Banking Products

When I use my debit card, the money is almost immediately taken from my account.

• True

• False

An advantage of having a savings account is that the funds are immediately available when I need them.

• true

• false

Which of the following best describes a LOAN?

• Money borrowed that can be paid back if one feels like it.

• Money borrowed

• Money borrowed with the expectation of paying it back in a timely manner.

• Money gifted to someone with no expectation of payback.

People who hide their money in a safe inside their house will not be able to . . . .

• a. buy anything at the store.

• b. pay for college.

• c. earn interest on their money.

• d. give their kids an allowance.

• e. both b and c

True or False:

When you deposit money in a bank, they keep it safe by locking it up in a secure vault within the bank itself.

• TRUE

• FALSE

Why does the bank pay you interest when you deposit money?

• Banks have a surplus of money and they can't keep it all in their vault.

• Banks need people to make money so they can buy products and support the economy.

• Banks are paying interest because they are paying you to use your money.

• Banks pay interest because they are looking out for your best interest.

Anil deposits his money in a bank that is going to pay out 4% interest. Mukesh is going to put her money in a bank that pays 5% interest. Who is going to make more money?

• Anil

• Mukesh

Anil took his family out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill that he paid three weeks later. What type of card is this?

• Credit Card

• Debit Card

• Credit Card & Debit Card

Small, hard, plastic card. What type of card is this?

• Credit Card

• Debit Card

• Credit Card & Debit Card