a good or a service

C. A transaction in which money is moved from one account to another

D. A tool for organizing transactions and keeping track of an account balance

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Use the check register to answer the questions below.


6. How much cash was deposited on April 16th?


8. How much did Eduardo pay for internet on April 17th?

9. Describe the benefit of maintaining an accurate check register.

_________________________________________________________________________________________

_________________________________________________________________________________________


4/8 Opening Balance $875.45

4/10 Car Insurance $88.60

4/12 Electricity Bill $153.25

4/16 Cash Deposit at ATM $681.60

4/17 Internet Bill

4/20 Cell Phone Bill $67.80 $563.60

4/20 Checking Account Monthly Fee $10.00

D

$48.00

$631.40 $50.20

$633.60

C

A

B

If you keep an accurate check register, then you will know the balance and the amount of funds

available.

Name _____________________________________Date ____________________________Pd ______




credit card debit card

WHAT

IS IT? Using a small _____________card issued by

a financial company to _____________

money that you will repay later

Using a small _____________card issued by

a bank or financial institution to

immediately_____________your own money

out of your account

HO

W D

OE

S IT

WO

RK

?ADV

AN

TAG

ES

DIS

ADV

AN

TAG

ES

Use the table to compare debit cards and credit cards, how they work, and the advantages and disadvantages to each.

-You apply for a credit card, in which the financial company approves you to borrow up to a specific limit-You charge the cost of a purchase-A bill is sent to you to pay at a later date-The financial company charges you interest if you do not pay your balance in full

-You open a debit card that is tied to a checking account-You can only spend the amount of money that is in your checking account

-Allows you to the chance to build good credit history-Some cards offer rewards-Convenient and easy to use-Helpful in emergencies

-Convenient and easy to use-A PIN must be entered to use it-You can use it like an ATM card to get “cash back”-No chance of going into debt

-Charged interest if balances are carried-Can be easier to overspend or make purchases you can’t afford-Possible fees (late fees, annual fees, etc)

-If you try to spend more than what is in your account, you may be charged an overdraft fee

plasticplastic

borrowtransfer



___________1. Jayden bought a pair of shoes by swiping his card at the store. He’ll actually pay the balance at the end of the month.

___________2. Eleanor stopped for a coffee on her way to work and paid by swiping her card. The cost of her coffee was immediately taken out of her checking account.

___________3. Pete purchased a new set of speakers for his home. The speakers cost $400 after taxes, but he actually paid $453.12 by the time they were paid off because of interest.

___________4. Jaxon is saving his money to buy an engagement ring. He swipes his card and decides that he will pay the cost of the engagement ring over time.

___________5. Nora attempts to purchase a new purse by swiping her card. However, the transaction is denied because she does not have enough in her account to pay for the cost of the purse.

___________6. Mr. Thomas checks out at the store by swiping his card; he also receives $20 cash back from the clerk.

Read each situation below. Determine whether a debit card or a credit card is being described. Mark each statement appropriately.

7. Complete the Venn diagram below in order to show the similarities and differences between debit and credit cards.

8. Liam would like to purchase a new pair of golf clubs, but he does not have enough money in his bank account. Which of these is a possibility for Liam?

A. He can use his debit card to buy the golf clubs and pay interest on the purchase.

B. He can use his credit card to buy the golf clubs now and pay for them over time.

C. He can use his debit card to pay for the golf clubs directly from his bank account.

D. He can use his credit card to buy the golf clubs and pay the overdraft fee.

Use your understanding of debit cards and credit cards to answer the questions below.

debit cards credit cards

credit

• plastic card• a way to

purchase

• pay over time

• might be subject to interest

• funds are immediately transferred from a checking account

credit

credit

debit

debit

debit

Name _____________________________________Date _____________________________Pd______


1. Read each description below. Record the letter under the method of payment it is describing.



2. Bianca works at a fast food restaurant, and she has noticed that people who are paying with credit cards end up spending more on average than people who are paying with debit cards. Why do you think that might be?

______________________________________________________________________________________

______________________________________________________________________________________

3. Greg has both a debit card and a credit card, but he is having a hard time knowing when to use his credit card vs. his debit card. What would you recommend to Greg?

______________________________________________________________________________________

______________________________________________________________________________________


A. Michael dislikes that when he gets behind on his payments using this method of payment, he

will be charged interest.

