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How to Maintain a Checking Account

Lesson Plan

How to Maintain a Checking Account

Grade Levels

9th Grade

Course, Subject

Financial & Resource Management
  • Big Ideas
    Responsible consumers use effective resource management to accomplish individual, family and community goals.
  • Concepts
    Responsibilities and consequences are associated with managing personal finances.
  • Competencies
    Analyze personal spending habits.
    Determine how attitudes, priorities and goals affect money use.
    Research careers and incomes versus lifestyle goals.

Rationale

While figuring a checkbook is simple addition and subtraction, teens need to understand that keeping up with the amounts in their account is extremely important, as a checkbook that is not balanced properly can cause unwanted overcharges and other service fees.

Vocabulary

credit - money that goes into your account 

debit - money that comes out of your account  

check - a piece of paper (usually) that orders payment of money  

overdraft - when you write a check with too little money in the bank  

balance - the current amount in your account  

reconcile - you and the bank agree on how much money is in your account  

outstanding - transaction not appearing on your bank statement  

deposit - money put into your account  

withdrawal - money taken out of your account  

signature card - form you need to fill out at the bank to open an account

checking account - a place where you can deposit and withdraw  money 

check register - where you record all account transactions  

routing number - identifies the bank where you have your account  

memo line - record what the check was written for   

endorse - sign your name on the back of a check

Objectives

The student will be able to:  

  • Complete documents to open account 
  • Complete a deposit slip 
  • Write a check 
  • Record a transaction in a check register 
  • Maintain a correct balance in the check register 
  • Read a monthly statement 
  • Reconcile an account 

 

 

 

 

Lesson Essential Question(s)

What are the tasks required to maintain a checking account? 

How does an individual reconcile a checking account with his/her bank? 

What is the relationship between an individual, a checking account, and a bank?

 

Duration

430 minutes

Materials

●        Checking Account pretest

1Pretest.docx.doc

●        Checking Account Basics handout

CheckingAccountBasicsworksheets.doc.doc

●        How to Endorse a Check activity

4CheckEndorsementActivity.doc.doc

●        Checking Account Fee PowerPoint

3 Checking Account Fees Definitions.ppt

●        Calculator

●        Whole class practice activity and monthly statement and directions on how to reconcile a checking account

6WholeClassPracticeActivity-key.doc.doc

●        Individual three-month practice activity with monthly statements, blank checks, blank deposit slips, and register

8aCheckingAccount3MonthActivityMonthlyTransactions.doc.doc

8bCheckingAccount3MonthActivityBlankchecks.doc.doc

8cCheckingAccount3MonthActivityStatements.doc.doc

●        Personalized checkbook with register, blank checks, deposit slips

10aAssessmentActivityBlankchecksanddepositslipsforpersonalizedcheckbook.doc.doc

10bAssessmentActivityBlankCheckRegisterforPersonalizedCheckBook.docx.doc

●        Assessment transactions

11dAssessmentActivityTransactionsforalternateassessment.doc.pdf

●        Assessment Rubric

11bAssessmentActivityRubric.doc.doc

Suggested Instructional Strategies

W = Students will be introduced to the concepts covered during the pretest

H = Students will live through a three-month simulation of buying things in a pretend town 

E = Students will keep a check, register and account balance sheet for their accounts

R = Students will balance their own accounts and look back to find corrections needed 

E = Students will evaluate their own learning by applying their learning to a simulated town, shopping activity

T = Students may do the activities by moving through a town or by sitting in one seat and moving through the town on paper 

O = Teacher will explain each section using a power point; students will then complete a guided activity.  Finally, students will complete the town simulation on their own 3 Checking Account Fees Definitions.ppt

Instructional Procedures

Day 1: Administer and collect pretest. Do not review. Read and complete checking account worksheet together. CheckingAccountBasicsworksheets.doc.doc Use PowerPoint to give definitions for fees on first page.

Day 2: Continue checking account worksheet.

Day 3: How to Endorse a Check Activity – can be quiz or bell ringer. Finish checking account worksheet. 4CheckEndorsementActivity.doc.doc

Day 4: Whole class practice activity. 6WholeClassPracticeActivity-key.doc.doc Students practice writing checks and deposit slips and recording in register. As a class, learn to reconcile. Assign crossword for homework. There are two versions to discourage copying.

Day 5-7: Begin three-month practice activity. Done at individual pace with individualized instruction from teacher as necessary. 

Day 8: Assessment. Students make personalized checkbooks. Make a cover from heavy stock paper sized 5-1/2” x 6”, fold in half, staple register to top, and blank checks with deposit slips behind them to the bottom. The easiest way to personalize the checks with the student names is to do the find and replace function. 11e Check Register Blank.pdf 

11f Check Register Blank - wide lines.pdf

Day 9: Take assessment. Set up small town and students visit each station and complete required transaction. They are not required to go in order – just visit all stations and put in register in order of visit not according to date or check number. Adapted activity: students do not visit town. They follow directions on written assignment sheet. 11cAssessmentActivitySigns.doc.docWhen finished with stations,  return to seat, get monthly statement, 11aAssessmentActivityMonthlyStatement.doc.doc and reconcile account.

Day 10: Finish assessment if needed. Complete optional multiple choice assessment. Finish by repeating pretest and comparing results.

Formative Assessment

Discussion and completion of the checking accounts basic handout  

CheckingAccountBasicsworksheets.doc.doc

Crossword Puzzle 

7dCheckingAccountCrossword-longversion4.doc.doc7bCheckingAccountCrossword-longversion2.doc.pdf

Practice transactions completed during class 

5aWholeClassPracticeActivity.doc.doc

6WholeClassPracticeActivity-key.doc.doc

Practice reconciliations completed during practice transactions

11aAssessmentActivityMonthlyStatement.doc.doc

 

Related Materials & Resources

Author

FCS state committee

Date Published

November 19, 2010
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