CFM Credit Cards and Review

The amount left over from your paycheck after taxes and deductions are withheld is called ___________.

• balance

• gross balance

• transaction

• net pay

You can continue to write checks as long as you have checks in your checkbook.

• True

• False

Credit cards and debit cards are essentially the same thing.

• True

• False

A card that allows the holder to buy goods and services by taking out a bank loan.

• Checking account

• Credit card

• Debit card

• Savings account

Putting money into an account.

• deposit

• withdrawal

Removing money from an account.

• deposit

• withdrawal

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

• True

• False

If you spend more money than is in your account, your bank will charge you a fee.

• True

• False

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

• True

• False

A debit card is basically an electronic check.

• True

• False