ECONOMICS (CBSE/UGC NET)

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ECONOMICS

BUDGETING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
You find three receipts from your activities today:(1) ATM withdrawal of $60 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $34 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks. What is your current balance if you started the day with $300 in your account?
A
$273
B
$333
C
$83
D
$300, because banks don’t process any same-day transactions
Explanation: 

Detailed explanation-1: -A debit card is a payment card that is linked to the funds in your account and can be used to withdraw or deposit cash at ATMs and be used at both in-person and online retailers. When you use your debit card to pay for goods or services, those funds will be deducted from your checking account balance.

Detailed explanation-2: -You write paper checks, withdraw money from an automated teller machine (ATM), or pay with a check card.

Detailed explanation-3: -Available Balance can be reduced for a number of reasons, including pending transactions, such as a point-of-sale Debit Card transactions or funds that are on hold in accordance with the Bank’s Funds Availability Policy.

Detailed explanation-4: -Which of the following is a way to access the money in your checking account? Using your debit card to pay for groceries at the checkout.

There is 1 question to complete.
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