Checking Account Basics
Flashcard
•
Mathematics
•
11th - 12th Grade
•
Hard
+9
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a checking account?
Back
A checking account is a type of bank account that allows for deposits and withdrawals. It is used for everyday transactions and typically comes with a debit card and check-writing capabilities.
2.
FLASHCARD QUESTION
Front
What is the purpose of writing 'Pay to the order of' on a check?
Back
This line indicates who the check is being paid to, ensuring that the funds are directed to the correct recipient.
Tags
CCSS.RI.11-12.7
CCSS.RI.8.7
CCSS.RI.9-10.7
CCSS.RL.11-12.7
CCSS.RL.9-10.7
3.
FLASHCARD QUESTION
Front
What happens if you write a check for more than what is in your checking account?
Back
You may incur overdraft fees, as the account balance is insufficient to cover the amount of the check.
Tags
CCSS.6.NS.C.7C
4.
FLASHCARD QUESTION
Front
Why is it important to use permanent ink when writing a check?
Back
Permanent ink prevents alterations or forgery, ensuring the integrity of the check.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.3
CCSS.RI.9-10.3
CCSS.RI.9-10.5
5.
FLASHCARD QUESTION
Front
What is an overdraft fee?
Back
An overdraft fee is a charge that a bank imposes when a check or withdrawal exceeds the available balance in a checking account.
6.
FLASHCARD QUESTION
Front
What should you do if you realize you've written a check for the wrong amount?
Back
You should contact the recipient and request to void the check, then issue a new one with the correct amount.
7.
FLASHCARD QUESTION
Front
What is the difference between a checking account and a savings account?
Back
A checking account is designed for frequent transactions, while a savings account is intended for saving money and typically earns interest.
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