Balancing Your Checkbook
A worksheet for grade 9 students on understanding and balancing a checkbook, covering deposits, withdrawals, and reconciliation.
Includes
Standards
Topics
Balancing Your Checkbook
Name:
Date:
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Read each question carefully and provide the best answer. Show all your work for calculations.
1. A is a record of all transactions in a checking account.
2. When you add money to your account, it is called a .
3. When you take money out of your account, it is called a .
4. The process of matching your checkbook register with your bank statement is known as .
5. Which of the following would DECREASE your checkbook balance?
Depositing a paycheck
Transferring money from savings to checking
Writing a check to pay your phone bill
Receiving a tax refund
6. A bank statement shows a fee for an ATM withdrawal. How should this be recorded in your checkbook register?
As a deposit
As a withdrawal
It does not need to be recorded
As a credit
7. Your checkbook register shows an initial balance of $500.00. You make a deposit of $150.00 and then write a check for $75.50. What is your new balance?
8. On May 1st, your balance was $1,200.00. You paid your rent ($650.00), bought groceries ($85.25), and received your paycheck ($800.00). What is your balance at the end of May?
9. Outstanding checks are checks you have written but the bank has not yet processed.
True
False
10. Deposits in transit are deposits the bank has recorded but you haven't yet.
True
False
11. Your bank statement balance is $780.00. You have an outstanding check for $120.00 and a deposit in transit of $50.00. What is your reconciled balance?
12. Describe two common reasons why your checkbook balance might not match your bank statement balance.