Balancing Your Checkbook

If your check register shows a balance of $500 and you deposit $300, what will be your new balance?

• $600

• $800

• $1000

• $200

Explain the purpose of using a check register when balancing your checkbook.

• To track the number of hours you spend watching TV

• To keep track of all transactions and payments made from your checking account.

• To record your favorite recipes

• To keep track of your social media passwords

If you write a check for $50 and then another check for $75, what should you do in your check register?

• Subtract $75 and then $50 from the current balance

• Add $50 and then $75 to the current balance

• Subtract $50 and then $75 from the current balance

• Ignore the checks and keep the current balance

What information should you record in your check register when you write a check?

• Time, payee's name, check number, total amount, reason for payment

• Date, payee's name, check number, amount, purpose of payment

• Month, payee's name, check number, balance, purpose of withdrawal

• Date, recipient's address, check number, amount, bank's address

If you have a starting balance of $100 and you write a check for $75, what will be your new balance?

• $100

• $75

• $50

• $25

Why is it important to reconcile your checkbook regularly?

• To ensure that your records match the bank's records and to catch any errors or fraudulent activity.

• To impress your friends

• To keep track of your favorite restaurants

• To practice your math skills

If you receive a deposit of $200 and then write a check for $150, what should you do in your check register?

• Add $150 to the deposit of $200, leaving a balance of $350.

• Ignore the deposit and write a new check for $150.

• Subtract $200 from the check amount of $150, leaving a balance of -$50.

• Subtract $150 from the deposit of $200, leaving a balance of $50.

Explain the process of reconciling your checkbook with your bank statement.

• Guessing the balance

• Comparing transactions, making adjustments, and ensuring balances match

• Asking a friend to do it for you

• Ignoring any discrepancies

What are the consequences of not keeping an accurate check register?

• Increasing your credit score

• Overdrawing your account, incurring fees, and difficulty in tracking expenses

• Avoiding overdraft fees

• Easier to track expenses

If your bank statement shows a different balance than your check register, what steps should you take to resolve the discrepancy?

• Assume the bank made a mistake and file a complaint

• Stop using the bank account and open a new one

• Ignore the discrepancy and hope it resolves itself

• Compare the transactions, look for errors, and reconcile the differences.