Question

Bo Riley pays his rent and utility bills each month by writing checks. Riley is using a

Answer 1

The answer is:

b) Demand deposit account.

Step-by-step explanation:

Normally a demand deposit account is defined as a checking account.

A checking account is a demand deposit, that is, an action that the holder does, such as withdrawing their money in parts or all of it, can be done at any time from the Internet or from ATMs.

What sets it apart from any other banking product is that it provides another means of payment in addition to debit cards, checks.

Checks order a bank in which the holder has money to pay a certain sum to another person or company.

They are normally used in exchange for a service or payment of utility bills, just as Mr. Bo Riley does.

Answer 2

Answer: B. demand deposit account

Step-by-step explanation:

A demand deposit account is one that allows the owner to withdraw from it at anytime. It was made for convenience and to ensure that the owners can be able to meet their day to day demands for money.

An example of this account is a Checking account that allows you to withdraw money by check. This means that the owner can issue checks as a form of payment as they will then be withdrawn against the account. This is what Riley does each month when paying utility bills so this is the account that he has.