Multiple Choice
Which of the following is always considered a cost when purchasing insurance?
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1. Introduction to Accounting
Types of Accounting
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Which of the following terms refers to the act of taking money out of a bank account?
A
Withdrawal
B
Branch
C
Deposit
D
Transfer
Verified step by step guidance1
Understand the key terms provided in the question: Withdrawal, Branch, Deposit, and Transfer.
Define 'Withdrawal': It refers to the act of taking money out of a bank account, typically by using an ATM, writing a check, or visiting a bank teller.
Define 'Branch': It refers to a physical location of a bank where customers can perform banking transactions, but it does not directly relate to taking money out of an account.
Define 'Deposit': It refers to the act of putting money into a bank account, which is the opposite of a withdrawal.
Define 'Transfer': It refers to moving money from one account to another, which is different from withdrawing money from an account.
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