12.A Practice--Intro to Savings Accounts

A bank account that allows you to deposit/withdraw money at any time and earns interest is a

• money market fund

• money market deposit account

• regular savings account

• certificate of deposit

The ability to quickly turn an investment into cash is called

• liquidity

• rate of return

• inflation risk

• interest

Savings is important to the economy because why?

• It means people are earning a lot of money

• It generates loan money for people and businesses

• Banks should have a lot of money in their vault

• It means people are not spending

How much of your take-home pay should you try to save?

• 5%

• 10%

• 15%

• 20%

Tags

CCSS.6.RP.A.3C

Money that you put in the bank and do not spend except for emergencies

• Savings acount

• Joint account

• Checking account

The smallest amount of money needed to open an account

• Teller

• Interest

• Fees

• Minimum deposit

Tags

CCSS.6.RP.A.3B

Select all the different kinds of ID

• 
• 
• 
• 
• 

_{Card used to deduct funds immediately from your checking account is a ______________________.} 

• EBT Card
• Amazon Card 
• Debit Card
• Gift Card 

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Which of these statements about saving is INCORRECT?

• 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

• It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit

• Without a separate savings account to pay yourself first, it's more likely that you'll spend all of your income each month

• Billions of dollars are spent on marketing to persuade consumers to spend money instead of saving it

Which is NOT a typical goal for a savings account?

• To create an emergency fund

• To pay for higher education

• To save for a new car

• To buy groceries for this week