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Understanding Bank Accounts: Savings vs. Checking

In this Bell Work activity, explore the basics of bank accounts by answering the questions: Do you have a bank account? Is it a savings or checking account? Complete your bell work in the packet provided, using the space available on the last page. This exercise aligns with NCSS standards focusing on culture, power, authority, governance, and economic concepts, as well as MDE competencies. Engaging with these topics will enhance your understanding of personal finance and the role of banks in our economy.

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Understanding Bank Accounts: Savings vs. Checking

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  1. Bell Work Do you have a bank account? Is it a saving or a checking account? Do your bell work on your packet. There is room on the last page.
  2. NCSS and MDE NCSS Standards: 1 Culture 6 Power, Authority, and Governance 7 Production, Distribution, and Consumption MDE Competencies: 1 2 4 5

  3. Chapter 5 Banking and Money

    Oak Grove Economics
  4. History Of The Banking System
  5. During the American Revolution Continental Bills Not This One
  6. Constitution Levy Taxes Coin Money
  7. Federalist VS. Anti-Federalist Anit-Federalist favored state chartered banks Federalist favored centralized banks
  8. Bank of the United States
  9. 4 Functions 1. To hold tax funds collected by the federal government. 2.To assist the federal government in tax collection, borrowing, and interstate trade regulation 3.To issue representative money in the form of bank notes. 4.To ensure that state-chartered banks held sufficient gold resources to cover bank notes that they issued.
  10. http://www.youtube.com/watch?v=vYh7pato4uE Say No To National Banks Mr. President we need you to renew the bank charter National Bank? What National Bank?
  11. United States Note Representative money during the Civil War.
  12. Coinage Act 1873 Silver The Government The government no longer purchased silver and moved to the gold standard.
  13. Gold Standard I pity the fool who wants silver.
  14. Federal Reserve Act
  15. Federal Reserve Note
  16. Stock Market Boom Stock prices were inflated and did not represent the worth of the company.
  17. Stock Market Crash October 29, 1929
  18. Bank Holiday All banks were closed.
  19. Federal Deposit Insurance Coporation Created to provide insurance for customer deposits.
  20. Lifted Bank Regulations
  21. Bank Bailout http://www.youtube.com/watch?v=fr8EaOKKCNs
  22. Real Estate Bubble
  23. Bartering In a series of trades, Kyle MacDonald traded this red paper clip for other items until he ended up owning a house. http://www.youtube.com/watch?v=BE8b02EdZvw
  24. Functions of Money The functions of money is to not make it rain but is: http://www.youtube.com/watch?v=yeTrIJphoSg A medium of exchange. A unit of account. A store of value.
  25. A Medium of Exchange Not this kind of medium but: As a medium of exchange, money acts as an intermediary or link
  26. Unit of Account The unit of height are measured in feet or meters. The unit of value is measured in money. The unit of the weights are measured in pounds or grams. ___
  27. A Store of Value
  28. Characteristics of Money Durability Portability Divisibility Uniformity Limited Supply Acceptability http://www.youtube.com/watch?v=AQ5fWxF7LIA
  29. Durability
  30. Portability
  31. Divisibility
  32. Uniformity
  33. Limited Supply
  34. Acceptability
  35. Types of Money http://www.youtube.com/watch?v=mmBSkTtGqf4 Commodity Representative Fiat Electronic
  36. Conclusion The National Bank in 1791 had 4 functions. The First National Bank and Second National Bank were vetoed. The Coinage Act of 1873 put the U.S. on the gold standard. The Federal Reserve Act centralized banking but into districts. A “run” on the bank happens when large number of people withdraw money from the bank. The “Bank Holiday” closed all banks during the Great Depression to allow the federal government to strengthen, reorganize, and reopen banks. Questionable and illegal mortgage practice involved issuing mortgages to people who normally do not qualify for them. This caused many foreclosures on homes.
  37. Bibliography For pictures of old money and federal reserve notes refer too: http://www.coinnews.net/2010/12/16/exceptional-notes-headline-heritage-tampa-fun-currency-auction/ For the pictures of the cows refer to: http://newsletters.creativecow.net/newsletters/2007/10-17/index.html For pictures of the stock market crash and New Deal related photos refer to: http://www.stock-market-crash.net/1929-crash/ For real estate bubble cartoon refer to: http://www.intoon.com/cartoons.cfm/id/1787 For maps refer too: http://www.tlnt.com/2012/11/29/federal-reserve-hiring-is-improving-but-skilled-labor-is-in-short-supply/ For Revolutionary, Federalist and Anti-Federalist refer to: http://meettommerkey.com/fiat-money/
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