WorksheetsDebit and Credit (Junior Achievement)
Total questions: 10
Worksheet time: 5mins
Which statement is FALSE?
A debit card allows you to immediately transfer money between checking and savings accounts
A debit card is essentially like a paper check but does not require the processing time that a check does
A debit card is handy when you don't have the money in your account
A debit card means you are paying now with no grace period to pay it off
What does online banking allow you to do?
Only check your balance
Only pay bills
Only transfer money
Virtually anything you can do at a physical bank
Which of the following is a financial institution?
A department store
A bank or credit union
An ATM machine
A school
The big difference between a bank and a credit union is that credit unions are not-for-profit.
True
False
The higher someone's credit score, the lower the risk they are generally to the lender.
True
False
When lenders lend money to borrowers, they charge an additional fee for the use of their money. This fee is called:
Debit
Interest or finance charge
Overdraft
Credit
An advantage of a credit card over a debit card is:
They take money directly out of your bank account
They have a lower interest rate
You don't have to apply for one
If they are stolen, they have a lower limit you could be responsible for ($50 compared to $500)
Lenders use credit agencies like Equifax or Trans Union to determine:
The credit risk of the borrower
What grades the lender got in school
An applicants payment history
Whether an applicant has any outstanding debts
A process where someone who owes debts they can't pay is given protection from the creditors.
Bankruptcy
Debt
Co-payment
Investing
Any money owed is called:
Credit card
Mutual fund
Debt
Premium
