Future Business Leaders of America (FBLA) Agribusiness Practice Test

What purpose does a deposit slip serve?

1. It accompanies a deposit and shows the items deposited

2. It provides a receipt for transactions made

3. It is used for withdrawing money from an account

4. It summarizes the account balance

The correct answer is: It accompanies a deposit and shows the items deposited

A deposit slip is a crucial document in banking that serves the purpose of detailing the items being deposited into a bank account. This slip typically includes information such as the account holder's name, account number, the date of the transaction, and the specific amounts or types of deposits being made, whether they are cash, checks, or other forms of currency. By providing a clear record of what is being deposited, it helps the bank process the transaction accurately and ensures that the account holder's balance reflects the deposited amounts correctly. The other options relate to different functions or documents that do not apply to a deposit slip. For instance, while a receipt for transactions may provide proof of a completed action, a deposit slip is not intended to serve as a receipt. Similarly, a withdrawal slip is specifically designed for taking money out of an account and does not involve deposits. Lastly, summarizing account balances is typically done through bank statements or account summary reports, rather than through the details provided on a deposit slip.