What Differentiates a Savings Deposit from a Small-Denomination Certificate of Deposit

question 99

Multiple Choice

What differentiates a savings deposit from a small-denomination certificate of deposit (CD) ?

• A) A CD has a fixed maturity date; a savings deposit can be withdrawn at any time.
• B) A savings deposit cannot be withdrawn before its maturity date without incurring a penalty; funds in a CD are available at any time with no interest penalty.
• C) Only a savings deposit is a time deposit.
• D) All depository institutions accept savings deposits, whereas only a thrift institution can issue a CD.

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Definitions:

Opportunity Cost

The value of the best alternative forgone where a choice needs to be made between several mutually exclusive alternatives.

Aggregate Income

The total amount of income earned by all individuals or entities within an economy.

World Economy

The global network of economic activities, trade, and production that transcends national borders, involving various economies of the world.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not state controlled.