Unit 3 7th Grade Vocab Quiz #2

Fill in the blank: A PIN is a secret code that stands for _______.

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Match the following terms with their definitions:

• A bank account for everyday spending

• A card you load with money to use like cash

• A booklet to track money in and out of your account

• A written order to pay someone from your bank account

Fill in the blank: Cashback is money you get back when you use your _______ to buy things.

Match the following terms with their definitions:

• The most money you can borrow on your card

• Extra money paid when borrowing money

• A card that lets you borrow money to buy things

Fill in the blank: _______ is the extra money you pay when you borrow money.

Explain the difference between a checking account and a savings account.

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Match the following terms with their definitions:

• A machine to withdraw cash

• Spending more than you have in your account

• A secret code for accessing your account

What is a credit card primarily used for?

• To save money

• To borrow money for purchases

• To earn interest

• To deposit cash

What is an annual fee in the context of credit cards?

• A monthly charge for using a credit card

• A yearly charge for having a credit card

• A fee for late payments

• A fee for exceeding the credit limit

What are rewards in the context of credit cards?

• Discounts on purchases

• Points or miles earned for using the card

• Free annual fees

• Lower interest rates