B. Evie dislikes that this method of payment will charge her a fee if she accidentally tries to

spend more than is in her account at the time.

C. Travis likes that this method of payment allows him to create his own security code, as well

as to receive cash back at many stores when he needs it.

D. Jasmine likes that this method of payment allows her to earn rewards and will give her the

opportunity to build a positive credit history.

E. Drake likes that this method of payment allows him to make purchases on things that he

might not necessarily have the money for at the time but knows that he will later.

Use your understanding of debit and credit cards to answer the questions below.

B, C A, D, E

Since people are less concerned with the amount of money they actually have, they might

spend more.

I would tell Greg to use his credit card only when he knows that he can pay the balance off

within the month.

Name _____________________________________Date ______________________________Pd______

Unit: Personal Financial LiteracyQuiz

QUIZ: PERSONAL FINANCIAL LITERACYChoose the best answer for the questions below.

1. Anna would like to purchase a new mountain bike that costs $600. She only has $300 in her checking account now. Which of the following statements is true?

A. She can use her debit card to pay for the bike and pay off the debit card over time.B. She can save up the remainder of the balance and then pay with a credit card.C. She can use her debit card to pay for the bike directly from her bank account.D. She can use her credit card to buy the bike now and pay it off over a period of time.

2. Kane is comparing two different regional banks. Which of the following statements is true?

• First Texas Bank charges a $7 monthly fee• Republic of Texas Bank charges 1% of the checking account balance

A. First Texas Bank will always be the best valueB. Republic of Texas Bank will always be the best valueC. If Kane typically has more than $700 in his checking account, then First Texas Bank is the best value.D. If Kane typically has less than $700 in his checking account, then First Texas Bank is the best value.

Answers

1. ______________

2. ______________

3. ______________

4. ______________

5. ______________

6. ______________

7. ______________

8. ______________

9. ______________

10. _____________


3. A vocational school offers different tracks for different types of mechanics. Over a 20 year career, how much more will the aircraft mechanic make than the automotive mechanic?

A. $654,000B. $436,000C. $21,800 D. $545,000

4. Which of the following situations does NOT describe the use of a credit card?

A. may earn rewards B. can be used to build a positive credit history

C. allows for unlimited purchases D. purchases may be subject to interest charges

5. Using the check register below, determine the amount spent on the groceries on May 4th.

AIRCRAFTMECHANIC

$60,270

AUTOMOTIVEMECHANIC

$38,470

MACHINERYMECHANIC

$49,100



5/3 Rent $720.00


D

C

B

C

$68.20

$219,900

A

D

$83.50

$1,705.25

6. Xavier is interested in the technology field. He is considering the education required and the corresponding salary.

How much more would Xavier earn if he gets his bachelors degree over a 15-year career?

7. Two different banks are advertising their checking accounts. Which of the following is a better choice if the Jackson family averages about $2,200 in their checking account?

A. Bank of TexasB. Main Street BankC. They are equally good choices

8. The average salaries of three different positions are shown in the table below. Based on the information, how much more will the physician earn than the paralegal over a 15-year career?

A. $68,660 B. $432,400C. $864,200D. $1,029,900

The check register shows the transactions of the Palencia family. Use the check register below to answer questions 9-10.

9. Based on the information above, how much did it cost for the Palencia family to attend the museum?

10. What was the balance at the end of the day on June 7th?

Answer the questions below. Be sure to show work and justify your thinking.


titleannualsalary

education level

Computer Support

Specialist$51,470 Associate’s

Web Developer

$66,130 Bachelor’s



6/3 Mortgage $965.25 $2087.50

6/4 Museum $2,004.00

6/6 Utilities $168.25


BANK OF TEXAS$10.00 MONTHLY

FEE IF YOUR ACCOUNT IS LESS THAN

$3,000

MAIN STREET BANK1% OF YOUR

MONTHLY BALANCE IF YOUR ACCOUNT

IS LESS THAN $3,000


Physician $118,160

Accountant $68,150

Paralegal $49,500

borrower• A borrower takes a loan from a bank and agrees to pay the loan back

over time. The borrower pays _____________________ on the loan.

