Balancing a Checkbook

What is a checkbook?

• A book of checks that allows a person to make payments from their bank account.

• A digital wallet for online transactions.

• A ledger for tracking expenses and income.

• A type of savings account with higher interest rates.

What does it mean to reconcile a bank account?

• Comparing the checkbook records with the bank statement to ensure accuracy.

• Calculating the total amount of money spent in a month.

• Transferring funds from one account to another.

• Closing an account after it has been inactive for a year.

What is a paycheck?

• A document that an employer gives to an employee as payment for work done.

• A type of bank statement showing account balance.

• A receipt for goods purchased from a store.

• A form used to apply for a job.

Tags

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.6.3

CCSS.RI.7.3

What is a gift in financial terms?

• A payment made for services rendered.

• An item given with the expectation of receiving something in return.

• Money or an item given without expecting anything in return.

• A loan that must be repaid with interest.

Tags

CCSS.RI.8.7

CCSS.RL.8.7

CCSS.RL.9-10.7

CCSS.RI.6.7

CCSS.RL.6.7

How do you calculate the balance in a checkbook?

• Start with the previous balance, add deposits, and subtract withdrawals.

• Only add deposits to the previous balance.

• Subtract withdrawals from the previous balance only.

• Add all transactions without considering deposits or withdrawals.

Tags

CCSS.7.NS.A.1C

What does it mean to balance a checkbook?

• Ensuring that the amount of money recorded in the checkbook matches the bank's records.

• Calculating the total amount of money spent in a month.

• Keeping track of all the checks written without any errors.

• Recording only the deposits made into the account.

Tags

CCSS.7.NS.A.3

What is a withdrawal?

• A deposit made into a bank account.

• Money taken out of a bank account.

• A type of bank account with no fees.

• A loan provided by the bank.

Tags

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.11-12.5

CCSS.RI.6.5

What is an expense?

• A type of income generated from investments.

• Any cost incurred, such as bills or purchases.

• A financial term for profit made from sales.

• A method of saving money for future use.

What is a transaction in banking?

• A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or payments.

• A transaction is a record of a customer's account balance.

• A transaction is a type of bank account.

• A transaction is a fee charged by the bank for services.

What is a check number?

• A unique identifier for each check written from a checkbook.

• A code used to verify the authenticity of a check.

• A number that indicates the amount of money in a bank account.

• A reference number for bank transactions.

Tags

CCSS.HSN.CN.A.2