Financial Literacy

What is the difference between a credit and debit card?

• No difference, they're the same

• Credit is your money, debit is borrowed

• Credit is borrowed money, debit is yours

• Debit uses savings account and credit uses checking account

What is the difference between a savings and checking account?

• You use your savings account for every day transactions, checking is for emergency or large spending

• You use your checking account for every day transactions, savings is for emergency or large spending

• There is no difference, just different names

• Checking account uses checks, savings is for everything else

A debit card is linked to what account?

• Savings

• Credit

• Checking

What do you need to do to get a debit card?

• Open a checking account and fill out an application

• Get a co-signer (parent/guardian)

• Show your credit score and apply

• Open a savings account and fill out an application

DEBIT uses what money?

• YOUR money

• THE BANK'S money

CREDIT is what money?

• YOUR money

• THE BANK'S money

What do you need to get a credit card?

• A perfect credit score

• A parent or guardian's signature and permission

• A checking account and an application

• Your legal information and proof of income, which may be a "co-signer"

Which of the following are things you SHOULD NOT do with a credit card? (Multiple correct answers)

• Spend less than your credit card limit

• Pay your bills late

• Treat credit like free money

• Spend over your credit card limit