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.

Front

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

Back

Withdrawing money means taking money out of your checking account, which reduces your account balance.

Front

What is a deposit in the context of a checking account?

Back

A deposit is adding money to your checking account, which increases your account balance.

Front

If Joe has $930 and pays $455 in rent, what is his new balance?

Back

$475

Front

Nina had $487.25 and spent $72.50 on groceries. What is her balance after the purchase?

Back

$414.75

Front

What happens to your checking account balance when you write a check?

Back

Writing a check decreases your checking account balance by the amount of the check.

Front

True or False: Writing a check is a form of deposit.

Back

False

Front

If Jackson's account was $1,005 and he received a $250 refund, what is his balance before writing a check?

Back

$1,255

Front

If Jackson writes a check for $784 after receiving a refund, what is his new balance?

Back

$471

Front

What is the result of donating $30 from your checking account?

Back

It is considered a withdrawal.