Reflection #

1. Reflection # Play $ songs during this time! If, with all the advantages I’ve had, I cant make a living, I’m just no good, I guess.” Do you agree with this statement? Why or why not? (3-5 sentences) Bell Quiz Day 1 Financial Institutions You have 5 minutes!

2. Class Assignment 2: Managing a Checking Account Using your checks and deposit slips on (page), make the following banking transactions and record them on the check register (page ) in order. Today fill out: February 4- write check #102 to Super Fresh Market for groceries in the amount of $76.54. February 6- write check #103 to Jim’s Gad Station for $22.00 for gas and oil. February 8- Deposit: Checks #828 for $328.00, #368 fir $175.80 and #4658 fir $132.00.

3. Songs about What do you believe is the overall meaning or purpose of the song? What do the lyrics of the song mean to you? How do you believe the lyrics relate to our current society?

4. The Facts on Credit Those who are wise never pay interest… they earn it! Borrow $200.00

5. Summary To avoid paying interest on a credit card, pay the balance in full every month A credit card can have a positive or a negative impact on an individual’s credit history A credit card is pre-approved credit which can be used for the purchase of goods and services now and payment of them later

6. Summary Credit card statements outline important information about a credit card and should be checked carefully for errors Consumers have many protections and rights in regards to credit card use Credit card companies are required to disclose the terms and fees of a credit card in the Schumer’s box

7. Understanding Your Credit Card TERMS Credit Unit Take Charge of Your Finances Its Knot Easy TJ SMATT 129

8. If school performance was used to determine credit worthiness, how would you do?

9. Questions 1. Number of times you have missed class this quarter? 2. Number of times you have been tardy this quarter? 3. How many times you have turned in late assignments this quarter? 4. How many times you have turned in incomplete assignments this quarter? 5. How many times you have not turned in an assignment at all this quarter? 6. How many times you have been asked by the teacher to change or improve your behavior in class this quarter? 7. How many times you have forgotten to bring the required materials (textbook, pencil, etc.) to class this quarter?

10. Total the numbers from your answers! RESULTS SAY: 4 or Less = Credit Approved! 5 - 7 = Need Cosigner 8 or More = Credit Denied!

11. Andrew’s Credit Card Statement 2 3 1 Summary of Account Activity This section includes payments, credits, purchases, balance transfers, cash advances, fees, interest charges, amounts past due, the new balance, available credit, and the last day of the billing period 4 6 5 7 8 How much did Andrew charge in new purchases during this credit card billing cycle? 9 $529.57 10

12. Andrew’s Credit Card Statement 2 3 1 Payment Information This section includes the total new balance, the minimum payment amount, and the date payment is due 4 6 5 7 What is Andrew’s minimum payment due for this billing cycle? 8 $53.00 9 10

13. Andrew’s Credit Card Statement 2 3 1 4 Late Payment Warning This section states any additional fees and the higher interest rate that may be charged if a payment is late 6 5 7 How much is Andrew’s late payment fee? 8 $35 9 10

14. Minimum Payment Warning This section includes an estimate of how long it can take to pay off a credit card balance if only the minimum payment is made each month, and an estimate of the total amount paid, including interest, if the bill is paid in three years (assuming no additional charges are made) Andrew’s Credit Card Statement 2 3 1 4 6 5 7 8 How long will it take Andrew to pay off the balance of his credit card if he only pays the minimum payment? 9 10 years 10

15. Andrew’s Credit Card Statement 2 Notice of Changes to Your Interest Rates If a cardholder triggers the Penalty APR, the credit card issuer must notify them on their statement that their rates will be increasing 3 1 4 6 5 7 Has Andrew triggered the Penalty APR? 8 Yes, he will pay 28.99% on all transactions made after 4/9/12. 9 10

16. Andrew’s Credit Card Statement 2 Important Changes to Your Account Terms In this section of the statement, cardholders must be notified of any raise in rates or fees or any other significant changes to the account 3 1 4 6 5 7 Other than implementation of the Penalty APR, will there be any other changes to Andrew’s account terms? 8 Yes, his APR for Purchases is increasing to 16.99%. 9 10

17. Transactions This section includes a list of all the transactions that have occurred since the last statement (purchases, payments, credits, cash advances, and balance transfers). This section should be carefully reviewed by the cardholder to ensure there are no unauthorized charges or errors Andrew’s Credit Card Statement 2 3 1 4 6 5 7 8 How much did Andrew charge on his credit card to Store #1? 9 $529.57 10

18. Andrew’s Credit Card Statement 2 3 1 Fees and Interest Charged Credit card issuers must list the fees and interest charges separately on the monthly statement. Interest charges must be listed by type of transaction 4 6 5 7 Did Andrew pay a late fee? 8 Yes, he paid $35.00 for a late fee. 9 10

19. Andrew’s Credit Card Statement 2 3 1 4 Year-to-Date Totals The total amount paid in fees and interest charges for the current year must be shown on the statement 6 5 7 What is the total amount of interest Andrew has paid in the year 2012? 8 $18.27 9 10

20. Andrew’s Credit Card Statement 2 Interest Charge Calculation This section includes a summary of the interest rates on the different types of transactions, account balances, the amount of each, and the interest charged for each type of transaction 3 1 4 6 5 7 What interest rate is Andrew paying on cash advances? 8 21.99% 9 10

21. Comparison Shopping for a Credit Card Card 3 Card 1 Card 2 Using the comparison shopping for a credit card worksheet compare 3 credit card offers and select the credit card based upon the applications that is best.