PRE TEST Balancing a Checkbook

Which is a monthly summary of all your checking account transactions?

• a check leaf

• a check register

• a bank statement

Sam put $350 that he received as a birthday gift in his checking account. Where in his checkbook register should he write this amount?

• in the PAYMENT or WITHDRAWAL AMOUNT column

• in the DEPOSIT AMOUNT column

• in the BALANCE column

• in the FEE column

Which must you do to balance your checkbook?

• Write a check to the bank for the service fees.

• Record all the withdrawals and deposits.

• Check that the statement end date matches the date of your last trasaction.

Where on a check should you write the name of the payee?

• part A

• part B

• part C

What is the first step toward reconciling your checkbook register?

• Compare the balance amount in your check register with the balance amount in your bank statement.

• Compare the balance amount in your check register with the deposit amount in your bank statement.

• Compare the balance amount in your check register with the total amount of all canceled checks.

Lisa has entered a check payment of $213.75 in her checkbook. If the old balance was $794, what is her latest balance?

• $1,007.75

• $581.75

• $580.25

Where should you endorse a check?

• on the back of the check

• on the front of the check

• in the check register

Which is an advantage of using a checking account?

• You can pay only in cash, which can help you avoid splurging.

• You can pay by check so you don't need to carry cash.

• You don't have to worry about identity theft.

Which is the correct way to write $850.05 in words on a check?

• eight hundred fifty dollars and five cents

• eight hundred fifty and five hundredths dollars

• eight hundred fifty and 05/100

Which tool helps you record your transactions?

• check leaf

• checking account

• check register