balancing a checkbook

A check is defined as

• a written document showing the balance in your checking account.
• an automated order transferring money from your savings to your checking account.
• a written document that allows you to buy goods and services today and pay for them in the future.
• a written document ordering a financial institution to transfer money from your account to someone else.

When you receive your monthly bank statement, it is recommended that you

• file it with your other personal records.
• use it to reconcile your checking account.
• use it to record all of your transactions for the past month.
• review it carefully, then shred it before throwing it in the trash.

Writing a check for insufficient funds (commonly called a “hot check”)

• can be easily avoided if you do not use an ATM.
• is impossible as long as you have checks in your checkbook.
• can result in expensive fees, fines and even jail time, if convicted.
• is really no big deal as long as you pay the fees and cover the check amount.

The first set of numbers at the bottom of your check are called

• check routing numbers.
• checking account numbers.
• deposit numbers.
• banking numbers.

In which format would you write the amount of the check in the small space that starts with the dollar sign?

• 100.00
• One hundred dollars and no/100
• 100 dollars and 00 cents
• One hundred dollars and no cents.

Tags

CCSS.5.NBT.B.7

CCSS.5.NBT.A.3

A debit card

• is the same as a credit card.
• charges interest on all transactions.
• is the same as a check, only in a plastic form.
• is similar to a check, but delays payments like a credit card.

Tags

CCSS.6.NS.C.5

Deposits represent

• money that is subtracted from your checking account.
• money that is available in your checking account.
• money that is added to your checking account.
• purchases made with a debit card.

Tags

CCSS.7.NS.A.1A

Which of the following statements is TRUE?

• As long as you have signed a check, it is a legal document and will be accepted as payment.
• A check is not a legal document. It is only an agreement between you and the bank to pay someone.
• It does not matter what date you write on the date line of a check because it is a legal document, regardless of the date.
• A check is a legal document and therefore, must be filled in correctly; otherwise, banks or other businesses may refuse to accept it as payment.

Which of the following statements is TRUE?

• As long as you have signed a check, it is a legal document and will be accepted as payment.
• A check is not a legal document. It is only an agreement between you and the bank to pay someone.
• It does not matter what date you write on the date line of a check because it is a legal document, regardless of the date.
• A check is a legal document and therefore, must be filled in correctly; otherwise, banks or other businesses may refuse to accept it as payment.

Which of the following statements is TRUE?

• As long as you have signed a check, it is a legal document and will be accepted as payment.
• A check is not a legal document. It is only an agreement between you and the bank to pay someone.
• It does not matter what date you write on the date line of a check because it is a legal document, regardless of the date.
• A check is a legal document and therefore, must be filled in correctly; otherwise, banks or other businesses may refuse to accept it as payment.