Lets Get Financially Focused!

By Benjamin T. Zartman III

FEDERAL RESERVE BANK

OF PHILADELPHIA

A lesson to accompany the

Money in Motion Exhibit

Introduction
The need for personal financial education has never been more important. People are
living longer, technological advances have increased the complexity and number of
financial products available, retirement requires more resources, and governmentprovided retirement resources may become less reliable. Individuals need to become
more financially savvy and focused. Banking involves the use of different types of
accounts and credit. Credit is increasingly available. People can often avoid financial
difficulties by understanding how to use credit wisely, understanding the positive and
negative consequences of using credit, spotting credit card fraud and counterfeiting, and
guarding against identity theft.
Grades
9-12
Concepts
Credit
Interest Rates
Fraud
Identity Theft
Purposes and Functions of the Federal Reserve System
Content Standards
National (Jump$tart)Money Management Standards: 1, 2, 3, 4, 7, 8
Spending and Credit Standards: 1, 4, 7
DelawareConsumer and Resource Management Standards: 2.2 and 2.3
PennsylvaniaAcademic Standards in Economics Standard 6.5.9
Academic Standards for Family and Consumer Sciences 11.1.9
New JerseySocial Studies Standards: Standard 6.5; Career Education and
Consumer, Family, and Life Skills: Standard 9.2

Pre-Visit
Lesson Description
Students complete a short assessment of their knowledge about personal finance. Then,
students learn concepts and terms related to personal financial education by participating
in a bingo game. Working in groups, students prepare a set of calculations as financial
advisers for a mock client.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 1 of 35

This lesson assumes that students have received some prior instruction on personal
finance and credit. Students should have a general understanding of what credit is and
why a consumer would use or not use credit throughout his or her life.
Objectives
Students will be able to:
1.

Define credit.

2.

Explain the negative impact that counterfeiting, forgery, fraud, and

identity theft can have on an individuals financial health.

3.

List numerous forms of payment and rank them in order of sophistication.

Time Required
60 minutes
Materials
Visual 1
Visual 2
Visual 3
Activity 1, one per student
Activity 2bingo card, one per student
Activity 2bingo word slips, cut apart and folded into fourths
Activity 3, one copy cut apart
Activity 4, one copy per student
Activity 5, one copy per student and a visual of this activity
The Fed Today video (optional)
Prizes for bingo game (e.g., chocolate bars, homework passes, etc.)
Procedure
1.
Display Visual 1. Ask students what they think Eric Tysons statement means.
(Answers will vary.) Explain to the students that they need to understand how to
use credit wisely before they start to use it. Misuse of credit could come back to
haunt them for years to come, while the correct use of credit can help students
achieve goals and success.
2.

Discuss the following:

a.

What is credit? (Credit is the promise to pay in the future in order to buy
or borrow in the present. Credit is the ability to defer payment to a future
time.)

b.

What have you or someone you know purchased with credit? (Answers
will vary but may include purchase of an automobile, home, household
appliances, household items, etc.)

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 2 of 35

c.

Why did you or the person you know choose to use credit instead of cash?
(Answers will vary but may include ease of payment, payment terms,
safety, etc.)

d.

What do you or the person you know see as the possible benefits and
pitfalls of credit use? (Answers will vary but may include as benefits:
greater purchasing power, ease of use, safety, able to reach their goals at
a faster pace; pitfalls: personal bankruptcy, charging too much, being
charged an over-limit fee, not being able to pay the credit card bill when it
arrives, theft of their credit card, etc.)

3.

Explain to the students that the class will be visiting the Federal Reserve Bank of
Philadelphias Money in Motion exhibit. Before the visit, at the exhibit, and
after the visit to the exhibit, they will learn about the benefits and pitfalls of
consumer credit. They will also analyze financial scenarios involving credit,
banking, and identity theft.

4.

Distribute a copy of Activity 1 to each student. Explain to the students that this
activity is a pre-assessment of their current understanding of the material they
will be learning. Administer the pre-assessment in class.

5.

Display Visual 2. Ask the students to switch papers with someone near them and
grade their neighbors paper based on the answers on Visual 2. Once the grading
is finished, paper should be returned to the students.

6.

Discuss the following:

7.

a.

What did you learn about your knowledge of credit card issues? (Answers
will vary but may include I didnt know as much as I thought I did; I need
to learn more.)

b.

Why is it important to understand more about how to use credit cards

correctly? (Answers will vary but may include: If I get a credit card and I
do not use it properly, the mistakes I make can have an impact on my
financial life for a long time.)

Distribute a copy of Activity 2bingo card to each student. Explain to the

students that they are going to play a version of the classic bingo game. In this
version of the game, you will read the definition of a word and one student will
raise his hand and identify the word that matches the definition you just read.
Once you have confirmed that the student has the correct answer, students can
cross out the word on their bingo sheets. When a student gets five words crossed
out in a row (horizontally, vertically, or diagonally), they should call out bingo.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 3 of 35

8.

Display Visual 3. Instruct the students to write one term from the visual in each
blank on their bingo card. Explain to the students that they should place these
terms on their card randomly. Explain to the students that you will provide prizes
(chocolate, homework passes, etc.) to the winners.

9.

