Reference no: EM133063850

Economics and Personal Finance Module Four Lesson Three Activity

For each scenario below, identify what bank service would best be used and explain your reasoning. Include one positive and one negative about using that particular tool.

Scenario 1: Joey is a 15 year old who is ready to work, but his parents want him to have more responsibility with money first. His parents have already set up checking and savings accounts for him at their bank. They want him to begin to learn the responsibilities of paying part of his cell phone bill and see what it is like to stick to spending limits.

Scenario 2: Vanya inherited $2000 from her grandmother after she passed away. Her grandmother wanted her to use the money to help buy her wedding dress so she wants to save it until she is ready for that big event. She wants to earn as much interest as possible on her grandmother's money.

Scenario 3

Duncan was hired by a local pizza store for his first job and he is very excited. On his first day at work, his manager told him that they didn't use paper checks for payment. Duncan doesn't even have an account at a bank yet.