Debit and Credit practice Assessment

An example of a financial institution is:

• A Department Store

• A Bank

• A School

• An ATM

Who uses financial institutions?

• Adults

• College graduates

• Almost everyone

• Account holders with lots of cash

Online banking is an electronic way to view account activity and pay bills via the internet and an institution's website.

• True

• False

A debit card is handy in an emergency when you don't have the money to spend.

• True

• False

A bank is a not-for-profit financial institution.

• True

• False

You buy a sandwich using your debit card. It cost $5.68. Your statement shows $40.68. The extra is an overdraft fee.

• True

• False

A credit card provides preapproved credit.

• True

• False

Internet banking means using a bank branch to make deposits and withdrawals.

• True

• False

The lower an applicant's credit score, the lower the risk to the lender.

• True

• False

Identity theft is a threat to anyone with a good credit rating.

• True

• False