Future Business Leaders of America (FBLA) Accounting Practice Test

What is the main purpose of a bank account?

1. A source for loans and credits

2. A place to store physical currency

3. A bank account from which payments can be ordered by a depositor

4. A means to invest in stocks and bonds

The correct answer is: A bank account from which payments can be ordered by a depositor

A bank account primarily serves as a financial tool where a depositor can deposit money and, importantly, from which payments can be ordered. This function encompasses various types of transactions, such as writing checks, making electronic payments, and withdrawing cash. The flexibility and convenience provided by a bank account make it an essential component of personal and business finance, allowing individuals and organizations to manage their funds efficiently. The ability to access funds through checks or electronic transfers enables account holders to handle daily expenses, pay bills, and conduct business transactions with ease. This functionality is central to banking and underlines why the correct answer emphasizes the ordering of payments. In contrast, other options describe either ancillary services (like loans and credits) or specific investment functions, which do not define the core purpose of what a bank account fundamentally provides.