ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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account, usually from a bank, where people can deposit their money. Gains little to no interest
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deposits that state the amount of the deposit, maturity, and rate of interest
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investment company that pools the money of many individuals to buy stock, bonds, or other investments
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None of the above
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Detailed explanation-1: -Traditional or Regular Savings Account These are the savings accounts you typically find at traditional banks or credit unions. These types of savings accounts generally allow you to earn interest on your money, although they usually pay lower rates than other savings products.
Detailed explanation-2: -A cash deposit is an amount of money that a person deposits into their bank account through an electronic transfer, ATM or in person with a bank teller. They are usually put into money market, checking or savings accounts.
Detailed explanation-3: -In savings accounts, interest can be compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.
Detailed explanation-4: -Savings accounts offer one of the simplest ways to earn interest on the money you have. They offer higher interest rates than a regular checking account, while still making it easy to spend and withdraw money.