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CREDIT AND DEBIT 4 25

Quiz by Kel Jackson

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15 questions
Show answers
  • Q1
    What does a debit mean in banking?
    Money added to an account
    Money taken out of an account
    A type of loan
    A form of credit
    30s
  • Q2
    What does a credit card allow you to do?
    Withdraw cash only
    Deposit money into a bank account
    Track your savings
    Borrow money to make purchases
    30s
  • Q3
    What is one consequence of having too much debt?
    You can earn more money
    You will always have enough savings
    Your credit score will increase
    You may have trouble paying bills
    30s
  • Q4
    What is a common benefit of using a debit card?
    It allows you to spend without limits
    You can earn cash back
    It builds your credit score
    It helps you avoid debt
    30s
  • Q5
    What does it mean if your credit score is high?
    You should avoid using credit cards
    You have a lot of debt
    You are likely to get loans easily
    You cannot borrow money
    30s
  • Q6
    What is a common reason for needing a loan?
    Paying for lunch
    Going to a grocery store
    Buying a new shirt
    Buying a house
    30s
  • Q7
    What is it called when you spend more money than you have in your bank account?
    Debit
    Credit
    Overdraft
    Refund
    30s
  • Q8
    What is a key feature of a credit card?
    You cannot track your spending
    You can deposit money
    You can only withdraw cash
    You can borrow money up to a limit
    30s
  • Q9
    What happens if you fail to make a payment on a loan?
    You will earn rewards
    You will automatically receive more credit
    You may incur fees and damage your credit score
    Your account will be closed
    30s
  • Q10
    What is the purpose of a budget?
    To increase your debt
    To find new investments
    To plan how to spend and save money
    To track your credit score
    30s
  • Q11
    What is a credit card used for?
    Borrowing money to make purchases
    Tracking spending habits
    Storing cash for emergencies
    Receiving dividends from investments
    30s
  • Q12
    Which of the following is a benefit of using a debit card?
    You can only spend what you have in your bank account
    You can borrow money without interest
    You can make payments without a bank account
    You can earn cash back on every purchase
    30s
  • Q13
    What is one responsibility of having a credit card?
    Never using the card
    Always spending the full limit
    Paying the bill on time
    Only using it for emergencies
    30s
  • Q14
    What is one risk of using a credit card?
    Lowering your bank account balance
    Instant approval for loans
    Accumulating debt that can be hard to pay off
    Earning a guaranteed income
    30s
  • Q15
    What happens when you make only the minimum payment on your credit card?
    Your balance will be paid off quickly
    You may end up paying more interest over time
    Your credit score will improve
    You won't have to pay any fees
    30s

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