What is a Certificate of Deposit?

4. What is a Certificate of Deposit?

  1. Short-term U.S. government debt obligation
  2. A fixed-income investment scheme
  3. A financial product commonly sold by banks, thrift institutions, and credit unions
  4. An unsecured money market instrument

Answer: C) A financial product commonly sold by banks, thrift institutions, and credit unions

Explanation:

A certificate of deposit (CD) is an item presented by banks and credit associations that gives a loan fee premium in return for the client consenting to leave a single amount store immaculate for a foreordained timeframe. Practically all shopper monetary organizations offer CDs, even though it's up to each bank which terms it needs to offer, how much higher the rate will be contrasted with the bank's reserve funds and currency market items, and what punishments it applies for early withdrawal.

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