Balancing a Checkbook

Front

What is the balance in your account after depositing $23 into an account with a balance of $500?

Back

$523

Front

If Anna had $100 and deposited a check for $20, then withdrew half of her total balance, how much does she have left?

Back

$60

Front

What does it mean to make a withdrawal from a bank account?

Back

To subtract money from the account.

Front

If Tommy starts with $40, receives a paycheck of $50, and pays a bill of $35.75, how much does he have left?

Back

$54.25

Front

What is the first step in balancing a checkbook?

Back

Record all transactions including deposits and withdrawals.

Front

What is a deposit?

Back

Adding money to a bank account.

Front

What is a check?

Back

A written order directing a bank to pay a specific amount from a person's account.

Front

How do you calculate the new balance after a transaction?

Back

Add deposits and subtract withdrawals from the previous balance.

Front

What is the purpose of keeping a checkbook register?

Back

To track all transactions and maintain an accurate balance.

Front

What does it mean to reconcile a bank statement?

Back

To compare your records with the bank's records to ensure accuracy.