Debit Cards vs. Credit Cards Quiz

Debit Cards vs. Credit Cards Quiz

7th Grade

15 Qs

quiz-placeholder

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Debit Cards vs. Credit Cards Quiz

Debit Cards vs. Credit Cards Quiz

Assessment

Quiz

Business

7th Grade

Hard

Created by

John Balfe

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a debit card?

A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

A debit card is only accepted for online purchases

A debit card is used to borrow money from the bank

A debit card is a type of credit card

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit card?

A payment card issued to users for making purchases based on the cardholder's promise to pay the issuer.

A type of grocery store loyalty card

A form of public transportation pass

A type of identification card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the pros of using a debit card?

Limited acceptance

Accumulating debt

Avoiding debt, widely accepted, and helps track spending

Encourages overspending

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the cons of using a debit card?

Debit cards offer better rewards than credit cards

Risk of overspending, potential for fraud or theft, limited consumer protection compared to credit cards

Debit cards have higher interest rates than credit cards

No cons at all

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the pros of using a credit card?

Convenience, rewards, build credit history, purchase protection

Limited acceptance at some retailers

High interest rates

Increased risk of debt

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the cons of using a credit card?

Low interest rates

No risk of overspending

Earning cashback rewards

Accumulating debt, high interest rates, potential for overspending

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a debit card help in managing expenses?

By providing access to unlimited credit

By allowing unlimited spending with no consequences

By automatically transferring funds from savings to cover expenses

By limiting spending to available funds in the bank account

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