Balancing Your Checkbook
A worksheet for 7th graders to practice balancing a checkbook, including deposits, withdrawals, and calculating balances.
Includes
Standards
Topics
Balancing Your Checkbook
Name:
Date:
Score:
Read each scenario carefully and complete the checkbook ledger entries. Remember to add deposits and subtract withdrawals to keep your balance accurate.
Use the following transactions to update the checkbook ledger below. Your starting balance is $500.00.
Transactions:
1. September 1: Deposit paycheck - $750.50 2. September 5: Write check #101 to 'Grocery Store' - $125.75 3. September 10: ATM Withdrawal - $60.00 4. September 15: Deposit birthday money - $100.00 5. September 20: Online payment to 'Electric Company' - $85.20
Date
Transaction Description
Check No.
Withdrawal (-)
Deposit (+)
Balance
Start
Initial Balance
$500.00
What is your final checkbook balance after all the transactions?
1. Which of the following is considered a deposit?
Writing a check
Paying a bill online
Receiving your paycheck
Using your debit card
2. What is the purpose of balancing your checkbook?
To spend more money
To ensure your records match the bank's records
To get a loan
To pay taxes
1. A withdrawal decreases your checkbook balance.
True
False
2. You should only balance your checkbook once a year.
True
False
1. When you add money to your account, it is called a .
2. When you take money out of your account, it is called a .
3. Keeping track of your transactions helps you avoid .
Maria had a balance of $350.25. She deposited $150.00 and then wrote a check for $75.50. What is her new balance? Show your work.