Can You Survive?. Understanding banking and credit. Learning Objectives. The youth will be able to: Define credit Understand the difference between good and bad credit Correctly fill out a check, deposit slip, and check register. Credit Basics. Credit is the ability to borrow money
Learning Objectives The youth will be able to: Define credit Understand the difference between good and bad credit Correctly fill out a check, deposit slip, and check register
Credit Basics Credit is the ability to borrow money Buy now, pay later Be aware of interest charges Depends on: Principal Term Interest rate
Credit Benefits vs. Risks Good credit makes life easier Financial flexibility More opportunities Too easy to mess up Late fees Overspending Loss of opportunities
Your Score and Credit Report Your Credit Score Determines how likely you are to get a loan Your Credit Report is free once every twelve months Equifax Experian TransUnion Don’t pay if you don’t have to
Your Credit Report
What’s On It? Basic demographic info Name SSN Current and former addresses Open and closed accounts Credit history Review regularly to check for errors and fraud
Why is it Important? You give others permission to look at it Employers Loan applications Apartment application Credit card applications (including store CC) Negative information stays on in it for 7 years
What if it’s Wrong? Notify the reporting agency Copies (not originals) supporting documentation Clearly identify errors State facts request deletion or correction of incorrect information
What if it’s Wrong? Notify the business or creditor Send same information sent to the creditor that provided information to the Credit Bureau Agency must reinvestigate Incorrect information will be deleted or corrected
Take it to the Bank Opening an account Which bank What type of account Provide personal information 2 forms of ID Cash for deposit Benefits of your account
Can your team outwit, outplay and outlast your opponents to be the ultimate Survivor?
Meet the Tribes
MoolaBread C-noteScrila Benjis Grip
Use your immunity idol to pass on a question or challenge. You must surrender the idol once it is used.
Each time you get a question right, you get a challenge and a chance at bonus points.
The Final Challenge
The secret final challenge will be revealed at the end of the game for additional points. Good Luck Survivors!
How long can negative financial information stay on your credit report? Answer
Seven (7) years! Challenge Question
Name the three credit bureaus. NEXT QUESTION
Name three items that are taken out of your paycheck, before you get it. Answer
Federal/state income tax, Social Security, Medicare contributions
How much Federal income tax was deducted during this pay period? NEXT QUESTION
Name two things you must have to open a bank account? Answer
Identification and money to deposit Challenge Question
On April 24, 2012 you purchased a new outfit from Macy’s with a check. Pants $22.99 Shirt $17.99 Shoes $35.99 Subtotal = $76.97 Tax = $3.46 Fill out the check for your purchase. NEXT QUESTION
If you do this when you write a check, you will always know your account balance. Answer
Use your check register. Challenge Question
Reconcile the Account! NEXT QUESTION
Your bank statement will show Current amount in account Amount in account at time statement was printed Up to date list of withdrawals and deposits All of the above Answer
b. Amount in account at time statement was printed Challenge Question
Name three Kanye West songs. NEXT QUESTION
When you receive goods and services now, and pay for them later, you’re using: Answer
Credit Challenge Question
You received five birthday cards with the following enclosures! $75 in cash $50 check #123 $35 check #526 $25 in cash $25 check #725 Deposit half into your checking account and get half back in cash. Fill out the deposit slip. NEXT QUESTION
What is stored in the magnetic strip on the back of your credit/debit card? Answer
Your account number Challenge Question
Name three things you should not use when choosing a PIN number. NEXT QUESTION
To correct a debit or ATM transaction error you must notify your financial institution within: Answer
60 days Challenge Question
Name 3 services available through online banking. NEXT QUESTION
When deciding to purchase an item, the best thing to ask yourself is? Answer
Do I need this? Challenge Question
Name three Avengers (from the movie). NEXT QUESTION
How often can you request to see your credit report for free? Answer
Once a year. Challenge Question
Name the four coaches from The Voice. NEXT QUESTION
What is it called when you spend more money than what is in your account? Answer
An overdraft. Challenge Question
Justin just found a job with take-home pay of $2200 per month. His expenses are: Rent: $800; Groceries: $200; Transportation: $200; Clothing: $100; Restaurants: : $150; Miscellaneous: $250 How long will it take him to save $1000? NEXT QUESTION
What is the maximum amount you can be forced to pay if someone steals your credit card? Answer
According to Federal Law up to $50 as long as you notified issuer as soon as you noticed care was missing. Challenge Final Challenge
Name four potential sources of income. Final Challenge
Fill out the given checks, deposit slips, and register to balance your checkbook!
Putting it TogetherDetermine how many points your team will risk. Complete the final challenge.
You have survived!
SurvivorCreated by Lora O’Neill and Bridget S. 2/6/2006email: email@example.comAdapted from Template TCEA 2002Music from freeplaymusic.comwww.be-a-gameshow-host.wikispaces.com