A Drawback of a Regular Savings Account Is

question 99

Multiple Choice

A drawback of a regular savings account is

• A) A low rate of return.
• B) A minimum required deposit.
• C) Not being insured.
• D) A possible penalty for early withdrawal.
• E) All of these are drawbacks of a regular savings account.

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Definitions:

Net Loss

The amount by which total expenses exceed total revenues, indicating that a business spent more than it earned during a given period.

Net Loss

This occurs when a company's expenses exceed its revenues during a specific period of time, leading to a negative net income.

Ending Capital

The amount of capital a company or individual has at the end of a financial period, after all transactions have been accounted for.

Income Summary

An account in the general ledger used to transfer the balances of temporary accounts to permanent accounts at the end of an accounting period.