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Copy of PF Unit 2 Lesson 1 - Checking Account Statement (5/21/2025)

Last updated 3 months ago

11 questions

Instructions

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Question 11

11.

Why is it important to review your checking account statement? What fees might this help you avoid? Explain your answer.

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Question 1

1.

Question 2

2.

How much did John Jones have in his account on the first day of the statement period?

Question 3

3.

Question 4

4.

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.

Question 5

5.

Question 6

6.

Question 7

7.

Question 8

8.

Question 9

9.

Question 10

10.

How frequently does John typically receive account statements from his bank?

Annually

Weekly

Daily

Monthly

John has two ATM transactions but only one of them has a fee (Interac). Why?

First Bank charges customers for using their ATMs.

Interac is an out-of-network ATM and First Bank charges customers if they use out-of-network ATMs.

The first ATM transaction is free but all additional ATM transactions have a fee.

Banks charge fees if you take out less than $100 at an ATM machine.

What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?

John's Savings account balance increased by $50 and his Checking account balance declined by $50

John's Savings account balance increased by $50 and his Checking account balance had no change

John's Savings account balance declined by $50 and his Checking account balance increased by $50

John's Savings account balance had no change and his Checking account balance declined by $50

Which statement is true regarding Check No. - 409?

This check added $100 to John’s account.

This check caused John to overdraw his checking account.

This check was written by John and paid to another person or business.

This check likely came from John’s employer.

Which transaction caused John to overdraw his account?

Check No. 410 for $710.49

Check No. 409 for $100

The Online Bill Payment for $146.67

The Overdraft Fee of $35

What was the result of John overdrawing his checking account?

John’s payment was greater than the balance he had available in his account so the bank will deposit $237.81 into John’s account so he can pay his bills.

John’s payment was greater than the balance he had available in his account so the bank will transfer $35 from a linked account.

John’s payment was greater than the balance he had available in his account so he was charged a $35 fee.

John’s payment was greater than the balance he had available in his account so he was charged a $5 monthly maintenance fee.

Which fees was John charged on his checking account during this statement period?

Online Transfer Fee

Per Check Fee

Maintenance Fee

ATM Fee

Overdraft Fee

What is the mathematical formula that you would use to describe the financial activity on a bank statement?

Ending Balance = Previous Balance + Deposits + Withdrawals

Ending Balance = Previous Balance + Deposits - Withdrawals

Ending Balance = Previous Balance - Deposits - Withdrawals

Ending Balance = Previous Balance - Deposits + Withdrawals