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Questions and Answers
What is a bank account?
What is a bank account?
- A financial account maintained by a bank (correct)
- A financial account maintained by an individual
- A financial account maintained by a government
- A financial account maintained by a corporation
What types of accounts are commonly understood?
What types of accounts are commonly understood?
- Savings accounts, investment accounts, retirement accounts
- Deposit accounts, credit card accounts, current accounts (correct)
- Business accounts, personal accounts, joint accounts
- Checking accounts, mortgage accounts, insurance accounts
What happens once an account is opened?
What happens once an account is opened?
- Funds are automatically invested in stocks
- Funds entrusted by the customer are recorded in the designated account (correct)
- Funds are held in a general pool
- Funds are transferred to a separate bank
How are financial transactions reported to the customer?
How are financial transactions reported to the customer?
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What is the balance of a customer's account at any point in time?
What is the balance of a customer's account at any point in time?
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