What is a Savings Account? - Definition & Types


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Why are savings accounts not the best choice for long-term investments?

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1. Which is a reason why someone would use a savings account?

2. Which of the following is considered a savings account?

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About This Quiz & Worksheet

Savings accounts are common tools for many consumers, and this quiz and worksheet will allow you to measure your knowledge of these accounts. Some of the topics you'll be assessed on include types of savings accounts, reasons people open savings accounts, and history of savings accounts.

Quiz & Worksheet Goals

These assessment tools will test your knowledge of:

  • Types of savings accounts
  • Reasons for opening savings accounts
  • Trends in savings accounts' interest rates

Skills Practiced

  • Making connections - use understanding of the concept of savings accounts in different contexts
  • Distinguishing differences - compare and contrast topics from the lesson, such as traditional savings account and certificate of deposit
  • Knowledge application - use your knowledge to answer questions about savings accounts' interest rates

Additional Learning

To learn more about savings accounts, review the accompanying lesson on What is a Savings Account - Definition & Types. The lesson covers the following topics:

  • Defining savings accounts
  • Savings accounts history
  • Interest rate changes in savings accounts
  • Types of savings accounts, such as money market funds
  • Why people open savings accounts