Checking Account & Balancing a Check Register

Front

What is a checking account?

Back

A checking account is a type of bank account that allows you to deposit money, withdraw funds, and write checks to pay for goods and services.

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of your bank account.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.5

Front

What is a deposit?

Back

A deposit is the act of adding money to your bank account.

Front

What should you write on a check to indicate who it is for?

Back

You should write the name of the person or business you are paying.

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What is the purpose of a check register?

Back

A check register is used to keep track of all transactions in your checking account, including deposits, withdrawals, and the current balance.

Front

What does it mean to balance a check register?

Back

Balancing a check register means ensuring that the total of your recorded transactions matches the bank's records of your account.

Front

What is a debit card?

Back

A debit card is a card that allows you to access your checking account to make purchases or withdraw cash.

Front

What is direct deposit?

Back

Direct deposit is a way of electronically transferring money into your bank account, often used for payroll.

Front

What is a check?

Back

A check is a written order directing a bank to pay a specific amount of money from your account to another person or business.

Front

What information is required on a check?

Back

A check must include the date, payee's name, amount in numbers and words, your signature, and your account number.