Today students and their 'co-workers' created their businesses radio advertisement for BizTown. They worked well together, taking ideas from each student to ensure the ad was informative, promotional and 'catchy.' In addition, each business had to calculate their business costs, including payroll and operating expenses. This figure represents the minimum revenue their business must make to be successful at BizTown.
Next, students were given 'mock' check books and had to go through the process of depositing a check at the bank; recording the deposit in their register; going shopping (yes, they got to shop for real items and got to keep them ... incentive!); writing a check for their purchase and recording the expense in their register. It was an 'eye opening' experience to say the least!
This exercise was good practice because, as I explained to students, there is a BIG difference between sitting at your kitchen table and writing checks and recording entries in your register and doing the same in a quick-paced environment (life/BizTown). Some students were methodical but in being so, consumed A LOT of time (which isn't readily available at BizTown). Other students were hasty, which of course caused them to forget certain requirements and make mistakes.
We will continue to hold these 'mock' exercises in class to work through the process and gain confidence! At home, you can help by asking your student to tell you the steps they must take to deposit checks and shop.
Example #1: When students are given their first paycheck, here are the steps they must remember:
1. Endorse the back of the check you want to deposit (EVERYONE forgot this today)
2. Complete a deposit ticket
3. Record the deposit in their register.
Example #2: When students make ANY purchase at BizTown (with a check or debit card) they MUST record it in their register. When you write a check to a business, you DO NOT endorse the back :)
So ask your student "When you want to deposit a check into your account, what do you need to do before going to the bank?" "When you make a purchase at McDonalds, what do you need to do?" "When you write a check to a business, do you endorse the back? When do you endorse a check?" These conversations will reinforce the skills they have learned but sometimes forget!
Have students complete page 54 in their Citizen's Guide - "The Customer Comes First". We will review this in class next week.
If you haven't completed the BizTown permission slip for student participation and Photo Release form, please do so next week! I have (2) volunteers so far; hoping to get a few more please!