Checking Accounts

Transcription

Checking Accounts

4
Chapter Overview
Introduce the Big Idea
4
Checking
Accounts
Chapter 4 teaches students to
manage a checking account.
Build Background
Ask students to list various
ways to pay for purchases.
Responses may include cash,
check, debit card, and credit
card.
Big Idea
A checking account
enables you to spend
money without having
to carry cash.
Chapter Objectives
Objectives
Lesson 4.1 Compute the total
checking account deposit.
Lesson 4.2 Write a check.
Lesson 4.3 Calculate the balance
in a check register.
Lesson 4.4 Calculate the present
balance on a checking account
bank statement.
Lesson 4.5 Reconcile a check
register with a bank account
statement.
Lesson 4.6 Compute online
banking charges and update
the check register.
Explore the
Photo
Check It Out
When you receive a
paycheck, you may
want to have a checking
account. Do you have a
checking account?
FPO
Explore the Photo
Check It Out
Ask students to discuss
what the lifeguard in the
photo may do with his first
paycheck. Many people open
Caption Answer
Encourage students to
discuss the benefits of having
a checking account.
Purestock/SuperStock
a checking account so they can
deposit their paychecks and
make purchases without cash.
176 Chapter 4 Checking Accounts
176_178_MBPF_S_CH04_CO_XXXXXX.in176 176
176
12/20/14 1:48:23
4
Interest-Bearing Checking
Q: I recently got my first part-time job
working as a lifeguard and need to open a
checking account. My local bank offers an
“O’Connor,
Thomas
A (SF)”
interest-bearing
checking account.
What
should I know<thomas.a.o’connor@pearson.com>
about this type of account?
A: An interest-bearing checking account
earns interest on the balance in the
account. Most banks require a minimum
balance for these accounts that may not
be practical for a younger, part-time
worker. Also, the interest rate for checking
accounts is low, typically less than 1%.
You will probably be better off opening a
regular checking account and putting part
of each paycheck into a savings or money
market account. Either of these would earn
more interest on the money you invest.
English Language Arts/Writing Write a
short essay explaining why it is important to
save a portion of each paycheck.
Interest-Bearing
Checking
Tell students that some
checking accounts bear interest
or are tied to savings accounts
and credit cards. Ask students:
“How might you approach
shopping for a checking
account that is right for you?”
English Language Arts/Writing
Accept all reasonable essays.
Encourage students to think of
long-term goals.
Tell students to go to
connectED.mcgrawhill.com to take the
Online Readiness
Quiz.
Math Online
To take the Online Readiness Quiz, go to
connectED.mcgraw-hill.com.
Chapter 4 Checking Accounts 177
Teaching
3 AM 176_178_MBPF_S_CH04_CO_XXXXXX.in177 177
Strategies
R Reading Strategy
C Critical Thinking
W Writing Support
U Universal Access
S Skill Practice
12/20/14 1:49:02 AM
pp. 179, 181, 183, 186, 189, 194,
195, 197
pp. 179, 183, 186, 189, 190, 193,
194, 197, 198, 200, 202
pp. 184, 187, 191, 198, 200
pp. 179, 181, 186, 191, 194,
199, 201
pp. 182, 185, 188, 192, 195, 201, 202
177
4
Reading Guide
Chapter
Preteaching
Chapter
4
Checking Accounts
Reading Guide
Before You Read
Encourage students to discuss
their expectations of services
from a bank or credit union
where they might open a
checking account.
Main Idea
Discuss the Main Idea with
students. Discuss why using
checks is safer than carrying
cash.
Before You Read
Predict What are the benefits of having a checking account?
Main Idea
Content Vocabulary
Most individuals and all businesses use
checking accounts for depositing currency
and checks and for writing checks to pay
expenses. A checking account is a safe place
to hold money, and its records provide
information for tracking expenses.
You will learn these key terms in this chapter.
Graphic Organizer
Send students to connectED.
mcgraw-hill.com to
download a graphic organizer.
When complete, student Graphic
Organizers should contain this
formula: Total Deposit = (Currency
+ Coins + Checks) − Cash
Received.
Graphic Organizer
Before you read this chapter, draw a diagram
like the one below. As you read, write the
formula for calculating total deposit.
Calculate Total Deposit
Total deposit = (
+
+
) -
Content Vocabulary
Ask students to find each
content vocabulary word in the
text and use it in a sentence of
their own.
Math Online Go to connectED.mcgraw-
hill.com to download this graphic
organizer.
• deposit
• direct deposit
• automated teller
machine (ATM)
• personal
identification
number (PIN)
• checking account
•
•
•
•
•
•
•
check
check register
balance
bank statement
service charge
reconcile
online banking
Academic Vocabulary
You will see these words in your reading and
on your tests.
• access
• currency
• previous
• transfer
• coincide
• monitor
You can find vocabulary definitions in the
Content Vocabulary Glossary and the
Academic Vocabulary Glossary in the
back of the book.
Academic Vocabulary
Direct students to use the
Academic Vocabulary Glossary
to look up unfamiliar words.
Mini Clip
Reading:
Differentiated
Activities
A teacher models how to
create vocabulary cards
that will support many
different learning styles.
Go to connectED.
mcgraw-hill.com
to access a McGraw-Hill
Professional Development
Mini Clip Video Library.
178
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LESSON
4.1
Lesson Objective
Compute the total
checking account
deposit.
Content Vocabulary
• deposit
• direct deposit
• automated teller
machine (ATM)
• personal identification
number (PIN)
A
As You Read
R
Expl
Explain
What is a
deposit?
LESSON
Deposits
4.1
FOCUS
How do you think most people
receive their pay from their
employer?
Build Background
Have students discuss the
pros and cons of depositing a
paycheck at an ATM, with a
teller, or by direct deposit.
Leslie Doyle has her employer deposit
her paycheck directly into her checking
account at the bank. She finds this
more convenient than having to go to
the bank to deposit a paper check.
R Reading Strategy
Depositing Money A deposit consists of checks, currency, or coins
put into a bank account. The phrase “For Deposit Only” and the
account number should be written on the back of the check. This
ensures the check cannot be cashed by someone else if it is lost or stolen. Your employer can also make a direct deposit of your check. This
is a deposit electronically transferred from your employer’s checking
account to your checking account.
Another way to make a deposit is to use an automated teller
machine (ATM), which performs basic banking functions (such as handling check deposits or issuing cash withdrawals). To use an ATM, you
will need an ATM card and a personal identification number (PIN).
The card allows you to access your bank account and deposit your
check into the machine.
Business owners should always deposit all of the money received in
order to establish what accountants call a “money trail.” They should
always deposit all of the money received—currency, coin, and checks—
and then separately withdraw cash for the business.
State Have students read As
You Read. Ask them to tell the
difference between deposits
and withdrawals. Money in and
money out
C Critical Thinking
C
Total Deposit = (Currency + Coins + Checks) – Cash Received
© David R. Frazier Photolibrary, Inc./Alamy
Skill 5: Adding
Decimals, p. SK6
Skill 6: Subtracting
Decimals, p. SK7
9 PM179_196_MBPF_S_CH04_L1-L5_XXXXXX.indd 179
Infer Have students discuss the
importance of not withholding
cash from a business deposit.
This highlights the separate
entity principle.
TEACH
Depositing Money
Introduce
EXAMPLE 1
Manuel Romeo is making a deposit to his checking account. He has
checks for $435.20, $271.19, and $327.96. His cash consists of 15 onedollar bills, 7 five-dollar bills, 3 ten-dollar bills, 24 quarters, 5 dimes,
15 nickels, and 14 pennies. He also withdraws $75.00 in cash. What is
his total deposit? See Figure 4.1 on p. 180 for his deposit slip.
Continued on next page
Read the text aloud. Ask
students why someone might
withhold cash from a deposit.
For small purchases
EXAMPLE 1
Model
Demonstrate how to complete
a checking account deposit slip
by going through each step
with the class. SC1
Lesson 4.1 Deposits 179
U Universal Access
12/20/14 7:07 AM
Discussion Call on students to discuss why
people use checking accounts.
179
Compute the total deposit
LESSON
Currency Deposit = $15.00 + ($7.00 × $5.00) + ($3.00 × $10.00)
4.1
= $15.00 + $35.00 + $30.00
= $80.00
Coins Deposit = (24 × $0.25) + (5 × $0.10) + (15 × $0.05) + $0.14
TEACH
= $6.00 + $0.50 + $0.75 + $0.14 = $7.39
cont.
Total Deposit = ($80.00 + $7.39 + $435.20 + $271.19 + $327.96) – $75.00
Apply
= $1,121.74 – $75.00 = $1,046.74
Figure 4.1
CHECKING DEPOSIT
DOLLARS CENTS
Manuel Romeo
CASH
Have students do each step on
their own as you observe. SC2
DATE
9/27/20-First City Bank
Ask students to complete
Problems 1 and 2, and go over
the answers with the class. SC3
Currency + Coins + Checks
485 392 5612 3512 476
Algebra
80 00
7 39
85-40
435 20
116-25
271 19
897-32
327 96
SUBTOTAL
SIGN HERE IF CASH RECEIVED FROM DEPOSIT
Manuel Romeo
EXAMPLE 2
COINS
LIST SEPARATELY
CHECKS
Calculate
CURRENCY
1121 74
➮ LESS CASH RECEIVED
75 00
TOTAL DEPOSIT
1046 74
Demonstrate
Work through each step to
solve for the unknown, d. SC1
Find the total deposit. Check your answers in the back of the book.
1. Emily Anderson’s deposit includes two checks: $231.09 and
$987.67; cash: 9 one-dollar bills, 9 five-dollar bills, 8 ten-dollar
bills, 14 quarters, 25 dimes, 18 nickels, and 64 pennies. She
received $40.00 cash from the total amount. $1,320.30
2. Jacob Thomas had a deposit of two checks: $341.79 and $17.96;
cash: 35 one-dollar bills, 17 five-dollar bills, 44 ten-dollar bills,
54 quarters, 36 dimes, 32 nickels, and 21 pennies. $938.66
Apply
Lead the class in solving
Example 2 with these changes
in the problem setup: The
checks totaled three times the
amount of currency, and the
total deposit was $1,100.
Let d = Amount in currency. Let
3d = Amount in checks.
$1,100 = (d + 3d) − $100;
$1,200 = 4d;
$300 = d.
Currency = $300;
Checks = $900. SC2
EXAMPLE 2
Workshop 38:
Problem-Solving
Strategies: Writing an
Equation, p. 78
Add $100 to both sides
and combine like terms
Divide both sides by 3
Algebra
Hannah Stewart makes a deposit at an ATM and walks away with the
$100 in cash she received and the receipt for the $986 total deposit she
made. She remembers that the checks deposited totaled twice the
amount of currency she had deposited. She did not deposit any coins.
What amount in currency did she deposit? What amount in checks did
she deposit?
Step 1: Let d = Amount she deposited in currency.
2d = Amount she deposited in checks
Step 2: Use the total deposit formula and solve for d.
Total Deposit = (Currency + Checks) − Cash Received
$986 = (d + 2d) − $100
$1,086 = 3d
$362 = d
Hannah deposited $362 in currency.
She deposited 2($362) = $724 in checks.
179_196_C04L1-L5_880505.indd
180
Mini Clip
Math: Solving Equations
Students use manipulatives and symbols to solve
simple equations.
Go to connectED.mcgraw-hill.com
to access a McGraw-Hill Professional
Development Mini Clip Video Library.
180
9/10/08
2:08:
LESSON
5. $289.23
6. $399.01
7. $1,606.54
8. $1,131.35
9. $474.18
10. $325.34
11. $212.09
12. $272.04
13. $1,476.71
14. $1,646.08
4.1
Complete these problems. Check your answers in the back of the book.
3. Joshua Quick made a deposit to his checking account and received
$50 in cash. His deposit slip shows a total deposit of $90. If Joshua
deposited checks worth six times the value of the coins he deposited,
how much did he deposit in (a) coins and (b) checks? a. $20 b. $120
4. Larry McCoy deposited three checks to his checking account. He
remembers that one of the checks was twice the amount of the
smallest check and the largest check was equal in amount to the sum
of the other two. If Larry received $50 in cash and had a total deposit
of $355, what was the amount of each of the three checks?
TEACH
Solve
Problems 3–4 on their own.
Discuss how the correct answer
was reached. SC3
$67.50; $135.00; $202.50
Find the total deposit for Problems 5 through 19.
Currency
R Reading Strategy
Coins
Tens Fives Ones Half Dollars Quarters Dimes Nickels Pennies Checks Total
Electronics
Engineer
12
11
8
11
18
32
9
15
9
32
$ 96.23 $
40
54
23
40
56
21
45
63
874.56
75
32
74
15
13
86
70
85
123.65
8
7
0
13
9
11
27
0
347.98
134.97
6.51
11
13
9
7
5
6
13
37
10
12
6
0
7
8
2
0
43.44
1
16
7
3
12
17
13
5
168.14
67
3
4
13
11
3
7
31
777.50
133
19
27
34
62
319
99
154
123.19
R
Use Research Materials Have
students research the origin
of the word check using a
dictionary or online resource.
Point out that the term relates
to the idea that a check
represents approval to pay
funds.