Lender• A lender is a person or ________________________ that lends money. In

return the lender charges interest in order to earn money from the

loan.

credit report

• A credit report displays an individuals history of borrowing and

_____________________ money.

• Lenders use this to determine if the borrower is _____________________

and how much risk there is in the borrower not paying them back.

Name _____________________________________Date _____________________________Pd ______



credit reports

“I am planning to buy a new car. I have saved $2,000 but will need to finance the rest.”

“I just started earning money by babysitting and would like to open a checking account with a debit card.”

Felicity

“I have saved for my college tuition but will need to borrow some money from my grandparents in order to pay for room and board.”

Hunter “I am new to town and completing an application to rent an apartment.”

darius

Read each scenario below. Then, discuss whether or not the situation would require information on a credit report.

bryan

Customer is a credit report necessary? why or why not?

bryan

felicity

hunter

darius

Yes, the car dealership wants to know if Bryan will pay them back.

No, since Felicity is not borrowing money.

No, because he is borrowing money from his grandmother, not a bank.

Yes, the landlord wants to make sure Darius will pay his rent.

interest

financial institution

paying back

financially responsible



Use the sample credit report to complete the table below.

JACOB MICHAEL ROSEREPORT # 157832 REPORT DATE: 08/26/2017

Name: Jacob Michael Rose Also Known As: Jacob M. Rose

Date of Birth: 14 March 1985 SSN: XXX-XX-2556

Address History: 400 Sagebrush Lane, Abilene, Texas1398 Windy Lane, Odessa, Texas

Employers: ABC Construction

POTENTIALLY NEGATIVE ITEMS

Credit Direct PlusAccount Number: 2589 6350 7549 4455

Status:Date Opened:


60 Days Past Due02/2011Installment$3,260

ACCOUNTS IN GOOD STANDING

Automobile Auto FinanceAccount Number: 56780215-9

Good Home MortgageAccount Number: 444 778 3505

Status:Date Opened:



Status:Date Opened:



REQUESTS FOR CREDIT HISTORY

Eastern Funding5600 15th St E.Dallas, Texas

Date of Request: 10/06/2016

1. What type of accounts do you see on the credit report?

2. What personal information is available on a credit report?

3. In which section would a foreclosure appear?

4. What institutions would fall in the requests for credit history section?

credit cards, auto loan, mortgage

name, AKA, birthday, present and past addresses, SSN, employer

potentially negative items

potential lenders

Name _____________________________________Date _____________________________Pd______



1. Read each statement about credit reports below. Record the letter in the appropriate column.

true false

A. A credit report states whether or not a lender should allow you to borrow money.

B. If I don’t pay my rent, then that will show up on my credit report.

C. My children are held responsible for my credit history.

D. Any one of my friends can make a credit inquiry on my credit report.

E. A credit report does not have errors on it.

F. A credit report does not change.

G. A credit report includes personal information like my name, employer, and address.

H. Late payments are noted on a credit report.

I. A future employer cannot check my credit report.

J. Information about purchases I make in cash or with a checking account appear on my credit

report.

K. A credit report predicts how much money I will need to borrow.

credit reports

______ 1. Borrower

______ 2. Lender

______ 3. Credit Report

______ 4. Credit Inquiry

A. When a person or a company looks at your credit report in order to make a decision

B. A person who takes and uses a sum of money under an agreement to pay it back

C. A detailed list of transactions regarding a person’s history in borrowing and paying back money.

D. A bank, financial intuition, or person


D

A, C, D, E, F, I , J, KB, G, H

C

A

B

PAYING FOR COLLEGE

Paying for college can be a costly expense, but fortunately there are several options to help. Use the handout below to record details about each of the five options and then answer the questions.

SAVINGSThough it seems like a large task, saving for college is something you can start

doing ______________. You can open a simple savings account at a financial

institution and begin earning ____________________on the amount you have saved.

Students who have saved for college are ____________________ to attend.

Name _____________________________________Date ____________________________Pd ______


scholarships

a. What do you think are some of the limitations that keep students from saving for college?


PROS CONS

A scholarship is something that you apply for and are ______________based on talents,

grades, or other circumstances. There are thousands of scholarships available based on

different circumstances that cover ______________amounts. Some students are able to

pay for a ______________amount of their college expenses with several scholarships.

