Unit 6: Electric Banking - Day 1

​Unit 6:

Electric Banking

Miss Danes Personal Finance TSAS

Open Ended

Question of the Day:

Pick a vacation destination!

Poll

Do you have a credit card?

(this can be one you started yourself or one your guardian opened in your name)

• Yes

• No

• Not anymore

​Vocabulary

Multiple Choice

a bank card used to access an automated teller machine (ATM)

• Debit Card

• Credit Card

• ATM Card

• Revolving Credit

• Credit Limit

Multiple Choice

a card allowing a person to borrow money for a purchase

• Debit Card

• Credit Card

• ATM Card

• Revolving Credit

• Credit Limit

Multiple Choice

a bank card used to access cash from an ATM and make purchases at stores and online

• Debit Card

• Credit Card

• ATM Card

• Revolving Credit

• Credit Limit

Multiple Choice

credit that is renewed as debt is paid off

• Debit Card

• Credit Card

• ATM Card

• Revolving Credit

• Credit Limit

Multiple Choice

the maximum amount of money a person can borrow

• Debit Card

• Credit Card

• ATM Card

• Revolving Credit

• Credit Limit

Multiple Choice

a credit card purchase

• balance

• fraud

• charge

• authorized user

• statement

Multiple Choice

a person allowed to use a credit card to make purchases

• balance

• fraud

• charge

• authorized user

• statement

Multiple Choice

unlawful deception intended to result in financial gain

• balance

• fraud

• charge

• authorized user

• statement

Multiple Choice

a summary of the purchases and payments made for one month

• balance

• fraud

• charge

• authorized user

• statement

Multiple Choice

the amount of money currently in a bank account or owed to a credit card

• balance

• fraud

• charge

• authorized user

• statement

Multiple Choice

the last day of a person's billing cycle and the day the statement is sent to the person

• secured credit card

• unsecured credit card

• credit card statement/bill

• credit card statement closing date

Multiple Choice

a credit card account opened with a refundable deposit

• secured credit card

• unsecured credit card

• credit card statement/bill

• credit card statement closing date

Multiple Choice

a credit card account opened without the need for a deposit

• secured credit card

• unsecured credit card

• credit card statement/bill

• credit card statement closing date

Multiple Choice

a law to protect people from unfair practices by credit card companies

• Annual Percentage Rate (APR)

• The Credit Card Accountability Responsibility and Disclosure (CARD)

Multiple Choice

the percentage rate used to calculate the amount of interest an account, loan, or debt will accrue per year; takes into account the interest rate and any fees or other charges on the account, so is often higher than the interest rate alone

• Annual Percentage Rate (APR)

• The Credit Card Accountability Responsibility and Disclosure (CARD)

Debit vs Credit vs ATM Card

Multiple Select

A debit card allows for: [select all that apply]

• store purchases

• no store purchases

• ATM withdrawals

• $ withdrawn from account automatically

• $ not withdrawn from account automatically

Multiple Select

An ATM card allows for: [select all that apply]

• store purchases

• no store purchases

• ATM withdrawals

• $ withdrawn from account automatically

• $ not withdrawn from account automatically

Multiple Select

A Credit card allows for: [select all that apply]

• store purchases

• no store purchases

• ATM withdrawals but with huge penalties

• $ withdrawn from account automatically

• $ not withdrawn from account automatically

Pass Out Notes

​Credit card interest is calculated daily on an unpaid credit card balance. This daily interest is calculated by using a 1/365 of your APR. This number can be very small but on large unpaid balances, it can add up.

Open Ended

A?

Open Ended

B?

Fill in the Blanks

Open Ended

D?

Open Ended

E?

Fill in the Blanks

Open Ended

G?

Open Ended

H?

Fill in the Blanks

Open Ended

J?

Open Ended

K?

To Be Continued