Electronics Engineer
15. Jess Norton stopped at an ATM location to deposit 2 one hundred-dollar
bills and checks for $474.85 and $321.15. He received $50.00 in cash. $946.00
16. Olive Baker, Spirit club treasurer, deposits the club’s receipts. She has 4
checks for $10.00 each, 12 for $7.50, and cash consisting of six 20-dollar
bills, five 10-dollar bills, and 18 one-dollar bills. $318.00
17. Cyndi Winer deposits three checks for $425.22, $883.99, and $57.05. She
also deposits cash of 45 one-dollar bills, 15 five-dollar bills, and 12 tendollar bills. The change deposited includes 28 quarters, 16 dimes, 19
nickels, and 65 pennies. She would like to receive $60.00 in cash. $1,556.46
18. Elias Rubio deposits three checks for $598.20, $2,274.26, and $3,248.79.
His cash consists of 75 one-dollar bills, 78 five-dollar bills, 33 ten-dollar
bills, 80 quarters, 32 dimes, 95 nickels, and 5 pennies. He would like to
receive $40.00 in cash. $6,904.25
Getty Images RF
Electronics engineers
design and test many
items, including global
positioning systems (GPS).
These are popular for use
in automobiles to help
drivers from getting lost.
What kind of mathematics might someone use to
measure signal trajectories from GPS satellites?
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
cont.
An electronics engineer might use
trigonometry to measure signal
trajectories from GPS satellites.
Trigonometry is the mathematics
of angles, their properties, and
their applications.
ASSESS
Lesson Practice
H.O.T. Problems
If time permits, have students
complete Problems 5–23 on
their own in the classroom.
Point out the H.O.T., or Higher
Order Thinking, problems. Go
over the answers with the class.
Lesson 4.1 Deposits 181
:35 PM
179_196_MBPF_S_CH04_L1-L5_XXXXXX.indd 181
U Universal Access
12/20/14 7:09 AM
Logical/Mathematical Learning Challenge
students to write and solve a word
problem using: total deposit = $342; coins
= $100; check = unknown; cash received
= one-half the check amount.
181
19. Sarah Kelly deposits four checks for $901.20, $3760.26, $655.79, and
$252.00. Her cash consists of 30 one-dollar bills, 2 two-dollar bills, 16
five-dollar bills, 119 ten-dollar bills, 6 quarters, 11 dimes, 37 nickels,
Dollars and
and 9 pennies. She would like to receive $325.00 in cash. $6,552.79
Cents
Dollars and cents can
20. ALGEBRA Martha O’Brien made a deposit to her checking account at an
be written in decimal
ATM and received $75 in cash. The checks deposited totaled $50 less
form, such as $4.20.
than twice the currency amount, and the total deposit was $25 more
Cents can also be
than the check amount. Determine the amounts Martha deposited in
expressed as fractions
20
checks and in currency as well as the total deposit.
of 100, such as 100
.
21. ALGEBRA Ahmad Conan deposited 60 quarters, 53 dimes, 44 nickels,
and 50 pennies into his checking account. The total of the checks he
deposited equaled $17 less than twice his total deposit. If Ahmad
received 2 twenty-dollar bills in cash, what was his total deposit?
H.O.T. Problems
22. CHALLENGE PROBLEM You are a bank teller, and your cash drawer
contains checks for $1,548.62, $321.05, $87.65, $245.10, $100.00, $32.22,
20. Let c = Amount
$12.32, $9.90, $4,598.00, $765.09, and $468.21. You have cash consisting
Martha deposited
of 12 one hundred-dollar bills, 11 fifty-dollar bills, 31 twenty-dollar
in currency
bills, 17 ten-dollar bills, 45 five-dollar bills, and 36 one-dollar bills.
2c − $50 =
Amount she
Coins consist of 5 one-dollar pieces, 28 half dollars, 11 quarters, 22
deposited in checks
dimes, 7 nickels, and 32 pennies. What is the total value of the drawer?
(2c − $50) + $25 = 23. WRITING IN MATH Write a sentence that explains why a small business
Her total deposit
owner should not deposit checks, cash, and coins totaling $55 and then
(2c − $50) + $25 =
receive $55 in cash in the same transaction.
LESSON
4.1
ASSESS
cont.
S Skill Practice
List Have students make a list
of the steps needed to solve
each type of problem. L1
Solve Have students work
Problems 5–23 at their desks. L2
Examine Have students work
independently. Then have them
review each other’s work for
accuracy. Finally, review the
answers with the class. L3
S
[c + (2c − $50)]−
$75
2c − 25 = 3c −
$125
Subtract. (Skill 6) 24. $659.40 25. $579.20 26. $653.32
$100 = c
24. $734.40 − $75.00
25. $619.20 − $40.00 26. $718.32 − $65.00
2($100) − $50 =
27. Matthew Thompson’s group medical insurance coverage costs $6,340 a
$150 in checks
year. The company pays 65% of the cost. What amount does his
[2($100) − $50]+
employer deduct from his paycheck for medical insurance each month?
$25 = $175 total
(Lesson 2.5) $184.92
deposit
28. Find the (a) monthly share of annual expenses and (b) total monthly
21. Let d = Ahmad’s
total deposit
expenses: Annual, $3,900; Living, $770; Fixed, $900. (Lesson 3.2)
a. $325.00 b. $1,995.00
2d − $17.00 =
Amount Ahmad
deposited in checks
PREREQUISITE SKILL Numbers (Skill 1)
d = [60($0.25)
Write as numerals.
+ 53($0.10) +
10
44($0.05) +
29. Twenty-three and ___
100 23.10
50($0.01) +
48
30. Four hundred and ___
100 400.48
(2d − $17.00)]−
2($20.00)
Write in word form, with cents expressed as a fraction of a dollar.
d = $15.00 + $5.30
45 dollars
31. $3.45 Three and 100
+ $2.20 + $0.50
86 dollars
32. $475.86 Four hundred seventy-five and 100
+ 2d − $17.00 −
66
$40.00
33. $86.66 Eighty-six and 100 dollars
d = 2d − $34.00
$34.00 = d
22. $11,013.78
23. To establish a money
trail
CLOSE
Recall
Have students work
independently to solve
Problems 24–28.
Preview
Have students recall what
they know by writing words
as numerals, and by writing
numerals as words, in
Problems 29–33. If applicable,
model Problem 29 by writing
on the board: 23.10.
Use Remind students that the
fraction used to express cents
is not reduced to lowest terms.
The denominator is always 100.
DIFFERENTIATED HOMEWORK
179_196_C04L1-L5_880505.indd
Level
182
182
Assignment
BL
Below Level
5–14
OL
On Level
15–18
AL
Above Level
19–23
9/26/08
7:35:
LESSON
The Check-Writing Process
LESSON
4.2
4.2
FOCUS
Lesson Objective
Write a check.
Do you have a checkbook?
Content Vocabulary
• checking account
• check
A
As You Read
R
Con
Connect
C
Have you
ever written a check?
Skill 1: Numbers,
p. SK1
Workshop 1:
Writing and Reading
Numbers, p. 4
Build Background
When Kirby Dahl opened a checking
account, he purchased a box of checks
for paying bills.
Have students identify parts
of a checkbook: pad of checks,
check register, deposit slips.
Writing a Check When you open a checking account at a bank, you
deposit checks and currency into the account. Then you can write
checks on this account. A check is a paper document directing a bank
to deduct money from your checking account and make a payment.
Your account must contain as much money as the amount of the check
you are writing so that you do not overdraw your account. If you overdraw, your account does not have enough funds to pay a check you
wrote. A returned check is sometimes called an overdraft. To write
checks, you need to be able to write dollar amounts in word form with
the decimal portion expressed as a fraction.
R Reading Strategy
C1
C2
EXAMPLE 1
Predict Have students discuss
the information on a check.
Date, payee, amount in numeral
and word form, purpose, signature
C1 Critical Thinking
Generalize Ask students
if funds are available
immediately after deposit.
Write the amounts in word form or as a numeral.
TEACH
29
a. $65.29 in word form is sixty-five and –1–0–0– dollars.
b. Twenty-three and
–4––2–
10 0 dollars as a numeral is $23.42.
Writing a Check
Introduce
Ask a volunteer to explain
overdraft. The bank will not pay
Write each of the following in word form or as a numeral.
Check your answers in the back of the book.
20
___
dollars
1. $26.55
2. Thirty and 100
55
1. Twenty-six and 100
dollars
2. $30.20
the check, and will charge a fee.
EXAMPLE 1
EXAMPLE 2
Demonstrate
Photodisc/SuperStock
Margaret Miller is buying a gift at The Department Store on March 23,
20--. The cost of the gift is $45.78, and she pays by check. (See Figure
4.2 on page 184.) How should she write the check?
Step 1: Write the date. (All writing should be in pen.)
Step 2: Write the name of the person or organization to whom payment will be made.
Step 3: Write the amount of the check as a numeral.
Step 4: Write the amount of the check in words with cents as a fraction of a dollar.
Step 5: Make a notation on the memo line to indicate the check’s purpose.
Step 6: Sign the check.
Write amounts in numeral and
word form on the board. SC1
Apply
Have students convert these
amounts to word form and
numeral form: $82.33; (eightytwo and 33/100 dollars) fortyseven and 11/100 dollars
($47.11). SC2
Convert
Lesson 4.2 The Check-Writing Process 183
Ask students to work in pairs
to complete Problems 1 and 2.
SC3
C Critical Thinking
2
:33 AM
Mini Clip
Math: Communication
in Mathematics
Bea Moore-Harris explains the importance of
student communication in the mathematics
classroom.
12/20/14 7:14 AM
Compare Have students discuss with their
parents, grandparents, or other adult guardians
how they do their banking. Ask if bank branches
were conveniently located and how banking
hours compared to banks of today. (Banks were
rarely open on Saturdays in the past.) Have students
discuss possible reasons for the change in
banking patterns.
EXAMPLE 2
Demonstrate
Read the text aloud. Ask a
student to draw a blank check
on the chalkboard and write
the date and payee as you
read Steps 1 and 2. Ask other
students to demonstrate Steps
3, 4, 5, and 6. SC1
183
Figure 4.2
4.2
TEACH
Margaret C. Miller
40
100
cont.
Apply
Have students repeat the
procedure used in Example 2,
but change the date to February
17 and the amount to $51.82.
Provide guidance as needed.
Date: February 17, 20–
Amount in words: Fifty-one
and 82/100 SC2
Solve
Problems 3–6. Then ask
volunteers to share their
answers. SC3
ASSESS
Lesson Practice
H.O.T. Problems
7. Forty and
dollars
8. Seven hundred
00
three and 100
dollars
74
9. Sixty-three and 100
dollars
10. Two hundred one
9 dollars
and 100
11. One thousand three
hundred twenty17
seven and 100
dollars
Conclude Ask students
if they have ever been
involved in helping with a
home improvement project.
Have them discuss the skills
required for a successful
do-it-yourself project.
Did You Know?
202
6-32/1
$
45.78
Dollars
First City Bank
Memo
Margaret C. Miller
Kendra’s Birthday
531 876 5220 2795 202
Complete the problems. Check your answers in the back of the book.
Manuel Romeo is buying a drill press at Harry’s Hardware (see
Figure 4.3). The cost is $165.52. He is going to write a check. Answer
the following questions about the check:
Manuel Romeo
12. Forty-seven thousand nine hundred
eighty-three and
39
100 dollars
13. $221.33
14. $59.00
15. $100.01
16. $891,433.89
17. As a numeral yes;
in words it should
be: Two hundred
25
forty-seven and 100
dollars.
18. 073
Home Improvement
Fixing up homes is
a big business in the
United States. Home
improvement product
sales total more than
$300 billion, according to
most recent statistics.
Experts say the kitchen
and a room addition top
the list, followed by
landscaping.
Department Store
March 2, 20--
78
—
Forty-five and 100
Figure 4.3
Did You Know?
Home Improvement
Pay to the
order of
Date
Pay to the
order of
Harry’s Hardware
Date
555
32-568/231
$
165.52
Dollars
First City Bank
Memo
565 851 2541 5867 555
3.
4.
5.
6.
To whom is the check payable? Harry’s Hardware
4. One hundred sixtyHow do you write the amount in word form?
52 dollars
five and 100
What should be put in the memo portion? Drill press
Who signs the check? Manuel Romeo
Write each amount in word form as it would appear on a check.
7. $40.40
8. $703.00
9. $63.74
10. $201.09
11. $1,327.17
12. $47,983.39
Write each of the following as a numeral.
00
13. Two hundred twenty-one and
14. Fifty-nine and 100
dollars
33
dollars
W
100
01
16. Eight hundred ninety-one
15. One hundred and 100
dollars
S
thousand four hundred thirty89
three and 100
dollars
For Problems 17 and 18, use Figure 4.4a.
17. Jim Liebert is paying for a home repair bill in the amount of $247.25 by
check. Did he write the amount of the check as both a numeral and
words correctly?
18. What is the check number Jim used to pay for his home repair bill?
© George Hammerstein/Corbis/Glow Images
LESSON
W Writing Support
Contrasting Have students look in a dictionary
to find the distinction between common uses of
the words number and numeral. Then have them
use the words correctly in a sentence or two that
clarifies their meanings. Sentences should reflect
that a number is a sum or amount. A numeral is a
symbol that represents a number.
