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Credit vs Debit

Total questions: 80

Worksheet time: 1hrs 4mins

Name
Class
Date
1.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
2.
What happens when you don't have enough money to pay for the things you charged?
a)
You end up owing less than the original amount of money you charged.
b)
You end up owing more than the original amount of money you charged.
c)
You end up owing the same amount of money you charged, it just takes a while to pay off.
3.
Why would your credit provider give you a credit limit?
a)
To remind you to pay your bill on time.
b)
To prevent you from enjoying the things you buy.
c)
To prevent you from spending more money than you can pay back.
d)
To prevent you from shopping in certain places.
4.
When you make a credit card purchase at a store, who do you agree to pay?
a)
The store.
b)
The bank where the store keeps its money.
c)
Your credit provider.
5.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
6.
How is charging a purchase like getting a loan?
a)
You borrow money from your credit provider.
b)
You borrow money from the store in order to pay your credit provider.
c)
You borrow money from an ATM in order to pay your credit provider.
7.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
8.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
9.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
10.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
11.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
12.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
13.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
14.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
15.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
16.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
17.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
18.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
19.

There’s no penalty if I pay my credit card balance after the due date.

a)

True

b)

False

20.

What is a good practice when it comes to credit cards?

a)

getting as many credit cards as possible

b)

paying only the minimum

c)

charging anything you want

d)

paying the amount charged in full each month

21.

When you use a debit card you are using __________.

a)

the bank's money

b)

your parent's money

c)

your money

22.

When you use a credit card you are using _____________.

a)

Ms. Hillary's money

b)

the bank's money

c)

your money

23.

If you make purchases on a credit card you have to _________.

a)

pay the money back to the bank

b)

write it in your checkbook register

c)

ask your mom to pay the bill

24.

The fee that credit cards charge customers for using their money is called ___________________.

a)

rent

b)

deposit

c)

interest

25.

Safer than carrying cash.

a)

Debit card

b)

Credit card

c)

Both debit and credit cards

26.

You are NOT charged interest for using it.

a)

Debit card

b)

Credit card

27.

You need a bank account to get this card.

a)

Credit Card

b)

Debit Card

28.

In order to get a _________ you must have a good credit score.

a)

Debit Card

b)

Credit Card

29.

Your mom goes to the ATM at the bank and withdraws $300 from her checking account with her card. 

a)

Debit card

b)

Credit Card

30.

Your grandmother takes you out for pizza for your birthday. She pays with a card and the money comes out of her checking account. 

a)

Debit card

b)

Credit Card

31.
Your aunt buys you a new outfit for the first day of school. She pays with a card and tells you she’ll pay for it at the end of the month when she gets her bill. 
a)
Debit card
b)
Credit card
32.
Your family is on vacation and you need more cash. Your dad goes to the ATM and gets a $500 cash advance. He says, “Just one more vacation expense we’ll have to pay off when we get home.”
a)

Debit card

b)

Credit card

33.
You made the softball team. YEAH!!! Dad takes you to buy a uniform. He pays for the purchase with a card, enters his PIN and gets $20 in cash back from his checking account.
a)
Debit card
b)
Credit card
34.
Interest is charged if balance is not paid each month.
a)
Debit Cards
b)
Credit Cards
c)
Both
35.
Fees may be charged
a)
Debit Cards
b)
Credit Cards
c)
Both
36.
My credit history does not affect my chances for renting my first apartment.
a)
True
b)
False
37.
To build a positive credit history, I should pay cash for all purchases.
a)
True
b)
False
38.
I need to first pay bills, such as a loan or a phone bill to establish credit history.
a)
True
b)
False
39.
Having a small amount of debt is good for my credit history.
a)
True
b)
False
40.

Why is it important to establish positive credit history?

a)

Higher credit scores result in lower interest rates on loans

b)

You are more likely to be offered a loan by a bank

c)

Positive credit history results in higher credit scores

d)

All of the above

41.

Users can earn rewards like cash back or points toward travel.

a)

Credit

b)

Debit

c)

Both

42.

Users can sometimes be responsible for an annual fee.

a)

Credit

b)

Debit

c)

Both

43.

Card balances must be paid on the due date to avoid high interest.

a)

Credit

b)

Debit

c)

Both

44.

What do you call the cost you pay each year to borrow money, including fees, expressed as a percentage?

a)

Interest

b)

Credit card

c)

Debt

d)

Balance

45.

When do you have to pay interest on purchases?

a)

When you do not pay your full balance when its due.

b)

When you purchase any items online

c)

When you pay it annually

46.

