Bank account types
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Questions and Answers

Match the lettered terms to the numbers to have a meaningful English text:

1 = F) savings accounts 2 = D) account 3 = E) deposit slip 4 = G) passbook 5 = B) withdrawal 6 = C) issuing 7 = A) bills of exchange

What is a deposit slip primarily used for?

  • Withdrawing money from an account
  • Transferring money between accounts
  • Checking account balances
  • Crediting an amount into an account (correct)

What form of accounts are the most common form of accounts, from which withdrawals are usually by cheques?

  • Current account (correct)
  • Deposit account
  • Savings account
  • Fixed deposit account

Interest is normally granted for current accounts.

<p>False (B)</p> Signup and view all the answers

Flashcards

Savings Account

A bank account that typically earns interest.

Withdrawal

When a customer takes money out of their account.

Deposit Slip

A slip of paper used when depositing money.

Passbook

A booklet used to record bank transactions.

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Bills of Exchange

A legal document similar to a check, used in trade.

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Issuing

Creating and distributing new shares of stock.

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Account

An arrangement with a bank to hold your money.

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Company

A business organization.

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Current Account

Accounts where clients frequently deposit and withdraw funds.

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Transfer

Transferring money electronically, not with physical cash.

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Cheque

An order for a bank to pay money from your account.

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Cash

Money in coin or banknotes.

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Interest

Advantage gained, typically in money.

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Notice

Notification required before withdrawing money.

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Deposit

To put money into an account.

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Study Notes

  • There are two kinds of bank accounts: deposit accounts and current accounts.
  • Deposit accounts are usually savings accounts.
  • When the client puts money into their account, he fills out a deposit slip, and the amount is credited to his account, entering the sum in his passbook.
  • There may be conditions for the withdrawal of the money.
  • It may be required to give a certain amount of notice (e.g. a week beforehand) or there be a given length of time (three weeks for example) before all or part of his money can be withdrawn.
  • Current accounts are the most common form of accounts, from which withdrawal is usually by cheques.
  • Clients deposit cash, cheques or bills of exchange, and can withdraw by cheque or orders to transfer.
  • Normally interest is not granted for these accounts since the money may be drawn out at any time.

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There are two types of bank accounts: deposit accounts and current accounts. Deposit accounts are usually savings accounts. Current accounts are the most common form of accounts, from which withdrawal is usually by cheques.

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