Tuesday / Wednesday 12 / 13 May

Class worked through several lessons that help students understands the goals of the next unit:

"Making Personal Financial Decisions"
The unit will focus on the following concepts and skills:

CONCEPTS

Budgeting

Banking

Credit

Saving

Investing

Insurance

SKILLS

Budgeting

Reconciling

Graphing and analyzing compounding interest and growth

Calculating Return on Investment (ROI)

The class was given the following initial vocabulary list and some information about some of the first words:

VOCABULARY

Budget: A financial plan; includes income and expenses.

Bank Accounts: “Places” that hold money. Checking and savings are the main kinds. Checking accounts are used for money you plan to use soon; savings accounts are usually better for money you won’t need immediately (this month or next month).

  

Cash flow: The balance of money into and out of an account or set of accounts.

Balance: How much money remains in an account.

Available Balance: How much money that remains in an account that you can use (Banks will often put a “hold” on a new deposit, and you can not write a check, withdraw cash, or use a debit card for the amount on “hold” / “not available”).

Debit Cards: A card that when used to make a purchase immediately withdraws money from the account to which it is linked (like writing a check).

Credit

Credit Line

Insurance

Next the class looked at the format of a check, how to write a check, and how to endorse a check.

The class then worked on the skills of entering financial transactions into a personal ledger, and began examining how a ledger can provide data for making financial decisions: