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Questions and Answers
Which type of savings account is recommended for short-term needs, such as an emergency fund?
Which type of savings account is recommended for short-term needs, such as an emergency fund?
- High-yield savings account
- Certificate of deposit
- Money market account
- Traditional savings account (correct)
What is one of the longer-term goals that savings accounts can help with?
What is one of the longer-term goals that savings accounts can help with?
- Buying a car
- Stashing away cash for a down payment on a home (correct)
- Paying off credit card debt
- Investing in the stock market
Which type of savings account offers higher interest rates than traditional savings accounts?
Which type of savings account offers higher interest rates than traditional savings accounts?
- Money market account
- High-yield savings account (correct)
- Cash management account
- Certificate of deposit
Which type of savings account allows you to write checks and use a debit card?
Which type of savings account allows you to write checks and use a debit card?
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Which type of savings account is specifically designed for a particular purpose, such as saving for education or healthcare expenses?
Which type of savings account is specifically designed for a particular purpose, such as saving for education or healthcare expenses?
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