© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 7 LESSON 7.4 Balance Your Checkbook Objectives: By the end of class, students.

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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 7 LESSON 7.4 Balance Your Checkbook Objectives: By the end of class, students will be able to:  Compare transactions on a bank statement to entries in your check register  Describe how to balance or reconcile your checkbook

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 7 Your Bank Statement  Monthly statement  Transactions  Bank fees  Balancing or reconciling your account  Confirm transactions

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 3 Chapter 7 The Account Reconciliation Form Statement Column  Balance from statement  List of deposits not on statement  Total statement balance and deposits  List checks not on statement  Total checks  Statement balance Checkbook Column  Balance from checkbook  List deposits not in checkbook  Total checkbook balance and deposits  List fees not in checkbook  Enter interest payment  Total fees and interest  Checkbook balance

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 4 Chapter 7 Account Reconciliation  Fill out the account reconciliation form  Make adjustments  What if the bank made an error?  File your records

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  1. Read pages in your Economics Textbook.  2. Complete Try These Questions 1-4 on page 247 of your textbook.  3. Complete Think Critically Questions 5-6 on page 247 of your textbook.  4. Complete Exit Ticket Question Slide 5 Chapter 7