JA Unit 3 Debit and Credit

Give an example of a financial institution.

• school

• bank

• an ATM machine

• a department store

Who uses financial institutions?

• adults

• Almost everyone who maintains a savings or checking account, uses debit or credit cards, or needs a loan

• College students

• Account holders with lots of cash

What is online banking?

• an electronic way to view accounts and pay bills

• using your checking account over the phone

• paying with a credit card

• using the ATM from another bank

Identify the false statement.

• A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account.

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

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

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

When using a online banking, or mobile banking what safety tip is not safe to follow.

• Don't store your account number or PIN on your mobile device

• Keep your username and password private

• Use your social security number as your login or password

• Always log off your account when done banking

A bank is a no-for-profit financial institution

Group of answer choices

• True

• False

You order your favorite foot-long sandwich with chips and a drink using your debit card. The total comes to $5.86. Your online statement show a charge of $40.68. The extra amount would be the overdraft fee you received for overspending your account.

• True

• False

A credit card provides pre-approved credit.

• True

• False

Internet banking means using a bank branch to make deposits and withdrawals.

• True

• False

The lower an applicants credit score, the lower the risk to the lender.

• True

• False