BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You inherited $300, 000 from a long lost uncle. You would like to put the money in a savings account to earn interest. How can you ensure you will access to all of your money if the bank goes out of business?
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Keep your money in two financial institutions.
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Keep your money in a savings account with a good interest rate.
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Keep your money under the mattress; it is safer.
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Keep $200, 000 in a checking account and $100, 000 under your matress.
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Explanation:
Detailed explanation-1: -You should save when you have income but little or no cash on hand. Set a goal to build a cash savings balance that can cover six months of your living expenses. This protects you against unexpected financial emergencies such as car wreck or job loss. Saving is also appropriate for short-term financial goals.
There is 1 question to complete.