
Mastering Money Management: Balancing a Checkbook

Interactive Video
•
others
•
8th Grade
•
Hard
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
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