NGPF Banking Practice Test

Balance is defined as what?

The amount of money you have in your bank account The total deposits over a year The minimum balance required by the bank The interest rate applied to your account

Correct Answer:

The amount of money you have in your bank account

Explanation:

Balance is the amount of money currently in your account. It shows how much cash you have available at a given moment and changes as you deposit or withdraw funds (and as holds or fees post). It’s not the total deposits over a year, not a minimum balance requirement, and not the interest rate. Those describe different concepts—period totals, account requirements, and earnings rates, respectively.

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