PROS CONS

today

various

large

- a lot of work to research and apply

awarded

interest

- you can start right away and at a young age

more likely

- savings accounts don’t earn a lot of interest

- you don’t have to pay it back

College is expensive and a lot to save. Savings requires an extra amount of money or a job.


grants

work-study

b. What are some considerations you should make before taking on a student loan?

A grant is an amount of money that is ______________, and it is usually based on a financial

need. Students can apply for grants by completing the ____________________, which calculates

how much a family can contribute to college.

PROS CONS

You can ______________money through a work-study by ____________________ at various

jobs provided by the college or university. A work-study is another option for students who

have a financial ____________________ based on the FASFA.

PROS CONS

student loansStudent loans are a common option in which you ________________money from

a private bank or the ____________________ government. These loans must be repaid, with

interest, over a period of time. Oftentimes, the payments are ________________until you

have completed your schooling.

PROS CONS

given

deferred

borrow

- allows anyone to borrow

- very flexible standards

federal

earn

- don’t have to be paid back

FASFA

- FASFA is a lot of work to complete

working

- can avoid loans by supplementing the costs of college

- limits the number of hours a student can work

- wages are set by the college

- must be paid back with interest

You should consider how much money you will earn in your profession and the length of time it will take you to pay it off.

need

Name _____________________________________Date ____________________________Pd ______


Four students who are various ages are planning to go to college. Use the information below to answer questions and provide recommendations on how they can pay for college.


paying for college

1. What methods of payment for college would you recommend for Kate?

2. What methods of payment for college would you recommend for Jerod?

3. Which students would qualify for work study?

4. Which students might qualify for scholarships?

5. How might the fact that Sophia is the first in her family to attend college be a benefit to her ability to pay for college?

___________________________________________

___________________________________________

___________________________________________

6. Describe how Kate has the advantage of time when it comes to paying for college.

___________________________________________

___________________________________________

___________________________________________

7. Think about your specific situation. Describe what you can begin doing today that will help you to pay for college in the future.

_________________________________________________________________________________________

_________________________________________________________________________________________

_________________________________________________________________________________________

Kate• age 12• likes to babysit• extremely talented

at soccer

Eric• valedictorian of

his senior class• his family meets

the qualifications for having a financial need

jerod• age 16• works part-time• his family does

not meet the qualification for having a financial need

Sophia• high school senior • the first member

of her family to attend college

• her family meets the qualifications for having a financial need

Now she can start saving and potentially pursue soccer with the hopes of a scholarship.

Eric – academicsSophia – because she is the first to attend

collegeEric, Sophia

Answers vary

savings, student loans

There might be a scholarship or grant that is

specific to first time college attendees.

Since Kate is only 12, she has several

years over which she can save.

Name _____________________________________Date ____________________________Pd ______

Unit: Personal Financial LiteracyReview

personal financial literacy Unit Study GuideSolve each of the problems below. These represent the types of questions on your test. Be sure to ask questions if you need more help with a topic.

I can compare the annual salary of several occupations. 6.14H

1. The Bureau of Labor and Statistics shows the 2016 median annual salary associated with each occupation below. Use the information to complete the earning potential after 10 and 30 years.

a. How much more will a paramedic make than a retail clerk over a period of 30 years?

b. How much more will a veterinarian make than a postal worker over a period of 10 years?

c. How much more will a television producer make than a postal worker over a period of 30 years?


annual salary

10 year earnings

30 year earnings

retail clerk $22,900

paramedic $32,670

tv producer $70,950

postal worker $56,790

veterinarian $88,770

I can compare the features & costs of a checking account & a debit card. 6.14A

2. Use the information below to compare First Texas Bank and Republic Bank. Then, make a suggestion for the people below.

• First Texas Bank: no monthly fee, $3 per check fee• Republic Bank: $5 monthly fee

• Lone Star Bank: 0.5% of checking account balance

________________ a. Joanna typically has $600 in her bank account and usually writes three checks per month.

________________ b. Tamara typically has $900 in her bank account and doesn’t write checks.

________________ c. Devon typically has $2,000 in his bank account and usually writes six checks per month.

________________ d. Reece typically has $250 in her bank account and usually writes one check per month.

$229,000 $687,000

$326,700 $980,100

$709,500 $2,128,500

$567,900 $1,703,700

$887,700 $2,663,100

$293,100

$319,800

$424,800

LSB

FTB

RB

LSB

I can balance a check register. 6.14C

4. Felix is organizing the receipts and pay stubs from the past week. Use the details below to organize them into the check register. Be sure to complete all the necessary lines on the register.

