Balancing a Checkbook

Front

What is a checkbook?

Back

A checkbook is a book of checks that allows a person to make payments from their bank account.

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What does it mean to balance a checkbook?

Back

Balancing a checkbook means ensuring that the amount of money recorded in the checkbook matches the bank's records.

Front

What is a transaction in banking?

Back

A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or payments.

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What is a paycheck?

Back

A paycheck is a document that an employer gives to an employee as payment for work done.

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What is a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period.

Front

How do you calculate the balance in a checkbook?

Back

To calculate the balance, start with the previous balance, add deposits, and subtract withdrawals.

Front

What is a deposit?

Back

A deposit is money added to a bank account.

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What is a withdrawal?

Back

A withdrawal is money taken out of a bank account.

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What is an expense?

Back

An expense is any cost incurred, such as bills or purchases.

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What is a gift in financial terms?

Back

A gift is money or an item given without expecting anything in return.