Asked by Melissa Johnson on Jul 12, 2024
Verified
Provide a definition for zero-balance account.
Zero-balance Account
A checking account in which a balance of zero is maintained by automatically transferring funds from a master account in an exact amount to cover checks presented.
- Identify the functions and applications of various financial tools (such as debit cards and zero-balance accounts) in managing cash.
Verified Answer
PR
peggy robertsJul 15, 2024
Final Answer :
A chequing account in which a zero balance is maintained by transfers of funds from a master account in an amount only large enough to cover cheques presented.
Learning Objectives
- Identify the functions and applications of various financial tools (such as debit cards and zero-balance accounts) in managing cash.