Credit Cards
Debit Cards
Vocabulary
Savings Account
Checking Accounts
100

True or False

You are actually borrowing money from a credit card company when you purchase something using a credit card.

True

100
Who distributes debit cards? Companies or the bank?
The bank
100
What is the word that means adding money to your checking or savings account?
Deposit
100
True or False: Savings accounts are knows as withdrawal accounts
False: savings accounts are knows as deposit accounts because you should be putting more money in the account than you are taking out.
100
Money in your checking account should be used for emergencies only. True or False
False- checking account money should be used for everyday things, like bills or money to go out to dinner
200

How many times will a credit card company send you a bill per month?

Once or every 30 days

200
What have debit cards taken the place of?
Written Checks
200

When you sign up for a credit card, this is the __________ rate that you will pay per month.

Interest

200
The number of ______________ (taking money out of the account) is limited with a savings account or you will be charged a fee.
Withdrawals
200
The money that you get out of the ATM comes from this account: checking or savings
Checking
300

What is an example of a credit card company/provider?

American Express, VISA, Mastercard

300

True or false: Your credit score is better when you spend from your debit card.

False

300
What is it called when you take money out of your checking or savings account?
Withdrawal
300
The primary purpose of a savings account is to spend money for everyday things like bills. True or False
False- the purpose of a savings account is to save money
300
You can take money out of your checking account _________ many times per month
Unlimited- you can take money from your checking account as many times as you want every month
400

What is the money that you pay for every dollar that you spend from your credit card? Usually represented by a percent. 

Interest

400

When you purchase something with your debit card, the money you spend does not come out of your account until the end of the week. True or False

False: the money comes out of your account immediately

400

When you have less money in your account than you actually spent. What is that money known as? You will bounce a check when this happens

Insufficient funds, Non sufficient funds

400
What happens when you have a low balance (below the balance the bank requires) in your savings account?
The bank will charge you a fee
400
What happens when you spend more money than you have in your checking account?
You bounce a check/ your debit card will be declined
500

True or False

The most responsible way to pay off a credit card bill is to pay the most you can every month.

True

500

When you use your debit card, you are taking money out of which account? Savings or Checking

Checking Account

500

What is the amount of money that you have in your bank account?

Balance

500
You should use a savings account for things that you WANT to buy, not things that you NEED. True or False
False- you should use a savings account for things like new tires or medical bills. Similar to an emergency fund
500

True or False: You will get a statement every month for your debit card purchases.

False

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