Which term describes putting money into a bank account?

Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

Which term describes putting money into a bank account?

Explanation:
Putting money into a bank account is called a deposit. When you deposit cash or a check, you’re adding funds to your account, and your balance increases. Deposits can be made into checking or savings accounts and help you keep money safe and accessible. This is the opposite of a withdrawal, which means taking money out and lowering your balance. A loan is something you borrow from the bank and pay back later with interest, not putting your own money into an account. A discount is a reduction in price on an item, not an action related to adding money to an account.

Putting money into a bank account is called a deposit. When you deposit cash or a check, you’re adding funds to your account, and your balance increases. Deposits can be made into checking or savings accounts and help you keep money safe and accessible. This is the opposite of a withdrawal, which means taking money out and lowering your balance. A loan is something you borrow from the bank and pay back later with interest, not putting your own money into an account. A discount is a reduction in price on an item, not an action related to adding money to an account.

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