Place the folded word slips from Activity 2 in a box or hat. Draw each slip from
the box. Read the definition and wait for a student to raise his or her hand and
offer the answer. If the student offers the correct term that corresponds with the
definition you read, instruct the students to cross out the corresponding spot on
their bingo card. Continue until a student wins. Award the prize and continue the
game until you have covered all of the slips in your box. Award the prizes as
successive students win.

10.

Discuss the following:

a.

What things do counterfeiting, identity theft, fraud, and forgery have in

common? (Counterfeiting, identity theft, fraud, and forgery all represent
crimes that can significantly affect an individuals financial standing.)
Explain to the students that when an individual gets a counterfeit note,
they lose money equal to the face value of the note, since it is illegal to
knowingly pass a counterfeit note and no one, not even the Federal
Reserve, will reimburse you for the loss. Tell the students that the theft of
an individuals identity can result in years of disrupted finances, since the
perpetrator of the crime usually takes out credit in the victims name and
doesnt repay it. Fraud and forgery represent other means by which
criminals steal money from innocent victims.

b.

List the forms of payment mentioned in the bingo game. (Check,

electronic transfer, debit card, credit card, smart card, currency, notes.)

c.

Propose a rank of the payment methods from least sophisticated to most

sophisticated. (Answers will vary slightly but should follow this
continuum: currency, check, credit card, electronic transfer, debit card,
and smart card.)

11.

Explain to the students that during their visit to the Federal Reserve Bank of
Philadelphias Money in Motion exhibit, they will be working in pairs as
financial advisers to a mock client with a certain financial situation. They will use
various stations in the Money in Motion exhibit to research the strategies they
need to provide advice to their client.

12.

Put students into groups of two. Distribute one of the Client Cards from Activity 3
to each group. If you have more students than cards, create some groups of three
students. Instruct the students to read their card in their groups. Ask if the students
have any questions about their mock client. This card is a brief and concise

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 4 of 35

summary of their mock client and their mock clients present financial situation.
Tell groups to write their names on the back of the card.
13.

Distribute a copy of Activity 4 to each student. Explain to the students that they
are going to work in their groups to complete the financial plan worksheet. This
worksheet will serve as their report to their mock client. Explain that there are
sections of this worksheet they will complete before they go to the exhibit,
sections they will complete at the exhibit, and sections they will complete after
they return from the exhibit.

14.

Explain to the students that you are going to review how to complete the sections
of the worksheet that require calculations. Distribute a copy of Activity 5 to each
student. Display your visuals of Activity 5. Using the sample card on the first
page of Activity 5, explain to the students how each calculation was made on the
Client Information section of the worksheet. Explain that the Credit Card
Calculations section of the worksheet will be completed at the exhibit. Explain to
the students that the Swipe It station at the Money in Motion exhibit includes a
debt calculator that can be used to calculate the total amount and time that it will
take to pay off a given credit card debt with a given interest rate and constant
monthly payment. Explain that there are two ways to do the calculation on the
debt calculator: (1) If you enter only the credit card debt and the interest rate, but
leave the monthly payment blank, you will calculate the total amount and time
that it will take to pay off the credit card debt if you make only the minimum
payment each month. (2) If you enter the credit card debt, the interest rate, and the
monthly payment into the debt calculator, you will receive the total amount and
time that it will take to pay off the credit card debt given that constant monthly
payment. Explain that the numbers on Activity 5, based on the sample client card,
were calculated by the debt calculator.

15.

Explain to the students that the notes in the left margin of Activity 4 indicate
which questions they should answer before they go to the exhibit and which
questions they should answer at the exhibit. All questions without any notes in the
left margin should be completed after answering the at the exhibit questions.

16.

Give students time to work in their groups and complete the questions on the first
page of Activity 4 marked for completion before visiting the exhibit. Tell students
to put their names on Activity 4.

17.

Collect Activity 4 and the client cards from the students. Tell the students that you
will be returning their worksheets and client cards on the bus or when you arrive
at the exhibit. Tell the students to bring their copies of Activity 5, a pen or pencil,
and a quarter to the exhibit. Tell the students that they will be able to exchange
their quarter for the latest state quarter at the exhibit.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 5 of 35

Closure
1.
What is credit? (Credit is the promise to pay in the future in order to buy or
borrow in the present. The right to defer payment to a future time.)
2.

How do counterfeiting, fraud, forgery, and identity theft affect the financial lives
of victims of those crimes? (Counterfeiting, fraud, forgery, and identity theft all
represent crimes that can significantly affect an individuals financial standing
and can lead to inaccurate credit reports and credit scores.)

3.

What forms of payment are used in the United States? (Cash, credit cards, debit
cards, and smart cards.) Rank these forms of payment from least sophisticated to
most sophisticated. (Answers will vary slightly but should follow this continuum:
cash, credit card, debit card, and smart card.)

Assessment
Ask students to complete the following:
Write a paragraph in which you describe how you think people should protect
themselves from identity theft, fraud, counterfeiting, and forgery.
Extension
If time permits, you may want to show the Federal Reserve Systems The Fed
Today video. This video will provide students with additional background about
the purposes and functions of the Federal Reserve System. A copy of the video
can be ordered by visiting www.philadelphiafed.org/education/fedtoday.html.

