How to Maintain a Checking Account
How to Maintain a Checking Account
Grade Levels
Course, Subject
Rationale
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
● 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
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
http://www.moneyinstructor.com/checks.asp Free website after account is created
http://www.fefe.arizona.edu/ For additional finance lesson plans, free after account is created
http://www.moneysbestfriend.com/ Pa Office of Financial Eeducation
Test on checking account basics 12bTestmultiplechoice.doc.doc
Study guide 12aTestStudyGuide.doc.doc
Practice activity 6WholeClassPracticeActivity-key.doc.doc
Three-month practice transactions 8cCheckingAccount3MonthActivityStatements.doc.doc
Assessment files
11cAssessmentActivitySigns.doc.doc
11dAssessmentActivityTransactionsforalternateassessment.doc.pdf
Blank check, deposit slip, and blank register files
10aAssessmentActivityBlankchecksanddepositslipsforpersonalizedcheckbook.doc.doc
How to reconcile file 8aCheckingAccount3MonthActivityMonthlyTransactions.doc.doc
Pretest 1Pretest.docx.doc
Crossword puzzles
7bCheckingAccountCrossword-longversion2.doc.pdf
7dCheckingAccountCrossword-longversion4.doc.doc
http://www.moneysbestfriend.com/default.aspx?id=109 A great financial resource.