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Bell Ringer. Linda bought a new sewing machine for $599.95 (no tax) and then returned it for one that was $451.77 (no tax).    Figuring 6% sales tax, what would be the total of the refund ? Have your homework out to be checked off for a completion grade. Bell Ringer Answer.

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Presentation Transcript
bell ringer
Bell Ringer
  • Linda bought a new sewing machine for $599.95 (no tax) and then returned it for one that was $451.77 (no tax).    Figuring 6% sales tax, what would be the total of the refund?
  • Have your homework out to be checked off for a completion grade.
bell ringer answer
Bell Ringer Answer
  • $599.95 * 6% = $36.00 in tax.
  • $599.95 + $36.00 = $635.95
  • $451.77 * 6% = $27.11
  • $451.77 + $27.11 = $478.88
  • $635.95 - $478.88 = $157.07
agenda
Agenda
  • Bell Ringer / Announcements/College Survey Results – 5 mins.
  • How To Do Your Banking ANSWERS– 5 minutes
  • Dave Ramsey – Parts 5 & 6– 20 minutes
    • NO NOTES
  • Personal Budget Activity Description – 30 minutes
how to do your banking
How To Do Your Banking
  • Read Chapter 5
    • Pages 16 & 17
  • Complete Situation A (pages 18 - 20) and Situation B (pages 20 – 21).
how to do your banking answers
How To Do Your Banking Answers
  • $312.96 (Balanced Checkbook)
  • $343.31 (Ending Balance on Statement)
  • $0.00 (Outstanding deposits)
  • $30.35 (Outstanding checks)
  • $312.96 (Balanced checkbook)
before you begin chapter 6
Before You Begin – Chapter 6
  • True
  • True
  • False
  • False
  • True

6. False

7. True

8. False

9. True

10. False

money facts
Money Facts

1. 93% of teens agree that it is important to live within their means and have good money habits in order to be successful.

2. 86% of teens expect their parents to stop supporting them before age 25.

3. 63% of teens say they are knowledgeable about money management, including budgeting and saving.

4. 62% of teens believe they are prepared to deal with the finances after high school.

5. 41% of teens say they are very or somewhat knowledgeable about how to budget money.

6. 34% of teens say they are very or somewhat knowledgeable about how to balance a checkbook and reconcile an account register to a bank statement.

7. 51% of teens say they are very or somewhat knowledgeable about how to write a check.

8. 58% of teens have more than $100 in savings.

9. Teens report spending an average of $19 per week.

10. The top four things teens spend money on (according to our survey of 1,000 students around the country) are food, clothes, gas and entertainment.

chapter 7 budgeting 101 overview
Chapter 7: Budgeting 101 Overview

This chapter explains the benefits of a budget and demonstrates how to complete a zero-based budget. An in-depth explanation of balancing a checkbook is included.

vocabulary words for chapter 7 page 116
Vocabulary Words for Chapter 7 Page 116
  • Active
  • ATM Card
  • Budget
  • Carbon Checks*
  • Currency
  • Debit Card
  • Discipline
  • Envelope System
  • Hoarding*
  • Impulse Purchase
  • Persistent*
  • Pro-active
  • Procrastinate
  • Reconcile
  • Zero-based Budget
chapter 7 vocabulary not in book
Chapter 7 Vocabulary NOT IN BOOK!
  • Carbon Checks - aduplicate check that is included behind the original check on carbon paper. These are beneficial for people who often forget to write their checks down in their check register.
  • Hoarding - the excessive collection of items, with the inability to discard them.
  • Persistent - to have strong initiative; when one happens ‘to’ things.
learning outcomes
Learning Outcomes
  • You will be able to explain how money is active.
  • You will be able to analyze the reasons why people do not budget
  • You will be able to examine common problems associated with budget failures
  • You will be able to explain the benefits of a budget
chapter 7 lesson plans
Chapter 7 Lesson Plans

Monday:

Introduce Chapter 7

Parts 1 and 2 of Dave Ramsey

Tuesday:

Parts 3 and 4 of Dave Ramsey

How to Write Checks

Wednesday:

Parts 5 and 6 of Dave Ramsey

Consumer Equity Activity

Thursday:

Family Budget Activity

Friday:

Family Budget Activity

Tuesday

Chapter 7 Review

Wednesday

Chapter 7 Test

consumer equity activity
Consumer Equity Activity
  • Use the information on the Consumer Equity sheet to fill out a Consumer Equity Form for each family. (There are 2 families)
  • Answer the two questions at the bottom of the Consumer Equity sheet.
  • Staple your Consumer Equity sheet and Consumer Equity forms together and turn in to the tray.
how to write a check activity 40 points turn in to tray when finished
How to Write a Check Activity40 points. Turn in to tray when finished!

Step 1:

Read ‘How to Write a Check’ on page 1 – CHECK THE BOARD FOR AN EXAMPLE.

Step 2:

On page 2, write the following three checks:

Check #1 – You bought groceries at Kroger for $123.96

Check #2 – You paid your cell phone bill to AT&T for $96.25

Check #3 – You paid your senior/junior dues to Moore for $50.00

Step 3:

Read ‘Part 2’ on page 3, regarding filling out a check register properly AND page 97 in your workbook.

Step 4:

Complete the check register, using the three checks you just wrote.

Step 5:

You made a deposit of $63.25 to your account. Add this to your check register.

Step 6:

In the white space on page 3, answer the following question:

‘Why is it important to fill out a checkbook register and balance your checkbook each month, even though my bank has online banking?