Future Business Leaders of America (FBLA) Personal Finance Practice Test

What is the name of the form used to deposit money into a checking account?

1. Withdrawal slip

2. Deposit slip

3. Account statement

4. Transfer slip

The correct answer is: Deposit slip

The form used to deposit money into a checking account is called a deposit slip. This slip serves as a written document that indicates the amount of money being deposited and provides details about the account into which the funds are being placed. When using a deposit slip, account holders can accurately specify whether they are depositing cash, checks, or both, ensuring that the bank processes the deposit correctly and efficiently. In contrast, a withdrawal slip is used to take money out of an account, an account statement provides a summary of the account's activities over a certain period, and a transfer slip is typically utilized for moving funds between different accounts or financial institutions. Each of these forms has a specific purpose and is important in managing personal finances effectively.