Question 1 of 10An account in which a customer deposits money for a set period of time in return for a fixed rate is called a:

The account in which a customer deposits money for a set period of time in return for a fixed rate is called a "Term Deposit" or "Fixed Deposit" account.

Here are the steps to answer this question:

Step 1: Understand the question. The question is asking about a type of bank account where money is deposited for a certain period of time and earns a fixed rate of interest.

Step 2: Recall your knowledge about different types of bank accounts. There are several types of bank accounts such as checking accounts, savings accounts, money market accounts, and term deposit accounts.

Step 3: Identify the correct type of account based on the description given in the question. The description matches that of a term deposit or fixed deposit account. In this type of account, the money is deposited for a fixed period of time and the bank pays a fixed rate of interest for that period.

Step 4: Formulate the answer. The account in which a customer deposits money for a set period of time in return for a fixed rate is called a "Term Deposit" or "Fixed Deposit" account.