Lesson Plan Template CATE 4013 Teaching Strategies

Teacher Name: Miranda Tims

Date and time lesson will be taught: October 27, 2015. 4th period
Lesson Title: Choosing and Balancing a Checking Account
Name of Secondary CTE Course: Office Education Cooperative
Curriculum Framework Unit:
Standard(s): 5.2 Explain the procedure for opening a checking account
5.5 Explain the process of preparing a check
5.6 Demonstrate the procedure of reconciling a bank statement
5.7 Discuss electronic banking

Objectives: The learners will be able to..

1. Understand how to open a checking account.
2. Prepare a check.
3. Reconcile a bank statement.

Content to be presented in lesson:

Importance of a checking account:
Way to manage ones money
Protects your money
Keeps track of money spent and deposited
What to look for when shopping for a checking account
Minimum balance
Fees
Overdraft fees
Interest
Location
Traditional Banking Aspects
Checking Account
Student loans
ATMs
Check Cashing Services
Checks
How to fill one out

Rewards/Points
Why they are useful
How they can be dangerous
What one will need to open a checking account?
Application form
Drivers license or I.D. card
Social Security number
Physical/email address
Money
Balancing a Checkbook
How to fill out a bank statement
ATM cards
Check cards
Debit cards
Introduction to the Lesson/Hook:

Allotted time: 5 minutes

Good morning students! I am passing out a worksheet that we will be working on through throughout this period.
Make sure you are filling it out and following along. Today, I am going to be teaching you all about the importance of
having a checking account, how to make a checking account, how to write a check and balance your checkbook. To begin,
I would like to show a quick video on the importance of having a checking account. Throughout the video, please write
down three reasons why checking accounts are useful or important to have on the worksheet that is provided. (Play the
video)
Can anyone tell me something they heard in the video about why a checking account is a useful thing to have?
(Give the students time to answer, Way of managing ones money, Protects your money because you cant walk around
with all of the cash that you need, Keep track of the money that is going in and out of your checking account)

Learning activities/procedures:

Allotted time: 36 minutes

Now, lets talk about five different things you need to look for once you have decided to open a checking
account. The first thing is the minimum balance. You need to find out what minimum balance the account must have, and
what happens if your account falls below the minimum balance that the bank requires. Can anyone think of something that
could happen if your account falls below the minimum? (Give the students time to answer, you might have to pay a fee
each month) Exactly, this fee is our next topic. You want to be sure to check with the bank to see if the account you are
wanting to open cost a monthly fee? Or do they have a cost per check that you write or deposit? Or are there online or

ATM fees? There are many fees that a bank could have and therefore you want to be clear on the different possible fees
you could encounter in order to hopefully avoid unnecessary fees if at all possible. One type of fee is an overdraft fee.
Does anyone know what an overdraft fee is? (Give students time to answer) Great, so its how much your bank charges if
you overdraw on your account. This fee is different for every bank so it is important to know what the number is. Does
anyone know how you can avoid getting an overdraft fee? (Give students time to answer) The next important thing to look
for is interest. This is very important to look for, because it could lead to more money for you in the end. Who can tell me
what interest is? (Give students time to respond) Right, so say you have $1000 in your checking account and your account
bears interest of 1%, by the end of the year you would have $1010. The last thing you want to look for is the location of
your bank. Usually it is a good choice to pick a bank that has a branch close to where you live, work, or go to school. This
way you can have easy access to a customer service representative or a financial advisor. Also, if you have a check or
money to deposit, it can make that process easier.

Banks provide four basic traditional banking services that can pertain to you as a student. These are checking
accounts, which are our main focus today, it is a no-frills checking account that offers a low minimum opening deposit
and usually they have reduced fees for students. Student loans are the next service. Has everyone heard of student loans?
Great, can (someone) tell me what they know about them? (Give the students a chance to answer. This is a loan service
where a student borrower receives enough money to pay for their postsecondary education, which is then paid back to the
bank through payments with interest until the loan is paid off. Usually a payment play is set up post-postsecondary
education.) ATMs. Do you all know what an ATM is? What about what it stands for? Yes, that is a hard question. The
answer is Automatic Teller Machine. It is a bank machine that gives out cash from your account and accepts deposits
around the clock. This is a great way to deposit or withdraw money any time of the day. The last service that is important
to us right now are the check cashing services that banks provide. This is when a business charges a fee to cash a check
such as a paycheck, a bank will provide this service for free if you are a customer at their bank. This saves you that extra
fee that you would have to pay if you do not have a checking account with a bank.

Okay, lets talk through the different aspects of a check together. Does anyone know what you write on the Pay
to the Order Of line? What about the line under this one? Great, and that same number using numerical digits goes where?
What about your signature? Does this go on the bottom left or bottom right light? So then, what goes on the bottom left

line? This is where you write a memo to help you remember what you are writing this check for. An example of this
would say my doctors appointment, my daughters dentist appointment, etc. Are there any questions about how to fill out
a check?

