Midterm Math Models 2024

Front

What is a credit card?

Back

A credit card is a financial tool that allows you to borrow money from a bank or financial institution to make purchases, which you must pay back later.

Front

True or False: A credit card is a loan.

Back

True

Front

What does the term 'balance' refer to in banking?

Back

The term 'balance' refers to how much money you have in your account.

Front

What is money added to a checking account called?

Back

Deposit

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of your bank account.

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in your bank account over a specific period, usually sent monthly.

Front

How often do you receive a bank statement?

Back

You will get a statement from your bank every month.

Front

What is the purpose of a checking account?

Back

A checking account is used for everyday transactions, allowing you to deposit and withdraw money easily.

Front

What is interest in the context of banking?

Back

Interest is the cost of borrowing money or the earnings from deposited money, usually expressed as a percentage.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.