At the Exhibit
Lesson Description
Students work together in groups at the Federal Reserve Bank of Philadelphias Money
in Motion exhibit as financial advisers for a mock client. They investigate different
stations at the Money in Motion exhibit in order to complete a worksheet that serves as
their report to the client.
Time Required
60 minutes
Materials
Activity 3, one card per group (cards were distributed and collected during pre-visit)
Activity 4, one per student (partially completed in pre-visit)
Activity 5
Money in Motion Navigational Guide, one per student and one per chaperone (available at
the exhibit and online at www.philadelphiafed.org/money_in_motion/tour.html)

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 6 of 35

Procedure
1.
Distribute a copy of the Money in Motion Navigational Guide to each student.
2.

Explain to the students that they will need to use a number of exhibit stations to
complete the sections of Activity 4 marked for completion at the exhibit. Explain
that for the credit card calculations, they will need to use the debt calculator on
the Swipe It (#10) station. Explain that questions 6 and 7 on their worksheet
require other sections of the Swipe It station. Tell the students that they can get
the answer to question 9 at the Welcome (#1) station and the answer to question 8
can be found at the True and False (#6) station. Tell the students that they should
each get a copy of The New Color of Money brochure to take back to class.

3.

Emphasize to the students that they should try to see all of the exhibit even though
most of their work will center on the Swipe It station. Encourage students to take
turns and be courteous to each other at the Swipe It station. Encourage students to
try the Match Wits with Ben (#16) game once they have seen the entire exhibit.

4.

Remind students that they are to follow the rules below while in the exhibit. The
Federal Reserve Bank of Philadelphia reserves the right to ask individuals who
are not behaving properly to leave.
a.
Do not run.
b.
Do not bring food into the exhibit.
c.
Do not take photographs or movies in the exhibit.
d.
Use conversational voices.
e.
Do not shove or push others.
f.
Be respectful of the exhibit stations (for example, do not slam buttons, do
not repeatedly push bush buttons at the various stations, and do not climb
on the exhibit stations).
Monitor the work at the Swipe It station to ensure that all groups get an
opportunity to use the station and find answers to their questions.

5.

6.

Tell the students to complete questions 1, 2, 3, 4, 5, and 10 of Activity 4 in their

groups at the exhibit, on the bus, or for homework. Emphasize that they should
have Activity 4 completed for your next class.

7.

On the bus, collect the client cards from the students.

Post-Visit
Lesson Description
Students share their clients scenario and the financial plan they have prepared for their
clients. They are introduced to the financial scenarios that many people find themselves
in at different times of their lives. They are also introduced to the financial plans or
solutions their fellow students have designed to meet these situations.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 7 of 35

Objectives
Students will:
1. Be able to explain that higher interest rates and smaller monthly payments
result in larger total amounts paid and more time required in order to pay off a
credit card debt.
2. Be able to explain how to prevent credit card fraud.
3. Be able to explain ways to protect themselves from identity theft.
4. List the three functions of the Fed.
5. Differentiate between cash, check, and plastic payment methods.
Time Required
60 minutes
Materials
Visual 1
Activity 6, one per student
Procedure
1.
Display Visual 1. Ask the students in what ways the quotation from Eric Tyson
means something different to them now. (Answers will vary but may include:
Credit card balances can take a very long time to pay off if you make only small
payments each month.)
2.

Give groups two minutes to each talk about their clients current financial position
and explain their recommendations for how their clients can improve their
financial position. Emphasize that each group should be certain to fully explain its
clients various credit card repayment options, including information about the
total amount that the client(s) will repay and the time it will take given the various
interest rate combinations and minimum versus monthly payments.

3.

Discuss the following:

a.

With a given interest rate, what can one do to reduce the amount of time it
will take to pay off a credit card debt? (Pay more per month.) With a given
interest rate, what can one do to reduce the total amount needed to pay off
the debt? (Pay more per month.)

b.

Remind students that they completed Activity 4 at the exhibit and that this
activity had them focus on credit card debt payment scenarios (Activity 3
client cards). What happens to the length of time it takes to pay off credit
card debt in the Activity 3 scenarios if the people mentioned in the cards

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 8 of 35

continue to purchase items with their credit cards? (The time [needed] to
pay off the credit card debt will increase because the credit card debt
principal has increased.)
c.

If interest rates decrease and your clients continue to pay the same
monthly payment as before, do you expect your clients to pay more or less
to pay off their credit card than if the interest rates had stayed constant
across the life of the debt? (Pay less.)

d.

What are some things that people should avoid doing to prevent credit
card fraud? (Avoid: Leaving credit cards unattended at work, leaving
credit cards in their car, lending credit cards to other people, leaving
cards or receipts lying around, signing a blank credit card receipt, writing
credit card account numbers on postcards or the outside of an envelope,
giving out credit card account numbers over the phone to an unknown
company or individual.)

e.

What are some things that people should do to prevent credit card fraud?
(Sign credit cards as soon as they arrive; carry credit cards separate from
wallet; keep a record of credit card account numbers, expiration dates,
and the phone number and address of each credit card company in a
secure place; keep an eye on the credit card during a transaction and get
it back as quickly as possible; void incorrect receipts; save receipts to
compare with billing statements; open bills promptly and reconcile
accounts monthly; report any questionable charges promptly by calling
the credit card company; notify card companies in advance of a change of
address.)

f.

