Introduction to Business Chapter 26 Opening a Checking Account

1. Introduction to Business Chapter 26 Opening a Checking Account Essential Question: How does the banking and financial system help build and support our economy?

2. Standards Addressed: • 1.2 Business Environment (C): Students will understand the development and structure of business environments. They will demonstrate competency by identifying the dynamic components of business structure and its relationship to the global business environment. • 1.2.8 Interrelationships of Business Operations – discuss the interrelationships between different business lines as they relate to finance, tax, operations, human resources, marketing, production, management, and the legal environment. 1.4 Economics and Financial Concepts (C): Students will understand the impact of global and domestic businesses, financial concepts, and integrated business models. They will demonstrate competency by using appropriate technology and other resources to solve business problems. • 1.4 Economics and Financial Concepts (C): Students will understand the impact of global and domestic businesses, financial concepts, and integrated business models. They will demonstrate competency by using appropriate technology and other resources to solve business problems. • 1.4.1 Business/Financial Relationships – analyze the financial implications of various functions of a business and describe how they interrelate • 1.4.6 Financial Statements–explain how financial statements are necessary for business planning and for the continuous monitoring of business performance • 1.4.7 Financial Systems–examine how financial systems and tools are used to solve business problems and to perform business transactions

3. Chapter Objectives • Explain the difference between the two major types of checking accounts. • Detail the process of opening a checking account. • Define the three types of endorsements and explain when each is used.

4. Advantages of a checking account p.353 • Convenience. • Safety • Proof of Payment • Record of Finances

5. Types of checking accountsp. 354 • Regular checking accounts • Interest checking accounts • Other types of checking accounts

6. Opening a checking account p.356 • The Signature Card • Making the first deposit • Selecting checks

7. Endorsing checks for making deposits p.358 • Purpose of endorsements. • To allow the recipient of the check to cash, deposit or transfer it to someone else. • Placement of endorsements.

8. Types of endorsements p. 359 • Blank. • Special. • Restrictive. http://www.ehow.com/facts_5012937_types-bank-check-endorsements.html

9. Assignments • Do Now (Read problem and calculate answer in an Excel spreadsheet, show your work. Give a short explanation as to your answer.) • Day 1 Calculate Business Data p.364 #28. • Day 2 Calculate Business Data p.364 #29. • Workshop Discussion (Open and save in Microsoft Word document. Write and present your group’s brief response) • Day 1 Communicate Business Concepts p. 362 questions 10-11. • Day 2 Communicate Business Concepts p. 362 questions 12-13.

10. Homework • Day 1 Define Key Terms Develop your Business Language p. 363. • Day 2 Answer Review your reading questions 1-9 p.362.