WorksheetsBalancing Your Checkbook
Total questions: 10
Worksheet time: 5mins
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.
