Finance Unbox-ED ($) - Grade 6-8 - Session 015 - Assessment 5

Select all the statements that are true about a debit card

• Can be used only if there is money in the bank account
• Spent amount gets deducted instantly from bank account
• Interest is charged on spends made using a debit card
• In most cases no annual fees and no rewards program

Select all the statements that are true about a credit card

• Can be used even if there is no money in the bank account
• Spent amount is to be paid after around one month on a due date
• Interest is charged on spends if not paid by due date
• In most cases no annual fees and no rewards program

Select the statement that is true

• If you pay your credit card bills on time it is better to use your credit card to buy things
• Never use your credit card to withdraw money from an ATM as it is like taking a loan
• Both of the above
• None of the above

Select the statement that is true

• ATM stands for 'Automated Teller Machine'
• OTP is required every time we use our debit card at an ATM
• Both of the above
• None of the above

Select all the statements that are true

• PIN stands for 'Personal Identification Number'
• OTP stands for 'One Time Password'
• PIN and OTP help you keep your money safe even if you lose your card
• All of the above

Select the statements that are true about payment gateways

• Help merchants or sellers accept payments from debit cards and credit cards
• Make sure that your debit card and credit card details are kept safe and secure
• Both of the above
• None of the above

POS Machine stands for?

• Proof of Sale Machine
• Point of Sale Machine
• Point of Service Machine
• Proof of Service Machine

Visa and Mastercard are the largest payment networks in the world

• True
• False

Payment networks amongst many other things help check if you have enough balance in your bank account or credit limit on your credit card to make a payment

• True
• False

Select all the statements that are true about MDR

• MDR stands for Merchant Discount Rate
• MDR stands for Merchant Debit Rate
• MDR is a small fee charged to the seller every time we use our debit or credit card
• MDR is shared by a) Banks, b) Payments Gateways and c) Payment Networks