When a person fills out a deposit slip to deposit \$1,000 in cash into their bank account, how much cash does the person receive at the time of the deposit?

• A. \$1,000
• B. \$2,000
• C. \$0
• D. \$500

Answer: (C)

Verified step by step guidance

1. Understand the concept of a deposit slip: A deposit slip is a document provided by a bank that a customer fills out to deposit money into their account. It records the amount being deposited and serves as proof of the transaction.
2. Recognize that when cash is deposited into a bank account, the depositor does not receive any cash back unless they specifically request a withdrawal or cash back during the transaction.
3. Analyze the problem: The person is depositing \$1,000 in cash into their bank account. The deposit slip indicates the amount being deposited, but there is no mention of a withdrawal or cash back request.
4. Conclude that the person does not receive any cash at the time of the deposit because the entire \$1,000 is being added to their bank account balance.
5. Verify the correct answer: Based on the explanation, the correct answer is \$0, as no cash is returned to the depositor during a standard deposit transaction.