BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Forced saving refers to____
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Taxes on individual income & wealth
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Compulsory deposits imposed on income tax payers
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Provident fund contributions of private sector employees
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Reduction of consumption consequent to a rise in prices
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Explanation:
Detailed explanation-1: -1. : involuntary saving by an individual resulting from restrictions imposed upon expenditures, deferred income, insurance, or other circumstances.
Detailed explanation-2: -Have you ever thought of paying a little extra to each utility or mobile bill every time they fall due? This idea of forced savings is clever and do-able. Consider overpaying your bills by a few dollars each month, and before you know it you will have accumulated a surplus.
Detailed explanation-3: -forced savings in British English (fɔːst ˈseɪvɪŋz ) plural noun. a reduction in consumption that occurs when there is full employment and an abundance of loans.
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