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Can You Survive?. Understanding banking and credit. Learning Objectives. The youth will be able to: Define credit Understand the difference between good and bad credit Correctly fill out a check, deposit slip, and check register. Credit Basics. Credit is the ability to borrow money
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Can You Survive? Understanding banking and credit.
Learning Objectives The youth will be able to: • Define credit • Understand the difference between good and bad credit • Correctly fill out a check, deposit slip, and check register
Credit Basics • Credit is the ability to borrow money • Buy now, pay later • Be aware of interest charges • Depends on: • Principal • Term • Interest rate
Credit Benefits vs. Risks • Good credit makes life easier • Financial flexibility • More opportunities • Too easy to mess up • Late fees • Overspending • Loss of opportunities
Your Score and Credit Report • Your Credit Score • Determines how likely you are to get a loan • Your Credit Report is free once every twelve months • Equifax • Experian • TransUnion • Don’t pay if you don’t have to
What’s On It? • Basic demographic info • Name • SSN • Current and former addresses • Open and closed accounts • Credit history • Review regularly to check for errors and fraud
Why is it Important? • You give others permission to look at it • Employers • Loan applications • Apartment application • Credit card applications (including store CC) • Negative information stays on in it for 7 years
What if it’s Wrong? • Notify the reporting agency • Copies (not originals) supporting documentation • Clearly identify errors • State facts request deletion or correction of incorrect information
What if it’s Wrong? • Notify the business or creditor • Send same information sent to the creditor that provided information to the Credit Bureau • Agency must reinvestigate • Incorrect information will be deleted or corrected
Take it to the Bank • Opening an account • Which bank • What type of account • Provide personal information • 2 forms of ID • Cash for deposit • Benefits of your account
Watch Yo’ Money • Deposit slips • Checks • Check register
Filling Out a Check H A B C D F E G
Financial Survivor Can your team outwit, outplay and outlast your opponents to be the ultimate Survivor?
Meet the Tribes MoolaBread C-noteScrila Benjis Grip
Immunity Use your immunity idol to pass on a question or challenge. You must surrender the idol once it is used.
Challenges Each time you get a question right, you get a challenge and a chance at bonus points.
The Final Challenge The secret final challenge will be revealed at the end of the game for additional points. Good Luck Survivors!
Question One How long can negative financial information stay on your credit report? Answer
Answer One Seven (7) years! Challenge Question
Challenge One Name the three credit bureaus. NEXT QUESTION
Question Two Name three items that are taken out of your paycheck, before you get it. Answer
Challenge Question Answer Two Federal/state income tax, Social Security, Medicare contributions
Challenge Two How much Federal income tax was deducted during this pay period? NEXT QUESTION
Question Three Name two things you must have to open a bank account? Answer
Answer Three Identification and money to deposit Challenge Question
Challenge Three On April 24, 2012 you purchased a new outfit from Macy’s with a check. Pants $22.99 Shirt $17.99 Shoes $35.99 Subtotal = $76.97 Tax = $3.46 Fill out the check for your purchase. NEXT QUESTION
Question Four If you do this when you write a check, you will always know your account balance. Answer
Answer Four Use your check register. Challenge Question
Challenge Four Reconcile the Account! NEXT QUESTION
Question Five Your bank statement will show Current amount in account Amount in account at time statement was printed Up to date list of withdrawals and deposits All of the above Answer
Answer Five b. Amount in account at time statement was printed Challenge Question
Challenge Five Name three Kanye West songs. NEXT QUESTION
Question Six When you receive goods and services now, and pay for them later, you’re using: Answer
Answer Six Credit Challenge Question
Challenge Six You received five birthday cards with the following enclosures! $75 in cash $50 check #123 $35 check #526 $25 in cash $25 check #725 Deposit half into your checking account and get half back in cash. Fill out the deposit slip. NEXT QUESTION
Question Seven What is stored in the magnetic strip on the back of your credit/debit card? Answer
Answer Seven Your account number Challenge Question
Challenge Seven Name three things you should not use when choosing a PIN number. NEXT QUESTION
Question Eight To correct a debit or ATM transaction error you must notify your financial institution within: Answer
Answer Eight 60 days Challenge Question
Challenge Eight Name 3 services available through online banking. NEXT QUESTION
Question Nine When deciding to purchase an item, the best thing to ask yourself is? Answer
Answer Nine Do I need this? Challenge Question
Challenge Nine Name three Avengers (from the movie). NEXT QUESTION
Question Ten How often can you request to see your credit report for free? Answer