Future Business Leaders of America (FBLA) Personal Finance Practice Test

What document is used to keep track of deposits and withdrawals in a checking account?

1. Statement

2. Ledger

3. Register

4. Logbook

The correct answer is: Register

The register is the correct document to keep track of deposits and withdrawals in a checking account. It serves as a personal record where account holders can note each transaction, including the date, description, amount of the deposit or withdrawal, and the resulting balance. This allows individuals to monitor their spending, ensure they do not exceed their account balance, and quickly reference transaction history without relying solely on bank statements. A statement, while important, is typically issued by the bank and summarizes transactions over a specific period, not a real-time account of daily activities. A ledger can also refer to a more formal or detailed record but might not be used in everyday personal finance. A logbook might serve a similar purpose as a register but is not specifically associated with tracking bank account transactions in the same way that a register is.