Savings & Investment

Front

An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time, the bank imposes a penalty fee.

Back

Certificate of Deposit (CD)

Front

The phrase "pay yourself first" means to

Back

put at least 10% of your income in a savings account before spending any money.

Front

An account created for the purpose of putting funds away for future use.

Back

Savings account

Front

A portion of your income that you do not spend on your current needs, but instead set aside for future needs.

Back

Savings

Front

The principle is ___________________.

Back

the amount of money borrowed or deposited

Front

Interest is:

Back

The amount owed for borrowing money

Front

To earn as much interest as possible, you should open a savings account that earns ___ interest and has the ____ interest rate

Back

compound;highest

Front

Susan has $500 she is looking to save for a trip. She wants to earn the most possible interest and will not need to access her money for a year. Which type of savings account will be best? Options: Certificate of Deposit, Money Market Account, Savings Account, Checking Account

Back

Certificate of Deposit

Front

shares of ownership in a company

Back

stocks

Front

a member-owned financial institution that is controlled by its members

Back

credit union