Mastering Money Management: Balancing a Checkbook

Mastering Money Management: Balancing a Checkbook

8th Grade

8 Qs

quiz-placeholder

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Mastering Money Management: Balancing a Checkbook

Mastering Money Management: Balancing a Checkbook

Assessment

Interactive Video

others

8th Grade

Hard

Created by

Susan Burbank

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of balancing a checkbook?

To ensure your financial records match the bank's records

To spend more money

To create bank errors

To forget transactions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you gather first when starting to balance your checkbook?

A calculator

Your checkbook register or a budgeting app

A friend's advice

A bank loan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the next step after noting the bank's ending balance?

Subtract your expenses

Close your account

Add any unrecorded deposits

Call the bank

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to subtract payments and withdrawals in the balancing process?

To ensure all transactions are accounted for

To apply for a loan

To increase your balance

To find any bank errors

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do if your calculated balance does not match your checkbook balance?

Check for errors or unrecorded transactions

Ignore the discrepancy

Withdraw all your money

Start a new checkbook

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should you balance your checkbook to maintain good financial health?

Only when the bank notifies you

Every day

Once a year

At least once a month

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a likely consequence of not balancing your checkbook regularly?

Receiving too much interest

Missing discrepancies or fraud

Getting a promotion at work

Earning rewards

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in troubleshooting if your checkbook is not balanced?

Blame the bank

Close your bank account

Increase your spending

Review each transaction carefully