Checking Accounts Quizizz 3

In what year did credit cards burst onto the financial scene?

• 1900

• 1929

• 1951

• 1999

Answer explanation

Credit cards began to gain popularity in 1951 when the first universal credit card was introduced by Diners Club, marking a significant shift in consumer finance and payment methods.

What is the main function of a credit card?

• Store money

• Provide a line of credit for purchases

• Earn interest

• Transfer funds between accounts

Answer explanation

The main function of a credit card is to provide a line of credit for purchases, allowing users to buy now and pay later, rather than storing money or transferring funds.

Which of the following is a common feature of credit cards?

• Fixed interest rate

• Cashback rewards

• Unlimited credit limit

• Mandatory annual fee

Answer explanation

Cashback rewards are a common feature of credit cards, allowing users to earn a percentage of their spending back. Other options like fixed interest rates and mandatory fees vary by card, while unlimited credit limits are not typical.

The person you deal with at the bank 'window' is called ...

• Customer Service Representative

• Account Manager

• Teller

• Window Cleaner

Answer explanation

The person you deal with at the bank 'window' is called a Teller. They handle transactions such as deposits and withdrawals, unlike Customer Service Representatives or Account Managers who have different roles.

What payment system is commonly used for recurring payments such as salaries, bills, and subscriptions?

• ACH Network

• Card Networks

• Bank Transfer Networks

• Cryptocurrency Payment Systems

Answer explanation

The ACH Network is specifically designed for electronic payments and is widely used for recurring transactions like salaries, bills, and subscriptions, making it the most suitable choice among the options.

When you use a debit card you are using __________.

• the bank's money

• your parents' money

• your money

Answer explanation

When you use a debit card, you are directly accessing the funds in your bank account. Therefore, you are using your own money, not the bank's or your parents' money.

You need a bank account to get this card.

• Credit card

• Debit card

Answer explanation

A debit card requires a bank account because it draws funds directly from that account. In contrast, a credit card does not require a bank account, as it allows borrowing up to a certain limit.

This is a written request to your bank to withdraw money from your account and pay it to another person.

• Cheque

• Phone call

• Text

• Email

Answer explanation

A cheque is a written request to a bank to withdraw money from an account and pay it to another person, making it the correct choice. Other options like phone calls, texts, and emails do not serve this purpose.

This allows you to withdraw cash from your account or make electronic payments.

• Debit card

• Loan account

• Signature card

• Payment card

Answer explanation

A debit card allows you to withdraw cash directly from your bank account and make electronic payments, making it the correct choice. Other options like loan accounts and signature cards do not provide this functionality.

The action deposits money into an account.

• Account credit

• Withdrawal

• Loan

• Account debit

Answer explanation

Depositing money into an account increases the account balance, which is referred to as an 'account credit'. The other options, such as withdrawal and account debit, indicate a decrease in funds.