Credit and Debit

An example of a financial institution is:

• A department store

• A bank

• A school

• An ATM machine

Who uses financial institutions?

• Adults

• College graduates

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

• Account holders with lots of cash

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

• True

• False

Tags

CCSS.RI.6.3

CCSS.RI.7.3

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

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

• True

• False

A debit card is a buy-now, pay-later payment type with a grace period for payments.

• True

• False

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

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

• True

• False

Tags

CCSS.RI.7.7

CCSS.RI.8.7

CCSS.RL.6.7

CCSS.RL.7.7

CCSS.RL.8.7

Identity theft is a threat to anyone with a good credit rating.

• True

• False

Tags

CCSS.RL.11-12.6

Your grandmother takes you out for pizza for your birthday. She pays with a card and money for the bill comes out of her checking account. 

• Debit card
• Credit Card

Your mom goes to the ATM at the bank and withdraws $300 from her savings account with her card. 

• Debit card
• Credit Card