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Student Assessment 2.7.3.B1Checking Accountand Debit CardSimulationStudent Assessment“Get Ready to Take Charge of Your Finances” Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 1Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Student Assessment 2.7.3.B1DirectionsStep One:View Sally Smith’s monthly transactions described below and complete all necessary transactions using theinformation on pages 3-10.September 2 - Endorse Sally’s September paycheck for 154.01 from “Piggly Wiggly” with a blankendorsement and complete the deposit slip.September 4 - Record a debit card transaction for 15.78 at “Gas ‘N’ Go” for fuel in the check register.September 6 - Write check #501 to “The Pizza Place” for pizza for 9.50 and record in the check register.September 10 -Write check #502 to “George’s Fast Food” for food for 3.99 and record in the checkregister.September 13 -Record ATM transaction for 20.00 cash in the check register.September 15 -Record a debit card transaction at “Gas ‘N’ Go” for fuel for 16.92 in the check register.September 18 -Write check #503 for a video rental at “The Main Video” for 5.00 and record in the checkregister.September 23 -Endorse the birthday gift check for 40.00 from Paula Smith with a restricted endorsementinto bank account 123456789 and complete the deposit slip.September 27 -Record a debit card transaction in the check register for dinner at “JR’s Café” for 12.50.September 29 -Record a debit card transaction in the check register for purchasing food at “Super Mart” for 14.75.September 30 -Write check #504 for 30.00 to “Student Activities” to pay for an activity ticket and recordin the check register.Step Two:Reconcile Sally’s September bank statement using her completed check register and information on page 9and 10.Step Three:Answer all review questions on page 11 and 12. Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
September Paycheck & Deposit SlipStudent Assessment 2.7.3.B1Piggly WigglyMain StreetYourtown, MT 55555Pay to theOrder of:93-456-954045086244786Date1234September 2, 2006Sally Smith 154.01One Hundred Fifty-Four and 01/100DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555Memo September Paycheck0123456789 : 0987654321 :Piggly Wiggly1234Piggly WigglyPay Period 8/1/2006-8/31/2006EmployeeSmith, SallyEmployee Address500 Great StreetYourtown, MT 55555SSN000-00-0000Pay TypeGross Pay 180.00Hours Worked30.00Hourly Rate 6.00Check #1234DeductionsCurrentFederal WithholdingState WithholdingSocial SecurityMedicareTotalsCheck Amount 154.01Year-to-date 7.50 4.72 11.16 2.61 120.00 75.52 178.56 41.76 25.99 415.84Endorse HereXDO NOT WRITE, STAMP OR SIGN BELOWTHIS LINERESERVED FOR FINANCIAL INSTITUTIONUSEDeposit SlipSally Smith500 Great StreetYourtown, MT 55555DateDEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWALSIGN HERE FOR CASH RECEIVEDGuardian Angel Banking423 South 15thYourtown, MT 5555593-456-9540DollarsCASHCHECKSLIST SINGLYTOTAL FROM OTHER SIDESUBTOTAL* Less Cash ReceivedNET DEPOSIT 0123456789 : 1234567890 " Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of ArizonaCents
Debit Card Receipt & Checks 501-502Student Assessment 2.7.3.B1Debit Card ReceiptSeptember 4, 2006Gas ‘N’ Go 15.78Thank You For Your Business!Sally Smith500 Great StreetYourtown, MT 5555593-456-954045086244786501DatePay to theOrder Of DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555Memo0123456789 : 1234567890 :501Sally Smith500 Great StreetYourtown, MT 5555593-456-954045086244786502DatePay to theOrder Of DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555Memo0123456789 : 1234567890 :502 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
