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Questions and Answers
How are the terms and conditions for bank accounts set?
How are the terms and conditions for bank accounts set?
- By government regulations only
- By international banking standards
- By customer negotiation
- By each financial institution offering the account (correct)
When are the financial transactions on a bank account reported to the customer?
When are the financial transactions on a bank account reported to the customer?
- At the end of each financial year
- Only when requested by the customer
- On a bank statement within a given period of time (correct)
- Never reported to the customer
What is a bank account?
What is a bank account?
- A financial account maintained by a bank or other financial institution (correct)
- A credit account for borrowing money from the bank
- A type of investment account for stocks and bonds
- A physical safe deposit box in a bank
What happens once an account is opened?
What happens once an account is opened?
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What is the purpose of a deposit account?
What is the purpose of a deposit account?
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