Debit vs Credit

Flashcard
•
Mathematics
•
6th - 7th Grade
•
Hard
+2
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a debit card?
Back
A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.
Tags
CCSS.RI.7.3
CCSS.RI.6.3
CCSS.RI.6.5
CCSS.RI.7.5
CCSS.RI.8.5
2.
FLASHCARD QUESTION
Front
What is a credit card?
Back
A credit card is a payment card that allows the cardholder to borrow funds from a pre-approved limit to pay for goods and services.
3.
FLASHCARD QUESTION
Front
What happens when you use a debit card?
Back
When you use a debit card, the money is taken directly from your bank account.
4.
FLASHCARD QUESTION
Front
What happens when you use a credit card?
Back
When you use a credit card, you are borrowing money that you will need to pay back later, usually with interest.
5.
FLASHCARD QUESTION
Front
What is a key feature of credit cards?
Back
Credit cards often come with a billing cycle, where you receive a statement of your purchases and must pay at least a minimum amount by a due date.
6.
FLASHCARD QUESTION
Front
What is a key feature of debit cards?
Back
Debit cards do not have a billing cycle; the money is withdrawn immediately from your account.
7.
FLASHCARD QUESTION
Front
What should you do if your debit card is lost or stolen?
Back
You should report it to your bank immediately to prevent unauthorized transactions.
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