What type of account could typically be used for daily transactions while managing cash flow?

A checking account is specifically designed for everyday transactions and cash flow management. It allows individuals to deposit money, withdraw cash, and make payments easily through checks, debit cards, or electronic transfers. This flexibility makes it an ideal choice for managing routine expenses, bills, and personal spending.

In contrast, an investment account is primarily focused on growing wealth over the long term through buying and selling various investment vehicles, and is not suited for daily transactions. A savings account, while useful for setting aside funds and earning interest, generally limits the number of transactions and does not provide the same level of access as a checking account. Lastly, a retirement account is meant for accumulating savings for retirement and often comes with restrictions on withdrawals until a certain age, making it impractical for daily cash flow needs. Thus, the checking account serves the specific function of facilitating frequent transactions and managing cash flow effectively.