Which of the following is NOT an advantage of a credit card? (HINT: This means 3 of these are advantages of CCs).

a)

You can't go into debt

b)

You can earn rewards

c)

You can have better warrants on certain purchased items

d)

You can see your credit score for free

47.

Which of the following is NOT an advantage of a credit card? (HINT: This means 3 of these are advantages of CCs).

a)

There is better fraud protection than many debit cards offer

b)

Credit Cards are always free to have.

c)

You can build credit history to help with loans in the future.

d)

You may need one to rent a car

48.

Which of the following is NOT an advantage of a DEBIT card? (HINT: This means 3 of these are advantages of debit cards).

a)

You can't go into debt.

b)

There's no annual fee associated with the card.

c)

It may help you limit your impulse spending.

d)

You can get rewards like travel points.

49.

Which of the following is NOT an advantage of a DEBIT card? (HINT: This means 3 of these are advantages of debit cards).

a)

If someone makes purchases with your card, it's borrowed money so you have time to dispute the charges.

b)

Allows you to purchase goods and services.

c)

You can get cash back at the store

d)

You can get cash out of your bank's ATM for free.

50.

Mr. Cooper just loves to spend money! He wants to have every batman figurine out there. A couple new cars wouldn't hurt while he's at it. What type of card would you recommend to him? Be ready to share why later.

4 lines
51.

Which is better? Debit or credit? Give at least one reason why.

4 lines
52.

Mrs. Jepson says ________ is the best choice for spending starting out.

a)

credit card

b)

debit card

c)

both

d)

neither

53.

Which card will prevent debt?

a)

debit

b)

credit

54.

This 16-digit number is unique to your card. It is different from your checking account number.

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Card Verification Value (CVV)

55.

Your card can only be used until this date. A new card will be automatically sent to your address prior to the expiration date.

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Card Verification Value (CVV)

56.

Toll-free number when you have questions about your account.

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Card Verification Value (CVV)

57.

This number is unique to your card. When you use your card to make purchases over the phone or Internet, some merchants may require you to supply this number to confirm that you have the card with you.

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Card Verification Value (CVV)

58.

What is A on the front of the debit card

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Network Logos

59.

What is B on the front of the debit card

a)

Debit Card Number

b)

Issue/Expiration Date

c)

Customer Service Number

d)

Network Logos

60.

What is C on the front of the debit card

a)

Debit Card Number

b)

Expiration Date

c)

Customer Service Number

d)

Network Logos

61.

What is D on the back of the debit card

a)

Signature Bar

b)

Card Verification Value (CVV)

c)

Customer Service Number

d)

Network Logos

62.

What is E on the back of the debit card

a)

Signature Bar

b)

Card Verification Value (CVV)

c)

Customer Service Number

d)

Network Logos

63.

What is F on the back of the debit card

a)

Signature Bar

b)

Card Verification Value (CVV)

c)

Customer Service Number

d)

Network Logos

64.

Your credit score determines how successful you will be in obtaining a loan

a)

True

b)

False

65.

What is the most important factor of a credit score?

a)

Types of credit

b)

Payment History

c)

Amount of debt

d)

Inquires

66.

The highest FICO score possible is:

a)

1600

b)

1000

c)

850

d)

700

67.

A high credit score means you will have the highest interest rates when applying for a loan

a)

True

b)

False

68.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

69.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
70.

Which of the following items can be found on a credit card statement?

a)

Payments made and new charges

b)

Fees and interest charged

c)

Year to date totals and how long it will take you to pay it off w/minimum only

d)

All of these

71.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
72.

put money into a bank account

a)

deposit

b)

savings account

c)

safe-deposit box

d)

loan

73.

banks pay interest on the money in an account

a)

deposit

b)

savings account

c)

safe-deposit box

d)

loan

74.

borrowing money from a bank and pay interest while paying it back in a set period of time

a)

deposit

b)

savings account

c)

safe-deposit box

d)

loan

75.

receiving money in return for labor, work, or service

a)

earn

b)

save

c)

spend

d)

donate

76.

paying out money to buy goods and services

a)

earn

b)

save

c)

spend

d)

donate

77.

giving money to a cause (to a charity)

a)

earn

b)

save

c)

spend

d)

donate

78.

saving for a new sweater

a)

long term goal

b)

short term goal

79.

saving for a retirement

a)

long term goal

b)

short term goal

80.

saving for a college

a)

long term goal

b)

short term goal

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