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How to Balance a Checking or Savings Account

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the most accurate way to determine how much money you have in your bank accounts?

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1.

Your bank statement shows this information:

Opening balance: $600

Check 555: -$100

Check 556: -$65

Check 558: -$125

Your account ledger shows this information :

Opening balance: $600

Check 555: -$100

Check 556: -$65

Check 557: -$75

Check 558: -$125

How much money do you have and why?

2. What might be the reason your records show more funds than the bank statement reports?

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About This Quiz & Worksheet

Use this worksheet and quiz to measure your understanding of balancing checking and savings accounts. You will need to be familiar with bank statement reports and records in order to pass the quiz.

Quiz & Worksheet Goals

Using these tools, you can quickly assess your knowledge of:

  • The importance of balancing out your bank accounts
  • Differences between savings and checking accounts
  • Why your personal records would show more funds than your bank statement reports
  • Why the bank would report more funds than you originally anticipated

Skills Practiced

  • Interpreting information - verify that you can read information regarding balancing bank accounts and interpret it correctly
  • Distinguishing differences - compare and contrast main topics, such as checking account and a savings account
  • Reading comprehension - ensure that you draw the most important information from the related lesson on balancing financial accounts

Additional Learning

To learn more about balancing accounts, you can review information in the lesson titled How to Balance a Checking or Savings Account. This lesson will help you:

  • Differentiate checking and savings accounts
  • Understand what happens if bank accounts are not balanced
  • Identify the steps involved in balancing a bank account
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