Which term means to take money out of 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 to take money out of an account?

Explanation:
Taking money out of an account is called a withdrawal. It describes the act of removing funds, which reduces the amount of money you have in the account. Depositing is adding money, not taking it out. Balance is simply the current amount of money left in the account, and an overdraft fee is a charge that may come if you spend more than you have—it's a fee, not the act of taking money out.

Taking money out of an account is called a withdrawal. It describes the act of removing funds, which reduces the amount of money you have in the account. Depositing is adding money, not taking it out. Balance is simply the current amount of money left in the account, and an overdraft fee is a charge that may come if you spend more than you have—it's a fee, not the act of taking money out.

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