Can You Survive? - PowerPoint PPT Presentation

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Can You Survive?

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  1. Can You Survive? Understanding banking and credit.

  2. 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

  3. Credit Basics • Credit is the ability to borrow money • Buy now, pay later • Be aware of interest charges • Depends on: • Principal • Term • Interest rate

  4. Interest Charges

  5. Credit Benefits vs. Risks • Good credit makes life easier • Financial flexibility • More opportunities • Too easy to mess up • Late fees • Overspending • Loss of opportunities

  6. 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

  7. Your Credit Report

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. Watch Yo’ Money • Deposit slips • Checks • Check register

  14. Filling Out a Check H A B C D F E G

  15. Filling out a Deposit Slip

  16. Tracking your Money

  17. Bank Statement

  18. Financial Survivor Can your team outwit, outplay and outlast your opponents to be the ultimate Survivor?

  19. Meet the Tribes MoolaBread C-noteScrila Benjis Grip

  20. Immunity Use your immunity idol to pass on a question or challenge. You must surrender the idol once it is used.

  21. Challenges Each time you get a question right, you get a challenge and a chance at bonus points.

  22. The Final Challenge The secret final challenge will be revealed at the end of the game for additional points. Good Luck Survivors!

  23. Question One How long can negative financial information stay on your credit report? Answer

  24. Answer One Seven (7) years! Challenge Question

  25. Challenge One Name the three credit bureaus. NEXT QUESTION

  26. Question Two Name three items that are taken out of your paycheck, before you get it. Answer

  27. Challenge Question Answer Two Federal/state income tax, Social Security, Medicare contributions

  28. Challenge Two How much Federal income tax was deducted during this pay period? NEXT QUESTION

  29. Question Three Name two things you must have to open a bank account? Answer

  30. Answer Three Identification and money to deposit Challenge Question

  31. 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

  32. Question Four If you do this when you write a check, you will always know your account balance. Answer

  33. Answer Four Use your check register. Challenge Question

  34. Challenge Four Reconcile the Account! NEXT QUESTION

  35. 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

  36. Answer Five b. Amount in account at time statement was printed Challenge Question

  37. Challenge Five Name three Kanye West songs. NEXT QUESTION

  38. Question Six When you receive goods and services now, and pay for them later, you’re using: Answer

  39. Answer Six Credit Challenge Question

  40. 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

  41. Question Seven What is stored in the magnetic strip on the back of your credit/debit card? Answer

  42. Answer Seven Your account number Challenge Question

  43. Challenge Seven Name three things you should not use when choosing a PIN number. NEXT QUESTION

  44. Question Eight To correct a debit or ATM transaction error you must notify your financial institution within: Answer

  45. Answer Eight 60 days Challenge Question

  46. Challenge Eight Name 3 services available through online banking. NEXT QUESTION

  47. Question Nine When deciding to purchase an item, the best thing to ask yourself is? Answer

  48. Answer Nine Do I need this? Challenge Question

  49. Challenge Nine Name three Avengers (from the movie). NEXT QUESTION

  50. Question Ten How often can you request to see your credit report for free? Answer