ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The total amount of money in the United States, termed the money supply, consists of coins, paper currency, checking account balances on which checks can be drawn, savings deposits, and time deposits such as CDs and money market funds.

Detailed explanation-2: -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-3: -Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can typically use a debit card or checks to make purchases or pay bills.

Detailed explanation-4: -Other Money It is important to note that in our definition of money, it is checkable deposits that are money, not the paper check or the debit card.

Detailed explanation-5: -A checking account is a deposit account at a financial institution that allows for withdrawals and deposits of cash. Checking accounts serve as a person’s primary day-to-day resource of funds, where cash can be withdrawn or deposited and various payments can be made.