Checking Account Review

What fee? You have $25 in your checking account and you buy a video game for $50.

• Check fee     
• Debit fee
• Overdraft fee
• Nonsufficient Funds fee

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

What fee? You get charged $3 for using the ATM at the club.

• Check fee
• Debit fee
• Transfer fee
• Out-of-Network fee

Tags

CCSS.5.NBT.B.7

What fee? Your bank charges a fee for having an account with them.

• Check Fee
• Monthly Service Fee
• Debit Fee
• Transfer Fee

Tags

CCSS.7.RP.A.3

Checks that have been written by a company but have not yet been charged to the company's checking account are referred to as __________ checks.

• cleared
• outstanding
• reconciled
• restrictive

At the end of the month, you find out two checks that you wrote are ‘outstanding.’ What should you do with the outstanding check amounts when reconciling your account? 

• Add to check register
• Subtract from check register
• Add to bank statement balance
• Subtract from statement balance 

Your bank charged your account a monthly maintenance fee. What should you do to reconcile your account? 

• Add monthly maintenance fee to check register
• Subtract monthly maintenance fee from check register
• Add monthly maintenance fee to bank statement balance 
• Subtract monthly maintenance fee from statement balance

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

The bank puts $10 into your checking account for interest you earned this year. What should you do to reconcile your account? 

• Add $10 to check register
• Subtract $10 from check register
• Add $10 to bank statement balance
• Subtract $10 from statement balance

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

What happens when you buy gas for your car by using a debit card? 

• You borrow money from your bank that must be repaid with interest.
• You make an “electronic promise” to pay for the gas by the end of the month.
• You give the gas station permission to take money from your checking account. 
• You are taking the money out of a prepaid account with the gas station.

When you use a debit card, 

• the money you spend is deducted from your checking account.
• you do not need to pay the bill until you get a statement from the bank.
• you are subject to various fees charged by the merchant.
• you run a greater risk of having funds lost or stolen.

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.2

CCSS.7.NS.A.3

If you use direct deposit, 

• your bank will automatically pay your bills each month.
• your paycheck will be deposited directly in your bank account. 
• you must go to your bank to directly deposit your paycheck.
• you run a greater risk of having funds lost or stolen.