Lesson Number 3 - Ways to Pay - Cash, Debit and Credit Card

What is a debit card?

• plastic card with a chip in it we use to pay for things out of our checking account

• how we subtract

• a plastic card that lets us pay for things and the money we spend is owed to a company

• a plastic card that lets us charge things

What is a credit card?

• it is like a debit card

• It is a plastic card with a chip in it that lets us pay for things when we don't have any money. Then we owe the company for the money we spent.

• It is a way to save money

• It is a plastic card with our picture on it that lets us get into certain stores

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How is a credit card bad?

• The money you owe piles up very slowly.

• The money you owe is forgiven - you don't have to pay it back.

• Not only do you have to pay it back, it grows so fast that you cannot keep up because the best credit cards are at 17%.

• It is okay

True or False, in the olden days people only bought things they could afford because there was no credit cards and this was better.

• True

• False

• Credit cards have been around as long as cash

• Credit cards are really great - I can buy anything I want and not worry about it.

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When you write a check, the money comes out of your...

• credit card

• debit card

• checking account

• piggy bank

When you pay by debit card, the money comes out of your...

• savings account

• credit card

• debit card

• checking account

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The best way to pay for things is...

• use cash, check or debit card because that is money you actually have

• use credit card because you can get a lot more stuff and never have to pay it back

• use coins

• write an IOU

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The United States National Debt is the amount of money that...

• South Korea owes to rich people and other countries

• Canada owes to rich people and other countries

• The United States owes to rich people and other countries

• This is money due to us from rich people and other countries

The National Debt Clock also shows under "total debt" for a given country, how much debt everyone has from credit cards, students loans and mortgages.

• False

• True

• not sure

• maybe

The United States' National Debt is a huge problem and it translates into about $79,000 per person.

• False

• It is not a problem

• True

• Who cares?

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