Question

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

a. ending balance = previous balance + deposits + withdrawals
b. ending balance = previous balance - deposits + withdrawals
c. ending balance = previous balance + deposits - withdrawals
d. ending balance = previous balance - deposits - withdrawals

part ii: what did you learn?
use what you learned from analyzing the checking account statement to answer this question.

1. why is it important to review your checking account statement? what fees might this help you avoid? explain your answer.

Explanation:

Deposits increase the account balance and withdrawals decrease it. Starting with the previous balance, adding deposits and subtracting withdrawals gives the ending balance.

Reviewing a checking - account statement helps in detecting errors like unauthorized transactions, incorrect fees (e.g., overdraft fees, monthly maintenance fees if not eligible for waiver, or incorrect transaction fees). By catching these early, one can dispute and avoid unnecessary charges.

Answer:

C. Ending Balance = Previous Balance + Deposits - Withdrawals

11.