Here are some MCQs on Various Saving Schemes and Products
1. Which of the following is NOT a type of savings account?
a) High-yield savings account
b) Certificate of deposit
c) Money market account
d) Checking account
2. A savings account typically offers:
a) Higher interest rates than checking accounts
b) Lower interest rates than checking accounts
c) No interest on the balance
d) Variable interest rates
3. What is the purpose of a certificate of deposit (CD)?
a) To earn higher interest rates than a regular savings account
b) To have easy access to your money
c) To provide overdraft protection
d) To make online purchases
4. Which of the following is an advantage of a money market account?
a) It offers a higher interest rate than a regular savings account
b) It has a higher minimum balance requirement
c) It charges higher fees than a regular savings account
d) It allows unlimited withdrawals per month
5. What is the purpose of a 401(k) retirement account?
a) To save for short-term expenses
b) To save for higher education expenses
c) To save for medical expenses
d) To save for retirement