184
12/20/14 7:20
Figure 4.4a
Jim Liebert
Pay to the
order of
Date
LESSON
073
56-734/412
Tom’s Home Repair
$
4.2
247.25
25
—
Two hundred forty dollars & 100
Dollars
ASSESS
Farmers & Merchants Bank
Jim Liebert
Memo
0211 0026 538 1459 073
S Skill Practice
For Problems 19 and 20, use Figure 4.4b.
Figure 4.4b
19. No, should be
written: Ninety72
eight and 100
dollars
20. July bill
21. a. $24,545.43
b. Twenty-four
thousand five hundred forty-five and
43
100 dollars.
H.O.T. Problems
Alice Chino
Pay to the
order of
Date
8-28-20--
Pugh Health Clinic
311
116-23/111
$
98.72
Ninety-eight and 72
S
Dollars
Bank of Canfield
Memo
cont.
Alice Chino
July bill
Partner Have students work on
the problems with partners. L1
0332 0056 317 1648 311
19. Alice Chino wrote check No. 311 to Pugh Health Clinic for $98.72. Did
she write the amount in words correctly? If not, write them correctly.
20. For what purpose did Alice write the check to Pugh Health Clinic?
For Problems 21 and 22, the amounts were written in word form incorrectly.
Write each amount (a) as a numeral and (b) as the correct word form.
21. CHALLENGE PROBLEM Twenty-four thousand and five hundred forty-five
dollars and 43 cents.
22. CHALLENGE PROBLEM Nineteen million and seventeen thousand and three
hundred nine dollars and 5¢.
22. a. $19,017,309.05
b. Nineteen million
seventeen thouAdding decimals. (Skill 5)
sand three hundred
05
23. $456.07 + $2,000.09 + $3.52 24. $10,258.45 + $987.35 + $6,937.30
nine and 100
dollars.
25. Olivia Robinson earns $12 per hour for a regular 38-hour week. Her over23. $2,459.68
time rate is 1.5 times her regular hourly rate. This week she worked her
regular 38 hours plus 6 hours of overtime. What is her total pay? (Lesson 1.2)
24. $18,183.10
25. $564.00
26. 505.063
PREREQUISITE SKILL Adding Decimals (Skill 5)
27. $17.76
Add.
28. 40.96
26. 500.00 + 5.063
27. $4.48 + $13.28
28. 36.56 + 4.4
29. $10,291.18
29. $9,323.66 + $967.52 30. $56.73 + $734.28 31. $978.96 + $7.58
30. $791.01
31. $986.54
CLOSE
Error Analysis
Remind students that the word
and is only used to replace a
decimal point. For example,
it is not proper to write 743
as “seven hundred and
forty-three.”
Recall
Have students work
Problems 23–25.
Preview
Have students recall what they
know by adding decimals in
Problems 26–31. If applicable,
model Problem 26 by writing
on the board:
500.000
+ 5.063
505.063
Lesson 4.2 The Check-Writing Process 185
179_196_C04L1-L5_880505.indd 185
9/5/08 10:52:18 AM
0 AM
Level
Assignment
OL
On Level
7–18
AL
Above Level
19–22
185
LESSON
LESSON
4.3
4.3
FOCUS
Lesson Objective
Calculate the balance in a
check register.
Build Background
Content Vocabulary
• check register
• balance
Have students discuss ways to
keep track of money.
R Reading Strategy
R
A
As You Read
Desc
Describe
What is
an account balance?
remainder, what’s left
C Critical Thinking
Compose Have students write
two sentences with the word
deposit. Once sentence should
use it as a noun, and the other
should use it as a verb.
Figure 4.5
202
AT
Payment/
Debit (–)
3/2
3/5
3/10
Department Store
TransNation Phone
Deposit
✔
Deposit/
Balance
Credit (+)
Balance Brought Forward
45 78
52 55
240 32
313 54
267 76
215 21
455 53
Step 3: New Balance = Previous Balance + Deposit Amount
$455.53 =
$215.21
+
$240.32
Demonstrate how to use a
check register by reproducing
the entries in Figure 4.5 on the
chalkboard or overhead. SC1
U Universal Access
Students with Orthopaedic Impairments
Students who have problems with fine
motor control may have difficulty keeping
a check register. Show students how they
can modify a check register by using two
or four lines per entry instead of one.
186
Description
of Transaction
Step 2: New Balance = Previous Balance – Check Amount – Automatic Transfers
$215.21 =
$313.54
–
$45.78 – $52.55
Model
On 3/5, $267.76 − $67.23 =
$200.53. On 3/10, $200.53 +
$240.32 = $440.85 SC2
Date
Previous Balance + Deposit Amount
EXAMPLE
Ask students to work through
the Example, but change the
automatic transfer to $67.23.
Trans. Type
or Check No.
Previous Balance − Check Amount − Automatic Transfer
write a check, get cash from an
ATM, or automatically transfer
funds to pay a bill
Apply
Check Register You use a check register to keep a record of your
deposits, electronic transfers (or automatic transfers), checks you have
written, and any ATM deposits or withdrawals. The balance is the
amount of money in your account. When you write a check or electronC
ically transfer funds out of your account, you subtract the amount from
the previous balance. When you make a deposit, you add the amount
of the deposit to the previous balance.
New Balance = Previous Balance – Check Amount – Automatic Transfers
New Balance = Previous Balance + Deposit Amount
See Figure 4.5 for Margaret Miller’s checking account. It had a balance of $313.54. She wrote a check for $45.78 on March 2. The bank
made an automatic transfer (AT) of $52.55 on March 5 to pay her
phone bill. She made a deposit of $240.32 on March 10. What is the
new balance in Margaret’s account?
Step 1: Calculate the new balance.
Check Register
Read the text aloud. Ask
students to list ways money
can be deducted from your
checking account. When you
Oliver Monroe, an office assistant, received his
paycheck and put it into his wallet so he could
deposit it on his way home. He then went to the
grocery store and dry cleaners and wrote several
checks, but forgot to deposit his paycheck.
EXAMPLE
TEACH
Introduce
What may happen if you forget to deposit
a check?
OJO Images/SuperStock
Discuss Have students read
As You Read and prepare to
discuss the idea of an account
balance. Ask students to list
some synonyms for balance as
it is used here. Amount, total,
Check Registers
12/20/14 7:21
Mini Clip
ELL: Modeling
Reading Strategies
A teacher models fluent reading strategies.
LESSON
4.3
1. Balance
$625.39
2. Balance
$7,357.87
Deposit
+ 875.80
Amount of Check
– 132.75
Deposit
+ 14.27
AT
– 6,544.55
Balance
Balance
Bank
Statements
The word deposit
on bank statements
indicates addition.
The word withdrawal
indicates subtraction.
– 953.24
– 74.96
Amount of Check
Amount of Check
Balance
+
Deposit
Balance
W
SPREADSHEET APPLICATION
Math Online Go to
Check Registers
connectED.mcgraw-hill.
com to download a
spreadsheet application
for this activity.
Part of the spreadsheet is shown below. Enter the check
number, date, description, payment or deposit. The spreadsheet automatically calculates the balance.
Date
Description
Payment
Deposit
Enter the following data:
Balance as of 3/1 $250.23
Deposit on 3/4 of $1,234.78
Check 701 on 3/6 to Pettisville Grain in the
amount of $134.48
Check 702 on 3/8 to Thomas Woodson for
$125.00
Check 703 on 3/9 to Warsaw Schools for $30.00
Check 704 on 3/12 to Robinson, DDS for $15.25
Deposit on 3/15 of $1,234.78
W Writing Support
Balance
Accept all reasonable answers.
Possible answers for addition are
deposit, credit, transfer in, sum,
and more. Possible answers for
subtraction are debit, payment,
withdrawal, difference, transfer
out, and less.
Think and Discuss
1. What is the balance in the account after
the deposit on 3/4? $1,485.01
2. What is the balance in the account after
writing check 703? $1,195.53
3. What is the balance after the last deposit?
$2,415.06
Discuss Ask students how
bank account transactions
involve money in and money
out. The bank account balance
continually changes.
Find the new balance after each check or deposit.
ASSESS
Check Register
✔
Deposit/
Credit (+)
3.
4.
5.
Lesson Practice
Balance
H.O.T. Problems
448 35
$401.43
46 92
216 84
251 55
$618.27
$366.72
Lesson 4.3 Check Registers 187
SPREADSHEET APPLICATION
1 AM179_196_MBPF_S_CH04_L1-L5_XXXXXX.indd 187
Check Registers
Introduce Direct students to go to
connectED.mcgraw-hill.com for a downloadable spreadsheet.
Think and Discuss
Demonstrate Use a spreadsheet application.
Have students perform each step as you
demonstrate on a computer. Then have them
Have them check their own
answers, or go over the
answers with the class. SC3
Classifying Have students make
two lists of words. One list
contains words or phrases that
indicate addition, and the other
list contains words or phrases
that indicate subtraction.
Balance as of 3/1
Payment/
Debit (–)
cont.
Write
1. $625.39 + $875.80 + $14.27 = $1,515.46; $1,515.46 – $953.24 – $74.96 = $487.26
2. $7,357.87 − $132.75 − $6,544.55 = $680.57;$680.57 + $138.84 = $819.41
Check No.
TEACH
138.84
12/17/14 9:45 PM
do the work again, with different students
performing steps. L1
Practice Have students work in small groups
to determine their answers. Then discuss the
answers in class. L2
Calculate Tell students to solve the problem
independently. Then have them share their
answers with a partner. L3
187
LESSON
4.3
ASSESS
cont.
S Skill Practice
Did You Know?
of the steps needed to solve this
type of problem. L1
Demonstrate Have a volunteer
demonstrate to the class how to
solve the problems. L3
Auto Repair Costs Doing
your own repairs on your
automobile can save you
hundreds of dollars each
year on maintenance.
Labor is usually the most
expensive part of an auto
repair bill. Most shops
charge between $60 and
$90 per hour for labor.
8. a. $162.66
b. $109.63
c. $2.33
9. a. $103.42
b. $317.22
c. $300.28
d. $225.03
CLOSE
Error Analysis
Remind students that amounts
in the Debit column are
subtracted and amounts in the
Credit column are added.
H.O.T. Problems
Recall
Have students work
Problems 12–18.
6. $161.86
For Problems 6 and 7, determine the new balance.
6. Your balance was $89.75 on May 23. Your May 30 deposit was $156.90.
On June 1, you wrote a $34.79 check and withdrew $50.00 from an ATM.
7. On April 4, your balance was $131.02. You wrote a check for $31.28 on
April 9 and one for $45.92 on April 14. You deposited your $215.48 paycheck on April 15. $269.30
8. Mac Valent deposited his paycheck for $209.81. The check register
below shows his transactions since opening his account. What is his
balance after each transaction?
Description
of Transaction
Trans. Type
Date
or Check No.
Payment/
Debit (–)
✔
Deposit/
Credit (+)
101
8/12
Electric Cooperative
102
8/18
Sharp’s Groceries
103
8/20
Gimble’s Auto Repair
Balance
209 81
47 15
a.
53 03
b.
107 30
c.
9. Ashley Martinez’s checkbook balance was $149.21 on October 5. The
check register below shows her transactions since then. What is her
balance after each transaction?
Trans. Type
Date
or Check No.
Description
of Transaction
Payment/
Debit (–)
✔
Deposit/
Credit (+)
S
Balance
149 21
a.
571
10/6
Pettisville Flowers
45 79
10/9
Deposit
572
10/10 Donald’s Bookstore
16 94
c.
AT
10/19 Langley Phone Co.
75 25
d.
213 80
b.
10. CHALLENGE PROBLEM Christopher Little’s checking account has a
beginning balance of $576.34. He wrote two checks. The first one was
for $123.90. He forgot to record the second check. His current balance is
$235.78. What was the amount of the second check? $216.66
11. CHALLENGE PROBLEM Alexis Weber wrote a check for $57.15. In her
check register, she switched the first two digits and wrote $75.15. What
amount should she add or subtract to correct her check register?
Needs to add $18.00
know by subtracting decimals
in Problems 19–21. If applicable,
model Problem 19 by writing on
the board:
10.93
− 6.50
4.43
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
$680.35
$1,245.96
$305.28
$366.63
$247.97
$2,792.20
$656.07
4.43
$3.56
0.059
Add or subtract. (Skill 5 and Skill 6)
12. $414.85 + $265.50
13. $845.96 + $400.00 14. $192.78 + $112.50
15. $579.23 – $212.60
16. $347.89 – $99.92
17. $3,427.80 – $635.60
18. Find Lindsay Remson’s total deposit for two checks of $112.54 and
$453.24 and cash of 3 one-dollar bills, 4 five-dollar bills, 7 ten-dollar
bills, 15 quarters, 12 dimes, 34 nickels, and 64 pennies. Less $10.00
cash received. (Lesson 4.2)
PREREQUISITE SKILL Subtracting Decimals (Skill 6)
19. 10.93 – 6.50
20. $4.29 – $0.73
21. 6.53 – 6.471
Did You Know?
Auto Repair Costs
Distinguish Ask students to
identify vehicle repair and
maintenance activities. Have
students organize the tasks
into two groups: tasks they
might tackle themselves and
tasks for which they might
hire a mechanic.
