Checking account

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 happens when you write a check?

Back

When you write a check, you are instructing your bank to pay a specific amount of money from your checking account to the person or business named on the check.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.5

Front

What does it mean to overdraw an account?

Back

To overdraw an account means to withdraw more money than is available in the account, resulting in a negative balance.

Front

What is an ATM fee?

Back

An ATM fee is a charge that banks may impose for using an Automated Teller Machine (ATM) to withdraw cash or perform other transactions.

Front

How do you calculate the balance in a checking account?

Back

To calculate the balance, start with the initial amount, add any deposits, and subtract any withdrawals or fees.

Tags

CCSS.6.NS.B.3

Front

What is a bank fee?

Back

A bank fee is a charge imposed by a bank for various services, such as maintaining an account, using an ATM, or overdrawing an 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 money added to a bank account, increasing the account balance.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

Front

What is a withdrawal?

Back

A withdrawal is money taken out of a bank account, decreasing the account balance.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What does it mean to reconcile a bank statement?

Back

Reconciling a bank statement means comparing your records of transactions with the bank's records to ensure they match.

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 check?

Back

A check is a written order directing a bank to pay a specific amount of money from the writer's account to the person or entity named on the check.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C