What are some things that people should do to protect against identity
theft? (Manage personal information wisely and cautiously; find out,
before revealing personal information, how it will be used and whether it
will be shared with others; pay attention to billing cycles and follow up
with creditors if bills dont arrive on time; guard mail against theft; put
passwords on your credit card, bank, and phone account to ensure that
only you talk with company representatives about your account; reduce
the number of identification and credit cards you carry; do not give out
personal information on the phone, through the mail, or over the Internet
unless you have initiated the contact; keep items with personal
information in a safe place; be cautious about where you leave personal
information in your home; find out who has access to your personal
information at work and verify that the records are kept in a secure
location; give your Social Security number only when absolutely
necessary; order a copy of your credit report from each of the three credit
reporting agencies every year and make sure that it is accurate and
includes only those activities youve authorized.)

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 9 of 35

g.

There are different types of payment cards: credit, debit, prepaid, and
smart cards. What makes each unique? (Each type of card has a unique
function and payment model. Credit cards can be used now, but the bill is
paid at a later date. Debit cards can be used now, but the purchases are
paid for at the time of purchase. Prepaid cards can be used now, but
because they are pre-loaded, the purchases are already paid for. An
example is a prepaid telephone calling card. Smart cards, a payment card
embedded with a computer chip that can perform special functions, can be
used now, but the purchases are paid for early or later. For example,
flexible spending account smart cards are paid for up front and used now,
while a smart credit card is used now for online purchases but the
purchases are paid for later.)

4.

Collect the students copies of Activity 4.

5.

Distribute one copy of Activity 6 to each student. Have students work

individually or in groups to complete the crossword puzzle. Explain to the
students that the crossword puzzle reviews the terms that they learned in the bingo
game during the pre-visit portion of the lesson. Give students time to complete the
puzzle.

6.

Distribute the answer sheet for the crossword puzzle (Activity 6).

Closure
Discuss the following:
1.

What effect will higher interest rates and/or smaller monthly payments have on
the total amount needed to pay off a credit card debt? (Higher interest rates and
smaller monthly payments will increase the total amount of debt to be paid.) What
effect will higher interest rates and/or smaller monthly payments have on the time
it takes to pay off a credit card debt? (Higher interest rates and smaller monthly
payments will increase the time it takes to pay off the debt.)

2.

How can a consumer prevent credit card fraud? (Sign credit cards as soon as they
arrive; carry credit cards separate from wallet; keep a record of credit card
account numbers, expiration dates, and the phone number and address of each
credit card company in a secure place; keep an eye on your credit card during a
transaction and get it back as quickly as possible; void incorrect receipts; save
receipts to compare with billing statements; open bills promptly and reconcile
accounts monthly; report any questionable charges promptly by calling the credit
card company; notify card companies in advance of a change of address.)

3.

How can consumers protect themselves against identity theft? (Manage personal
information wisely and cautiously; find out, before revealing personal
information, how it will be used and whether it will be shared with others; pay
attention to billing cycles and follow up with creditors if bills dont arrive on

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 10 of 35

time; guard mail against theft; put passwords on your credit card, bank, and
phone account to ensure that only you can talk with company representatives
about your account; reduce the number of identification and credit cards you
carry; do not give out personal information on the phone, through the mail, or
over the Internet unless you have initiated the contact; keep items with personal
information in a safe place; be cautious about where you leave personal
information in your home; find out who has access to your personal information
at work and verify that the records are kept in a secure location; give your Social
Security number only when absolutely necessary; order a copy of your credit
report from each of the three credit reporting agencies every year and make sure
that it is accurate and includes only those activities youve authorized.)
4.

What is the difference between a credit card, debit card, a prepaid card, and a
smart card? (Each type of card has a unique function and payment model. Credit
cards can be used now, but the bill is paid at a later date. Debit cards can be used
now, but the purchases are paid for at the time of purchase. Prepaid cards can be
used now, but because they are pre-loaded, the purchases are already paid for.
An example is a prepaid telephone calling card. Smart cards, a payment card
embedded with a computer chip that can perform special functions, can be used
now, but the purchases are paid for early or later. For example, flexible spending
account smart cards are paid for up front and used now, while a smart credit card
is used now for online purchases but the purchases are paid for later.)

Assessment
Ask students to complete the following:
Write a letter to your 80-year-old aunt in western Pennsylvania describing what
things you think she should do to protect herself from counterfeiting, fraud,
forgery, and identity theft.
Explain to her how the size of monthly credit card payments and the interest rate
affect the amount of time it takes and the total amount a person will have to pay in
order to pay off a credit card debt.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 11 of 35

Visual 1
Discussion Prompt

Accumulating BAD DEBTS

(debt incurred strictly for consumption)
is like living on a diet
of sugar and caffeine:
a quick fix with no long-term nutritional value.

