Bank Account Basics
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Questions and Answers

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?

  • 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?

  • 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?

    <p>On a bank statement</p> Signup and view all the answers

    What is the balance of a customer's account at any point in time?

    <p>Their current balance</p> Signup and view all the answers

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