Question20. The extra money that a bank gives you when you put money in a saving account is called Saving Checking Interest Balance Clear All
Studdy Solution
STEP 1
What is this asking? What's the name of the extra cash the bank *gives* you on your savings? Watch out! Don't confuse the different banking terms!
STEP 2
1. Understand Savings Accounts
2. Define Interest
3. Eliminate Other Options
STEP 3
Imagine you're lending some of your money to the bank.
They use it and then give you a little something extra back on top of what you lent them.
It's like a "thank you" gift for letting them use your money!
STEP 4
That "thank you" gift is called **interest**!
It's the extra money the bank gives you for keeping your money in a savings account.
STEP 5
*Savings* is the account itself, not the extra money. *Checking* is another type of account. *Balance* is the total amount of money in your account.
None of these are the extra money the bank gives you.
STEP 6
The answer is **Interest**!
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