What is a “closing balance?”

Question

a.
The amount of money you have at the end of the statement period
b.
The amount of money you have when you close your account
c.
The amount of money you owe at the end of the statement period
d.
The amount of money waiting to be transferred out of your account

Answer 1

The correct answer is:
a. The amount of money you have at the end of the statement period.

A closing balance refers to the total balance in an account at the end of a specified period, typically shown on bank statements or financial reports.