Mastering Simple Transactions and Bank Reconciliation
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Questions and Answers

What does a passbook show in a savings account?

  • Record of money deposited and withdrawn (correct)
  • List of credit card transactions
  • Interest earned and withholding taxes
  • Bank reconciliation statement

    • Which type of bank account is primarily used for safekeeping money?

  • Credit card account
  • Checking account
  • Business account
  • Savings account (correct)

    • What is the purpose of a checking account?

  • Recording business transactions (correct)
  • Safekeeping money
  • Withholding taxes
  • Earning interest

    • Why do people use credit cards?

    <p>For personal needs</p> Signup and view all the answers

    What are the two main reasons people deposit money in the bank?

    <p>For safekeeping and earning interest</p> Signup and view all the answers

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