Credit/Debit/Financial Literacy

An account that allows you easy access to your money through a debit card, atm, or checks is called...

• credit union

• savings account

• checking account

• personal loan

What is a direct deposit?

• When you receive your paycheck, you take the check directly to the bank to deposit

• Your job deposits your paycheck directly into your account electronically

All transactions should be recorded in your bank register. True or False

• True

• False

How are credit cards and debit cards different?

• they are exactly the same

• a credit card is a loan, while a debit card deducts money directly from your checking account

• a credit card allows you to purchase gas only

• a debit card is a loan, while a credit card deducts money directly from your checking account

Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.

(a)  

• True
• False

When using a credit card, you will be charged ​ (a)   if the balance is not paid.

• interest
• insurance
• $10

Evie dislikes that ​ (a)   will charge her an overdraft fee if she accidentally spends or withdraws more than the amount in her account at the time.

• debit cards
• credit cards

Jasmine likes that ​ (a)   allow her to build a positive credit history so that she can purchase a home in the future.

• credit cards
• debit cards

Drake likes that ​ (a)   allow him to make purchases on things that he might not necessarily have the money for at the time, but knows he will later.

• credit cards
• debit cards

Kayla had a balance of $106.15 in her checking account. She deposited $75.62 that she earned in tips from her job. What is her new balance?