A Joint Account is constituted when one interests himself in the business of another by/and I. Contributing capital thereto II. Sharing in the profits or losses in the proportion agreed upon III. They are not subject to any formality IV. It may be privately contracted orally or in writinguthority

TAXES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A “Joint Account” is constituted when one interests himself in the business of another by/and I. Contributing capital thereto II. Sharing in the profits or losses in the proportion agreed upon III. They are not subject to any formality IV. It may be privately contracted orally or in writinguthority

A	I and II only
B	I, II, and III only
C	all of the above
D	none of the above

Explanation:

Detailed explanation-1: -A joint account is a bank account that has been opened by two or more individuals or entities.

Detailed explanation-2: -While no account holder can remove another account holder from a joint account without that person’s consent, few banks will stop you from withdrawing or transferring the entire balance on your own. The most common joint account holders include parents and their children, spouses, and other close family members.

Detailed explanation-3: -Joint savings accounts work like savings accounts, keeping your money safe and paying interest. The primary difference is that both people who own the account have full control over it. Each account owner can get a debit card, write checks and make purchases.

Detailed explanation-4: -Latter (Or) Survivor – This is similar to “former/survivor” option. The main difference is, only the second account holder can access and operate the account till the time he/she is alive.

There is 1 question to complete.

MANAGEMENT

BUISENESS MANAGEMENT

TAXES