ATM Receipt, Debit Card Receipt & Check 503Student Assessment 2.7.3.B1ATM ReceiptSeptember 13, 2006Machine Location: Guardian Angel Bank423 South 15thYourtown, MT 55555Cash Withdraw from Checking Account 20.00Debit Card ReceiptSeptember 15, 2006Gas ‘N’ Go 16.92Thank You For Your Business!Sally Smith500 Great StreetYourtown, MT 5555593-456-954045086244786503DatePay to theOrder Of DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555Memo0123456789 : 1234567890 :503 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Birthday Money & Deposit SlipStudent Assessment 2.7.3.B1Paula Smith700 Friendly BoulevardYourtown, MT 55555Pay to theOrder of:99-123-478978945612377Date5678September 20, 2006Sally Smith 40.00Forty and no/100DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555MemoPaula SmithBirthday Gift0123456789 : 1212121212 :5678Sally Smith500 Great StreetYourtown, MT 5555593-456-954045086244786DollarsCASHCHECKSLIST SINGLYDateDEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWALSIGN HERE FOR CASH RECEIVEDGuardian Angel Banking423 South 15thYourtown, MT 55555Endorse HereXDO NOT WRITE, STAMP OR SIGN BELOW THIS LINERESERVED FOR FINANCIAL INSTITUTION USEDeposit SlipTOTAL FROM OTHER SIDESUBTOTAL* Less Cash ReceivedNET DEPOSIT 0123456789 : 1234567890 " Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of ArizonaCents
Debit Card Receipts & Check 504Student Assessment 2.7.3.B1Debit Card ReceiptSeptember 27, 2006JR’s Cafe 12.50Thank You For Your Business!Debit Card ReceiptSeptember 19, 2006Super Mart 14.75Thank You For Your Business!Sally Smith500 Great StreetYourtown, MT 5555593-456-954045086244786504DatePay to theOrder Of DollarsGuardian Angel Banking423 South 15thYourtown, MT 55555Memo0123456789 : 1234567890 :504 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 7Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Check RegisterDATENUMBERStudent Assessment 2.7.3.B1DESCRIPTION OFTRANSACTIONPAYMENT/DEBIT(-)DEPOSIT/CREDIT( ) TFEE(IFANY)BALANCE 100.00 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 8Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
September 2006 StatementStudent Assessment 2.7.3.B1GUARDIAN ANGEL BANKING423 SOUTH 15THYOURTOWN, MT 55555STATEMENT FOR:SALLY SMITH500 GREAT STREETYOURTOWN, MT 55555THIS STATEMENT COVERS: 9/1/06 THROUGH 9/30/06CHECKINGACCOUNT#1234567890Opening Account Balance on 8/31Total DepositsTotal Withdrawals 100.00 194.01 83.69 -New Balance 210.32Date PostedDEPOSITS ANDTransactionOTHER CREDITS 9/3Deposit at South 15th Branch9/25Deposit at South 15th BranchTotal DepositsWITHDRAWALSDate Posted9/5 Debit Card9/99/119/14 ATM9/16 Debit Card9/199/28 Debit CardTotal WithdrawalsAmount 154.01 40.00 194.01Check #Gas ’N’ Go501502CashGas ‘N’ Go503JR’s CaféAmount 15.78 9.50 3.99 20.00 16.92 5.00 12.50 83.69 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 9Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Reconciling September 2006 WorksheetStudent Assessment 2.7.3.B1Reconciling a Checking AccountWithdrawals OutstandingNumberAmountTotalDeposits OutstandingDateAmountTotalENTERBank Statement Balance ADD ( )Outstanding Deposits SUBTOTAL ( ) SUBTRACT (-)Outstanding Withdrawals CALCULATE ( )Total should be the same asthe checkbook register Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 10Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Student Assessment 2.7.3.B1Review Questions1. Describe what is written on the back of a deposit slip.2. When signing a check, why should an individual sign his/her name in cursive writing?3. Why is it important to record all transactions in the check register?4. Why would transactions completed on the last day of the month be “outstanding” on the bankstatement?5. What is the most difficult step in reconciling a checking account? Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation – Page 11Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Student Assessment 2.7.3.B1 Family Economics & Financial Education – April 2006 – Get Ready to Take Charge of Your Finances
