1.6 FINE PRINT: Checking Account Statement (Due 8-26-22 SOC)
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Last updated 12 months ago
11 questions
Note from the author:
In this activity, you will explore a checking account statement in more detail to understand its various components. Then, you will answer questions using the sample statement below.
In this activity, you will explore a checking account statement in more detail to understand its various components. Then, you will answer questions using the sample statement below.
Part I: Read The Fine Print
Analyze this sample checking account statement and answer the questions that follow.
Required
2
How frequently does John typically receive account statements from his bank?
How frequently does John typically receive account statements from his bank?
Required
5
How much did John Jones have in his account on the first day of the statement period?
How much did John Jones have in his account on the first day of the statement period?
Required
2
John has two ATM transactions but only one of them has a fee (Interac). Why?
John has two ATM transactions but only one of them has a fee (Interac). Why?
Required
10
Most employers will pay their employees by directly depositing their paycheck into their checking account. According to his checking account statement, John was paid
$_______ every _______ weeks
Required
2
What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?
What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?
Required
2
Which statement is true regarding Check No. - 409?
Which statement is true regarding Check No. - 409?
Required
2
Which transaction caused John to overdraw his account?
Which transaction caused John to overdraw his account?
Required
10
What was the result of John overdrawing his checking account?
What was the result of John overdrawing his checking account?
Required
2
Which fees was John charged on his checking account during this statement period?
Which fees was John charged on his checking account during this statement period?
Required
2
What is the mathematical formula that you would use to describe the financial activity on a bank statement?
What is the mathematical formula that you would use to describe the financial activity on a bank statement?
Required
40
Why is it important to review your checking account statement? UCS
_______
What fees might this help you avoid? Explain your answer. UCS
_______