Savings Tools Review

Front

Which is the most liquid? Options: Checking Account, Savings Account, Money Market Deposit Account, Certificate of Deposit

Back

Checking Account

Front

Which account is effective for storing emergency funds? Options: Checking Account, Savings Account, Money Market Deposit Account, Certificate of Deposit

Back

Savings Account

Front

Which accounts interest varies (depending on time and amount of money deposited)?

Back

Certificate of Deposit

Front

Savings tools - Accounts offered by ___________ assisting in savings.

Back

Depository Institutions

Front

Two reasons why savings tools are ideal for storing emergency savings is because they are secure and _______.

Back

Liquid

Front

Savings accounts are considered high risk!

Back

False

Front

Which account do you usually have to deposit a minimum amount to open the account (typically $1,000)? Options: Checking Account, Savings Account, Money Market Deposit Account, Certificate of Deposit

Back

Money Market Deposit Account

Front

What is the typical relationship between time and interest?

Back

Longer time period usually equals higher interest rates.

Front

Penalties are most likely assessed if funds are withdrawn early.

Back

Certificate of Deposit

Front

Limited to a certain number of transactions each month.

Back

Money Market Account