Balancing Your Checking Account
A worksheet for 8th graders to practice balancing a checking account, including deposits, withdrawals, and reconciling bank statements.
Includes
Standards
Balancing Your Checking Account
Name:
Date:
Score:
Read each question carefully and provide your answers in the spaces provided. Show your work for all calculations.
1. A checking account allows you to safely store your money and make payments using or a debit card.
2. When you deposit money into your account, your balance .
3. A withdrawal money from your account.
4. It is important to keep a record of all your transactions to avoid overdrafts.
5. Sarah starts with a checking account balance of $250.00. She deposits $75.50 and then writes a check for $30.25. What is her new balance?
6. David has a balance of $500.00. He uses his debit card to buy groceries for $85.75 and pays his phone bill online for $55.00. What is his current balance?
7. Which of the following is considered a deposit?
Paying a bill with a check
Withdrawing cash from an ATM
Receiving your paycheck
Using your debit card for a purchase
8. An overdraft occurs when you spend more money than you have in your account.
True
False
9. Reconciling your bank statement means comparing it to your own records to ensure accuracy.
True
False
10. Your bank statement shows a balance of $350.00. You have a deposit of $100.00 that hasn't cleared yet and an outstanding check for $45.00. What is your reconciled balance?