Okay, then now I would like for you to fill out this check on your own that you have on your worksheet with the
information that I have provided for you on the board. I am going to give you a few minutes and Ill be walking around if
you need any help. (Give the students time to fill out the check) Okay, lets go around the room and everyone tell me what
you put in each spot of the check. (Go around the room)

This man is Warren Buffett, by chance, have any of you heard of Warren Buffett? Do you know anything about
him? Well just a few quick facts on him. He is the most successful investor of the 20 th century. He is the chairman, CEO
and largest shareholder of Berkshire Hathaway. In 2008, he was the worlds wealthiest person and now ranks at third. In
2012, Time named Buffett one of the worlds most influential people. One of the most important facts about him, is that he
has promised to give by 99% of his wealth to philanthropies. So, I would say he is a person that I would want to take
financial advice from. In your reading, it says to be weary of rewards on credit and debit cards. Just because you get
rewards when you spend money does not mean that you should always be spending that money. You need to think, and
make sure, that you need to be spending that money. Warren Buffett says, If you buy things you do not need, you will
soon have to sell things you need. What is Warren Buffett trying to warn against in this quote? (Give students a chance to
answer) (If you keep buying unnecessary things, you will soon run out of money and therefore have to sell or get rid of
things that are important to you, in order to be able to pay for necessities.)

Okay, so now we are going to watch another quick video. On you sheet, be listening for the four things you will
need to open up a checking account, and please write them down. (Play the video until 2:00) Okay, what was the first
thing, second thing, third, fourth? There is one last thing that you will need that the video does not mention. Can anyone
think what that might be? (Give students a chance to answer. Money) The minimum amount you need varies from bank to
bank. For all of these things, you should call your bank or look online for everything that your bank wants you to bring
with you in order to open a checking account.

Now, I am going to go through how to balance your checkbook and what each column is meant for. It is essential
to balance your checkbook when you get your statement in the mail from your bank. Why would I do this if my bank has
already done this for me? It is important because, banks can make mistakes. A teller can mistype numbers in the amount
of a deposit and an automatic check reader can misread a number in a check you wrote. The only way to find these errors
is to check off each check you wrote against the corresponding amount on the bank statement. In the first column, we
have the date. This is the date that you have received a paycheck or money, or the day that you have written a check or
taken out money through an ATM. The description column is for you to remember what each amount went with. This
could be a restaurant, a doctors appointment, it could be parents if they gave you some money, or your work for when
you get a paycheck. The reference number is for when you write or receive a check. This is the check number to help you
connect each check to each deposit or withdrawal. Take a second to discuss with a neighbor the difference between a
withdrawal and a deposit. (Give the students a moment) Who would like to share what they came up with (Give the
students a chance to answer). Now take a moment to talk about the difference between the balance and the total. (Give the
students a moment) Who would like to share what their group came up with? (Give the students a chance to answer) Does
anyone have any questions about each column on balancing a checkbook?

Now, its your turn again. Please fill out the blank bank on your worksheet. Your current total is the bank
statement above the blank one. So many sure you are adding and subtracting your total from the bank statement already
provided. (Give them time to fill it out and then talk about their answers)

Last, lets talk about the difference between an ATM check card and an ATM debit card. Does anyone know what
a check card is? (An ATM check card can be used only to withdraw money from your account using an ATM) What about
a debit card? (In addition to allowing ATM withdrawals and deposits, a debit card will allow you to purchase items in a
store with the purchase amount being from your account.) Does anyone know a risk of using a debit card? (It allows you
to overdraw from your account) Exactly, and an ATM check card does not allow you to do this, but you will have to
deposit cash each time you would like to buy something.

Closure/Review of Content:

Allotted time: 7 minutes

In summary, you will be spending money and hopefully receiving money for the rest of your life. The hard part
will not be to spend money, but to save the money that you have for your future. It is important to know about any fee
your bank could charge you in hopes to avoid this unnecessary spending. Make sure you are buying things you truly need
and never buy something just to earn reward point on your purchases.

And, I really like to end each lesson with a quote. What you do today is important because you are exchanging a
day of your life for it. Make sure you are always making each day important and make an effort every day to reach short
and long term goals.

To finish up, if you would please take your last blank sheet of paper. Put your name on the paper and fill out
these five questions as a review for the lesson today. When you have finished you can pack up for today.

Evaluation/assessment of student learning:

Allotted time: N/A

Informal assessments will happen throughout the lesson as they are filling out their worksheets. The formal
assessment will be the exit slip at the end of class to see how much they have learned throughout the lesson.

Modifications for exceptional learners:

One of my students in OEC is on an IEP. I just have to make sure that she has adequate time to complete
assignments. She will receive extra time to work on the bell ringers or exit slips if she needs it. If she does not
finish a test during a particular hour, she can come back later in the day to finish. Also, whenever we are
working in Virtual Business, I expect most of my students to finish a lesson in two class periods and without
using their reading on the quizzes. She is allowed to have her reading handy when she quizzes and sometimes
will need three days to finish a unit.
References:
All images used in PowerPoint are from Google Images
https://www.youtube.com/watch?v=n273-rQIK-c
http://www.greenpath.com/university/fast-forward/managing-checking-account
https://en.wikipedia.org/wiki/Warren_Buffett

Materials and equipment needed for lesson:

Worksheet for students
PowerPoint slides
YouTube videos