checking-account

Vocabulary Word

Definition

A 'checking account' is a type of bank account that people use for daily expenses. You can withdraw money, deposit money into it, and even write checks against it if you have enough money in it.

Examples in Different Contexts

For personal finance, a 'checking account' serves as the primary tool for handling personal money flows, including deposits and withdrawals. A financial advisor might advise, 'It's wise to use a checking account for your regular expenses to track your finances effectively.'

Practice Scenarios

Tech

Scenario:

Users are demanding more control over their finances in our app. Let's brainstorm how we can incorporate more banking features.

Response:

Our users would greatly benefit from a feature that automates monthly bills payment from their checking account.

Startup

Scenario:

We've grown significantly over the past quarter. Let's review our financial position before determining the next steps.

Response:

Let's evaluate our profit, losses, and checking account balance to assess our financial standing after this quarter.