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Questions and Answers
What is a bank account?
What is a bank account?
- A financial account maintained by a credit union
- A financial account maintained by a bank (correct)
- A financial account maintained by an individual
- A financial account maintained by a government agency
What are the commonly understood types of accounts offered by financial institutions?
What are the commonly understood types of accounts offered by financial institutions?
- Investment accounts, insurance accounts, retirement accounts, mortgage accounts
- Deposit accounts, credit card accounts, current accounts, loan accounts (correct)
- Cash accounts, bond accounts, equity accounts, derivative accounts
- Savings accounts, checking accounts, trust accounts, stock accounts
What happens to the funds deposited by a person in a bank?
What happens to the funds deposited by a person in a bank?
- They are shared property between the bank and the depositor
- They become the property of the government
- They become the property of the bank (correct)
- They remain the property of the depositor
What is reported to the customer on a bank statement?
What is reported to the customer on a bank statement?
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What does a customer acquire against the bank when depositing funds?
What does a customer acquire against the bank when depositing funds?
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