Savings

A sum of money paid or charged for the use of money or the borrowing of money is called ___________.

A ____________ is a savings account that holds a fixed amount of money for a fixed period of time such as six months, a year, or more.

• regular savings

• money market account

• certificate of deposit (CD)

• checking account

_________ interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest.

The money one has saved, especially through a bank or investment plan; the portion of current income not spend on consumption.

A(n) _____________ fund is money set aside for unanticipated expenses or loss of income. Experts belief one should save 3-6 months worth of spending.

What corporation protects US banks against failure by insuring up to $250,000?

• Federal Deposit Insurance Corporation (FDIC)

• Franklin Depository Allegiance (FDA)

• Federal Insurance Cooperation (FIC)

• Freight Distance Illumination Classification (FDIC)

A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases.

• Pay Yourself First

• Pay It Forward

• Payday

• Payroll Deduction

A(n) _______________ is account similar to a traditional savings account but that typically pays higher interest, requires a higher minimum balance, limits withdraws, and may allow check writing

• checking account

• certificate of deposit

• savings account

• money market account

The ______________ is the total money you earn in interest over a year, expressed as a percentage of your total balance

• average rate of return

• annual percentage yield

• applied finance refinement

• after tax summation

A(n) _________ account is a bank account that earns interest.

• code

• registration

• savings

• checking