Glenn recently graduated from college and accepted his first career position. He received a signing bonus of $1,000 for his new job. He plans to buy a new car in one year and has decided to save that $1,000 to use as a down payment on a new car. Which savings tool would you recommend Glenn utilize and why?

Certificate of Deposit because he can earn a higher interest rate and doesn't need the money for a year

Checking Account because he can quickly access his funds daily and it is the MOST liquid option.

Micah is a high school senior who works part‐time earning $500 per month. He is responsible for paying several of his own expenses including entertainment, automobile insurance and eating out. He needs a flexible account which allows him easy access to his money. Which savings tool would you recommend Glenn utilize and why?

Checking Account because he needs access to his funds often.

Savings account because he can overdraft into savings as needed.

Certificate of Deposit because he does not need access to his funds often

Money Market Account because does not need access to his funds often

José and Gabriela were recently married. They received $1,500 from wedding presents and want to use the money wisely. They have decided to save $1,000 and use it to take a vacation next year for their one‐year anniversary. They want the remaining $500 to be the start of an emergency fund for their new life together. Which savings tool(s) would you recommend José and Gabriella utilize and why?

$1000 in CD because it earns a higher interest rate and he doesn't need it for a year and $500 in savings because it can easily accessible when needed.

$1000 in savings account because it earns a higher interest rate and he doesn't need it for a year and $500 in money market account because it can easily accessible when needed.

$1000 in checking account because it earns a higher interest rate and he doesn't need it for a year and $500 in savings because it can easily accessible when needed.

$1000 in CD because it earns a higher interest rate and he doesn't need it for a year and $500 in money market account because it can easily accessible when needed.

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18 questions

A depository institution account that is designated to hold money not spent on current consumption.

An account at a depository institution that is used for a fixed period of time and allows restricted access to the funds deposited.

An account at a depository institution that provides an easy method for withdrawing and depositing money.

An account at a depository institution that usually has minimum balance requirements and tiered interest rates.

Which two are reasons savings tools ideal for storing emergency savings? (Check all that apply)

Which type of savings tool is the MOST Liquid?

Which type of savings tool typically earns the HIGHEST Interest?

Reduces the need to carry large amounts of cash.

Easily accessible, but less liquid than checking accounts.

May require a minimum balance or have a limited number of
withdrawals each month.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

Savings Tools- Personal Finance

18 questions

A depository institution account that is designated to hold money not spent on current consumption.

An account at a depository institution that is used for a fixed period of time and allows restricted access to the funds deposited.

An account at a depository institution that provides an easy method for withdrawing and depositing money.

An account at a depository institution that usually has minimum balance requirements and tiered interest rates.

Which two are reasons savings tools ideal for storing emergency savings? (Check all that apply)

Which type of savings tool is the MOST Liquid?

Which type of savings tool typically earns the HIGHEST Interest?

Reduces the need to carry large amounts of cash.

Easily accessible, but less liquid than checking accounts.

May require a minimum balance or have a limited number ofwithdrawals each month.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

May require a minimum balance or have a limited number of
withdrawals each month.