Checking Account Task

Name:____________________________

Date:_____________

When you attempt to survive after high school, one of the components you will need to
be equipped with is money management. One of the things that many people struggle with is
maintaining and keeping track of the money they earn and spend. This task will discuss the insand-outs of having a checking account and how to manage it properly.
1. Why would somebody want to get a checking account instead of simply keeping their
money in their mattress?
2. When attempting to start a checking account, what are some of the factors that would
cause you to choose one bank over the other?

When you maintain a checking account, you need to consider two main transactions,
deposits and withdraws. Deposits happen when you put money into your account. Withdraws
happen when you use your money or take money out of your account.
3. What are some reasons for depositing money into your account?
4. What are some methods of withdrawing money from your account?

The following document is a checking deposit slip. The purpose of each number area is defined
below.

1. Todays Date
2. Your Name 3. Deposits made with Cash
4. Deposits made with checks
5. Total amount
6. Cash that you want to take with you
7. Your signature
NET DEPOSIT (Total Amount you are depositing)

The following document is a check. This is one of the forms of withdraw that you will use. The
purpose of each numbered area is defined below.

1. Todays Date
2. The company or person you are writing the check to.
3. The amount in numerals.
4. The amount written in words.
5. A small written description of the purpose of the check.
6. Your signature.
When you are maintaining a checking account, they give you a checking register that you
should use in order to keep track of how much money is in your account. The document below is
a copy of a checking register. The purpose of each numbered area is defined below.

1. The check number used

2. Date transaction occurred
3. A brief description of who the money went to or where it came from
4. Amount withdrawn
5. Fees that occurred
6. Amount deposited
7. Current Balance after transaction took place.

5. For the transactions below, write the check, deposit slip, and fill in the check register.

1. 1/5/2012 Opened a checking account and debit card account with cash deposit of $200
2. 1/6/2012 The bank charged you an automatic withdrawal of $20 to pay for your checks.
3. 1/08/2012 Wrote check #2670 at Kroger to buy groceries, $23.11
4. 1/10/2012 Grandma gave you $80 cash for your birthday and Uncle Jim gave you a check
for $25, deposit them.
5. 1/18/2012 Wrote check #2671 to Sprint pay your phone bill, $45.27
6. 1/19/2012 Cable bill is due, wrote check #2672 to Comcast for $78.53
7. 1/20/2012 Used debit card at Burger King for $5.28 (deduct it from your bank account)
8. 1/26/2012 Deposit paycheck for $113.76 (use deposit slip)
9. 1/27/2012 Wrote check #2673 to Campus Books for school textbooks for $165.46
10. 1/31/2012 Interest of 1% of your current balance is automatically deposited into account.

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Record deposits and keep a running balance in the checkbook register below.

1. On October 12, your balance is $889.81.

2. On October 15 you write check#1324 to pay your rent of $550.00 to Garvey and Garvey.
3. On October 17, you use your debit card at WalMart for $22.52.
4. On November 1, you write a check for $185.42 to Suntrust Bank for your car payment.
5. On November 2, you write a check to Verizon for $62.77.
6. On November 3, you use your debit card to withdraw $20.00.
7. On November 5, your paycheck for $1326.78 is automatically deposited.
8. On November 8, you use your debit card at JC Penny to buy a $19.99 birthday present for your

friend.
9. On November12, you write a check for $186.58 to Geico to cover your insurance premium.
10. On November 16, you transfer $100.00 online from your checking account to your savings
account.
11. On November 20, you use your debit card at RaceTrac to fill up your car. You spend $31.88.
12. On November 21, you use your debit card to withdraw $45.00 from your
checking account.

Transaction Register
Check
Number

Dat Description
e

Payment/D
ebit

Deposit/
Credit

Balance