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WorksheetsJA Debit and Credit Review
Total questions: 32
Worksheet time: 19mins
Which is an example of a financial institution?
school
bank
school
ATM
Who uses financial institutions?
anyone with a checking or savings account, loans, and/or debit and credit cards.
College graduates
Only people with a lot of money
A debit card is a buy now pay now option.
true
false
A bank is a for profit institution.
true
false
One benefit of a credit card is to establish a credit history.
true
fales
Credit cards are a buy now pay later option.
true
false
Lenders lend money to borrowers. They charge an additional fee for the use of the money. This is called...
fees
interest
credit
The lower your credit score the lower your risk is to a lender.
true
false
Internet banking means using a bank branch to make deposits.
true
false
Identity theft is a threat to anyone with a good credit rating.
yes
no
Credit cards charge interest
yes
no
An advantage of using credit cards is that you have the flexibility to make purchases anytime and anywhere.
true
false
Always report stolen credit cards and debit cards.
yes
no
A disadvantage of a DEBIT CARD is that you can't spend anymore than you have in your account.
true
false
A disadvantage of using DEBIT CARDS is that there are fees for ATM transactions not affiliated with your financial institution.
true
false
Do you need to sign out of accounts when banking online?
yes
no
What is a Debit card?
A card that deducts/subtracts money from your personal banking account
A web-only bank
A fee received or paid for the use of money
A card that contains money that is borrowed from the bank
What is a credit score?
Borrowed money from your financial institution
A standardized measurement of the potential to repay a debt
A fee received or paid for the use of money
What is debt?
Money that you need
Money that belongs to the bank
Money that is being saved
Money that you owe
A debit card is handy in an emergency.
true
false
A credit card is handy in emergencies.
true
false
Creating a secure password when banking online is a safety tip.
true
false
Credit cards allow you to make purchases for items you didn't save for or do not have money to purchase.
true
false
Choose all that apply. Credit agencies help lenders determine which of the following:
credit score
credit history
outstanding debt or defaults
your wants and needs
You can improve your credit score.
yes
no
A credit card provides pre-approved credit.
true
false
Which are ADVANTAGES of credit cards? Choose 2 answers.
high interest rates
buy now, pay later option
best way to purchase something online
terms and fees
