Financial Literacy Countdown Review

Which of the following statements correctly describes a key feature of a debit card?

• You can spend more money than you have in your account.

• The money spent is directly taken out of your checking account.

• You can borrow money from the bank to make purchases.

• There is typically a high interest rate on the money you spend.

What is a primary difference between using a debit card and a credit card?

• Debit cards allow you to earn rewards on purchases.

• Credit cards require you to pay back the money you spend with interest.

• Debit cards do not require a PIN for transactions.

• Credit cards directly withdraw money from your checking account.

What is important in establishing good credit?

• Making payments on time

• Being late on payments

• Spending 100% of your credit limit

• Missing a payment

A payment option that allows you to work on campus at your college and earn money is called what type of payment option?

• scholarship
• loan
• pell grant
• work-study program

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

• F

• G

• H

• J

• F

• G

• H

• J