• On 8/2, Chelsea’s account balance was $467.80• On 8/6, Chelsea went grocery shopping at Kroger. She spent $95.20 in groceries. • On 8/7, Chelsea paid her internet bill to Communications for $63.40.• On 8/9, Chelsea went to AMC movies for $22.50.• On 8/9, Chelsea received $150.00 for her birthday.

5. Use your understanding of a check register to define the following terms, and then give an example.

a. deposit: ____________________________________________________________________________________

b. withdrawal: _________________________________________________________________________________

c. transfer: ___________________________________________________________________________________

d. balance: ____________________________________________________________________________________


I can distinguish between debit cards & credit cards. 6.14B

3. Use your knowledge of debit cards and credit cards to complete the table below.


What is the maximum you can spend?

When do you pay for the item purchased?

Does it help build credit history?

If the item costs $50, then how much will you

pay for the item?


the value of your checking account

the credit limit

immediatelyat a later date and

potentially over time

No Yes

$50 $50 plus interest


8/6 Groceries - Kroger $95.20 $372.60

8/7 Internet - Communications $63.40 $309.20

8/9 AMC Movies $22.50 $286.70

8/9 Deposit- Birthday Money $150.00 $436.70

putting money into your account

taking money out of your account

moving money from one account to another

the amount of funds available in your account

I can describe the information on a credit report & the importance of good credit history. 614D, 6.14e, 6.14F

6. Julian is applying for his first loan. In discussing it with his parents, they offer the advice that in order to have good credit he must pay the bill early and avoid interest payments. Explain why this is or is not accurate advice.

_______________________________________________________________________________________________

_______________________________________________________________________________________________

_______________________________________________________________________________________________

7. Read each of the statements below. Mark the statements that explain the benefit of having a good credit history.

______ You will be able to continue to borrow money at lower interest rates.

______ You will be a strong candidate for renting a home or an apartment.

______ You will demonstrate that you will not be distracted by your finances in the event that an employer checks your credit.

8. Read each of the statements below. Mark the statements that can be found on a credit report.

______ Your social security number

______ Accounts that are past due

______ The balances on any accounts in which you have borrowed money

______ The amount of money you owe a family member

______ An auto loan that was paid off 15 years ago

I can explain various methods to pay for college. 6.14G

9. Use what you know about paying for college to briefly describe each option.

a. scholarships: _________________________________________________________________________________

b. work study: __________________________________________________________________________________

c. grants: ______________________________________________________________________________________

d. student loans: ________________________________________________________________________________

e. savings: _____________________________________________________________________________________

10. What advantage does an 11-year-old have over a 17-year-old when it comes to paying for college?

________________________________________________________________________________________________

________________________________________________________________________________________________

11. How does your family’s financial need impact your options for paying for college?

________________________________________________________________________________________________

________________________________________________________________________________________________

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Yes, this advice keeps Julian from paying excessive interest or fees and ensures a

payment is not late.

true

true

true

T

F

F

T

T

based on merit, not paid back

students work for the college, based on financial need

money given to a student, based on financial need

money borrowed by a student, not based on financial need

money you and your family save over time

The 11-year-old has the benefit of time and can save money over a period of time.

Answers vary

1. Lucas is planning to attend a state university and qualifies for financial aid. Which of the sets below can Lucas apply for solely based on his financial need?

A. scholarship, grant, student loan B. work-study, student loan, grantC. grant, work-study D. student loan, work-study

2. Which of the following would be found on a consumer’s credit report?

A. a savings account balance

B. whether or not the consumer has made any late payments

C. the number of children the consumer has

D. whether or not the consumer is approved for a loan

3. Jose is looking for a job that he can support himself with while taking part-time college classes. How much more will he earn as a veterinary tech than a barista for the four years he is in school?

A. $41,040B. $10,260C. $12,860 D. $51,440

4. Which of the following situations does NOT describe the use of a debit card?

A. Margie purchases a coffee in the drive thru. She swipes her card and the funds are immediately withdrawn from her account.

B. Ralph purchases a book at the bookstore. He types in a secure code at checkout.

C. Finley purchases a present by swiping her card. She doesn’t have the money for the present now, but she will before the bill is due.