188
Fancy/SuperStock
Preview
Level
12/20/14 7:23
Assignment
BL
Below Level
3–5
OL
On Level
6–7
AL
Above Level
8–11
LESSON
4.4
Lesson Objective
Calculate the current
balance on a checking
account bank statement.
Content Vocabulary
• bank statement
• service charge
A
As You Read
R
Expl
Explain
What is a
service charge?
©Andersen Ross/Blend Images LLC
Workshop 4:
Adding Decimals,
p. 10
Workshop 5:
Subtracting Decimals,
p. 12
Skill 5: Adding
Decimals, p. SK6
Decimals, p. SK7
LESSON
Bank Statements
4.4
FOCUS
Why is it important to read your
bank statements?
Build Background
Ask students what they
think people should look for
when they review their bank
statements.
Sarah Hall’s health club automatically
deducts her monthly club membership
fee from her checking account. She
noticed on a recent bank statement that
she had been charged twice for this fee.
Sarah contacted the health club and
they fixed the problem.
R Reading Strategy
Bank Statement Your bank may send you a monthly bank statement
for your checking account. It lists all activity in your account since your
last statement including your checks that the bank has cleared and
recorded. It also reports any automatic transfers, ATM transactions,
and deposits that the bank has recorded. Instead of sending a statement
by mail, the bank may send it through its Internet connection. The bank
might add a service charge, a charge for services it rendered, to your
C
statement. Other terms for service charge are basic monthly charge, fee,
new charge/fees, basic fee, service fee, and basic charge. A service charge can
be composed of individual fees for services such as making ATM withdrawals from a bank not in your bank’s network and paying bills
automatically.
Your account balance is determined by the formula:
Present Previous
Balance = Balance + Deposits – Withdrawals – Service Charges + Interest
Predict Have students read As
You Read before they start the
lesson. Ask them to list fees
that banks might charge to
checking account customers.
Monthly fee, ATM fee, and bounced
check fee
C Critical Thinking
Discuss Have students discuss
the ethics of returning money
that is credited to your account
in error.
TEACH
Bank Statement
EXAMPLE 1
Margaret Miller received her bank statement for March. (See Figure 4.6
on p. 190.) She checks the statement. Verify her present balance.
Calculate the balance in the account.
Total Deposits = $240.32 + $673.08 = $913.40
Total Withdrawals = $45.78 + $137.42 + $275.81 + $52.55 + $42.98
= $554.54
Previous
Service
Balance = Balance + Deposits – Withdrawals – Charges + Interest
= $313.54 + $913.40 – $554.54
= $672.40
Introduce
Read the text aloud. Call on
a volunteer to identify two
new elements in the “Present
Balance” formula. Service
charges and interest
EXAMPLE 1
Model
Demonstrate how to compute
the account balance by going
through each step with the
students. SC1
Apply
Lesson 4.4 Bank Statements 189
12/20/14 7:23 AM
Mini Clip
ELL: Using Manipulatives
Have students complete
Example 1 as you observe. For
this exercise, change the total
deposits to $674.71 and the
total withdrawals to $733.39.
Balance = $313.54 + $674.71 −
$733.39 = $254.86 SC2
A teacher uses concrete objects
to illustrate lesson concepts.
189
Figure 4.6
LESSON
4.4
First City Bank
Monthly Statement
Margaret Miller
175 LaPlas Court
San Diego, California
Statement Period
3/2 through 3/31
3/1
TEACH
cont.
Account Number
87652
Previous Balance
313.54
2 Deposits
913.40
5 Withdrawals
554.54
Service Charge
Interest Earned
Calculate
4/1
Present Balance
672.40
CHECKS
Check
Date
Amount
Check
Date
Amount
Check
Date
Amount
202
3/2
45.78
203
3/12
137.42
204
3/19
275.81
DEPOSITS/CREDITS
Date
Amount
C
PAYMENTS/DEBITS
Description
Date
Amount
Description
3/5
52.55
TransNation
Phone 11564
42.98
So. Cal. Elec. 11020
3/10
240.32
Deposit
3/15
673.08
Appliance Corp. 3/28
Payroll 25760
DAILY BALANCE
Daily Balance
Daily Balance
Daily Balance
Daily Balance
3/1
313.54
3/5
215.21
3/12
318.11
3/19
715.38
3/2
267.76
3/10
455.53
3/15
991.19
3/28
672.40
Service
Present
Previous
Deposits – Withdrawals –
Interest =
Charges +
Balance
Balance +
1.
$290.00
2.
965.15
+ $120.00
+ 150.00
–
–
$140.00
110.00
–
$2.70
+
$0.25
=
+
+
+
–
–
265.32
210.03
–
2.30
+
0.00
=
125.54
175.98
30.20
1. $290.00 + $120.00 + $150.00 – ($140.00 + $110.00) – $2.70 + $0.25 = $307.55
2. $965.15 + $125.54 + $175.98 + 30.20 – ($265.32 +$210.03) – $2.30 + 0.00 = $819.22
179_196_C04L1-L5_880505.indd 190
C Critical Thinking
Predict Ask students: “Do you think banks
will mail paper statements to customers in the
future?” Then lead a discussion about the pros
and cons of replacing paper statements with
electronic statements. Pros include statements not
getting lost in the mail and the environmental benefit
of not using paper. Cons include privacy and security
issues if statements are e-mailed or are available on
the bank’s Web site.
190
9/5/08 10:52:55 AM
EXAMPLE 2
Workshop 36:
Problem Solving
Strategies: Using
Simple Algebraic
Operations, p. 74
Combine like terms.
Subtract $493.30 from
both sides.
Credits and
Debits
The word credit implies
that addition is involved.
The word debit implies
subtraction.
3. Let m = How
much more this
month’s fuel oil
bill was than last
month’s bill
$228.58 =
$528.76 +
$400.00 −
($259.85 + m) −
$416.79 + $3.56
$228.58 =
$255.68 − m
m = $27.10
LESSON
Algebra
Toby Allen received his bank statement in the mail and checked it to verify his pay increase. His employer deposits his monthly pay directly into
his account. The previous month’s pay was $4,176.80. Toby’s account
activity showed a $397.90 previous balance, checks of $3,876.90, ATM
withdrawals of $200.00, and a service charge of $4.50. If Toby’s new balance is $618.30, what increase in pay was direct deposited?
Let x = Increase in Toby’s monthly pay direct deposited
Balance = Previous Balance + Deposits – Withdrawals – Service Charges + Interest
$618.30 = $397.90 + ($4,176.80 + x) – $3,876.90 – $200.00 – $4.50
$618.30 = 493.30 + x
$125.00 = x
$125.00 in increased pay is direct deposited to Toby’s checking account.
4.4
TEACH
W
Complete the problem. Check your answer in the back of the book.
3. Juanita and Luis Rodriguez expected the automatic withdrawal of
their fuel oil bill to be more than last month’s bill of $259.85 but did
not know by how much. The activity on their account showed a
previous balance of $528.76, checks processed of $416.79, an
automatic deposit of $400.00, and interest earned of $3.56. If their
new balance was $228.58, by how much did this month’s fuel oil bill
exceed last month’s bill?
Find the present balance for Problems 4–11.
4.
5.
6.
7.
8.
9.
Previous
Balance
Deposits
$
$
Withdrawals
Service
Charge
Interest
Present
Balance
487.67
430.75
598.17
0.00
1.38
768.89
77.76
450.00
2.50
1.27
1,200
515.65
605.13
5.00
0.00
3,079
489.41
799.99
0.00
6.26
7,345
310.25
119.00
1,768.89
4.25
11.26
10.
1,949.07
4,201.00
750.90
319.80
289.34
4.15
0.00
$6,287.68
11.
9,421.99
7,509.23
1,412.46
256.40
1,397.86
1,209.32
5.60
12.47
$15,999.77
200.00
$
190.00
$2.34
$ 0.00
Algebra
Demonstrate
Read the text aloud and write
the problem on the board.
Explain each step in solving for
the unknown, x. SC1
Apply
Ask a volunteer to write on the
board as you lead the class in
solving Example 2. Make these
changes to the problem setup:
The previous balance was
$504.20, and the total checks
were $4,008.20. Let i = Increase
in pay. $618.30 = $504.20 +
($4,176.80 + i) − $4,008.20 −
$200.00 − $4.50 + $0; $618.30
= $468.30 + i; $150 = i SC2
Solve
$47.76
$321.63
$395.42
$1,105.52
$2,774.68
$5,774.37
40.10
EXAMPLE 2
cont.
Problem 3 at their seats. Then
ask a volunteer for an answer,
and discuss how the correct
answer was reached. SC3
W Writing Support
Paraphrasing Math word
problems often contain extra
information. Have students
restate the question in
Example 2 in writing using
their own words.
Discuss Point out to students
that a deposit is always a credit
to a bank account.
Lesson 4.4 Bank Statements 191
ASSESS
M 179_196_C04L1-L5_880505.indd 191
9/5/08 10:53:01 AM
U Universal Access
Students with Learning Disabilities To make
the concepts in this lesson more concrete,
give students a check register with a
previous balance already recorded. Also
give them representations of blank checks
and deposit slips.
Lesson Practice
H.O.T. Problems
191
LESSON
12. See below for a portion of Elizabeth Hallett’s bank statement. Her
previous balance was $271.31. What is her present balance? $684.66
4.4
cont.
Date
Amount
304
6/11
19.45
Date
Amount
305
6/15
21.02
DEPOSITS/CREDITS
S Skill Practice
Did You Know?
Reproduce Create and
distribute Graphic Organizers
showing the “Present Balance”
equation. L1
Problems 4–15 on pages 191
and 192 at their desks. L2
Show Have a volunteer
demonstrate to the class how to
solve the problems. L3
Vietnamese Deli The
word deli usually brings
to mind pastrami and
roast beef sandwiches.
But a growing number
of Americans prefer
bánh mì, a Vietnamese
baguette filled with
thinly sliced vegetables
and meat or tofu.
Most Vietnamese delis
sell bánh mì for no
more than $2 to $3
per sandwich.
CLOSE
Recall
Have students work
Problems 16–20.
H O T Problems
H.O.T.
Date
Amount
6/12
Check
Date
Amount
307
6/30
95.98
PAYMENTS/DEBITS
Description
Date
Amount
Description
115.90
Deli Payroll 11002
6/26
25.85
Crestview Gas
11564
6/19
115.90
Deli Payroll 11012
6/28
2.00
Service Charge
6/26
345.85
Deposit
13. ALGEBRA Adam Bassett wants to know the amount by which his
S
service charge has increased before he receives his bank statement. In
the past, the service charge has been $5.00. His previous balance was
$619.83. He had $398.50 in deposits, $471.63 in withdrawals, and $2.50
in interest earned. If his present balance is $540.70, by what amount did
his service charge increase? $3.50
14. ALGEBRA When Isabella Young received her bank statement, she
noticed that her present balance was the same as her previous balance.
Her deposits were 1–2 her present balance, her withdrawals were 1–3 her
1
present balance, and her auto payments were –4 her present balance.
1–
–
Her direct deposit was 10 her present balance. The account had a $9.29
service charge but no interest. What is Isabella’s present balance? $557.40
15. ALGEBRA Eli Wong noticed his present balance was three times his
previous balance. His withdrawals were 95% of his previous balance,
and his deposits were $1.60 less than his present balance. The interest
posted to his account equaled 0.5% of his previous balance. If the
service charge on his account was $5.00, what is Eli’s present balance?
$360
Add or Subtract. (Skill 5 and Skill 6) 16. $597.97 17. $1,066.70
16. $346.50 + $215.50 + $35.97 17. $543.07 + $172.40 + $351.23
18. $915.87 – $748.42 $167.45
19. $684.31 – $83.49 $600.82
20. Wilma Adams had a balance of $412.57 in her checking account. She
wrote a check for $25.36 on April 2. The bank made an automatic
transfer (AT) of $55.75 on April 8 to pay her phone bill. She made a
deposit of $250.45 on April 17. What is Wilma’s new balance? (Lesson 4.3)
Preview
know by subtracting decimal
money amounts in Problems
21–26. If applicable, model
Problem 21 by writing on the
board:
$5.83
− 4.32
$1.51
$581.91
Subtract.
$13.14
21. $5.83 – $4.32 $1.51
22. $13.98 – $2.38 $11.60 23. $35.07 – $21.93
24. $23,095.76 – $8,059.65 25. $9,786.99 – $7,687.09 26. $8,777.93 – $5,940.34
$15,036.11
Did You Know?
Vietnamese Deli
Compare Ask students
who have eaten a bánh mí
to compare the experience
to eating a traditional
American-style sandwich.
$2,099.90
$2,837.59
192
Check
lynx/iconotec.com/Glowimages
ASSESS
CHECKS
Check
Level
Assignment
OL
On Level
4–11
AL
Above Level
12–15
12/20/14 7:28
LESSON
4.5
Lesson Objective
Reconcile a check register
with a bank account
statement.
Content Vocabulary
• reconcile
A
As You Read
R
Sum
Summarize
S
What
does it mean to
reconcile a bank
statement?
