Succeeding in the World of Work

Section 2: Checking Accounts and Credit

After You Read Section Review Answers

Review Key Concepts

1. Fill out your checks completely and accurately and record them in your check register; endorse and deposit any checks you receive, and reconcile your bank statement with your check register.
2. Possible answer: Credit. You get a credit card to build a credit history, have a convenient way to pay for items, and have a source for emergency funds.
3. Advantages include not having to carry a lot of cash and building a credit history. Disadvantages include paying annyal fees and finance charges and the risk of accumulating debt.

4. Possible goals include saving money in interest-bearing accounts, buying certificates of deposit or investing in an IRA, making responsible use of credit cards in order to build good credit, and using that credit to secure loans for college and buying a home.
5. Student essays will vary but should demonstrate an understanding of the different types of credit (loans and credit cards), the positive and negative outcomes of using credit, and possible strategies for responsible use of credit.