Credit
How can you raise your credit score
* Making on-time payments
* Not overspending
*only taking out loans when you can handle them
TRUE OR FALSE: Debit cards are linked to a checking account and money from purchase come directly from that account
True
How is a internet bank different from regular banks
* Open 24/7
* Has 0 physcial branches
* Online
* No face-to-face
Is credit union up for profit?
*No it is not for profit
Why is a credit card easier to use rather than a check
*A card can be used anywhere
*Checks are not accepted in many places
* A card can be replaced if lost or stolen
Is a credit card insured?
Yes they are insured from theft and many more
No
TRUE OR FALSE: A bank has safety file cabinets while while online banks don't
True
What is a credit union
A. A place that helps you save money
B. A place that has free ATMs
C. A place that sells gift cards
D. A place that helps you loose weight
A. They help you save money
What is an advantage of having a credit card
* The ability to build credit history
* Being able to earn Cashback or travel points
*protection against fraud or theft
Can your credit card be taken away
Yes or no
Yes most people have a low credit score and don't pay on-time bills
What does a debit card do?
A. Keeps money safe
B. Helps you not go in debt
C. Takes money directly from your account while credit is borrowed money
C. It comes from your account
List some services of a internet bank
* Digital financial services
* Open 24/7
* Accessible from mobile and computer
* Apply for loans
* Budgeting tools
* Card control
* check deposit
* bill payments
TRUE OR FALSE: Credit unions are less secure than banks
False, Both are equally secure and are federally insured and have the same level of deposit protection
What is the main difference between credit cards and debit cards?
A debit card pulls money directly from your checking account while credit cards are a buy now and pay later and you can reach a certain spending limit
TRUE OR FALSE: Having multiple credit cards can hurt your credit score
False: It doesn't matter how many you have, as long as you manage them right.
What should you do if you lose your debit card
A. Wait to see if someone returns it
B. Call your bank and ask them to freeze or cancel your card
C. Tell the police and have them hunt for it
B. The bank has the ability to cancel or disable your card
How are banks different from online banks?
*They create money
*you can get phyisicial money from a bank
*In person
What federal agency insures deposits at credit unions?
a. The Federal Deposit Insurance Corporation (FDIC)
b. The National Credit Union Administration (NCUA)
c. The Federal Reserve
d. The police
B. The NCUA provides deposit insurance for credit unions just as the FDIC insures deposits at banks.
Why are cards a good thing
*Modern convenience
*Budget control
*Management tools that checks and cash can not provide
*They can be used almost anywhere
*many are insured
Which is true about Why it is important to have a good credit score?
A. It can help with easier approval with loans and rentals
B. It helps you buy clothes
C. The credit score turns into money at the end of the year
A. If your credit score is bad it can make people second guesses that you will actually pay them back
Which of the following is false about servicrd of a credit card
A. Making perches in-person or online
B. Withdrawing cash from a ATM
C. Paying money that you owe later
D. Transferring money
C. Credit cards are not linked to an account it is borrowed money that you owe
What is a budget?
A. It helps you save money a smart way
TRUE OR FALSE: When credit unions have extra money it goes to its members and the community?
TRUE: Credit unions are not-for-profit, so they focus on their members financial well-being.
Why can cards be bad
* They can promote overspending
* They can cause gambling addiction
* Many people can go into high-interest debt