Checking Accounts
Flashcard
•
Mathematics
•
11th Grade
•
Hard
+5
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a checking account?
Back
A checking account is a type of bank account that allows for numerous withdrawals and deposits, and is typically used for everyday transactions.
2.
FLASHCARD QUESTION
Front
What is the purpose of writing a check?
Back
The purpose of writing a check is to authorize a bank to pay a specific amount of money from your checking account to another person or entity.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.3
CCSS.RI.9-10.5
3.
FLASHCARD QUESTION
Front
What information is required on a check?
Back
A check must include the date, payee's name, amount in numbers and words, signature, and sometimes a memo.
4.
FLASHCARD QUESTION
Front
Why is it important to write the dollar amount in both numbers and words?
Back
Writing the dollar amount in both numbers and words helps prevent fraud and ensures clarity in the payment amount.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.3
CCSS.RI.9-10.3
CCSS.RI.9-10.5
5.
FLASHCARD QUESTION
Front
What does the memo line on a check indicate?
Back
The memo line is used to note the purpose of the payment or any additional information relevant to the transaction.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.3
CCSS.RI.9-10.5
6.
FLASHCARD QUESTION
Front
What happens if a check is written without sufficient funds in the account?
Back
If a check is written without sufficient funds, it may bounce, leading to fees and potential legal issues.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.3
CCSS.RI.9-10.3
CCSS.RI.9-10.5
7.
FLASHCARD QUESTION
Front
What is a payee?
Back
A payee is the person or entity to whom a check is written and who will receive the payment.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.3
CCSS.RI.9-10.5
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