Show:
Credit Cards
Debit Cards
Vocabulary
Savings Account
Checking Accounts
100

You are actually borrowing money  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 known as withdrawal accounts

False: savings accounts are known 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
A credit card company will send you a bill how many times per month?
Once or every 30 days
200
What have debit cards taken the place of?
Written Checks
200

What is it called when you move money in or out of your checking or savings account? Also known as any time you have an interaction with a bank.

Transaction

200

____________ are best for longer-term saving goals because they have a fixed time period ranging from a few months to several years.

GICs - Guaranteed Income Certificates

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: Banks can charge you a fee for having a low balance in your checking account 

True 

300

What is it called when you withdraw money from your credit card?

Cash advance

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? 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 checking account than you actually spent. You are spending more than you have. 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

True or False: It is safer to use debit card online.

False

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 lose all the money in your checking account, if your bank fails.

False