Which term means to put money into an account?

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Prepare for the 6th Grade Financial Literacy Test. Enhance your financial knowledge with engaging multiple-choice questions and detailed explanations. Set a strong foundation for your academic success and financial literacy journey!

Multiple Choice

Which term means to put money into an account?

Explanation:
Putting money into an account is called a deposit. A deposit adds funds to your account, increasing the amount you have (the balance). For example, depositing $25 today would raise your balance by $25. This is different from a withdrawal, which is taking money out and lowers your balance. A balance is how much money is currently in the account, and being overdrawn means you’ve taken out more than you have, resulting in a negative balance.

Putting money into an account is called a deposit. A deposit adds funds to your account, increasing the amount you have (the balance). For example, depositing $25 today would raise your balance by $25. This is different from a withdrawal, which is taking money out and lowers your balance. A balance is how much money is currently in the account, and being overdrawn means you’ve taken out more than you have, resulting in a negative balance.

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