Which term means to put money into an account?

Prepare for the 6th Grade Financial Literacy Test with interactive quizzes, flashcards, and detailed explanations. Boost your understanding of essential financial concepts and get ready to excel!

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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