Bank statements
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Introduction
In this activity students learn that bank statements are a rich source of information and can be used as a money management tool. It teaches them the difference between credit and debit and that managing money involves keeping track of their income and spending.
This learning provides a foundation for students to understand how individuals and businesses manage their income and expenses through record keeping.
Achievement standard
By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.
When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018).
Economics and Business Skills
Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025).
Teacher resources
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Interpreting bank statements
Student learning resources
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What does a bank statement tell you?
Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group.
- Ask students if they have a bank account and if so, whether they view their bank statements. Tally the number of students who have bank accounts and the number who view their statements.
- Use slide 2 of the visualiser to explain the following about the sample bank statement:
- codes
- opening balance
- amount of money that was deposited, which is called ‘credit’
- amount of money withdrawn, which is called a ‘debit’
- balance following each transaction.
- Use slide 3 of the visualiser to explain the person’s net financial position for the month of June, including the closing balance.
- Discuss the scenario on the visualiser and elicit responses on what it tells students about this person’s income and spending patterns. Prompts may include:
- Did this person have more or less money at the end of the month?
- What did they spend most of their money on?
- Are they living within their means, that is, spending what they earn or less?
- What advice would you give to this person to support them to save money or at least live within their means?
- Students complete the worksheet.
- As a class, discuss the importance of using bank statements as a money management tool.
- Ask students if they will now use bank statements as a tool.
- Revise the tally that was recorded on the board at the start of the lesson.