Section 1 review

A debit card is essentially a paper check but doesn't require the processing time a check does.

• True

• False

Online banking is an electronic way to view account activity and pay bills via the internet and an institution's website.

• True

• False

An example of a financial institution is:

• A department store

• A bank

• A school

• An ATM machine

A debit card is handy in an emergency when you don't have the money to spend.

• True

• False

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Lenders use credit agencies to determine:

• An applicant's credit score

• An applicant's credit history

• Whether an applicant has any outstanding debt or defaults

• All of the above

Which is a disadvantage of a credit card?

• Credit cards are buy-now, pay later

• Credit cards provide preapproved credit

• Credit cards charge interest

• Credit cards are the best way to pay for something online, because you can dispute a the charge

Apply the rules of Debit and Credit to the following accounts:
A decrease to cash is a _______?

• Debit
• Credit

An increase to cash is ________?

• Debit
• Credit

An increase to Utilities Expense is a 

• Debit
• Credit

The normal balance for Cash is a 

• Debit
• Credit