Bank Account Basics Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Financial transactions which have occurred on a bank account within a given period of time</p> Signup and view all the answers

    What does a customer acquire against the bank when depositing funds?

    <p>A claim against the bank for the sum deposited</p> Signup and view all the answers

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