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Reflection #

Jigsaw Groups at Door. Reflection #. “The safest way to double your money is to fold it over once and put it in your pocket” What does this mean? Test Correction Unit 1 You will need: Your scantron A writing utinsil Unit 1 Test A lined piece of paper. Test Correction.

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Reflection #

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  1. Jigsaw Groups at Door Reflection # “The safest way to double your money is to fold it over once and put it in your pocket” What does this mean? Test Correction Unit 1 You will need: Your scantron A writing utinsil Unit 1 Test A lined piece of paper

  2. Test Correction • Your scantron has been corrected, the right answers are in red on the right hand side of the testing section. • Look at your test and your answer sheet and see which ones you got wrong. • Retrain Your Brain AND Earn Extra Points • On your OWN lined paper correct your test • Tell me why the RIGHT answer is RIGHT. • Combine the question and the correct answer into a complete full sentence that shows your understanding. • You only have 10 minutes!

  3. Class Assignment 2: Managing a Checking Account Using your checks and deposit slips on (page 13), make the following banking transactions and record them on the check register (page 14 ) in order. Today fill out: • February 3 – Deposit: you open your checking account with the following deposit information: Check #3698 for $165.00, Check #2438 for $89.63 and $20 cash, you request no money back. • February 4 – Write check #101 to the Electric Company for $62.88, your account number is 12632

  4. Depository Institution EssentialsAdvanced Level

  5. What is a Depository Institution? Commercial Banks CreditUnions What is the name of a depository institution in your community? ? These are the two most common types of depository institutions.

  6. Types of Depository Institutions

  7. Choosing a Depository Institution All depository institutions differ from one another in regards to locations, services offered, interest rates offered, and specific features provided Choose the correct depository institution to meet individual needs Individuals may choose to use one depository institution or multiple depository institutions Individuals may have more than one type of account at the same depository institution

  8. Depository Institution Insurance • Depository institutions should be insured to protect consumers against loss. If the institution is insured, it will be posted in view for the customer to see. Depository institutions are insured by either FDIC or NCUA. Federal Deposit Insurance Corporation (FDIC) is a federal government agency which insures member depository institutions against loss. If a depository institution that is covered by the FDIC fails, the FDIC will restore the lost funds in savings tool accounts up to $250,000 per account. National Credit Unit Administration (NCUA) provides insurance protection for credit unions. Each depositor is insured up to at least $250,000 on savings tool accounts.

  9. Advantages and Disadvantages of Using a Depository Institution • May have to pay fees • May have required minimum balances • Sharing financial information • Assists in managing finances and reaching financial goals • Protection from loss (insurance) • Opportunity to earn interest ? Do you use a depository institution?

  10. Financial Goals Choose a depository institution that will help meet financial goals Financial goals are specific objectives to be accomplished through financial planning • A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish Reach for stars Tom Jackon

  11. Jigsaw Groups • Find your clothing group. (all hats, ect.) • Get your group’s envelope and read your information. Find the definitions for your group and fill in your study guide • Find your color group. (all green together, ect.) • Share your information with the rest of the group and fill in your study guides.

  12. Compound Interest (in plain English) • Watch the video to help understand compound interest.

  13. Class Assignment 1: Calculating Interest • Using the handout from class calculate simple, compound, and the rule of 72 interest rates. Keep this sheet to turn in at the end of the unit.

  14. Summary • Businesses which offer multiple services in banking and finance • Type • Services offered • Interest rates offered • Location • Features offered • Research depository institutions and choose the one(s) that best fits needs and helps reach personal financial goals

  15. Summary • Safe-deposit boxes • Savings tools • Credit • Financial counseling • Investment tools Electronic banking- • Debit cards • ATMs • Online banking • Direct deposit • Direct payment Find the depository institution that best fits your needs and helps you reach financial goals!

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