LESSON
Bank Statement
Reconciliation
4.5
FOCUS
What do you think might happen if
you forget to record bank charges?
Build Background
Have students list the various
types of bank charges.
Kelly Lansbury frequently forgets to record
the monthly service charges for his checking account in his check register. Kelly paid
$151.49 for a surfboard, but it was $9 more
than his checking account balance. This error
caused him to overdraw his account.
R Reading Strategy
Reconciling a Bank Statement When you receive your bank
statement, you reconcile or compare it with your check register to be
sure they coincide or agree. You may find some deposits or outstanding checks in your register that are not listed on the statement. This
happens because the bank had not posted (recorded, processed, or
cleared) them by the statement date. It is important for you to keep
your bank account records accurate and up to date. You do not want to
write a check for more money than you have in your account. If you
do, you will overdraw the account and will be charged a penalty.
When comparing the check register with the bank statement the
formula is:
Adjusted Balance = Statement Balance – Outstanding Checks, Payments, and/or Debits
+ Outstanding Deposits
Prepare Have students read
As You Read in pairs and list
the items needed to reconcile a
bank statement. Check register,
bank statement, calculator, pen or
pencil
C
EXAMPLE 1
Skill 5: Adding
decimals, p. SK6
decimals, p. SK7
Application A:
Formulas, p. AP1
Getty Images RF
1. $374.47 – $238.98 +
$140.00 = $275.49
2. $772.33 – $283.75 +
$427.75 = $916.33
Your statement balance is $598.67. You have an outstanding check
for $125.44 and an outstanding debit of $235.42. You also have an outstanding deposit of $231.98. What is your adjusted balance?
Calculate the adjusted balance (AB).
AB = Statement Balance – Outstanding Checks, Payments, or Debits +
Outstanding Deposits
= $598.67 – ($125.44 + $235.42) + $231.98
= $598.67 – $360.86 + $231.98
= $469.79
C Critical Thinking
Conclude Have students
consider how long it takes to
clear a check today compared
to 10 years ago. Discuss reasons
for the reduced time.
TEACH
Reconciling a Bank
Statement
Introduce
Have a volunteer read the text
aloud. Ask when a check is
outstanding. When it has not yet
been processed by the bank
EXAMPLE 1
Demonstrate
Find the adjusted balance. Check your answers in the back of the
book.
1. Statement balance
$ 374.47 2. Statement balance
$ 772.33
Outstanding checks –238.98
Outstanding checks –283.75
Outstanding deposits +140.00
Outstanding deposits +427.75
Lesson 4.5 Bank Statement Reconciliation 193
12/20/14 7:25 AM
Mini Clip
Reading: Interacting
with Text
Students work in small groups to make
connections and ask higher-order thinking
questions about a photo.
Write the computation for the
adjusted balance on the
board. SC1
Apply
Work with students to complete
Example 1. Change the
outstanding check to $166.41
and the outstanding deposit
to $203.96. $400.80 SC2
Calculate
193
EXAMPLE 2
LESSON
4.5
TEACH
Margaret Miller’s check register balance is $2,261.50. She compares
her statement and check register. For each check and deposit listed on
her statement, she places a check mark (√) next to the information in her
register. She indicates that the bank paid her $0.86 in interest. Margaret
finds these outstanding checks and deposits:
cont.
Check 525: $341.50
C Critical Thinking
Deposit: $709.75
How does Margaret reconcile her statement?
Reconcile the balance.
She uses the reconciliation form on the back of her bank statement (see Figure 4.7) to
reconcile her account.
Analyze Ask students why
bank statements and check
registers don’t always agree.
Some transactions in the register
are not yet posted by the bank.
After reconciling for this, some
discrepancies are due to math
mistakes and neglecting to record
transactions in the check register.
Banks rarely make math mistakes.
A bank’s error usually involves
posting a wrong transaction or
bank fee.
Check 527: $266.25
Figure 4.7
C
Reconciliation Statement
Check Register Balance
$2,261.50 Statement Balance
Service Charges
$2,160.36
Outstanding Checks/
Payments/Debits
Interest
Check 525
$341.50
+0.86 Check 527
266.25
–607.75
(Total outstanding
checks/payments/debits)
Outstanding Deposits/
Credits
Deposit
EXAMPLE 2
New Balance
Model
Read the text aloud, or call on a
volunteer to read the text aloud as
you demonstrate each step. SC1
Apply
2261.50
0.86
341.50
266.25
1552.61
Example 2 as you observe.
For this exercise, change the
Check Register Balance to
$1,962.00, Check 525 to $600.00,
and Check 527 to $307.25. New
709.75
$2,262.36 Adjusted Balance
709.75
+709.75
$2,262.36
2262.36
2160.36
607.75
2262.36
3. Joseph Lee’s check register balance is $8,754.33. He compares his
statement with his check register. He notes that the bank paid him
$2.86 in interest and deducted a $1.20 service charge for bill payment.
He finds these outstanding checks and deposits:
Check 845: $751.75
Check 847: $2,455.89
Deposit: $805.14.
Balance and Adjusted Balance =
$1,962.86 SC2
R
Calculate
ask a volunteer for the answer,
and discuss how the adjusted
bank balance was reached. SC3
R Reading Strategy
Use Research Materials Have
students use the Internet,
newspapers, and other
materials to research the terms
of an imaginary $1,000 account.
Students are to compare the
following products: checking
accounts, savings accounts,
money market accounts, and
certificates of deposit. Research
should cover three financial
institutions including one
credit union. Have students
prepare charts to compare
rates, fees, and access to funds.
194
179_196_C04L1-L5_880505.indd
194
U Universal Access
Students with Visual Impairments Have
students check with local banks and credit
unions about services they provide for
customers with visual impairments. If
possible, obtain an example of a Braille
statement and have students examine it.
8/5/08
1:33:
LESSON
Reconcile the statement in Figure 4.8 by filling in the information at
the letters.
Figure 4.8
4. a. $142.90
b. $142.90
Yes, the register
and statement
balances agree.
5. a. $496.05
b. $496.05
Yes, the register
and statement
balances agree.
4.5
$8,754.33 Statement Balance
Service Charges
a. $1.20
Interest
b. $2.86
$11,158.49
Outstanding Checks/
Payments/Debits
Check 845
$ 751.75
Check 847
2,455.89
(Total outstanding
Did You Know?
Digital Home Phones
Predict Ask students to
speculate about the future of
communications technology.
Have them imagine a future
in which telephone service
is seamlessly integrated
with television and the
Internet. Encourage them to
discuss how these evolving
technologies will affect
their lives. Ask students:
“How will banking be
conducted in an age of
integrated communications
technologies?”
d.
Credits
805.14 e. $805.14
Deposit
New Balance
c.
Adjusted Balance
f.
c. $8,754.33 – $1.20 + $2.86 = $8,755.99
d. $751.75 + $2,455.89 = $3,207.64
f. $11,158.49 – $3,207.64 + $805.14 = $8,755.99
Complete the table. Do the register and statement balances agree?
Check
Service
New Statement Outstanding Outstanding Adjusted
Register Interest Charge/
Balance Balance
Checks
Deposits
Balance
Balance
Fees
4. $ 147.60
5.
505.85
Did You Know?
Digital Home Phones
Many U.S. households
are canceling their land
line telephone service
and subscribing to digital
phone service from
cable companies.
Figure 4.9a
$ 0.00
$4.70 a.
$ 388.29
$345.39
$ 100.00 b.
0.00
9.80 a.
507.21
132.90
121.74 b.
6. David Cassadore received his bank statement and canceled checks for
the period ending November 20. He compared the check register
(Figure 4.9a) with the canceled checks and deposits listed on the
statement (Figure 4.9b). Then he placed a check mark next to the items
processed. He reconciled the bank statement (Figure 4.9c).
(a) What total amount does David have in outstanding checks? $44.89
(b) What total amount does he have in outstanding deposits? $191.37
(c) What is his adjusted balance? $794.83
(d) What is his new check register balance? $794.83
(e) Do the register and adjusted balances agree? Yes
Trans. Type
Date
or Check No.
Description
of Transaction
Payment/
Debit (–)
✔
Deposit/
Credit (+)
047
11/03 Country Pride
47 29
11/04 Deposit
048
37 35
11/15
50 00
Cash
11/20 Deposit
Balance
389 49
742 20
654 85
44 89
complete Problems 4–6 on their
own in the classroom. Go over
the answers with the class.
S Skill Practice
Collaborate Have students
work in small groups to solve
the problems. L1
problems at their desks. L2
704 85
191 37
11/20 Consumer Power Co.
Skill Practice
S
R
846 22
801 33
Getty Images RF
049
Lesson Practice
342 20
400 00
11/09 General Telephone Co.
ASSESS
Lesson 4.5 Bank Statement Reconciliation 195
:17 PM
R Reading Strategy
12/20/14 7:29 AM
Differentiate Ask students: “Deposits made to an
ATM can be in the form of checks or currency.
Can you withdraw money from an ATM in the
form of a check?” Withdrawals from an ATM are
always in cash. Remind students to ask for a receipt
when prompted at an ATM screen.
195
Figure 4.9b
LESSON
4.5
Sky Bank
Monthly Statement
David Cassadore
255 West Ash
Red Lodge, Montana
Statement Period
10/20 through 11/20
10/20
Previous Balance
Banking
CLOSE
In banking, the word
transaction refers to a
process that has either
deposited or withdrawn
money, requiring addition or subtraction.
cont.
Error Analysis
Remind students to review the
check register for math errors,
a common reason for being out
of balance.
Account Number
83-30283
389.49
1 Deposit
400.00
3 Withdrawals
134.64
Service Charge
6.50
Interest Earned
11/20
Present Balance
648.35
CHECKS
Check
Date
Amount
Check
Date
Amount
047
11/3
47.29
048
11/09
37.35
DEPOSITS/CREDITS
Date
Amount
11/04
400.00
Date
Amount
PAYMENTS/DEBITS
Description
Deposit
Recall
Check
Date
11/15
Amount
50.00
Description
ATM Cash
DAILY BALANCE
Daily Balance
Have students work
Problems 7–10.
Daily Balance
Daily Balance
10/20
389.49
11/04
742.20
11/15
654.85
11/30
342.20
11/09
704.85
11/20
648.35
Figure 4.9c
Daily Balance
Preview
Have students recall what
they know by adding decimal
board:
$0.72
+ 10.82
$11.54
Service Charges
$801.33 Statement Balance
6.50 Outstanding Checks/
Payments/Debits
Interest
0.00
Check 049
(Total outstanding
$648.35
$ 44.89
a.
Credits
Deposit
New Balance
d.
Adjusted Balance
191.37 b.
c.
Subtract. (Skill 6)
$217.13
7. $412.30 – $1.25 $411.05 8. $219.63 – $2.50
9. $96.78 – $3.00 $93.78
10. Keith Mitchell had a previous balance of $542.34. He made deposits
totaling $321.90, wrote checks totaling $533.12, and had a service
charge of $5.00 and no interest. What is Keith’s new balance? (Lesson 4.4)
Relate Encourage students
to think of each banking
transaction as a math word
problem. They should identify
the information, decide which
operation to use, perform the
calculation, and check the
result.
$326.12
PREREQUISITE SKILL Adding Decimals (Skill 5)
Add.
11. $0.72 + $10.82 $11.54
12. $5.78 + $30.03 $35.81
13. $24.97 + $45.17 $70.14
14. $689.77 + $356.04 $1,045.81
15. $8,966.45 + $2,345.13 $11,311.58 16. $16,454.67 + $12,785.33 $29,240.00
179_196_C04L1-L5_880505.indd 196
196
Level
Assignment
OL
On Level
4–5
AL
Above Level
6
9/5/08 10:54:01 AM
LESSON
4.6
Lesson Objective
Compute online banking
charges and update the
check register.
Content Vocabulary
• online banking
A
As You Read
R
Iden
Identify
d
What
services does online
banking offer?
Figure 4.10
Online Banking
4.6
FOCUS
Do you bank online? Why or why not?
Build Background
Liz Macon used to forget to record
checking account transactions in her
check register. Online banking allows her
to keep track of her transactions.
Have students discuss the pros
and cons of online banking.
R Reading Strategy
Question Have students read
As You Read and try to answer
the question from their own
knowledge and experience
before they read the paragraph.
Internet Banking It is 1 am, and you need to monitor your bank
account. You can do this by using online banking, or Internet banking.
It allows you to bank from anywhere. Internet banking is very popular
because all you need is an electronic connection to the Internet to view
your account, pay bills, and transfer money around the clock (24/7).
When you bank online, you need to maintain a record of your activities in your check register. One feature of online banking is that you
can download your current transactions and put the information into a
computer program (such as an Excel® spreadsheet, Microsoft® Money,
or Quicken®) that will contain a check register.
You may be charged for these services. See Figure 4.10 for some
online service charges.
Once you have logged onto your account at the online bank, you
can:
Online Banking Service
Service Charge
Basic Monthly Charge
$ 6.95
Bill Payment—first 5 N/C
0.50
Printed Statement
4.00
Replace Lost Card
5.00
Overdraft
25.00
International Wire Transfer
20.00
ATM Transaction Charges
Local Network
N/C
Regional Network
1.00
National Network
2.00
Out-of-Network
3.00
Cash Advance—2.00% of Amt.
