Question
You are currently getting paid every 1st and 15th of the month. You want to start paying yourself first and have opened a savings account. You want your savings transfers to happen every time you get paid. Which transfer option best matches your pay? Choose 1 answer: A weekly B semi-monthly C once per month , starting on the day of the paycheck
Answer
4.4
(223 Votes)
Emily
Elite · Tutor for 8 years
Answer
B
Explanation
The question asks us to select the most suitable transfer frequency for moving money into a savings account that aligns with the pay schedule. The pay schedule is twice a month, specifically on the 1st and the 15th. Let's evaluate the options:(A) A weekly transfer would mean moving money into savings four times a month (or possibly more, depending on the number of weeks in the month), which does not align with the twice-a-month pay schedule.(B) A semi-monthly transfer typically means transferring money twice a month, which could easily align with the pay dates of the 1st and the 15th.(C) Transferring money once per month on the day of the paycheck would only match one of the two pay dates, either the 1st or the 15th, but not both.Given these considerations, the option that best matches the twice-a-month pay schedule is the semi-monthly transfer, as it allows for savings transfers to occur on both pay dates.