Balance is defined as what?

Balance is defined as what?

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

Answer: (A)

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.

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.