© Image Source, all rights reserved.
LESSON
• transfer funds from checking to savings or savings to
checking,
• make loan payments from
checking to loan accounts,
• make payments to third
parties (such as utility
companies),
• get information about
account balances, previous
deposits, previous withdrawals, and loan balances.
Accept all reasonable answers.
Responses might include up-tothe-minute balance information
and the ability to see if debits and
deposits have been posted.
C Critical Thinking
C
Evaluate Have students
consider how using online
services for shopping
has altered the shopping
experience.
TEACH
Internet Banking
Introduce
Read the text aloud. Call on a
volunteer to explain what it
means to monitor an account.
To monitor is to keep track of
something.
$10.00 Max
Remember that:
Total
Basic
Bill
ATM Service
Cash Advance
Service = Monthly +
Statement +
Payments +
Charge + Service Charge
Charge
Charge
Lesson 4.6 Online Banking 197
M
197_202_MBPF_S_CH04_L6_CO_XXXXXX.indd 197
12/20/14 7:32 AM
Mini Clip
ELL: Scaffolding Questions
A teacher uses a series of
questions to lead a student to
an appropriate verbal response.
197
EXAMPLE 1
LESSON
4.6
TEACH
cont.
EXAMPLE 1
Workshop 18:
Reading Tables and
Charts, p. 38
Workshop 30:
Problem-Solving
Strategy: Identifying
Information, p. 62
Application A:
Formulas, p. AP1
Alyssa Perez uses online banking for her business, Alyssa’s Personal
Shopping. She pays the service charge and 7 bills, and she requests a
printed statement. She also has ATM transactions, including 1 out of network, and a cash advance of $400. What is her total service charge
including fees for the month?
Add the service charge fees.
Total
Basic
Service
Monthly
Bill
ATM Service
Cash Advance
Charge = Charge + Payments + Statement + Charge + Service Charge
= $6.95 + $0.50(7 – 5) + $4.00 + $3.00 + (2% × $400)
$22.95 = 6.95 + 1.00
4.00 +
3.00 +
8.00
+
Model
Review with students the
various fees charged by
banks for the use of online
services. Explain each step in
the calculation of total service
charges for the month for
Alyssa Perez. SC1
Apply
Have students work
independently on Example 1,
and provide guidance as
needed. For this exercise, make
the following changes: The
number of bills paid online was
9, and the cash advance was
for $331. $6.95 + $0.50(9 − 5) +
$4.00 + $3.00 + (2% × $331) =
$6.95 + $2.00 + $4.00 + $3.00 +
$6.62 = $22.57 SC2
C Critical Thinking
Explain Ask students if
online banking can help
you keep better records of
your transactions. Accept all
reasonable answers. Students
might mention that you can
download recent transactions
using application software such
as Excel, Microsoft Money, and
Quicken.
C
W
The Total Service Charge is $22.95.
GRAPHING CALCULATOR LAB
Using the Math Solver
Many graphing calculators have a solver
feature that can be used to solve an equation.
The equation must first be written so that 0 is
on one side.
The equation in Example 2 is: 986 = (d + 2d)
– 100
It can be rewritten as: 0 = d + 2d – 100 – 986
Press: ."5)
then ?
not see eqn:0=.
To enter the equation press:
$-&"3
ź
x5ēO
h h h
á
ź
x5ēO
h h h
if you do
&/5&3
Make sure the cursor appears on the line containing x =.
Leave bound at the default setting.
Then press "-1)" &/5&3 to solve.
The solution is 362.
Think and Discuss
1.
2.
3.
4.
1. The display shows the equation entered
in the calculator’s equation solver.
Describe the display of the first calculator screen.
Use the graphing calculator to solve 12x – 4 – 2x – 5x – 11 = 0 x = 3
Use the graphing calculator to solve 7(2w – 5) = 21 w = 4
Rhonda Rhobards makes a deposit at an ATM and receives $150 in cash and the receipt for
the $774.00 total deposit. She remembers that the checks deposited totaled twice the currency she deposited. She did not deposit any coins. How much in currency did she deposit?
How much in checks did she deposit? $308; $616
W Writing Support
Summarizing Have students
interview adults they know in
order to determine attitudes
toward online banking. Have
students develop their own
questions. Suggest such
questions as: Do you think
that online banking is safe?
Do you believe that banks will
steer customers toward online
banking in the future? Have
students write brief reports that
summarize the results of their
197_202_C04L6_880505.indd 198
Using the Math Solver
Introduce Direct students to use their
graphing calculators.
Think and Discuss
198
12/2/08 11:54:03 AM
GRAPHING CALCULATOR LAB
Demonstrate Have students perform each step
as you demonstrate on a graphing calculator
and computer/overhead projector. Then
have them do the work again, with different
students performing steps. L1
Practice Have students work in small groups
to determine their answers. Then discuss the
answers in class. L2
Calculate Tell students to solve the problem
independently. Then have them share their
answers with a partner. L3
Use Figure 4.10 on page 197 to compute the total service charge in
the following problems. Check your answers in the back of the
book.
1. Alan Booker’s service charges: basic charge, 8 bills paid, a lost card
replacement, and four ATM transactions, 2 national and 2 out-ofnetwork.
2. Cindy Parker’s service charges: the basic charge, 6 bills paid,
1 overdraft, 3 regional ATM transactions, and a $500 advance.
LESSON
4.6
TEACH
cont.
Calculate
EXAMPLE 2
On March 15, Alyssa Perez goes online and downloads the transactions
shown in Figure 4.11. She does this so she can put them on her spreadsheet where she keeps a check register (see Figure 4.12 on page 200).
Note the transactions since her last logon.
Figure 4.11
Service
Charge
A service charge results
in a subtraction.
Date
Amount
EXAMPLE 2
Check Number Description
03/06/20—
$ 400.00
03/06/20—
2.00
03/15/20—
1,661.57 +
Payee/Description: AT Deposit Memo:
Computer Inc. EDI payment 0555
03/15/20—
0.50
Memo: Service Charge (bill pmt. fee)
03/15/20—
0.50
03/15/20—
3,341.29
03/15/20—
100.00
03/15/20—
30.55
03/15/20—
153.39
ATM Withdrawal
Demonstrate
ATM National Network Fee
Read the text aloud, or call on
a volunteer to read the text
aloud. Review each transaction
and tell whether it represents a
credit to her account or a debit.
Point out the + sign next to the
AT Deposit Memo in Figure
4.11 indicates that this amount
should be added. Explain
that the other transactions
are debits and should be
subtracted. SC1
Credit Card to 004:555-555 Online Pmt.
Findlay Youth Pmt to 009:W555 Online Pmt.
1289
Problems 1 and 2
independently. Ask volunteers
to write the completed
problems on the boards. SC3
Check Memo: Food Town
AT Withdrawal Memo: Insurance 031202
Update the check register.
Compute the new balance.
Alyssa had check number 1288 entered and started with a balance of
$2,895.90 – $59.46 = $2,836.44. She subtracted the $400.00 ATM withdrawal and the $2.00 service charge for the ATM fee. Then she added the
payroll check and subtracted the other items.
1. Total Fees = 6.95 + 0.50(8 − 5) + 5.00 + 2(2.00) + 2(3.00)
= 6.95 + 1.50 + 5.00 + 4.00 + 6.00 = $23.45
2. Total Fees = 6.95 + 0.50(6 − 5) + 25.00 + 3(1.00) + 2%(500)
= 6.95 + 0.50 + 25.00 + 3.00 + 10.00 = $45.45
Apply
Call on volunteers to calculate
each new balance in the check
register shown in Example 2.
Provide assistance as needed.
For this exercise, tell students
that the 3/06 ATM withdrawal
was $500 and the 3/06 ATM
out-of-network fee was $3.
The check register balance after
the final 3/15 transaction will be
$368.78. SC2
M 197_202_C04L6_880505.indd 199
Compare Have students
compare the banking terms
debit, withdrawal, and service
charge and tell what they have
in common. Point out that they
all indicate subtraction.
9/5/08 10:55:08 AM
U Universal Access
English Language Learners Point out that in
many cultures, a comma is used in place
of a decimal point in the numeral form
of numbers. Conversely, the thousands
separator is a period (.) instead of a comma
(,). For example, the numeral 1,661.57 in
the United States would be expressed as
1.661,57 in Germany.
199
Figure 4.12
LESSON
4.6
Check Register
Trans. Type
or
Date
Check No.
Description
of Transaction
Payment
Debit (–)
√
Deposit/or
Credit (+)
Balance
2,895 90
1288
3/12
Fabric Store
ATM
3/6
ATM withdrawal
ATM
3/6
Service Charge (ATM fee)
AT
3/15
Computer Inc. Payroll
Solve
Online
3/15
Service Charge (bill pmt. fee)
0 50
4,095 51
ask a volunteer to explain the
source of each entry in the
check register. SC3
Online
3/15
0 50
4,095 01
Online
3/15
Credit Card Pmt.
3,341 29
753 72
TEACH
cont.
59 46
2,836 44
400 00
2,436 44
2 00
2,434 44
1,661
57
W
4,096 01
Online
3/15
Findlay Youth Pmt.
100 00
653 72
1289
3/15
Food Town
30 55
623 17
AT
3/15
Insurance Company
153 39
469 78
C Critical Thinking
Examine Have students
compare the information in
Figures 4.14 and 4.15 and
explain the source of the entry
in each check register cell. Ask
the students: “Why is the order
of elements different in Figure
4.14 and Figure 4.15?” The bank
3. On April 1, Alyssa Perez (from Example 2) had the online
transactions shown in Figure 4.13. Note that the balance brought
forward is $871.78.
Figure 4.13
lists transactions in the order they
are processed. Alyssa recorded the
3/6 ATM transaction in her check
register several days after it was
processed.
W Writing Support
Creating Ask students to work
in pairs to create an imaginary
page from the check register
of a famous historical person.
You might suggest that they
limit their entries to a oneweek period and include
both credits and debits. Ask
students: “If Benjamin Franklin
had access to online banking,
what would his check register
look like? How about Florence
Nightingale or Rosa Parks?
Choose a person from history
and create a check register that
shows something about that
person’s life.”
Amount
1,661.57
04/01/20—
0.50
04/01/20—
38.49
04/01/20—
14.07
04/01/20—
86.95
Payee/Description: AT Deposit Memo:
Computer Inc. EDI Pmt. 0555
+
Wireless Store to 003:4555-555 Online Pmt.
1290
Check Memo: Office Supply
Payee/Description: AT Withdrawal Memo:
Gas OH Serv Pmt. 031202
Complete the check register in Figure 4.14 for these transactions.
Figure 4.14
Check Register
Trans. Type
or
Date
Check No.
Description
of Transaction
Payment
Debit (–)
√
Deposit/or
Credit (+)
Balance
3. a. $1,661.57
b. $2,533.35
c. $0.50
d. $2,532.85
e. $38.49
f. $2,494.36
g. $14.07
h. $2,480.29
i. $86.95
j. $2,393.34
a.
871 78
b.
AT
4/1
Payroll
Online
4/1
c.
d.
Online
4/1
Wireless Service
e.
f.
1290
4/1
Office Supplies
g.
h.
AT
4/1
State Street Gas Comp.
i.
j.
C
197_202_C04L6_880505.indd 200
200
Date
04/01/20—
9/5/08 10:55:29 AM
LESSON
4.6
Use Figure 4.10 on page 197 to determine the total of the service charge.
4. Sally Hudson’s service charges: basic charge, 9 bills paid, lost card
replacement, and 6 ATM transactions, 3 national and 3 out of network.
5. Service charges for Gary Baxter’s account were the basic charge, 8 bills
paid, 1 overdraft, $450 cash advance, and 3 regional ATM transactions.
6. See George Kirkland’s end-of-month bank statement in Figure 4.15.
Notice that the last activity is at the top of the list. Start at the bottom of
the list and calculate the balance for each date shown.
Figure 4.15
Did You Know?
The First ATM John
Shepherd-Barron of
Great Britain invented
the electronic automated
teller machine (ATM).
Barclays Bank installed
the first one in London,
England, on June 27,
1967.
4. $28.95
5. $45.45
S Skill Practice
Classify Transactions Remind
students that, in banking, a
debit is a decrease and a credit
is an increase. Have students
classify these items as debits or
credits:
Stamps bought at an ATM Debit
Deposit of coins Credit
Refund on camping gear
bought with an ATM card Credit
Charge to cover a bounced
check Debit
National City—Online Banking
Account: Checking 555-561-663
Date
04/01/20—
04/01/20—
ACTIVITY
Check Description
Amount
d. $800.92
$
Balance
6.95
Service Charge (online banking fee)
03/31-Mar
78.94
5174
03/31/20—
25.00
5172
03/31/20—
321.20
03/31/20—
172.73
5167
03/31/20—
24.95
5170
03/31/20—
252.70
5161
Debit Card, Karl’s Dept. Store, point-of-sale purchase
S
03/31/20—
147.80
03/31/20—
c. $1,831.19
03/20/20—
150.00
03/20/20—
2.00
ATM National Network Chg.
