ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is a demand deposit that allows you quick and easy access to your money without penalties.
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a bank service directing the bank not to honor a check.
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is a signature or instructions written on the back of a check authorizing a bank to cash or deposit the check.
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a check written with a future date.
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Detailed explanation-1: -Unlike a savings account, a checking account is a type of demand deposit account that doesn’t limit the number of transactions you can make without paying a fee. Like savings accounts, checking accounts are often covered by FDIC or NCUA insurance.
Detailed explanation-2: -Checking accounts are also called a demand deposit account (DDA) because the funds can be withdrawn without advance notice (“on demand”).
Detailed explanation-3: -A checking account might be just what you’re looking for. It’s a bank account used for everyday deposits and withdrawals-that means putting money into your account, taking it out or using your debit card in the place of cash.
Detailed explanation-4: -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.