Bank Account - Checking

Front

What is a checking account?

Back

A checking account is a type of bank account that allows for numerous withdrawals and deposits, and is often used for everyday transactions.

Front

What is a deposit?

Back

A deposit is an amount of money added to a bank account.

Tags

CCSS.6.NS.B.3

Front

What is a withdrawal?

Back

A withdrawal is an amount of money taken out of a bank account.

Tags

CCSS.7.NS.A.1A

Front

What is a check?

Back

A check is a written order directing a bank to pay a specific amount of money from a person's account to another person or entity.

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

Front

What should you include when writing a check?

Back

You should include the date, the payee's name, the amount in numbers and words, and your signature.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is an overdraft fee?

Back

An overdraft fee is a charge that a bank imposes when a withdrawal exceeds the available balance in a checking account.

Front

Why is it important to keep track of your checking account balance?

Back

Keeping track of your balance helps you avoid overdrafts and manage your finances effectively.

Tags

CCSS.7.NS.A.1B

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period, including deposits, withdrawals, and fees.

Front

What does it mean to reconcile a bank statement?

Back

Reconciling a bank statement means comparing your records with the bank's records to ensure they match.

Front

What is a signature on a check?

Back

A signature on a check is the account holder's written name, which authorizes the bank to process the check.