Saving

Question 1

Savings

Answer 1

Setting aside income for a period of time so that it can be used later.

Question 2

Savings also

Answer 2

Allows businesses to expand, which provides increased income to the consumer and raises the standard living

Question 3

Steps to save

Answer 3

1. ) determine reasons to save
2. ) determine amounts of funds to set aside
3. ) decide which type of account you will use
4. ) decide a frequency of deposit
5. ) decide when to invest a portion of what you have saved

Question 4

Savings account

Answer 4

Pay relatively high rates of interest and allows immediate access of funds through checks.

Question 5

MMDA

Answer 5

They require minimum balance of 1,000 to 2,500. It also stands for Money Market Deposit Accounts

Question 6

Time deposit

Answer 6

Savings plans that require savers to leave their funds on deposit for certain periods of time

Question 7

Maturity

Answer 7

Period of time at the end of which time deposits will pay a stated before maturity will result in a payment penalty

Question 8

CDs

Answer 8

State the deposit the length of time until maturity is reached and the rate of interest being paid.

Question 9

FDIC

Answer 9

Federal deposit insurance corporation

Question 10

Depositors

Answer 10

Funds are insured up to 250,000 for each legally separate account