ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People often believe they are saving when they buy products at a listed discount, even if they didn’t need the product in the first place
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It is extremely difficult to open a savings account, as you typically need at least $10, 000 for your initial deposit
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Without a vehicle to save (like a savings account), it’s much easier to spend and harder to keep track of finances
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Billions of dollars is spent on marketing to persuade consumers to spend money instead of saving it
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Detailed explanation-1: -Which of the following statements about savings accounts is FALSE? Savings accounts don’t usually pay interest on the money you deposit.
Detailed explanation-2: -Which statement best describes a SAVINGS account? This account typically allows an unlimited number of transactions per month.
Detailed explanation-3: -A savings account gives you access to cash when you need it. Involves minimal risk. Your funds are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250, 000 per depositor, per FDIC-insured bank, per ownership category.
Detailed explanation-4: -Interest rate. Minimum cash balance. Presence or network of the bank/financial institution. Service charges / ancillary fees. Debit-card deals. Doorstep banking facilities. Disclaimer: Copyright Kotak Mahindra Bank Ltd.