Question

question 9 of 10
an account in which a customer deposits money for a set period of time in return for a fixed rate is called a:
a. debit card.
b. checking account.
c. money market account.
d. certificate of deposit.

Explanation:

A certificate of deposit (CD) is an account where funds are deposited for a fixed term, in exchange for a guaranteed fixed interest rate. In contrast:

• A debit card is a payment tool, not a deposit account.
• A checking account is for daily transactions, no fixed term/rate requirement.
• A money market account has variable rates and more liquidity, no fixed lock-in period.

Answer:

D. certificate of deposit.