Balancing Your Checking Account
This worksheet helps 5th-grade students practice balancing a checking account by recording transactions, calculating balances, and identifying common errors.
Includes
Standards
Topics
Balancing Your Checking Account
Name:
Date:
Score:
Read each question carefully and follow the instructions to balance the checking account. Remember to add deposits and subtract withdrawals.
Use the transaction register below to record the following transactions and calculate the new balance. Starting balance: $250.00
Transactions:
- July 5: Deposit paycheck, $450.00
- July 7: Withdrawal for groceries, $75.50
- July 10: ATM withdrawal, $40.00
- July 12: Deposit birthday money, $50.00
- July 15: Pay electricity bill, $89.25
Date
Transaction
Deposit (+)
Withdrawal (-)
Balance
Start
Starting Balance
$250.00
1. When you put money into your checking account, it is called a .
2. When you take money out of your checking account, it is called a .
3. To find your new balance after a deposit, you need to the deposit amount to your old balance.
4. To find your new balance after a withdrawal, you need to the withdrawal amount from your old balance.
1. It is important to keep track of your checking account balance to avoid overspending.
True
False
2. An ATM withdrawal will increase your checking account balance.
True
False
1. Why is it important to balance your checking account regularly?
2. What might happen if you don't keep track of your checking account balance and spend more money than you have?