5. Joley is opening her first checking account as a teenager. She doesn’t have a job, so most of the income will be presents from birthdays and holidays. Bank A has a $8 monthly charge. Bank B charges 2% of the balance. Which account balance below will result in bank A being a better financial choice?

A. $300 B. $450C. $800 D. $900

6. Ms. Brentfield is planning to take out a loan to buy a home. When applying she must sign a statement giving permission to check her credit report. Which statement best describes why the mortgage company is requesting to check her credit?

A. to determine if Ms. Brentfield will take good care of her homeB. to decide how much money Ms. Brentfield earnsC. to determine if Ms. Brentfield can afford the homeD. to determine the likelihood of Ms. Brentfield paying back the loan

Name _____________________________________Date ____________________________Pd ______


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Unit: Personal Financial LiteracyTest

personal financial literacy Unit test

BARISTA

$19,630

VETERINARYTECH

$32,490

ANIMALGROOMER

$22,230

7. Mr. Boxer has organized the features of a credit card and a debit card into a table below. Which description is the best representation for the missing detail?

A. purchases are unlimited in fundsB. purchases are paid back over timeC. purchases must in a one-time paymentD. purchases are subject to a credit limit

8. Which of the following students bellow will qualify for a grant?

• Jack: will play baseball for the college, does not meet the qualifications for financial need

• Ruby: valedictorian of senior class, meets the qualification for a financial need

• Quinton: plans to work to put himself through school, does not meet the qualification for financial need

A. Ruby onlyB. Ruby and Jack onlyC. All threeD. Jack and Quinton only

Fiona is taking some time to balance her check register at the end of the month. Use the check register to answer questions 9-10.

9. Based on the transactions, what was the balance in Fiona’s account after she deposited her birthday gift on 6/4?

A. $780B. $690C. $340D. $430

10. Fiona forgot to record the cost of the dry cleaner on 6/7. How much did she spend at the dry cleaner?

A. $16.75B. $15.75C. $763.25D. $30.50

11. Mr. Hernandez is searching for a new checking account. He compares the fees associated with two different banks in his town. Which of the following statements best supports the information?

A. Mr. Hernandez should choose Star Bank because it has no fees.

B. Mr. Hernandez should choose First Bank because the fees are the same.

C. Mr. Hernandez should choose Star Bank if he normally has $800 in his bank account

D. Mr. Hernandez should choose First Bank because the fee is just $10.



6/3 Movie Theater $25.75

6/4 Birthday Gift $50.00

6/6 Eating Out $28.25

6/7 Dry Cleaner $735.00


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FIRST BANK STAR BANK

FEES $10 per month no fee if account has more than $500

CREDIT CARD DEBIT CARD

? purchases are withdrawn immediately from bank

account

may not spend more than your credit limit

may not spend more than the balance of the

account

purchases are subject to interest

no interest charged on purchases

12. Which of the following best represents a withdrawal in a checking account?

A. You take your paycheck to the bank and put it in your account

B. You go to the ATM and get cash

C. You receive a check for your birthday and go to the account to cash the check

D. You move money from your checking account to your savings account

13. Piper is deciding whether she should pursue an education in engineering or in public communications. She has researched that a public communications director will make $13,560 less than an engineer each year. If the median salary of an engineer is $73,400, then how much will a public communications director make over a period of 20 years?

14. The average salaries of three different positions are shown in the table below. Based on the information, how much more will the accountant earn than the paralegal over a 15-year career?

A. $18,650

B. $279,750

C. $742,500

D. $1,022,250

15. Which of the following does NOT describe the benefits of establishing a positive credit history?

A. It allows you to borrow money at lower rates and fees.

B. You are more likely to be approved to rent a house or apartment.

C. Lenders are more likely to approve you to borrow money.

D. You will receive a discount when you purchase items.

16. What is the difference between a grant and a scholarship?

A. A grant must be paid back, while a scholarship does not need to be paid back.

B. A scholarship must be paid back, while a grant does not need to be paid back.

C. A grant is solely based on financial need, while a scholarship is based on a variety of factors.

D. A scholarship is solely based on financial need, while a grant is based on a variety of factors.



Physician $118,160

Accountant $68,150

Paralegal $49,500

$1,196,800

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