CREDIT CARDS
DEBIT CARDS
VOCABULARY
SAVINGS ACCOUNTS
CHECKING ACCOUNTS
100
Credit Card Companies will send you a bill how many times per month (statement cycle)?
Once/month.
100
Sasha uses her Debit Card to make a purchase at a local boutique.
The money will be deducted from which of her account(s)?
Checking
100
Adding money to your Checking or Savings account is called a __________.
Taking money out of your Checking or Savings account is called a____________?
Deposit
Withdrawal
100
Name three reasons why you should save money?
Cost of living/transportation
Emergencies/Nest egg
College
Luxuries
Retirement
Health Expenses
100
Anabelle used her debit card to make a purchase at Marshall’s. When will the money be deducted from her Checking account?
A. At the end of her statement cycle (30 days).
B. A few hours after she makes her purchase.
C. 2-3 business days after she makes her purchase
D. Immediately
D
200
*DAILY DOUBLE*
1. SCENARIO-Ally is shopping for a Student Credit Card! Give her some options! What are two examples of a Credit Card Company/provider?
2. How many digits are on a credit card?
1. American Express, Visa, Discover, MasterCard
2. 16 digits
200
Name 3 types of transactions you can make using a debit card?
Bill payment
ATM withdrawal
Purchase
Cash Advance
Cash back at Stores
200
SCENARIO
Last night, Lisa made a purchase with her debit card on Fashion Nova for $100.00 She only had $80.00 in her Checking account. Lisa spent more money than she actually had. This morning, she checks her account balance in her Online Banking and realizes she is $20.00 in the negative and her bank has charged her an __________.
Overdraft Fee
200
SCENARIO
Jill works at six Flags. Jill just got paid and uses her check to pay her cell phone bill, puts gas in her car, purchases a Tablet, adds money to her Savings Account, and stops by Wendy’s for a "4 for 4".
Which of the above stated are considered “impulse buys.”
*Consider "wants" versus "needs".
The Tablet and the Wendy's "4 for 4" are most definitely "impulse buys".
200
Name two ways you can check your balance in your Checking Account without stepping foot in a branch.
Telephone Banking
Online Banking
Mobile Banking
ATM
300
Usually represented by a percent, ___________ is the amount a Credit Card provider charges a consumer to borrow money.
Interest
300
Which one of the following statements are true?
A. Debit cards build credit; Credit cards do not.
B. Credit cards build credit; Debit cards do not.
C. BOTH Debit & Credit cards build credit.
D. NEITHER Credit nor Debit Cards build credit.
B
300
When using you debit card to make purchases, you are asked to enter your 4-DIGIT PIN. What does the acronym “PIN” stand for?
Personal Identification Number
GUARD IT WITH YOUR LIFE; DO NOT GIVE THIS NUMBER OUT TO ANYONE!
300
There are multiple types of Savings accounts. Name 2.
Money Market Accounts
Certificate of Deposits (CD’s)
Individual Retirement Accounts (IRA’s)
Online Savings Accounts
Club or Goal-orientated Accounts
Basic Savings Account
College Savings Account (529 Plan
Health Savings Account (HSA)
300
SCENARIO
London received a check from his grandmother for his Birthday for $100. Lucky London! Name 4 features you would see on this check.
Routing Number
Memo Line
Amount (written)
Amount (numerical)
Payee
Maker’s name, address, phone number etc.
Account Number
Bank Name
Maker’s Signature
400
Name 2 features published on the front of a Credit Card?
Name 2 features published on the back of a Credit Card?
FRONT
Name
Expiration Date
Account Number
Bank Logo
Credit Card Provider
EMV Security Chip
BACK
Authorized Signature/ Signature line
3-digit Security Code
24-hour Cardholder Service Phone Number
ATM Network logos
400
Under Federal Law you have a maximum of _______ days to report unauthorized charges.
A. 30 days
B. 3 days
C. There is no Maximum.
D. 60 days
D
400
*DAILY DOUBLE *
1. What does the acronym ATM Stand for?
2. Name 3 transactions you can do at an ATM?
1. Automated Teller Machine
2. Withdrawal, Deposit, Transfer, Balance Inquiry, Mini Statements,
400
Cencap is paying you 1% APY (interest) on your Savings account. If your balance is $5,000. How much in interest will you get at the end of the month (statement cycle)?
A. $4.17
B. $ 50.00
C. $45.00
D. $525.00
A
$4.17
400
SCENARIO
Shannon works at Citi Trends. Shannon received her first Direct Deposit into her Checking account for a net of $250 today. She received her paystub which showed her gross pay of $375 minus all of the deductions taken out. Name TWO of the deductions she might have received.
Social Security (FICA) Tax
State Tax
Federal Tax
Medicare (or other Healthcare costs)
Retirement Savings/Benefits
Donations
500
Name 5 pieces of general information commonly seen on a Credit Card Statement?
Summary of account activity
Payment information
Late payment warning
Minimum payment warning
Notice of changes to your interest rates
Other changes to your account terms
Transactions
Fees and interest charges
Year-to-date totals
Interest charge calculation
500
When swiping your debit card, the card can be processed two ways. Name them.
Credit (offline transaction; usually takes 2-3 business days.)
Pin- Based (online transaction; Completed in real-time.)
500
A nine- digit number that identifies your financial institution is called a____________.
Routing Number
500
The Government limits how many times you can take money from your Savings account electronically. You are limited to ___times per statement cycle?
A. 10
B. 5
C. 6
D. 3
C
500
Which of the following check endorsements are acceptable?
*PICK ONE*
A. “For Deposit Only”
B. “Payee’s Signature”
C. “Pay to the Order of”
D. A, B, and C
E. None of the above
D