Which term means money added to an account?

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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 means money added to an account?

Explanation:
Money added to an account is called a deposit, and it increases the balance. Deposits can come from cash, a check, or a direct transfer and they boost the amount you have available. This is different from a withdrawal, which takes money out and lowers the balance; if you take out more than you have, the account can be overdrawn. For example, if your balance is $100 and you deposit $25, your balance becomes $125.

Money added to an account is called a deposit, and it increases the balance. Deposits can come from cash, a check, or a direct transfer and they boost the amount you have available. This is different from a withdrawal, which takes money out and lowers the balance; if you take out more than you have, the account can be overdrawn. For example, if your balance is $100 and you deposit $25, your balance becomes $125.

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