What is a debit card?

Debit Cards vs. Credit Cards Quiz

Quiz
•
Business
•
7th Grade
•
Hard
John Balfe
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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