Debit and Credit Cards Quiz

What is a debit card?

• A payment card that deducts money directly from a consumer's checking account to pay for a purchase.

• A card that is linked to a savings account instead of a checking account

• A card that allows unlimited spending without any limit

• A card that adds money to a consumer's checking account

What is a credit card?

• A credit card is a type of identification card used for accessing bank accounts

• A credit card is a type of insurance card used for medical expenses

• A credit card is a prepaid card with a fixed amount of money loaded onto it

• A credit card is a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges.

Which card allows you to spend money that you already have in your bank account?

• Debit card

• Prepaid card

• Credit card

• Gift card

Which card allows you to borrow money from the bank to make purchases?

• Gift card

• Prepaid card

• Credit card

• Debit card

True or False: Debit cards are linked to your bank account.

• True

• Only on weekends

• Sometimes

• False

True or False: Credit cards require you to pay back the borrowed money with interest.

• Not sure

• Maybe

• True

• False

What is the purpose of a PIN (Personal Identification Number) for a debit card?

• To remember the card number

• To provide security and prevent unauthorized use of the card.

• To share with friends and family

• To make the card look more attractive

What is the purpose of a credit limit for a credit card?

• To encourage the cardholder to spend more money

• To prevent the cardholder from using the credit card

• To allow the cardholder to borrow an unlimited amount of money

• To set a maximum amount that the cardholder can borrow or spend

What should you do if you lose your debit card?

• Wait for someone to return it to you

• Cancel your bank account

• Ignore it and hope for the best

• Contact your bank to report the loss and request a replacement card.

What should you do if you notice unauthorized charges on your credit card statement?

• Ignore the charges and continue using the credit card

• Contact your credit card company immediately

• Notify the authorities and file a police report

• Wait and see if the charges go away on their own