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

Business

Scenario:

Our fiscal year is coming to an end, and we need to ensure our accounts reflect accurate balances.

Response:

We should monitor our checking account closely this week to make sure all year-end transactions have been correctly processed.

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.