03/20/20—
0.50
Service Charge (bill pmt. fee) No. 8
03/20/20—
1,095.73
03/20/20—
65.32
5165
03/20/20—
495.72
5166
03/20/20—
b. $3,640.46
03/19/20—
2,458.50
03/19/20—
45.62
03/19/20—
0.50
03/19/20—
365.89
03/19/20—
a. $1,593.97
03/10/20—
0.50
03/10/20—
468.52
Credit Card Pmt.
03/10/20—
300.00
ATM Withdrawal
03/10/20—
3.00
2,365.99
ATM Withdrawal
Household Credit Online payment. 200-55-5555
Balance
+
The First ATM
Contrast Encourage students
to research the differences
between credit cards and
debit cards. Ask students:
“What happens if your credit
card is stolen and the thief
charges expensive items or
gets a cash advance? What
happens if a thief steals
your debit card and raids
your account? How can you
protect yourself from theft?”
Point out to students that
even though debit and credit
cards look the same, legal
protections can differ.
Balance
AT—Payroll MSNBC Inc.
Debit Card, Joe’s Pizza, point-of-sale purchase
Service Charge (bill pmt. fee) No. 7
Commercial Truck Plate, Online Pmt.
Balance
Service Charge (bill pmt. fee) Fee No. 6
ASSESS
Service Charge (ATM out-of-network fee)
Balance
Lesson Practice
Onoky/SuperStock
03/01-Mar
AT—American Electric Power
Did You Know?
H.O.T. Problems
complete Problems 4–7 on their
own in the classroom. Point out
the H.O.T., or Higher Order
Thinking, problem. Go over the
answers with the class.
M
197_202_MBPF_S_CH04_L6_CO_XXXXXX.indd 201
U Universal Access
12/20/14 7:33 AM
English Language Learners Students learning
English may face a challenge in figuring
out the abbreviated notations found
on online banking transactions lists.
Explain terms such as Point-of-Sale and
abbreviations such as pmt, AT, and ATM.
201
7. On June 15, Benton Andrews uses First USA online banking and
downloads these transactions so he can put them on his spreadsheet
where he keeps his check register. Use Figure 4.16a to complete the
check register for the transactions on Figure 4.16b.
LESSON
4.6
Figure 4.16a
ASSESS
7. a. $6.95
b. $1,568.04
c. $250.00
d. $1,318.04
e. $5,850.00
f. $7,168.04
g. $0.50
cont.
S Skill Practice
of the steps needed to solve this
type of problem. L1
Demonstrate Ask volunteers
to work the problems on the
board. L3
H.O.T. Problems
06/01/20—
6.95
06/05/20—
250.00
06/12/20—
5,850.00
06/15/20—
0.50
Memo: Service Charge (bill pmt. fee) No. 6
06/15/20—
0.50
Memo: Service Charge (bill pmt. fee) No. 7
06/15/20—
557.86
Credit Card To 008-555-555 Online Pmt.
06/15/20—
35.00
Fair Board Trophy to 002:W6555 Online
Pmt.
06/15/20—
85.55
06/15/20—
853.39
Online Banking Basic Charge
ATM Withdrawal
Discuss Point out to students
that when you use an ATM
to make a deposit, your
transaction may not be
recorded for several hours.
Deposits are not available in
your account until they are
posted by the bank. In some
cases, the bank will place a
hold on a deposit for one or
more days. Call on volunteers
to describe their experiences
using ATMs.
12.
13.
14.
15.
16.
17.
18.
19.
Recall
Have students work
Problems 8–13.
Preview
AT Deposit Memo: Transfer from Savings
acct. 066555
+
789
Check Memo: Food
S
C
AT Withdrawal Memo: Real Estate Taxes
Check Register
7. h. $7,167.54
i. $0.50
j. $7,167.04
k. $557.86
l. $6,609.18
m. $35.00
n. $6,574.18
o. $85.55
p. $6,488.63
q. $853.39
r. $5,635.24
C Critical Thinking
202
Amount
Figure 4.16b
CLOSE
know by subtracting decimal
board:
$345.57
− 125.39
$220.18
Point out that we align
numerals on the decimal point
when stacking for subtraction.
Date
Trans. Type
or
Check No.
Date
Bank Charge
6/1
Online Basic Charge
a.
ATM
6/5
ATM Withdrawal
c.
AT
6/15
Transfer from Savings
Online
6/15
g.
Online
6/15
i.
Online
6/15
Credit Card Pmt.
k.
l.
Online
15-June Fair Board Trophy
m.
n.
789
15-June Food
o.
p.
AT
15-June Real Estate Taxes
q.
r.
Description
of Transaction
Payment
Debit (–)
√
Deposit/or
Credit (+)
Balance
1,574 99
b.
d.
e.
f.
h.
j.
Add or Subtract. (Skill 5 and Skill 6)
8. $9,887.89 – $23.61 $9,864.28
9. $16,246.64 – $887.35 $15,359.29
10. $568.35 + $98.23 $666.58
11. $89,564.89 + $85.21 $89,650.10
12. Your checking account had a $124.56 balance on June 3. You deposited
$123.67 on June 12. Then you wrote a $75.59 check on June 15 and had an
$80.00 ATM withdrawal on June 19. What is your new balance? (Lesson 4.3)
13. Randy Fleming earns 6.25% commission on sales of $7,500. What is her
commission? (Lesson 1.6)
$92.64
$468.75
$220.18
$2.94
$52.71
$335.03
$19,220.99
$77,756.62
14. $345.57 – $125.39 15. $45.57 – $42.63
16. $60.60 – $7.89
17. $357.80 – $22.77 18. $24,687.99 – $5,467 19. $86,300.63 – $8,544.01
197_202_C04L6_880505.indd
202
Level
Assignment
OL
On Level
4–6
AL
Above Level
7
9/26/08
12:50:
CH
APTER
4
CHAPTER
Review and Assessment
4
AFTER YOU READ
AFTER YOU READ
Ask students how they would
use and maintain a checking
account.
A checking account is a safe and convenient place to hold
money. Its records give you information to track your expenses.
Using a checking account includes knowing how to compute the
total of a deposit and write a check. You must also calculate the
balance in a check register and the present balance on a checking
account bank statement. The final steps are to reconcile a check
register with a bank account statement, compute online banking
charges, and update the check register.
Vocabulary Check
Direct students to use each
vocabulary word in a sentence
of their own.
Concept Check
2. A checking account is a safe
Vocabulary Check
1. On a sheet of paper, use each of these terms in a sentence.
Content Vocabulary
• deposit (p. 179)
• direct deposit (p. 179)
• automated teller machine (ATM)
(p. 179)
• personal identification number
(PIN) (p. 179)
• checking account (p. 183)
• check (p. 183)
•
•
•
•
•
•
check register (p. 186)
balance (p. 186)
bank statement (p. 189)
service charge (p. 189)
reconcile (p. 193)
online banking (p. 197)
Academic Vocabulary
• access (p. 179)
• currency (p. 183)
• previous (p. 186)
• transfer (p. 189)
• coincide (p. 193)
• monitor (p. 197)
4.
5.
Concept Check
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
3.
List benefits of having a checking account.
Give the formula for determining the total amount of a bank deposit.
What is direct deposit?
Give the formula for calculating the present balance of a checking account.
What is the purpose of a check register?
What is a bank statement?
Summarize the steps in reconciling a check register with a bank account statement.
List advantages of online banking.
List possible online banking service charges.
CRITICAL THINKING What are the benefits of using direct deposit?
6.
7.
8.
Chapter 4 Review and Assessment 203
11. The advantages of direct deposit include safety
and speed. Money is deposited to your account
automatically so there is no danger that you will
lose your paycheck, have it stolen, or forget to
deposit it.
10. Online banking service charges include fees
for basic monthly use, bill payments, printed
12/20/14 7:36 AM
statements, and overdrafts. Banks also assess
fees for international wire transfers; ATM
regional, national, and out-of-network use; and
cash advances.
9.
place to hold money. The
records you keep and those
provided by the bank allow
you to track your expenses.
Total Deposit = (Currency +
Coins + Checks) − Cash
Received
A deposit transferred
electronically from your
employer’s checking account
to your checking account
Present Balance = Previous
Balance + Deposits −
Withdrawals − Service
Charges + Interest
To keep track of deposits,
electronic transfers, checks
written, ATM transactions,
and the present balance of
your bank account
A document issued monthly
that lists all activity in your
account since your last
statement
Subtract outstanding checks,
payments, and other debits
from the bank statement
balance. Then add outstanding
deposits to the bank statement
balance. The adjusted bank
balance should equal your
check register balance.
Allows you to bank from
anywhere as well as pay bills
and transfer money around
the clock
203
CHAPTER
4
CHA P TER
4
Lesson-by-Lesson Review
4.1
See answers on reduced student
page.
4.2
Review Exercises
14. Eight hundred forty-five
15.
16.
17.
18.
(pp. 179–182)
Compute the total checking account deposit.
Robin Jenkins deposited currency totaling $119.00 and coins totaling $12.36. She also deposited a check for $532.19. What was the total amount of her deposit?
Compute the total checking account deposit.
(Currency + Coins + Checks) – Cash Received =
$119.00 + $12.36 + $532.19 = $663.55 total deposit
4.1
00
and 100
dollars
33
Fifty-four and 100
dollars
Thirteen thousand five
hundred eighty-six and
16
100 dollars
Three hundred eighty-seven
21
and 100
dollars
02
Fifty-seven and 100
dollars
Deposits
12. Nicholas Roberts has two checks, one
for $256.00 and the other for $194.55. He
wants to deposit the checks and receive
3 ten-dollar bills, 7 one-dollar bills, 8
quarters, and 3 dimes. What is his total
deposit amount?
$256.00 + $194.55 − $39.30 = $411.25
13. ALGEBRA Debbie Turner makes a deposit
at an ATM and receives $75.00 in cash
and a receipt for the $872.25 total deposit.
She remembers that the checks deposited
totaled twice the currency she deposited.
She did not deposit any coins. What
amount in currency did she deposit?
What amount in checks did she deposit?
$315.75; $631.50
4.2
The Check-Writing Process
(pp. 183–185)
Write a check.
98
Write $403.98 in words, as it would appear on a check: Four hundred three and 100 dollars
Review Exercises
Write each amount in word form as it would appear on a check. Some amounts might
require that the cents be expressed as a fraction of a dollar.
14. $845.00
15. $54.33
16. $13,586.16
17. $387.21
18. Carla Phillips wrote a $57.02 check to Archer’s Grocery Store. Write the check’s amount
with cents expressed as a fraction of a dollar.
4.3
Check Registers
(pp. 186–188)
Calculate the balance in a check register.
Harrison Campbell’s
Check Register
checkbook balance
Description of
Payment
Trans. Type
Deposit/or
√
was $376.22 on June 25. or Check No. Date
Transaction
Debit (–)
Credit (+)
His check register that
follows shows the
234
6/27 ABC Cable TV
34 12
transactions since then.
235
6/28 Hills Water Company
15 77
What was his balance
6/28 Deposit
776 50
after each transaction?
236
6/29 Carolina Apt.
540 00
Calculate the balance.
New Balance = Previous Balance – Check Amount − Automatic Transfers
New Balance = Previous Balance + Deposit Amount
Balance
376 22
a.
b.
c.
d.
204 Chapter 4 Review and Assessment
ADDITIONAL PROBLEMS
203_209_C04RA_880505.indd
204
204
9/10/08
LESSON 4.1
LESSON 4.2
You deposit three checks for $150.00, $25.50,
and $40.00 and receive 4 twenty-dollar bills.
What is the total deposit amount? $150.00 +
$25.50 + $40.00 − (4 × $20.00) = $135.50
Mrs. Chambers wrote a check to Lana
Stewart for baby-sitting services in the
amount of $24.50. Write the check’s amount
in word form with cents expressed as a
fraction. Twenty-four and 50/100 dollars
2:10:
Chapter
4 Review and Assessment
CHAPTER
Lesson-by-Lesson Review (continued)
Review Exercises
Find the new balance in each problem.
19. Your balance on May 20 was $189.75,
and you made a $112.45 deposit on
May 22. On May 29, you wrote a $75.68
check, and on June 1, you made an
ATM withdrawal of $50.00.
Bank Statements
4.3
20. Your balance was $226.45 on April 14.
You wrote two checks, one on April 19
for $45.97 and the second on April 24 for
$62.14. Then you had an AT paycheck
deposit for $312.47 on April 25.
$176.52
4.4
page.
4.4
$430.81
page.
(pp. 189–192)
Calculate the current balance on a checking account bank statement.
Kippen Edwards received his checking account statement for July. His previous balance was
$966.51. What is his present balance?
Calculate the new balance:
Previous Balance + Deposits Recorded – Checks Paid – Service Charges + Interest
Checks and Other Charges
Deposits and Credits
Date
Number
Amount
7/06
213
7/14
214
Service Charge
4
Date
Amount
$ 712.90
7/08
$ 112.54
34.29
7/15
459.96
Interest
1.29
5.60
Deposit
572.50
Balance
$
$966.51 + ($112.54 + $459.96) – ($712.90 + $34.29) – $5.60 + $1.29
= $966.51 +
$572.50
–
$747.19
– $5.60 + $1.29
= $787.51 present balance
Review Exercises
21. Grace Collins received her checking account statement for March. Her previous balance
was $851.97. What is her present balance? $891.53
Checks and Other Charges
Deposits and Credits
Date
Number
Amount
3/17
333
3/18
334
3/22
335
Service Charge
Date
Amount
$ 34.55
3/18
$259.00
123.44
3/20
102.00
210.00
3/21
50.00
Balance
$
3.45
22. ALGEBRA Tom Eckhart received his bank statement and wanted to verify his pay increase.
His previous month’s pay was $3,076.60. His account activity showed a previous balance
of $597.90, processed checks of $2,696.90, ATM withdrawals of $300, and a service charge
of $5.50. If Tom’s new balance is $818.30, what increase in pay was direct deposited?
