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Bell Ringer

Bell Ringer. Your bill at O'Charleys is $35.00. You generally need to tip servers 20% of your bill. How much do you tip ? Bell ringers are being collected today. Bell Ringer Answer. $44.75 * 20% = $8.95. Agenda. Bell Ringer / Announcements / Attnd . –7 mins . Collect bell ringers.

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Bell Ringer

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  1. Bell Ringer • Your bill at O'Charleys is $35.00. You generally need to tip servers 20% of your bill. How much do you tip? • Bell ringers are being collected today.

  2. Bell Ringer Answer $44.75 * 20% = $8.95

  3. Agenda • Bell Ringer / Announcements / Attnd. –7 mins. • Collect bell ringers. • Hand back graded papers • True Cost of Ownership Activity – 63 minutes. • People that DID NOT use a computer yesterday have first dibs on computers.

  4. Learning Outcomes • Analyze the history and evolution of credit. • Demonstrate various ways people get into debt. • Compare and contrast credit cards and debit cards. • Explain how the debt snowball works. • Evaluate and refute the myths associated with debt.

  5. Test Statistics Percentage Points: 63 65 75 78 79 79 81 84 86 87 87 88 88 91 92 92 97 97 97 97 100 RAW POINTS CONVERTED TO % POINTS A (93 – 100%) - 5 B (86 – 92%) – 8 C (79 – 85%) – 4 D (70 – 78%) – 2 U (Anything below a 70%) – 2

  6. Test Statistics • Mean Score (Average): 86% - B • Median Score (In the middle): 87% - B • Mode Score (most repeated): 97% - A

  7. Chapter 4 Vocabulary Terms • Annual Fee • Annual Percentage Rate • ARM • Balloon Mortgage • Credit • Credit Card • Credit Limit* • Debt Consolidation • Debt Snowball • Depreciation • Finance Charge* • Foreclosure • Grace Period • Home Equity Loan • Introductory Rate* • Lease • Loan Term* • Myth • Paradigm • Tax Deduction

  8. Vocabulary not in book • Finance Charge • A fee charged for the use of credit or the extension of existing credit. May be a flat fee or a percentage of borrowings, with percentage-based finance charges being the most common. • Introductory Rate • The low rate charged by a lender for an initial period to encourage borrowers to accept the credit terms. After the introductory period is over, the rate charged increases to the indexed rate or the stated interest rate. Often called a teaser rate or intro rate. • Loan Term • The number of months that a borrower has to repay a loan to a lender. • Credit Limit • The maximum amount of money that a credit lender will give to a borrower.

  9. Ch. 4 Schedule – Before Spring Break • Tuesday • Dave Ramsey Parts 1 & 2 • Vocabulary • Wednesday • Dave Ramsey Parts 3 • Lottery Scavenger Hunt • Thursday • Dave Ramsey Parts 4 & 5 • True Cost of Ownership • Friday • True Cost of Ownership

  10. Review Questions (Parts 1 and 2) • What percentage of Americans are living paycheck to paycheck? • What department store did not believe in or accept credit cards? What event and in what year led this department store to accept credit cards? • What motor company did not offer credit on cars? • In what year was the Diner’s Club founded? Who founded the club? What is the Diner’s Club? • In what year did the first credit card become distributed? What company is responsible for the credit card? • What percentage of marriages end in divorce? What is the number one cause of divorce in couples that are married for less than seven years? • Why should you not let a friend or relative borrow money?

  11. Review Questions (Parts 3 and 4) • Why should you not co-sign on a loan for someone? • What percentage of millionaires are first-generation millionaires? • What were the total sales for lottery tickets in 2013? • How much does the average high school graduate spend a month on the lottery vs someone with a college degree? • How much is the average car payment?

  12. Review Questions (Parts 5 & 6) • A new car loses how much of its value in the first four years? • When purchasing a home what type of mortgage does Dave Ramsey suggest you take out? • When you use cash instead of plastic you spend ________% less, because spending cash hurts.

  13. Review Questions (Parts 1 – 6) • What percentage of Americans are living paycheck to paycheck? • In what year did the first credit card become distributed? What company is responsible for the credit card? • How much does the average high school graduate spend a month on the lottery vs someone with a college degree? • How much is the average car payment? • A new car loses how much of its value in the first four years? • When you use cash instead of plastic you spend ________% less, because spending cash hurts.

  14. Review Questions (Part 7 & 8) • Explain debt consolidation. • What is the most important key to building wealth? • What are the 5 steps out of debt? (5 different people to answer)

  15. Chapter 4 Test True / False (10 ?’s) 2 points each = 20 pts Matching (10 ?’s) 2 points each = 20 pts Multiple Choice (30 ?’s) 2 points each = 60 pts Short Answer (3 ?’s) 5 points each = 15 pts Total Points = 115 Possible Points You may use your book, notes, and a friend. Due Date: Friday, April 20th.

  16. Cash Advance Activity • Choose a ‘cash advance’, ‘title pawning’ or ‘tote the note’ business. • Use the guided research activity sheet to record the information that you have discovered about the business. • If you choose to work in partners, only ONE sheet needs to be turned in.

  17. Drive Free Instructions • Shop online car lots, newspaper ads, and other sources for find a great car. Please think realistically, look for a car that is 1 – 3 years old and something that you could realistically purchase. You are going to devise a plan that would allow for you to purchase that car in 20 months. • Record the information on the used car log sheet from Edmodo. Then figure out how much monthly savings is needed over the next 20 months to reach that goal. • Next, you will find two other cars that you could buy in the meantime. Start with a car around $1,500. Then, find something in the mid-range between that car and the one you are ultimately working toward. Assume that the second car will be purchased after about 10 months of saving. Fill in the required information for all three of these cars on the used car log. • Remember that the money used to buy the first two cars is not “lost.” You will sell the current car before buying a newer one, so you will apply the proceeds from that sale toward the purchase of the next car. Assume you will sell each car for the amount paid since they will own them for only 10 months. • Using the information on the used car log, create a time line of the entire 20 months. On this time line, the following needs to be included for each car purchase: • Purchase date – Picture of the car – Purchase price - # of months required for savings

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