What is the benefit of a savings account? Select all that apply.

Question

(1 point)
Responses

It allows you to use a debit card to pay for purchases.
It allows you to use a debit card to pay for purchases.

It earns interest regularly.
It earns interest regularly.

It eliminates any interest or fees you must pay on borrowed money.
It eliminates any interest or fees you must pay on borrowed money.

It sets aside money for future use.

What is the word for taking money out of a banking account?
(1 point)
Responses

credit
credit

invest
invest

save
save

withdraw

What is the first step toward determining how much you can save?
(1 point)
Responses

put 15% of your income into savings
put 15% of your income into savings

stop all spending for one month
stop all spending for one month

track your expenses for a set period of time
track your expenses for a set period of time

use your debit card for all purchases

Answer 1

Here are the answers to your questions:

1. What is the benefit of a savings account? Select all that apply.

   • It earns interest regularly.
   • It sets aside money for future use.

2. What is the word for taking money out of a banking account?

   • withdraw

3. What is the first step toward determining how much you can save?

   • track your expenses for a set period of time