ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An account where money can easily be deposited and withdrawn by means of checks or debit cards.
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An interest bearing account where your deposit remains for a set period of time
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A computer that checks your email account
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All of the above choices
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Detailed explanation-1: -A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions. This may include depositing a check you receive, taking out cash with your debit card or setting up direct deposit for your paychecks.
Detailed explanation-2: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.
Detailed explanation-3: -While checking accounts and debit cards are often presented by banks as a package deal, it’s important to understand the difference. A checking account provides you with access to funds through deposits and withdrawals. When you open a new checking account, you can apply to receive a debit card.
Detailed explanation-4: -Checking accounts allow you to write checks, make online purchases and transfer money. Debit cards can only be used to withdraw cash and make purchases online or at stores.
Detailed explanation-5: -Checking accounts are a household money management staple, allowing you to pay bills and make purchases through electronic transfers, paper checks and debit cards. Consumers usually keep their checking accounts for a long time.