Question

Define the following words.
1. Savings
2. Investment
3. Banking institution
4. Interest
5. Income

Answer in 10 words each

Answer 1

1. Savings: Money set aside for future use, providing financial security.
2. Investment: Allocation of resources for potential financial growth or profit.
3. Banking institution: Entity offering financial services like loans, deposits, and transactions.
4. Interest: Cost of borrowing money or earnings from savings/investments.
5. Income: Money received regularly for work, investments, or other sources.