There are many technical terms used in financial math. Here are some key terms used in money math. In small groups, discuss the terms and answer the questions.
A balance is the amount of money in a person's bank account at any one time.
A deposit is money a person puts in to a bank account. If a person deposited money into their account, would their balance increase or decrease?
A withdrawal is money a person takes out of a bank account. If a person withdrew money from their account, would their balance increase or decrease?
Describe each of the events that take place after Jack opens a bank account as an integer in the provided downloadable asset chart. Model the integer on the number line in the chart using an appropriate scale and mathematical symbols.
Jack opened a bank account when he got his first job and then the following events happened:
His wage of \$200 was deposited.
He withdrew \$105 to buy a new skateboard.
He then withdrew another \$7 to buy lunch.
His grandma deposited \$30 into his account for his birthday.
Investigate
Consider the following questions once you have completed the procedure above.
1.
How could the downloadable asset chart help to track his account balance?
2.
What would happen if he withdrew another \$170 for a new gaming system? Do you think the bank would allow that? Why or why not?
Answer the questions below after you have completed the activity.
Discussion
1.
Come up with two other examples where negative and positive integers can be used to describe a real-world example.
Outcomes
6.NS.C.5
Understand that positive and negative numbers are used together to describe quantities having opposite directions or values (e.g. Temperature above/below zero, elevation above/below sea level, debits/credits, positive/negative electric charge); use positive and negative numbers to represent quantities in real-world contexts, explaining the meaning of 0 in each situation.