- Eric Tyson
author of Personal Finance for Dummies

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 12 of 35

Visual 2
Answers to Pre-Assessment

Part 1Multiple Choice Questions

1. d
2. a
3. d
4. d
5. b
Part 2True/False Questions
1. F
2. T
3. F
4. T
5. T

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 13 of 35

Visual 3
Word Bank

Forgery

Income

Note

Smart Card

Bankruptcy

Check Clearing

Credit Card

Debit Card

Electronic Banking

Fraud

Identity Theft

Want

Reconcile

Watermark

Bond

Electronic Transfer

Credit Report

A.P.R.

Predatory Lending

Counterfeit

Check

Currency

Expenses

Introductory Rate

FREE SPACE

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 14 of 35

Activity 1
Pre-Assessment
Part 1Multiple Choice Questions
For each multiple choice question in this section, write your answer in the blank provided
to the left of the question.
______ 1. When dealing with credit cards it is important to know your cards _______.
a. Annual percentage rate
b. Credit limit
c. Payment due date
d. All of the above
______ 2. Unauthorized credit card use costs cardholders, merchants, and card issuers
______ each year.
a. hundreds of millions of dollars
b. hundreds of thousands of dollars
c. hundreds of billions of dollars
d. nothing
______ 3. A loan that allows a longer payment schedule also has:
a. a higher monthly payment and a higher amount of interest paid.
b. a higher monthly payment and a lower amount of interest paid.
c. a lower monthly payment and a lower amount of interest paid.
d. a lower monthly payment and a higher amount of interest paid.
______ 4. Consumers can avoid paying penalty fees on their credit cards by:
a. allowing ample time for their payments to arrive at the credit card
company.
b. monitoring their card balance.
c. using their credit card only for big purchases.
d. both a and b.
______ 5. Which of the following is not a step to protect yourself from identity theft?
a. Destroy documents that contain personal information by shredding them
prior to discarding.
b. Share your Social Security number with a number of relatives so that the
information cannot be lost.
c. Order and check copies of your credit report from each of the three credit
reporting agencies every year.
d. Do not provide personal information on the phone, through the mail, or
over the Internet unless you have initiated the contact or know the
party requesting the information.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 15 of 35

Activity 1 (continued)
Pre-Assessment
Part 2True/False Questions
For each true/false question in this section, write in the blank provided to the left of the
statement T if the statement is true or F if the statement is false.
______ 1. You should never sign the back of your credit cards because if your card is
stolen, the thief will have both your card and your signature.
______ 2. You should carry your cards separately from your wallet, in a zippered
compartment, a business card holder, or another small pouch.
______ 3. Lending your credit card to a friend or family member is okay because you
know who they are and where they live.
______ 4. Giving your credit card number over the phone to a business representative
from a company that you do not know is unsafe and should not be done.
______ 5. You should never leave your mail lying around inside or outside your house
because someone might steal it and get information that will help them steal
your identity.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 16 of 35

Activity 2
Bingo Card

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 17 of 35

Activity 2 (continued)
Bingo Word Slips
Definition: The cost of credit
that consumers pay, expressed
as a simple annual percentage

Definition: Made in imitation of

something else with intent to
deceive

Term: A.P.R. (annual

percentage rate)

Term: Counterfeit

Definition: The crime of falsely

and fraudulently making or
altering a document (such as a
check)

Definition: A piece of paper

currency
Term: Note

Term: Forgery
Definition: Moving financial
funds from one account to
another by electronic means
Term: Electronic Transfer

Definition: The state of

insolvency of an individual or
an organization; a legal
proceeding declaring that an
individual is unable to pay debts

Term: Bankruptcy
Definition: Any interest-bearing Definition: A loan and bill
or discounted government or
payment history kept by an
corporate security that obligates agency and used by financial
the issuer to pay the holder a
institutions and other potential
specified sum of money
creditors to determine the
likelihood that a future debt will
Term: Bond
be repaid
Term: Credit Report
Lesson: Lets Get Financially Focused!
Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 18 of 35

Activity 2 (continued)
Bingo Word Slips (continued)
Definition: Paper money

Term: Currency

Definition: The amount of

money received in return for
services and or labor for a
period of time
Term: Income

Definition: A payment card

embedded with a computer chip
that can perform special
functions

Definition: A payment card

from a financial services
company or bank that allows
cardholders to buy goods and
services on credit

Term: Smart Card

Definition: Banking and
financial services provided by
electronic means (e.g., phone
lines, computer lines, etc.)

Term: Credit Card

Definition: Someone using the
personal and financial
information of another person in
order to commit financial fraud

Term: Electronic Banking

Term: Identity Theft

Definition: To balance and

Definition: Initial interest rate
check the accuracy of a financial offered on a credit account for a
account
period of time
Term: Reconcile

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Term: Introductory Rate

Page 19 of 35

Activity 2 (continued)
Bingo Word Slips (continued)
Definition: The collection of
funds on which a check is
drawn, and the payment of those
funds to the holder of the check
Term: Check Clearing

Definition: A payment card

similar to a credit card that
allows money to be withdrawn
or the costs of purchases paid
directly from the holders bank
account

Term: Debit Card

Definition: A deception
Definition: A marking in paper
deliberately practiced in order to (such as paper currency)
reap an unfair or unlawful gain resulting from differences in
thickness and visible when the
Term: Fraud
paper is held up to the light

Definition: To desire

Term: Watermark
Definition: Financial outlays

Term: Want

Term: Expenses

Definition: Targeting high-cost

loans to elderly, low-income,
and other people to take
advantage of their financial
status or lack of financial
knowledge

Definition: A bill of exchange

on a bank drawn against
deposited funds to pay a
specified sum of money to a
specified person on demand
Term: Check

Term: Predatory Lending

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 20 of 35

Activity 3
Client Cards
Card 1
Your clients are a married
couple. Both are in their mid30s and both work full time.
They have two children in high
school.
Annual household income = $33,400
Monthly household expenses = $1,950
Credit card debt = $5,000
Interest Rate #1=10%
Monthly payment #1=$100
Interest Rate #2=20%
Monthly payment #2=$100

Card 3
Your client is a single female in
her early 20s. She is a full-time
college student, and she is
currently not working.

