Name ______

Class Hour______Date ______

Financial Literary

Standard 4 Study Guide

1.  A check is defined as a written document ordering a financial institution to transfer ______from your ______to someone else.

2.  When you receive your monthly bank statement, it is recommended that you use it to ______your checking account.

3.  Writing a check for insufficient funds (commonly called a “Hot Check”) can result in expensive ______, ______, and even ______time, if convicted.

4.  The first set of numbers at the bottom of your check is called______.

5.  In which format would you write the amount of the check in the small space that starts with the dollar sign of you bought something for one hundred dollars? $______.

6.  A debit card is the same as a ______, only in plastic form.

7.  Deposits represent money that is ______to your checking account.

8.  Circle true or false: A check is a legal document and therefore, must be filled in correctly; otherwise, banks or other businesses may refuse to accept it s payment.

9.  The primary purpose of a check or debit card is to make it easier for people to buy ______and ______, pay bills, and make other financial transactions.

10.  When using a debit card, it is important to remember to ______down all transactions and ______them from your account balance.

11.  Compute your new balance in your checking account after making the following transactions.

1.  Your beginning balance is $157.28
2.  You get $20 in cash at the ATM
3.  You deposit a check for $35 from your mom into the account.
4.  You write a check for $69.74 to pay for a new book bag and school supplies.
5.  Your new balance is: ______

12.  Reconciling a bank statement is used to determine if there are any ______in your records.

13.  Use the information below to fill out the check.

·  Your name is “Jane Smith.”

·  You are writing a check to pay for a new software package at Scentsy, Inc.

·  The amount of the purchase is $65.43

·  Use today’s date on your check.

14.  Use the following information to complete your deposit slip.

a.  $31.32 in change.

b.  A Check from your grandmother for $40.

c.  You do not want to keep any cash.