What is a bank statement?
Bank Statements and Pay Stub Review

Flashcard
•
Mathematics
•
8th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A bank statement is a summary of all transactions in a bank account over a specific period, including deposits, withdrawals, and the ending balance.
2.
FLASHCARD QUESTION
Front
What is a pay stub?
Back
A pay stub is a document provided by an employer that outlines an employee's earnings, deductions, and net pay for a specific pay period.
3.
FLASHCARD QUESTION
Front
What does it mean to withdraw money from a bank account?
Back
To withdraw money means to take funds out of your bank account, which decreases your account balance.
4.
FLASHCARD QUESTION
Front
What is Social Security Tax?
Back
Social Security Tax is a payroll tax that funds the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.
5.
FLASHCARD QUESTION
Front
How does a deposit affect your bank account balance?
Back
A deposit increases your bank account balance.
6.
FLASHCARD QUESTION
Front
What is the difference between gross pay and net pay?
Back
Gross pay is the total earnings before any deductions, while net pay is the amount received after deductions.
7.
FLASHCARD QUESTION
Front
What is a transaction?
Back
A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or purchases.
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