Chapter 7: Budgeting 101 Overview

Report
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
• $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
• 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
• Read Chapter 5
– Pages 16 & 17
• Complete Situation A (pages 18 - 20) and
Situation B (pages 20 – 21).
How To Do Your Banking Answers
1.
2.
3.
4.
5.
$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
1.
2.
3.
4.
5.
True
True
False
False
True
6. False
7. True
8. False
9. True
10. False
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
This chapter explains the benefits of a budget
and demonstrates how to complete a zerobased budget. An in-depth explanation of
balancing a checkbook is included.
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!
• Carbon Checks - a duplicate 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
• 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
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
• 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!
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?

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