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What is a 'savings account' primarily used for?
What is a 'savings account' primarily used for?
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Practice Questions
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Q1
What is a 'savings account' primarily used for?
Daily transactions
Long-term investments
Storing money for future use
Paying bills
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A savings account is primarily used for storing money for future use.
Questions & Step-by-step Solutions
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Q
Q: What is a 'savings account' primarily used for?
Solution:
A savings account is primarily used for storing money for future use.
Steps: 4
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Step 1: Understand that a savings account is a type of bank account.
Step 2: Know that people use savings accounts to keep their money safe.
Step 3: Realize that the money in a savings account can be saved for future needs or goals.
Step 4: Remember that savings accounts often earn interest, which means your money can grow over time.
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