Plastic Money Quiz

What is plastic money?

• Plastic money is a term used to describe credit cards, debit cards, or any other card that can be used to make transactions without the need for physical cash.

• Plastic money is a term used to describe the physical coins and bills in circulation.

• Plastic money refers to the practice of using plastic containers as a form of payment.

• Plastic money is a type of currency made from recycled plastic materials.

Name one advantage of using a debit card.

• Avoid accumulating debt

• Earn cashback rewards

Explain the difference between a credit card and a debit card.

• A credit card is used for online purchases only, while a debit card is used for in-person transactions.

• A credit card and a debit card are the same thing.

• A credit card deducts funds from a bank account, while a debit card allows borrowing money.

• A credit card allows borrowing money, while a debit card deducts funds from a bank account.

Why is it important to keep your credit card information secure?

• To prevent unauthorized access and potential fraud.

• To increase credit card limits

• To make online shopping easier

• To share with friends

How can you protect yourself from credit card fraud?

• Monitor statements, avoid sharing information, use secure websites, report lost/stolen cards

• Use unsecured websites

• Never check credit card statements

• Share credit card information freely

What is the purpose of a CVV number on a credit card?

• To determine the card's expiration date

• To track the cardholder's spending habits

• To provide discounts on future purchases

• To provide an additional layer of security for online or over-the-phone transactions.

Can you use a debit card to withdraw cash from an ATM?

• No

• Yes

• Sometimes

• Only on weekends

What should you do if you lose your credit card?

• Throw a party

• Go on vacation

• Ignore it and hope it turns up

• Contact your credit card issuer to report it lost or stolen.

Name one way in which you can build a good credit score using a credit card.

• Ignoring monthly statements and payment due dates

• Making on-time payments consistently

• Closing the credit card account immediately after opening it

• Maxing out the credit card limit every month

Why is it important to pay your credit card bill on time?

• It helps avoid late fees, maintain a good credit score, and build a positive credit history.

• It helps you earn more rewards points

• It allows you to spend more money

• It doesn't impact your credit score