$146.20
203_209_C04RA_880505.indd
:51
PM
205
9/10/08
ADDITIONAL PROBLEMS
2:11:05 PM
LESSON 4.3
LESSON 4.4
Your checking account balance was $342.66
on April 1. You wrote a check for $256.99, and
made an ATM deposit of $439.00 on April 4.
Later that week, an automatic payment
was made for $48.00. What is your new
balance? $342.66 − $256.99 + $439.00 −
$48.00 = $476.67
A checking account had a previous balance of
$34.73. Total deposits equaled $386.74, checks
totaled $73.30, and service charges were
$2.50. What is the present balance? $34.73 +
$386.74 − $73.30 − $2.50 = $345.67
205
CHAPTER
4
CHA P TER
4
Lesson-by-Lesson Review (continued)
4.5
Bank Statement Reconciliation
(pp. 193–196)
Reconcile a check register with a bank
account statement.
Calculate the adjusted balance.
Statement Balance – Outstanding Checks +
a. $4,562.74
b. $4,562.74
c. $358.17
d. $358.17
4.5
page.
4.6
page.
$4,561.20
$357.99
Interest
6.59
2.33
Service Charge
5.05
New Balance
2.15
a.
Statement Balance
3,987.00
476.35
75.74
435.18
Outstanding Checks
Adjusted Balance
c.
651.48
317.00
b.
d.
Review Exercises
Complete the table. Do the register balance and the adjusted balances agree?
Check
Register
Balance
23. $ 176.55
525.79
24.
25. 1,254.62
4.6
Interest
Service
Charge
New
Balance
$ 0.00
$4.34
a. $ 172.21
0.00
5.05
a.$520.74
3.70
5.95
a.$1,252.37
Online Banking
Statement
Balance
$
79.21
Outstanding
Checks
$
Outstanding
Deposits
Adjusted
Balance
b. $
27.50
$ 120.50
752.45
232.33
0.00
b.
2,140.11
1,287.74
400.00
b.
23. b. $172.21 balances
24. b. $520.12 does not balance
25. b. $1,252.37 balances
(pp. 197–202)
Compute online banking charges and update the check register.
You use online banking. Last month you had a basic service charge of $7.50. Service charges
included 8 fees at $0.50 each, and a $4.00 fee for a printed statement, $3.00 out-of-network
ATM fee, and a cash advance fee of 2% of $300. What are the total service charges?
Add the service charge fees.
Basic
Bill
ATM Service
Cash Advance
Total
Service Charge + Payments + Statement + Charge Fee + Service Charge Fee = Service Charge
$7.50
+ (8 × $0.50) + $4.00 +
$3.00 + (0.02 × $300)
=
$7.50
+
$4.00
+ $4.00 +
$3.00 +
$6.00
= $24.50 total
service charge
Review Exercises
26. Lauren Woods had a basic service charge of $6.95. Individual service charges included 7
fees at $0.50 each, a $5.00 lost card replacement fee, $4.00 out-of-network ATM fee, and a
cash advance fee of 2% of $200. What was the total service charge? $23.45
27. Roger Sand banks online. Last month he had a basic service charge of $7.95. Service
charges included 6 fees at $0.70 each, a $25.00 overdraft fee, a $2.00 regional network
ATM fee, and a cash advance fee of 2.5% of $400. What was the total service charge?
$49.15
203_209_C04RA_880505.indd 206
9/5/08 10:57:25 AM
ADDITIONAL PROBLEMS
206
LESSON 4.5
LESSON 4.6
Your check register shows a balance of
$106.00. Your bank statement balance is
$205.00. Outstanding checks total $100.00.
There are no outstanding deposits. Do the
register and the adjusted bank balance
agree? $205.00 − $100.00 = $105.00. No,
they do not agree.
Don uses online banking. In January he had a
basic service charge of $5.50, an overdraft fee
of $35.00, a cash advance fee of 3% of $300.00,
and four individual service charges of $0.50
each. What was Don’s total service charge for
the month? $5.50 + $35.00 + ($300.00 ×
3%) + (4 × $0.50) = $51.50
CHAPTER
Practice Test
4
Record your answer on another sheet of paper.
1. Corina Juarez made a deposit to her checking account and received $80 in cash. The
deposit totaled $832. She did not deposit
any coins. The checks she deposited
totaled 3 times the currency she deposited.
How much did she deposit in checks?
A $228
B $684 B $684.00
C $912
D $752
2. If you deposited a check for $456.89 at an
ATM that has a $4.50 service charge fee
for all transactions, what was the total
amount deposited? B $456.89
A $452.39
B $456.89
C $461.39
D $460.50
3. What is the total of a deposit for $324.75,
15 pennies, 8 nickels, 5 dimes, and 3
quarters? D $326.55
A $325.15
B $326.45
C $325.95
D $326.55
4. What amount of money do you have if
you have 5 pennies, 13 nickels, 14 dimes,
2 quarters, and one 5-dollar bill? C $7.60
A $2.60
B $5.75
C $7.60
D $7.65
5. Which of the following does not have to
appear on a check? C Social Security number
A Date
B Dollar amount of check
C Social Security number
D Name of person to whom payment
will be made
6. If Amy Morris had $6,756.02 in her
checking account and wrote a check for
$543.88, what amount was left in her
account? C $6,212.14
A $7,489.14
B $7,299.90
C $6,212.14
D $6,312.16
Practice Test
7. Caitlyn Bailey had $4,765.58 in her checking account. If she wrote three checks
totaling $867.23 and was charged a $2.45
service, what amount was left in the
account? B $3,895.90
A $3,898.35
B $3,895.90
C $4,763.13
D $3,965.54
See answers on reduced
student page.
8. Juan Torres had $899.58 in his bank
account and made a $12.85 deposit. What
amount was in the account after the
deposit? D $912.43
A $914.68
B $872.85
C $886.73
D $912.43
9. Taylor Cook has her monthly pay
deposited directly to her checking
account. She recently received a pay
increase and wanted to determine the
increase amount. Her previous month’s
pay was $2,350.75. The checking account
shows a previous balance of $1,012.84,
checks processed totaling $741.68, ATM
withdrawals of $120, and a service
charge of $2.75. Taylor’s new balance is
$2,614.26. What was the increase in pay
deposited? $115.10
10. What amount did Kayla Morgan withdraw from her account if she wrote 4
checks of $54.68, $685.45, $93.93, and
$76.54? $910.60
11. Clare Belk withdrew $43.00 from her
bank account that had $1,029.93 in it.
What amount did she have left? $986.93
12. $36.59 + $54.69 $91.28
13. $6,459 – $2,123.94 $4,335.06
14. $340.45 – $45.00 – $68.59 + $2.45 $229.31
15. $10,987 – $1,234.56 $9,752.44
16. $9,856.87 + $5,765.01 – $459.12 $15,162.76
17. $3,456.54 – $42.63 – $2.67 – $1,457.89 $1,953.35
M
12/20/14 7:36 AM
207
CHAPTER
4
Standardized
Test Practice
See answers on reduced
student page.
Standardized
Test Practice
Chapter
4 Review and Assessment
Cumulative, Chapters 1–4
PART 1 Multiple Choice
Record your answers on the answer sheet provided by your teacher or on a sheet of paper.
1. Jen Murphy’s average monthly expenditure for groceries was $169.40 for the
first quarter this year. In April, she spent
$201.35, and in May, she spent $158.10.
How much can she spend in June and
maintain the average of the first quarter?
A $160.61
B $123.45
C $148.75 C $148.75 D $153.81
2. Marcia Richardson’s bank charges a
$0.15 service charge fee each time she
writes a check. What amount will the
bank withdraw if she writes 5 checks
totaling $485.96? B $0.75
A $488.72
B $0.75
C $486.71
D $496.71
3. If the Medicare tax rate is 5.4%, what
is the amount deducted from a $561.98
paycheck? B $30.35
A $5.40
B $30.35
C $40.85
D $20.15
4. Sam Howard’s bank charges a $1.23
fee for every check more than 10 that
he writes. What amount does the bank
withdraw from his account if he writes
18 checks totaling $754.89? B $9.84
A $22.14
B $9.84
C $764.73
D $777.03
5. If Sophia Cox budgeted $340.00 for utilities and the actual cost was $405.54, how
much over or under budget is she?
B $69.54 over
A $65.54 under
budget
budget
D $65.54 over
C $69.54 under
budget
budget
6. Bill Peterson’s bank account had
$1,428.74 in it. What amount did it have
after he wrote a check for $24.54, got
$60.00 at the ATM, and wrote another
check for $75.88? A $1,268.32
A $1,268.32
B $160.42
C $1,589.16
D $1,628.23
PART 2 Short Response/Griddable
7. Anna Ward wrote three checks for $45.50
each. If she started with $666.90 in her
account, what amount was left? $530.40
Exemptions
Single
$2,000
Married
4,000
Each Dependent
2,000
8. Jaime Greer is the assistant principal at a
high school earning an annual salary of
$58,980. He is married, claims 2 dependents, and pays $2,549 in state income
tax per year. What is the state income tax
rate for his state? Use the table above. 5%
9. Sally Lybrand’s annual medical insurances costs $9,500. Her company pays
82% of the cost. How much does Sally
pay monthly? $142.50
PART 3 Extended Response
Show your work.
10. Do you think everyone should use online
banking? Why or why not?
Answers will vary, but should indicate an
understanding of the benefits of online banking.
D $65.54 over budget
TEST-TAKING TIP
For multiple choice questions, read all of the
choices carefully before you select an answer.
Test-Taking Strategies
Continual Review
Remind students: prepare for tests over
a few days or weeks. Continually review
class material. When reviewing for a test,
do not wait until the night before to learn
everything at once.
208
12/20/14 7:37
CHAPTE R
4
CHAPTER
4
Building Academic Skills
Building Real-World Skills
Mathematics
You just received your checking account
statement that says you have a balance of
$3,744.27 in your account. You know that
checks written for $401.32, $147.98, and $76.88
have not yet cleared the account. The $1,024.00
deposit you made yesterday has not yet been
posted either. What is your adjusted balance?
You plan to open a checking account.
You are interested in its online banking services. Prepare a list of questions. Visit Web
sites of local or regional banks to find the
answers to your questions. Create a spreadsheet to compare and contrast different financial institutions and their services.
Social Studies/Government
Ch ki Account S
Checking
Software
f
One of the most
popular computer applications is personal
finance software, which can track checking
account balances. Often, the on-screen program
looks just like a checkbook register. The user
simply types in the name of the business or
individual paid with each check, the amount,
and the date. The software can also remember
what the next check number should be, which
can alert you to a missing check.
Research and Write:
a. Using the Internet, find the names of
two popular personal finance software
packages.
b. What are some of the benefits of tracking
your checking account on a computer?
What do you think disadvantages could
be?
Bank Teller
a. Ask students to visit the
U.S. Department of Labor’s
Bureau of Statistics Web
site.
b. According to the BLS, most
bank teller positions require
only a high school diploma.
The median income for the
career is $22,140.
Building Real-World Skills
Checking Account Software
a. Answers will most likely
include Quicken and Microsoft
Money.
b. Benefits: organization,
automatic adding and
subtracting of amounts, easy
reconciliation, and budgeting.
Disadvantages: requires a
computer, requires computer
skills, can be time-consuming
for someone unfamiliar with
computers, and there is a
danger of data being lost by
accident.
Digital Vision/Alamy
Check Clearing for the 21st Century
Act, or Check 21, is a federal law that lets
banks handle checks electronically. It is supposed to make check processing and clearing faster, more efficient, and less expensive.
Under this law, you receive a picture of the
front and back of your checks from your bank
instead of the actual canceled checks. Use
library and online sources to find out more
about Check 21. Who do you think benefits
the most from this change? The least?
Bank Teller As the person who handles
money and deals directly with customers, a
teller is one of the most important people in
a bank. This job includes accepting cash for
deposit, printing receipts, answering questions about balances, and sometimes helping
customers open new accounts.
Research and Share:
a. Visit the Web site of the U.S. Department
of Labor’s Bureau of Labor Statistics and
obtain information about the career of
bank teller.
b. What level of education is required to be a
bank teller? What is the median income?
Building Academic Skills
7 AM203_209_MBPF_S_CH04_RA_XXXXXX.indd 209
Mathematics
$4,142.09
Student spreadsheets should show the
names of different financial institutions and
should list the services provided by each.
12/20/14 7:47 AM
Social Studies/Government
Answers should indicate that banks benefit
most because the act has reduced the cost
of handling, transporting, and returning checks. The
account holder who does not have online access may
be someone who benefits least.
209

Checking Accounts

Transcription

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