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Savings Tools Quiz
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Savings Tools Quiz

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@BlitheRubellite

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Questions and Answers

Which of the following savings tools is the least liquid?

  • Checking Accounts
  • Savings Accounts
  • Certificate of Deposit (correct)
  • Money Market Accounts

    • Which type of account typically offers the highest interest rates?

  • Certificate of Deposit (correct)
  • Savings Accounts
  • Money Market Accounts
  • Checking Accounts

    • What are the requirements to obtain higher interest rates in some high-yield checking accounts?

  • Maintaining a minimum balance
  • Making frequent debit card transactions
  • Setting up direct deposit or bill pay
  • All of the above (correct)

    • Which type of account is the most liquid?

    <p>Savings account</p> Signup and view all the answers

    Which type of account offers the highest interest rate?

    <p>Certificate of deposit</p> Signup and view all the answers

    Is there a relationship between liquidity and interest rate?

    <p>No, liquidity and interest rate are inversely related</p> Signup and view all the answers

    Which type of account typically pays a higher interest rate than a checking account?

    <p>Savings account</p> Signup and view all the answers

    What is the main difference between a savings account and a checking account?

    <p>Savings accounts have limited transactions</p> Signup and view all the answers

    Which account type offers limited checking account services and higher interest rates than standard savings accounts?

    <p>Money market account</p> Signup and view all the answers

    What is a key feature of a certificate of deposit (CD)?

    <p>Fixed rate and fixed date of withdrawal</p> Signup and view all the answers

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