Card 2
Your client is a single male in
his late teens. He works full
time and will be starting college
part time next fall.
Annual household income = $17,680
Monthly household expenses = $1,180
Credit card debt = $2,500
Interest Rate #1=15%
Monthly payment #1=$50
Interest Rate #2=20%
Monthly payment #2=$100

Card 4
Your clients are a married
couple. They are both in their
mid-30s. The husband works,
but the wife does not. They have
one child in elementary school.

Annual household income = $1,800 stipend

Monthly household expenses = $100
Annual household income = $29,820
Credit card debt = $3,000
Monthly household expenses = $2,160
Credit card debt = $1,800
Interest Rate #1=21%
Monthly payment #1=$150
Interest Rate #1=25%
Interest Rate #2=17%
Monthly payment #1=$75
Monthly payment #2=$150
Interest Rate #2=27%
Monthly payment #2=$150

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 21 of 35

Activity 3 (continued)
Client Cards (continued)
Card 5
Your clients are a married
couple. They are both in their
mid-30s and they both work full
time. They have two children in
elementary school.
Annual household income = $60,000
Monthly household expenses = $3,900
Credit card debt = $4,000
Interest Rate #1=25%
Monthly payment #1=$150
Interest Rate #2=25%
Monthly payment #2=$200

Card 7
Your clients are a married
couple. They are in their 60s,
and they own and operate a
small business. All of their
children are grown and out on
their own.
Annual household income = $65,000
Monthly household expenses = $3,900
Credit card debt = $4,500
Interest Rate #1=12%
Monthly payment #1=$175
Interest Rate #2=20%
Monthly payment #2=$175

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Card 6
Your clients are a married
couple in their late 20s. They
own and work in a small
business. They have three young
children: one in nursery school
and two in elementary school.
Annual household income = $22,050
Monthly household expenses = $1,360
Credit card debt = $6,000
Interest Rate #1=5%
Monthly payment #1=$150
Interest Rate #2=10%
Monthly payment #2=$150

Card 8
Your clients are a married
couple. They are both in their
60s, and both of them are
working full time. They have no
children.
Annual household income = $75,000
Monthly household expenses = $4,900
Credit card debt = $2,000
Interest Rate #1=20%
Monthly payment #1=$150
Interest Rate #2=16%
Monthly payment #2=$150

Page 22 of 35

Activity 3 (continued)
Client Cards (continued)
Card 9
Your clients are a married
couple. Both them in are in their
mid-30s, and they have no
children. They both work
outside the home.
Annual household income = $54,000
Monthly household expenses = $3,100
Credit card debt = $3,100
Interest Rate #1=22%
Monthly payment #1=$90
Interest Rate #2=25%
Monthly payment #2=$110

Card 10
Your client is a single female in
her mid-20s. She has no
children, works full time, and
lives with her parents.
Annual household income = $28,500
Monthly household expenses = $650
Credit card debt = $3,300
Interest Rate #1=24%
Monthly payment #1=$125
Interest Rate #2=24%
Monthly payment #2=$150

Card 11
Your clients are a married
couple. They are both in their
late 40s, and they both work
outside the home. They have
two children in college.

Card 12
Your client is a single male in
his early 20s. He has no
children, is a part-time college
student, and works part time as a
waiter.

Annual household income = $65,000

Monthly household expenses = $6,938
Credit card debt = $6,000

Annual household income = $19,240

Monthly household expenses = $1,372
Credit card debt = $3,500

Interest Rate #1=19%

Monthly payment #1=$125
Interest Rate #2=24%
Monthly payment #2=$200

Interest Rate #1=24%

Monthly payment #1=$200
Interest Rate #2=19%
Monthly payment #2=$150

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 23 of 35

Activity 3 (continued)
Client Cards (continued)
Card 13
Your clients are a married
couple in their early 20s. The
husband has a full-time job, but
the wife currently does not work
outside the home. They have 3
children under the age of six.
Annual household income = $26,000
Monthly household expenses = $1,654
Credit card debt = $2,100
Interest Rate #1=4%
Monthly payment #1=$75
Interest Rate #2=24%
Monthly payment #2=$75

Card 14
Your clients are a married
couple in their mid-40s. They
both work full time outside the
home. They have two children
in high school.
Annual household income = $84,500
Monthly household expenses = $4,969
Credit card debt = $8,500
Interest Rate #1=21%
Monthly payment #1=$175
Interest Rate #2=11%
Monthly payment #2=$175

Card 15
Your client is a single female in
her late teens. She has no
children. She is a part-time
college student and works part
time at a bookstore.

