Challenge 5-A: Use a Checking Accountmaplp.weebly.com/.../9/...a-use-a-checking-account.pdf ·...
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Challenge 5-A: Use a Checking Account ©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account High School Financial Planning Program June 2014 NAME: DATE: Use a checking account register or create a spreadsheet to record transactions for two months. Check your accuracy by reconciling the account each month. As you work through the lessons and activities in NEFE’s High School Financial Planning Program, compile your completed challenge activities into a personal financial planning portfolio. Directions 1. Ron Ziesmer is a single 24-year-old who lives in Rochester, Minnesota. He recently opened a new checking account at the Rochester Credit Union. Use the data provided to track two months of Ron’s transactions. Go through the steps to write the first two deposit slips and first four checks. The first few transactions have already been recorded for you. Monthly statements are provided so you can reconcile Ron’s account each month. 2. Preview the criteria listed in the Scoring Guide to ensure you are meeting the minimum criteria as you complete this assessment. 3. Before sharing your final work with the instructor, self-assess your work using the Scoring Guide. Required Criteria Status Content 1. Transactions are recorded in chronological order. acceptable not acceptable 2. Payment amounts are recorded in the payment column. acceptable not acceptable 3. Deposit amounts are recorded in the deposit column. acceptable not acceptable 4. The account balance is recalculated and displayed with each transaction. acceptable not acceptable 5. You reconcile the account with the November statement data. acceptable not acceptable 6. You reconcile the account with the December statement data. acceptable not acceptable 7. The final account balance is accurate. acceptable not acceptable General 8. Transaction data is completely recorded. acceptable not acceptable 9. Reconciliation worksheet data matches your register and statement data. acceptable not acceptable 10. Documentation is neat and easy to read. acceptable not acceptable Feedback: Score: _______ /_______
Transcript of Challenge 5-A: Use a Checking Accountmaplp.weebly.com/.../9/...a-use-a-checking-account.pdf ·...
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
NAME: DATE:
Use a checking account register or create a spreadsheet to record transactions for two months. Check
your accuracy by reconciling the account each month. As you work through the lessons and activities in
NEFE’s High School Financial Planning Program, compile your completed challenge activities into a
personal financial planning portfolio.
Directions
1. Ron Ziesmer is a single 24-year-old who lives in Rochester, Minnesota. He recently opened a new
checking account at the Rochester Credit Union. Use the data provided to track two months of
Ron’s transactions. Go through the steps to write the first two deposit slips and first four checks.
The first few transactions have already been recorded for you. Monthly statements are provided
so you can reconcile Ron’s account each month.
2. Preview the criteria listed in the Scoring Guide to ensure you are meeting the minimum criteria as
you complete this assessment.
3. Before sharing your final work with the instructor, self-assess your work using the Scoring Guide.
Required Criteria Status
Content
1. Transactions are recorded in chronological order. acceptable not acceptable
2. Payment amounts are recorded in the payment column. acceptable not acceptable
3. Deposit amounts are recorded in the deposit column. acceptable not acceptable
4. The account balance is recalculated and displayed with each transaction. acceptable not acceptable
5. You reconcile the account with the November statement data. acceptable not acceptable
6. You reconcile the account with the December statement data. acceptable not acceptable
7. The final account balance is accurate. acceptable not acceptable
General
8. Transaction data is completely recorded. acceptable not acceptable
9. Reconciliation worksheet data matches your register and statement data. acceptable not acceptable
10. Documentation is neat and easy to read. acceptable not acceptable
Feedback: Score: _______ /_______
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Record the following routine transactions along with the transactions noted in the calendars.
When the account was opened, Ron arranged for the following bills to be paid automatically
on the 10th of each month:
Rent to LK’s Rental Properties, $550
Phone, Internet, and cable TV service provided by eConnect, Inc., $108.75
On the 15th and 30th of every month, Ron’s paycheck is automatically deposited to
his account, $1,256.67.
On the 15th of every month, Ron has arranged to have $200 transferred from his
checking account into a savings account.
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Reconcile Worksheet - November
Credit Union Statement Ending Balance
+ Outstanding Deposits
= Subtotal
- Outstanding Payment
- Outstanding Payment
- Outstanding Payment
- Outstanding Payment
= Adjusted Credit Union Balance
Does the adjusted number match Ron’s ending balance?
Challenge 5-A: Use a Checking Account
©2014 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account
High School Financial Planning Program June 2014
Reconcile Worksheet - December
Credit Union Statement Ending Balance
+ Outstanding Deposits
= Subtotal
- Outstanding Payment
- Outstanding Payment
- Outstanding Payment
= Adjusted Credit Union Balance
Does the adjusted number match Ron’s ending balance?
