Bank Statements and Pay Stub Review

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What is a bank statement?

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A bank statement is a summary of all transactions in a bank account over a specific period, including deposits, withdrawals, and the ending balance.

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What is a pay stub?

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A pay stub is a document provided by an employer that outlines an employee's earnings, deductions, and net pay for a specific pay period.

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What does it mean to withdraw money from a bank account?

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To withdraw money means to take funds out of your bank account, which decreases your account balance.

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What is Social Security Tax?

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Social Security Tax is a payroll tax that funds the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.

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How does a deposit affect your bank account balance?

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A deposit increases your bank account balance.

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What is the difference between gross pay and net pay?

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Gross pay is the total earnings before any deductions, while net pay is the amount received after deductions.

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What is a transaction?

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A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or purchases.

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What does it mean to reconcile a bank statement?

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Reconciling a bank statement means comparing your records with the bank's records to ensure they match and identifying any discrepancies.

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What is a checking account?

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A checking account is a type of bank account that allows for easy access to funds for everyday transactions, typically using checks or debit cards.

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What is a savings account?

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A savings account is a bank account that earns interest on deposits and is used for saving money rather than for daily transactions.