Future Business Leaders of America (FBLA) Agribusiness Practice Test

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What three items are typically required to open a bank account?

  1. Photo ID, passport, and money

  2. Photo ID, social security number, and money

  3. Bank statement, ID card, and credit score

  4. Renter's agreement, money, and social security number

The correct answer is: Photo ID, social security number, and money

To open a bank account, one typically needs a photo ID, a social security number, and an initial deposit of money. A photo ID serves to verify the identity of the account holder to ensure that the bank complies with regulations and policies related to identity verification. The social security number is necessary for tax reporting purposes, as it helps the bank report any interest earnings to the government and aids in confirming the individual’s identity. Finally, a monetary deposit is usually required to activate the account. The combination of these three items ensures that the bank can correctly identify the customer, manage compliance with legal standards, and facilitate initial banking activities, such as deposits and withdrawals.

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