Balancing Your Checking Account
A Grade 7 math worksheet to help students understand and practice balancing a checking account, including deposits, withdrawals, and keeping a transaction register.
Includes
Standards
Topics
Balancing Your Checking Account
Name:
Date:
Score:
Read each question carefully and follow the instructions to balance your checking account. Show all your work where applicable.
1. A is money added to your account.
2. A is money taken out of your account.
3. The is a record of all transactions in your checking account.
1. You start with a checking account balance of $250. You deposit $75 and then withdraw $30. What is your new balance?
2. Explain why it is important to keep track of your checking account transactions.
Complete the following transaction register:
Starting Balance: $500.00
Date | Transaction Description | Withdrawal (-) | Deposit (+) | Balance
----------------------------------------------------------------------------------
10/01 | Initial Balance | | | $500.00
10/03 | Paycheck Deposit | | $350.00 |
10/05 | ATM Withdrawal | $40.00 | |
10/07 | Grocery Store | $85.50 | |
10/10 | Birthday Gift Deposit | | $50.00 |
10/12 | Online Purchase | $22.75 | |
1. If your checking account balance is $120.00 and you write a check for $45.00, what will your new balance be?
$75.00
$165.00
$90.00
$120.00
2. Which of the following would DECREASE your checking account balance?
Direct deposit of a paycheck
Transfer from a savings account
An ATM withdrawal
A refund for a returned item
1. An overdraft occurs when you spend more money than you have in your account.
True
False
2. It is not necessary to record small transactions like buying a snack.
True
False