Answer:
1. Basic bank savings account.
2. Club account.
3. Checking account.
4. 529 plan.
5. CD
Explanation:
Savings can be defined as the amount of money left after removing expenses and other costs.
Investments are costs associated with purchasing of capital assets and investments of cash resources in other businesses.
1. Basic bank savings account: it's a deposit account that offers an account holder a low interest rate, checkbooks aren't issued, and the holder is posed with few restrictions on access to his or her money.
2. Club account: it's an account used to save money for a specific purpose or special reason such as vacation, tourism, college, etc.
3. Checking account: it's a type of deposit account that is designed to make it convenient for the holder to pay bills easily.
4. 529 plan: a 529 plan is a tax-free savings account which avails an individual or account holder (sponsor) to make payment in advance with respect to educational expenses that would be incurred by a student (beneficiary) in the future. This plan is mainly sponsored by state agencies or the state itself and it is authorized by Section 529 of the Internal Revenue Code and mainly sponsored by the states to encourage savings for future educational costs.
5. Certificate of deposit (CD) can be defined as a secured form of time-bound deposit and a special low-risk savings account, wherein money (lump-sum) are left with the bank for a specific period of time in exchange for an interest rate premium.
Generally, a certificate of deposit pays a higher interest rate to its holder than the regular savings account because the banks invest the money in a business.
Additionally, the bank certificate of deposit is protected and insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
Charter and joint stock company has stockholders and business activity's.
Answer and Explanation:
The country is obviously in chaos because of law and order situation. The loyalist of old dictators are creating havoc and that needs to be stopped first. As a newly elected president, the first duty is to ensure that this must be stopped.
A newly elected government needs to call for international agencies such as the UN or regional alliance to put pressure on the neighboring country to refrain from interfering in internal matters of the country while strengthening armed forces and police to maintain internal security as well as external threats. Initially, the police and army will have to be quick because the sooner it creates order the better it will be but they should also take care that no gross human rights violation takes place. This is necessary to instill the faith in the mind of the public.
The second stage is establishing the administration through transparent government policies and that also without being bias to anyone. The chaos of transition will make it difficult but the new government will have to take financial and other help from the organization like World Bank to create infrastructure such as transportation and power generation along with a robust financial system to kick off economic growth. Infrastructure development needs heavy investment but that pays off in the long run and so that government should take initiative in that with public-private partnership. The government also needs to decentralize the powers with an effective control mechanism to stave off corruption because centralized decision making often tends to be counterproductive.
The government also needs to understand that people respond to incentives and so it will be a must to create an economic environment where people will be incentivized to work, to innovate and to create wealth. Abnormally high tax rate or too much strong government interference in the market will dissuade people and economic growth. It also involves developing law and judicial system where there will be a robust system of business laws, labor laws, property rights, and human rights in accordance with international standards.
There is no easy or quick solution but the government needs to be persuasive to carry out those tasks which will be beneficial in building a nation in the long run and for the welfare of the citizens.