A demand deposit is also known as:
Understand the Problem
The question is asking for the term that is synonymous with 'demand deposit' among the provided multiple-choice options. This relates to banking and financial terminology.
Answer
A checking account.
The final answer is a checking account.
Answer for screen readers
The final answer is a checking account.
More Information
Demand deposits are frequently referred to as checking accounts due to the immediacy with which funds can be accessed.
Tips
Confusion often arises when equating demand deposits with savings accounts. Remember, savings accounts typically require advance notice for large withdrawals.
Sources
- Demand Deposit Definition, Account Types, and Requirements - investopedia.com
- Consumer Finance Explanation - consumerfinance.gov
- Banking Financial Dictionary - bankinter.com
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