Financial Literacy: Reading a Bank Statement Worksheet

Question 1

Maya's bank statement shows a beginning balance of $245.60. During the month, she deposited $80.00 and withdrew $35.25. What should her ending balance be?

Accepted Answer

Maya's ending balance should be $290.35 because $245.60 plus $80.00 equals $325.60, and $325.60 minus $35.25 equals $290.35.

Question 2

A bank statement lists these transactions: beginning balance $120.00, debit card purchase $18.45, ATM withdrawal $40.00, deposit $75.00, and monthly service fee $5.00. Calculate the ending balance.

Accepted Answer

The ending balance is $131.55 because $120.00 minus $18.45 minus $40.00 plus $75.00 minus $5.00 equals $131.55.

Question 3

On Jordan's statement, a transaction labeled 'Deposit' shows $150.00. Does this increase or decrease the account balance? Explain your answer.

Accepted Answer

A deposit increases the account balance because money is being added to the account.

Question 4

A bank statement shows an ending balance of $386.20. The checkbook register shows $406.20. What is the difference between the two balances?

Accepted Answer

The difference between the two balances is $20.00 because $406.20 minus $386.20 equals $20.00.

Question 5

Lena's statement shows a $12.00 monthly maintenance fee. If her balance before the fee was $98.75, what is her balance after the fee is taken out?

Accepted Answer

Lena's balance after the fee is $86.75 because $98.75 minus $12.00 equals $86.75.

Question 6

A bank statement includes the following entries: 9/3 deposit $60.00, 9/5 debit card purchase $22.35, 9/8 check #104 $31.50, and 9/12 deposit $45.00. Which transactions are withdrawals?

Accepted Answer

The withdrawals are the debit card purchase for $22.35 and check #104 for $31.50 because both transactions take money out of the account.

Question 7

Noah had a beginning balance of $500.00. His ending balance was $462.40. There were no deposits during the month. How much money was withdrawn or charged in total?

Accepted Answer

A total of $37.60 was withdrawn or charged because $500.00 minus $462.40 equals $37.60.

Question 8

A bank statement shows an ATM withdrawal of $40.00 and an ATM fee of $3.00 for the same day. How much did the account balance decrease in total?

Accepted Answer

The account balance decreased by $43.00 because the $40.00 withdrawal and the $3.00 fee were both subtracted from the account.

Question 9

Priya's bank statement shows a debit card purchase at a grocery store for $28.64. Priya's receipt says the purchase was $26.84. What should Priya do next?

Accepted Answer

Priya should compare the receipt with the bank statement and contact the bank or the grocery store if the statement amount is incorrect. The possible error is $1.80 because $28.64 minus $26.84 equals $1.80.

Question 10

Use this statement summary: beginning balance $210.50, deposits $125.00, withdrawals $94.75, and fees $6.00. What is the ending balance, and what does this tell you about the account for the month?

Accepted Answer

The ending balance is $234.75 because $210.50 plus $125.00 minus $94.75 minus $6.00 equals $234.75. This tells you the account increased by $24.25 during the month.

Financial Literacy: Reading a Bank Statement

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