Accounting and Finance Foundations

Unit 3

Accounting and Finance Foundations Unit 3: The Role of Money 237

Open-Response Unit Assessment S/T Guide

Skill Standards

Academic:

AD 1 Perform basic and higher level math operations (e.g., addition, subtraction, multiplication,

division, decimals, fractions, units of conversion, averaging, percentage, proportion, ratios)

AE 1 Locate, evaluate, and apply personal financial information

Accounting:

OA 11 Prepare a personal and a business bank reconciliation

OA 12 Reconcile the bank statement with the check register

Financial Services:

OA 4 Apply the concepts of maintaining a checkbook and reconciling a bank statement

OB 3 Possess general knowledge of the following: checking, savings, loans, certificates of deposit,

investments, IRAs, customer services, trust services, ATMs, credit/debit card

Scenario

Your older brother Kyler, who is taking part in a study-abroad program this semester in England, fell behind

on his banking in the weeks leading up to his departure for Europe. Each time that Kyler wrote a check, made

a purchase, or deposited funds into his checking account, he jotted down information about the transaction,

but he failed to enter the information into his check register. Now, Kyler has no idea how much money he has

left to pay for his expenses in England, and he has asked you to help him take control of his finances.