Choosing and Balancing a Checking Account

Your check register shows a balance of $580. Your last statement shows an ending balance of $629. All transactions match except for two outstanding checks for $10 and $25. Does your register balance with the statement?

• Yes.

• No.

You start the month with $492.89 in your checking account. You have the following withdrawals during the month: $8.24, $102.98, $60.25. You have deposits of $202.73 and $89.56 during the month. What is your balance at the end of the month?

• $613.71

• $29.13

• $956.65

• $372.07

Complete the mathematical equation with +, -, x, /, and/or =. Ending Balance _ Beginning Balance _ Withdrawals _ Deposits

• =, x, /

• =, +, -

• =, -, +

• =, +, /

You checkbook shows a balance of $468. Your bank statement says you have $399. Assuming you are missing just one transaction, what is the amount of the transaction you are missing?

• $867

• $69

• $186,732

• $1.17

The following transactions, in order, are expected to hit your checking account next month: $20 deposit, $10 withdrawal, $20 withdrawal, $30 deposit, and $40 withdrawal. What is the least amount you can have as a beginning balance without overdrawing the account?

• $20

• $120

• $10

• $40

An overdraft fee:

• Is a fee charged by a business when a check you write to them bounces

• Is the minimum balance required to be held in a bank account

• Is a fee paid to a payday loan company

• Is a fee charged by a bank when your checking account balance goes below zero

A credit union:

• Requires membership, but in other respects is like a bank

• Can't keep savings accounts

• Never has interest rates as good as a bank

• Is only open to college students

When writing a check:

• Always print your signature

• Sign on the line that says "Pay to the order of"

• Spell out the dollars and cents on the long line that ends in "Dollars"

• Spell out the dollars and cents in the short box next to the $ symbol

Banks offer "points" or "rewards" because:

• They have excess profits and want to distribute some of those profits to customers.

• They like to make your life more fun

• You will be more likely to switch to the bank offering "points" or "rewards" because you feel you are getting "something for nothing"

• They want you to practice good saving habits

To balance your checkbook:

• Subtract any checks in your check register that are not marked as cleared

• Subtract any deposits in your check register that have not been marked as cleared

• Add the interest paid and bank charges to the register balance

• Add any checks in your check register that are not marked as cleared