A deposit account is …?
Select ONE answer:
- a bank account which pays interest.
- a bank account on which cheques can be drawn.
- a bank account which does not pay interest.
- None of the above.
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Accounting KS5 classes.
The answer is 1
- Correct
- A bank account on which cheques can be drawn is known as a current account.
- Interest is paid by banks on money in deposit accounts. Interest is sometimes paid (and sometimes not) on money in current accounts, depending on which bank the account is with.
- Not correct
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