Certificate of Deposit (CD)

Savings Flashcards

Flashcard
•
Business
•
9th - 12th Grade
•
Hard
Samantha Billig
FREE Resource
Student preview

11 questions
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1.
FLASHCARD QUESTION
Front
Back
A savings alternative where money is left on deposit for a specific period to earn a specific rate of interest, guaranteed by the FDIC.
2.
FLASHCARD QUESTION
Front
Interest
Back
The cost of using money, paid by banks to depositors and by borrowers to lenders.
3.
FLASHCARD QUESTION
Front
Compound Interest
Back
4.
FLASHCARD QUESTION
Front
Simple Interest
Back
Calculated as a percentage of the principal over a certain period. Formula: Interest = Principal × Rate × Time
5.
FLASHCARD QUESTION
Front
IRA (Individual Retirement Account)
Back
A retirement savings account with significant penalties for early withdrawal before age 59 ½. Taxes on interest are deferred until withdrawal.
6.
FLASHCARD QUESTION
Front
401K
Back
An investment plan funded by employee contributions for retirement, with no taxes paid until withdrawal. Penalties apply for early withdrawal before age 59 ½.
7.
FLASHCARD QUESTION
Front
Money Market Account
Back
Offers higher interest rates than a savings account, with a minimum balance requirement and limited transactions.
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