FL: Debit & Credit Guided Notes

Fill in the Blank

Banking allows you to view account activity and pay bills via the Internet.

Open Ended

How do you think mobile banking has changed the way people manage their finances?

Multiple Choice

What are the key differences between a bank and a credit union?

• Banks are for-profit, credit unions are not-for-profit

• Banks offer better interest rates than credit unions

• Credit unions are owned by members, banks are not

• Banks are only online, credit unions are physical

Multiple Choice

What is the main difference between a credit card and a debit card?

• Credit cards allow you to pay later, while debit cards deduct money immediately.

• Debit cards allow you to pay later, while credit cards deduct money immediately.

• Both credit and debit cards deduct money immediately.

• Both credit and debit cards allow you to pay later.

Open Ended

Explain how a credit score is determined and why it is important.

Multiple Select

Which of the following are characteristics of a credit union? (select all that apply)

• For-profit institution

• NCUSIF insured

• Member owned

• Offers only credit cards

Multiple Choice

What is one of the benefits of online and mobile banking?

• Access to physical branches

• Securely log on using a username and password

• Higher interest rates on savings

• No need for internet connection

Fill in the Blank

An online bank has no physical branches with tellers or drive-up windows. True or False?

Open Ended

List two advantages and two disadvantages of using a debit card.

Multiple Choice

What is one similarity between prepaid cards and debit cards?

• Both can be used to withdraw cash from an ATM.

• Both require a credit check to obtain.

• Both offer rewards for purchases.

• Both have high interest rates.

Multiple Choice

What are some advantages of using a credit card?

• Buy now, pay later

• High interest rates

• Must qualify

• Terms and fees may change

Open Ended

What is the impact of only making the minimum payment?

Multiple Select

What factors are considered when determining if someone is a good credit risk? (select all that apply)

• Payment history

• Number of credit accounts

• Amount of outstanding debt

• Credit card rewards

Fill in the Blank

Credit 'dings' are caused by making late

Multiple Choice

What is a role of credit reporting agencies like Equifax, Experian, and TransUnion?

• To provide free credit reports every 12 months

• To approve credit card applications

• To set interest rates for loans

• To offer financial advice

Fill in the Blank

Credit unions are owned by their

Open Ended

How do you think mobile banking has changed the way people manage their finances?

Multiple Choice

What is the main difference between a bank and a credit union?

• Banks are for-profit, credit unions are not-for-profit

• Banks are not-for-profit, credit unions are for-profit

• Both are for-profit institutions

• Both are not-for-profit institutions

Open Ended

What are some key practices to build a positive credit history?