Bank Statement Reconciliation
This worksheet helps Grade 8 students practice reconciling bank statements, identifying discrepancies, and understanding common banking terms.
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Bank Statement Reconciliation
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Read each question carefully and provide your answers in the space provided. Show your work where applicable. This worksheet focuses on understanding and reconciling bank statements.
Understanding Bank Terms
Fill in the blank with the correct term.
1. A record of all transactions in a checking or savings account over a set period is called a .
2. Money added to an account is called a .
3. Money taken out of an account is called a .
4. A check that has been written but not yet cleared by the bank is known as an .
Identifying Discrepancies
1. Sarah's bank statement shows a balance of $550, but her checkbook register shows $620. She wrote a check for $70 that hasn't cleared yet. Is there a discrepancy?
2. John deposited $150, but his bank statement only shows a deposit of $50. He also has an outstanding check for $25. What is the total difference between his register and the statement if all other transactions match?
Matching Bank Activities
Match each banking activity with its definition.
1. Deposit
a. Payment made by the bank for using your money
2. Withdrawal
b. Money added to your account
3. Interest Earned
c. Money taken out of your account
4. Service Fee
d. Charge from the bank for services provided
Multiple Choice Questions
1. What is the primary purpose of reconciling a bank statement?
To track spending habits
To ensure the bank's records match personal records
To apply for a loan
To earn interest
2. Which of the following would NOT typically cause a discrepancy between a bank statement and a checkbook register?
Outstanding checks
Deposits in transit
A cleared check
Bank service charges
True or False
Indicate whether each statement is True or False.
1. An outstanding deposit is a deposit recorded in your checkbook but not yet on your bank statement.
True
False
2. Bank service charges increase the balance in your checkbook register.
True
False
Banks play a crucial role in managing personal finances. Reconciling your bank statement helps you keep accurate records.
