What is the purpose of a Balance Inquiry?

What is the purpose of a Balance Inquiry?

• A. A method to check daily transactions
• B. A transaction to obtain account balance
• C. A check for account feasibility
• D. A system to report pending charges

Answer: (B)

The purpose of a Balance Inquiry is specifically to obtain the current balance of an account. This transaction allows users, whether they are customers or businesses, to understand how much money is available in their account at a given moment. It provides the necessary financial information to facilitate decision-making regarding spending, saving, or managing funds. While checking daily transactions, assessing account feasibility, or reporting pending charges are important aspects of financial management, they do not directly relate to the core function of a Balance Inquiry. This transaction is solely focused on retrieving the balance, making answer B the most appropriate choice.

The purpose of a Balance Inquiry is specifically to obtain the current balance of an account. This transaction allows users, whether they are customers or businesses, to understand how much money is available in their account at a given moment. It provides the necessary financial information to facilitate decision-making regarding spending, saving, or managing funds.

While checking daily transactions, assessing account feasibility, or reporting pending charges are important aspects of financial management, they do not directly relate to the core function of a Balance Inquiry. This transaction is solely focused on retrieving the balance, making answer B the most appropriate choice.