1. 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.

2. 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

3. 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

4. How To Do Your Banking Read Chapter 5 – Pages 16 & 17 Complete Situation A (pages 18 - 20) and Situation B (pages 20 – 21).

5. How To Do Your Banking Answers 1.$312.96 (Balanced Checkbook) 2.$343.31 (Ending Balance on Statement) 3.$0.00 (Outstanding deposits) 4.$30.35 (Outstanding checks) 5.$312.96 (Balanced checkbook)

6. Before You Begin – Chapter 6 1.True 2.True 3.False 4.False 5.True 6. False 7. True 8. False 9. True 10. False

7. 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.

8. Chapter 7: Budgeting 101 Overview This chapter explains the benefits of a budget and demonstrates how to complete a zero- based budget. An in-depth explanation of balancing a checkbook is included.

9. 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

10. 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.

11. 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

12. 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

13. 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.

14. 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?