Basic Documents and Transactions Related to Bank Deposits Q2

Question 1

TYPES OF BANK ACCOUNTS

Answer 1

SAVINGS ACCOUNT
CHECKING OR CURRENT ACCOUNT
TIME DEPOSIT ACCOUNT

Question 2

is a bank account that earns interest and is intended to encourage savings.

Answer 2

SAVINGS ACCOUNT

Question 3

is a bank account used to deposit and withdraw money by visiting the bank branch, using an ATM, internet banking, or by writing a cheque.

Answer 3

CHECKING OR CURRENT ACCOUNT

Question 4

this account is aimed at those who have a lump sum which they want to invest over a set period of time.

Answer 4

TIME DEPOSIT ACCOUNT

Question 5

BANKING DOCUMENTS

Answer 5

DEPOSIT SLIP
WITHDRAWAL SLIP
PAYMENT SLIP

Question 6

is a small written form that is used to deposit funds into a bank account. (Check Deposit)

Answer 6

DEPOSIT SLIP

Question 7

is a written order instructing the bank to withdraw funds from your account.

Answer 7

WITHDRAWAL SLIP

Question 8

used for the efficient, inexpensive invoicing of domestic business transactions.

Answer 8

PAYMENT SLIP

Question 9

is an instrument that orders a bank (drawee) to pay the person named on the check or the bearer (payee) a definite amount of money from the drawer’s bank account.

Answer 9

Checks