6.1 Banking Transactions

A bank account withdrawal is

• Transferring money to a different bank account
• Depositing money into a bank account
• Leaving money in a bank account
• Taking money out of a bank account

A bank account deposit is

• When money is used to pay off a loan.
• When money is withdrawn from a bank account.
• When money is invested in stocks.
• When money is added to a bank account.

A bank account direct deposit is

• A withdrawal of funds from the account
• Putting your paycheque into your bank account automatically

• A check written to the account holder
• A transfer of funds to a different bank account

A bank account debit is when

• money is taken out of the account
• the account is frozen
• the account is closed
• you pay for an item from your bank account without using cash

A bank cheque is used

• as an "I owe you"

• to transfer money to an individual from a specific account

• to pay bank service charges

• to collect interest

A bank account service charge is when

• the bank offers a bonus for maintaining the account
• the account holder can withdraw money for free
• the bank gives money to the account holder
• the bank charges a fee for the maintenance of the account or for specific services provided

Which type of bank account allows you to access your money easier?

• Chequing

• Savings

Which type of bank account allows you to collect higher interest?

• Chequing

• Savings

What does ATM stand for?

• Automatic Teller Machine
• Advanced Transaction Machine
• American Teller Market
• Automated Teller Machine