Future Business Leaders of America (FBLA) Accounting Practice Test

What information is typically included when opening an account?

1. The last transaction date

2. The account holder’s name

3. The balance of the previous account

4. The title and number of the account

The correct answer is: The title and number of the account

When opening an account, an essential part of the information that must be included is the title and number of the account. The title typically describes the nature or type of account, such as "Savings Account," "Checking Account," or "Investment Account," helping both the bank and the account holder clearly identify the purpose of the account. The account number is a unique identifier assigned to the account, which facilitates tracking and manages financial transactions associated with that particular account. This information is fundamental because it forms the basis of the account's structure within the financial institution and ensures that all transactions are recorded accurately and can be referenced easily. Having this clarity helps prevent errors and ensures smooth operations for both the financial institution and the account holder.