Card 16
Your clients are a married
couple in their early 50s. They
have no children. They both
have full-time jobs outside the
home.

Annual household income = $16,640

Monthly household expenses = $930
Credit card debt = $1,200

Annual household income = $101,000

Monthly household expenses = $3,340
Credit card debt = $25,000

Interest Rate #1=15%

Monthly payment #1=$150
Interest Rate #2=18%
Monthly payment #2=$75

Interest Rate #1=22%

Monthly payment #1=$500
Interest Rate #2=28%
Monthly payment #2=$750

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 24 of 35

Activity 4
Financial Plan Worksheet
Create a financial plan for the client described on your client card. Identify your clients
situation and prescribe ways for your client to improve their financial situation after
doing some research on credit cards, credit use, electronic banking, and identity theft at
the Federal Reserve Bank of Philadelphias Money in Motion exhibit.
Complete the following worksheet using the information found on your client card. Refer
to the example in Activity 5 for guidance on the preparation of this section. Sections (A),
(B), (C), and (D) require you to make calculations using scrap paper or a calculator.
Client Information

COMPLETE BEFORE GOING TO EXHIBIT

Clients approximate age: ________

Clients marital status: ________
Clients employment status: ________
Does the client have children? ________ If so, how many? ________
(A)

Annual household income = $________

(B)

Annual household expenses* = Monthly household expenses ($________) x 12 = $________

(* Does not include payments made toward credit card balances.)
Credit card debt = $________

(C)

Money left each year to pay off credit card debt or invest =
(A)$ ________ - (B)$ ________ = (C)$ ________

(D)

Money left each month that could be used to make credit card payments =
(C)$ ________ 12 months = $________

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 25 of 35

Activity 4 (continued)
Financial Plan Worksheet
Credit Card Calculations
Using the information found at the bottom of your client card and the debt calculator
found in the Swipe It (#10) station at the Money in Motion exhibit, complete the
following table:
Calculation 1:
Credit Card Debt = $________ ONLY THE MINIMUM PAYMENT EACH MONTH
Interest Rate #1 = ______%

Total payments if you pay only minimum* = $________

Time to pay off = ________ years _______ months

COMPLETE AT THE EXHIBIT

USE MONTHLY PAYMENT #1 FROM CARD

Monthly payment #1 from Card = $________
Total payments** = $________
Time to pay off = ________ years _______ months
Calculation 2:
Credit Card Debt = $________ ONLY THE MINIMUM PAYMENT EACH MONTH
Interest Rate #2 = ______%

Total payments if you pay only minimum* = $________

Time to pay off = ________ years _______ months
USE MONTHLY PAYMENT #2 FROM CARD
Monthly payment #2 from Card = $________
Total payments** = $________
Time to pay off = ________ years _______ months

* To calculate this minimum payment, enter the total credit card debt and the interest
rate, but leave the monthly payment section blank. Then press continue.
** To calculate this amount, enter the total credit card debt, the interest rate, and the
monthly payment into the debt calculator. Then press continue.
Lesson: Lets Get Financially Focused!
Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 26 of 35

Activity 4 (continued)
Financial Plan Worksheet
Questions:
1.

If the monthly payments on your client card were greater than the amount you
calculated in (D) on the first page, what advice would you have for your client?

2.

Where do you suggest your client keep his or her income? A bank? The stock
market? At home? Defend your choice.

3.

Based on the information on your client card, are there important milestones (e.g.,
education for themselves, education for their children, retirement) that your
clients will soon be facing? Do you have any advice for your clients about how
they can prepare for those milestones?

4.

Describe your clients current credit situation. Do you believe that your client has
too much credit card debt? Given current income and expenditure levels, can your
clients continue to make adequate payments toward his or her debt? If interest
rates rise, do you expect that your client will still be able to make his or her credit
card payments given his or her current levels of income and expenditure?

5.

Given the various credit card scenarios (minimum payment, monthly payment #1,
monthly payment #2), how long will it take your clients to pay off their credit
card debt? How can your clients shorten the length of time it will take to pay off
their credit card debt? If interest rates increase, will it take more time or less time
for your clients to pay off credit card debt?

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 27 of 35

COMPLETE AT THE EXHIBIT

Activity 4 (continued)
Financial Plan Worksheet
6.

Based on your review of the dos and donts for credit card fraud prevention, what
advice do you have for your client with regard to the use of credit cards? (Swipe It
Station)

7.

Based on your review of the information on identity theft protection found on the
Swipe It station, what advice do you have for your client with regard to identity
theft? (Swipe It Station)

8.

What information can you give to your client about the features of the following
types of payments? Why is it important to tell your client about these features?
(Swipe It Station)
Cash
Debit Cards
Credit Cards
Smart Cards

9.

What are the three major functions of the Federal Reserve System? (Welcome)

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 28 of 35

Activity 4 (continued)
Financial Plan Worksheet
10.

In a paragraph, provide overall financial advice for your client. Should your client
make any changes to his or her income, expenditures, level of credit card debt,
and size of monthly credit card payments? Be sure to provide support for any
changes you recommend to your clients budget and credit card repayment plan.

