Future Business Leaders of America (FBLA) Agribusiness Practice Test

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What is an individual bank account?

  1. An account managed by at least two people

  2. An account where one person operates the account

  3. An account holding trust funds

  4. An account only for savings

The correct answer is: An account where one person operates the account

An individual bank account is defined as an account that is exclusively operated by one person. This means that the account holder has full control over the account's transactions, balances, and management without requiring the input or signatures from others. Individual bank accounts are typically used for personal banking needs, allowing the account holder to deposit, withdraw, and manage funds according to their personal financial strategies. The description provided by the other choices does not apply to the definition of an individual bank account. For instance, accounts managed by multiple people would be considered joint accounts, while accounts holding trust funds would be classified as trust accounts. An account designated only for savings typically refers to a specific type of account (such as a savings account), whereas an individual bank account can encompass various types of banking arrangements, including checking or savings.

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