FL: Debit & Credit Guided Notes

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

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

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

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?