Check It Out

When you receive a paycheck, you may want to have a checking account.

Do you have a checking account?

Lesson Objective Compute the total checking account deposit.

Content Vocabulary

deposit

direct depositdeposit

Checks, currency, or coins put into a banking account, savings and loan, credit union, or brokerage firm.

deposit

Checks, currency, or coins put into a banking account, savings and loan, credit union, or brokerage firm.automated teller

machine (ATM)

personal identificationnumber (PIN)

direct deposit

A deposit electronically transferred from your employer’s checking account to your checking account.

direct deposit

A deposit electronically transferred from your employer’s checking account to your checking account.

automated teller machine (ATM)

Performs basic banking functions, such as handling check deposits or issuing cash withdrawals.

automated teller machine (ATM)

Performs basic banking functions, such as handling check deposits or issuing cash withdrawals.

personal identification number (PIN)

A personal number on an ATM card that gives you access to your bank account electronically.

personal identification number (PIN)

A personal number on an ATM card that gives you access to your bank account electronically.

Lesson Objective Write a check.

Content Vocabulary

checking account

checkchecking account

A deposit account held at a bank that gives you convenient access to your money.

checking account

A deposit account held at a bank that gives you convenient access to your money.

check

A paper document directing a bank to deduct money from your checking account and make a payment to the person named on the check.

check

A paper document directing a bank to deduct money from your checking account and make a payment to the person named on the check.

Writing a Check

Lesson Objective Calculate the balance in a check register.

Content Vocabulary

check register

balancecheck register

A record of checking account deposits, withdrawal, and electronic transfers.

check register

A record of checking account deposits, withdrawal, and electronic transfers.

balance

The amount of money you have in an account.

balance

The amount of money you have in an account.

Lesson Objective Calculate the current balance on a checking account bank statement.

Content Vocabulary

bank statement

service chargebank statement

From your bank, lists all activity in your account.

bank statement

From your bank, lists all activity in your account.

service charge

Charges by a bank, for services rendered, to your account.

service charge

Charges by a bank, for services rendered, to your account.

Lesson Objective Reconcile a check register with a bank account statement.

Content Vocabulary

reconcilereconcile

To compare your check register with your bank statement to make sure they agree.

reconcile

To compare your check register with your bank statement to make sure they agree.

Lesson Objective Compute online banking charges and update the check register.

Content Vocabulary

online bankingonline banking

Internet banking allows you to view your account, pay bills, and transfer money any time.

online banking

Internet banking allows you to view your account, pay bills, and transfer money any time.

SummarySummarySummarySummary

Money Managing

Checking accounts safely hold money and help track expenses.

DepositsYou can manually or electronically put your money into a checking account.

Checking AccountsYou withdraw money from your account with a check or credit card.

Bank StatementsYou can review statements electronically.

1. Katie Swientek’s deposit includes two checks: $120.50 and $843.22; cash: $11 one-dollar bills, 15 five-dollar bills, 9 quarters, 5 dimes, and 22 nickels. Find the total amount deposited to Katie’s checking account.

A. $1,003.11

B. $1,053.57

C. $1,152.10

D. $1,205.40

2. ALGEBRA Hideo Yamata makes a deposit of $1,230. He remembers that the checks he deposited total twice the amount of currency he deposited. How much did he deposit in checks?

A. $410

B. $650

C. $820

D. $1,005

3. ALGEBRA Lou Breslin deposited 56 quarters, 11 dimes, 44 nickels, and 100 pennies into his checking account. The total of the checks he deposited equaled $115 less than twice his total deposit. What was the total amount of the checks he deposited?

A. $61.65

B. $78.30

C. $96.70

D. $115.00

4. Jennifer Briggs wrote a check for one hundred sixty-one and dollars. What is the amount of the check written as a numeral?

A. $161.00

B. $161.01

C. $161.10

D. $161.11

01

100

A. sixty-two and dollars

B. sixty-two and dollars

C. one hundred twenty-five and dollars

D. one hundred forty-five and dollars

5. Rubin Graves wrote a check for two items that cost $62.83 each. What was the amount of his check, expressed in words?

83

100

66

100

66

100

66

100

6. Peter Gorman had a balance of $651.20 in his checking account on September 27. On September 28, he wrote two checks: $21.95 and $193.22. What is his new balance?

A. $436.03

B. $629.25

C. $811.20

D. $866.37

7. Abbas Bui’s checking account had a $132.40 balance on July 8. He deposited $590.05 on July 23 and wrote a check for $89.60 on July 24. That same day he also withdrew $200 from his ATM. What is his balance at the end of the day on July 24?

A. $432.55

B. $432.85

C. $612.05

D. $812.05

8. During the month, Glenda Russell deposited two checks: $231.09 and $375.40. She wrote three checks : $11.50, $46.85, and $99.63. Her previous balance was $1,209.50. She received her bank statement and noticed a service charge of $6.00. What is her current balance?

A. $1,652.01

B. $1,704.33

C. $1,809.49

D. $1,850.80

9. Justin Curley’s bank statement indicates he has a $531.20 balance. He has an outstanding check for $211.67 and an outstanding debit of $101.50. He also has an outstanding deposit of $15.40. What is his adjusted balance?

A. $203.60

B. $211.90

C. $233.43

D. $436.43

10. Tomás Edwards uses online banking. The service charges are as follows: $6.50 monthly charge; $0.50 per bill paid (first five are free); and $15 for a printed statement. Last month, Tomás paid 11 bills and requested a printed statement. How much was his total service charge?

A. $20.50

B. $21.50

C. $23.50

D. $24.50

End of

Chapter 4Checking Accounts