Which of the following is a type of current account?

Prepare for the BTEC Business Level 3 exam with tailored quizzes. Enhance your knowledge with flashcards and multiple choice questions, each complete with hints and explanations. Get ready to ace your exam today!

A standard account is considered a type of current account because it is designed for everyday banking activities, allowing customers to deposit and withdraw money, make payments, and manage cash flow. This account typically offers features such as a debit card, access to online banking, and sometimes overdraft facilities, which are essential for managing regular transactions.

In contrast, investment accounts are focused on holding and managing investments rather than everyday banking needs, retirement accounts are specifically geared towards saving for retirement and often come with tax advantages, and offshore accounts are typically used to hold funds in a foreign currency or jurisdiction for various purposes, including tax planning and asset protection. These options are not classified as standard current accounts, which are the most common form of accounts for managing everyday financial transactions.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy