U5-Saving Investing L2 Savings Tools

Question 1

account at depository institution used for fixed period of time; allows restricted access to funds deposited

Answer 1

certificate of deposit

Question 2

account that allows quick access to funds for transactions

Answer 2

checking account

Question 3

account at depository institution usually has minimum balance requirements and tiered interest rates

Answer 3

money market deposit account

Question 4

account at depository institution designed to hold money not spent on current consumption

Answer 4

savings account

Question 5

accounts offered by depository institutions whose main purpose is to help people manage their money

Answer 5

savings tools

Question 6

amount of interest earned depends on the account balance

Answer 6

tiered interest rate