BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which of the following is generally true about savings vehicles?
|
|
Savings vehicles are only useful for long-term investments.
|
|
|
People should evaluate different forms of savings vehicles based on their needs.
|
|
|
Savings vehicles are never insured.
|
|
|
All of the above
|
Explanation:
Detailed explanation-1: -Three major examples of savings vehicles are savings accounts, money market accounts (MMAs) and certificates of deposit (CDs).
Detailed explanation-2: -Note: The terms “plan” and “savings vehicle” mean the same thing. To ensure you make the best choices for your needs, start by taking stock of your financial situation. You should also define your goals, such as saving for retirement. This will help you determine which vehicle has the most to offer you.
There is 1 question to complete.