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 29 of 35

Activity 5
Sample Financial Plan Worksheet

Sample Card
Your clients are a married
couple in their mid-20s. Both
the husband and the wife work
full time outside the home. They
have no children.
Annual household income = $63,400
Monthly household expenses = $3,965
Credit card debt = $16,000
Interest Rate #1=21%
Monthly payment #1=$500
Interest Rate #2=8.90%
Monthly payment #2=$500

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 30 of 35

Activity 5 (continued)
Sample Financial Plan Worksheet
Create a financial plan for the client described on your client card. Identify your clients
situation and prescribe ways for your client to improve his or her financial situation after
you have done some research on credit cards, credit use, electronic banking, and identity
theft at the Federal Reserve Bank of Philadelphias Money in Motion exhibit.
Complete the following worksheet using the information found on your client card. Refer
to the example in Activity 5 for guidance on the preparation of this section. Sections (A),
(B), (C), and (D) require you to make calculations using scrap paper or a calculator.
Client Information

COMPLETE BEFORE GOING TO EXHIBIT

Clients approximate age: __mid-20s__

Clients marital status: _married_
Clients employment status: _both husband and wife are working_
Does the client have children? __no__ If so, how many? ___0____
(A)

Annual household income = $63,400__

(B)

Annual Household Expenses* = Monthly household expenses ($3,965__) x 12 = $47,580_

(* Does not include payments made toward credit card balances.)
Credit card debt = $16,000_

(C)

Money left each year to pay off credit card debt or invest =
(A)$ 63,400_ - (B)$ 47,580_ = (C)$ 15,820_

(D)

Money left each month that could be used to make credit card payments =
(C)$ 15,820__ 12 months = $ 1,318.33_

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 31 of 35

Activity 5 (continued)
Sample Financial Plan Worksheet
Credit Card Calculations
Using the information found at the bottom of your client card and the debt calculator
found in the Swipe It (#10) station at the Money in Motion exhibit, complete the
following table:
Calculation 1:
Credit Card Debt = $16,000_
Interest Rate #1 = _21_%

ONLY THE MINIMUM PAYMENT EACH MONTH

Total payments if you pay only minimum* = $138,333,50
Time to pay off = __124__ years __5____ months

COMPLETE AT THE EXHIBIT

USE MONTHLY PAYMENT #1 FROM CARD

Monthly payment #1 from Card = $_500__
Total payments** = $_23,864.80_
Time to pay off = ___4____ years ___0___ months
Calculation 2:
Credit Card Debt = $16,000

ONLY THE MINIMUM PAYMENT EACH MONTH

Interest Rate #2 = _8.90_%

Total payments if you pay only minimum* = $25,155.62

Time to pay off = ___25___ years __5____ months
USE MONTHLY PAYMENT #2 FROM CARD
Monthly payment #2 from Card = $_500____
Total payments** = $18,328.80
Time to pay off = ___3____ years ___1___ months

* To calculate this minimum payment, enter the total credit card debt and the interest
rate, but leave the monthly payment section blank. Then press continue.
** To calculate this amount, enter the total credit card debt, the interest rate, and the
monthly payment into the debt calculator. Then press continue.
Lesson: Lets Get Financially Focused!
Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 32 of 35

Activity 6
Crossword Puzzle

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 33 of 35

Activity 6 (continued)
Crossword Puzzle Clues
Across
2. To balance and check the accuracy of a financial account
4. A bill of exchange on a bank drawn against deposited funds to pay a specified sum of
money to a specified person on demand
9. Moving financial funds from one account to another by electronic means
10. Any interest-bearing or discounted government or corporate security that obligates
the issuer to pay the holder a specified sum of money
13. A card from a financial services company or bank that allows cardholders to buy
goods and services on credit
15. A card similar to a credit card that allows money to be withdrawn or the costs of
purchases paid directly from the holders bank account
16. The cost of credit that consumers pay, expressed as a simple annual percentage
17. Someone using the personal and financial information of another person in order to
commit financial fraud
18. A piece of paper currency
19. Financial outlays
21. A payment card embedded with a computer chip that can perform special functions
22. To desire
23. A marking in paper (such as currency) resulting from differences in thickness and
visible when the paper is held up to the light
Down
1. Made in imitation of something else with intent to deceive
3. Banking and financial services provided via electronic systems (e.g., phone lines,
computer lines, etc.)
5. The collection of funds on which a check is drawn, and the payment of those funds to
the holder of the check
6. The crime of falsely and fraudulently making or altering a document (as a check)
7. A deception deliberately practiced in order to reap an unfair or unlawful gain
8. Initial interest rate offered on a credit account for a period of time
11. The amount of money received in return for services and/or labor for a period of time
12. Targeting loans to elderly, low-income, and other people to take advantage of their
financial status or lack of financial knowledge
13. A loan and bill payment history kept by a credit bureau and used by financial
institutions and other potential creditors to determine the likelihood that a future debt
will be repaid
14. Paper money
20. The state of insolvency of an individual or an organization; a legal proceeding
declaring that an individual is unable to pay debts

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 34 of 35

Activity 6 (continued)
Crossword Puzzle Answers

Lesson: Lets Get Financially Focused!

Grades 9-12
Money in Motion Curriculum
Federal Reserve Bank of Philadelphia

Page 35 of 35