19.03.2023 - 20:37

Sweep account refers to: A) an account that sweeps cash from checking to personal savings B) an account that sweeps zero balance account to an interest bearing account C) an account that allows the small business owner to sweep funds between personal and

Question:

Sweep account refers to:

A) an account that sweeps cash from checking to personal savings

B) an account that sweeps zero balance account to an interest bearing account

C) an account that allows the small business owner to sweep funds between personal and business accounts

D) All of the above

Answers (1)
  • Aleene
    April 11, 2023 в 03:23
    The correct answer is D) All of the above. A sweep account is a type of account offered by banks or financial institutions where they transfer (or sweep) funds between two or more accounts. The aim is to optimize the usage of money and maximize the interest earned or reduce the interest paid. Based on the balance and transaction activity in these accounts, the funds get moved from one account to another automatically. The three options mentioned in the question are some of the most common types of sweep accounts. Hence, the correct answer is D) All of the above.
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