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

Understanding Credit and Payment Methods

Quiz
•
Financial Education
•
9th Grade
•
Easy
Laureen MC
Used 3+ times
FREE Resource
46 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debit cards allow you to borrow money from the bank.
Debit cards use funds directly from your bank account.
Credit cards do not require any repayment.
Credit cards are linked directly to your savings account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to shop around for credit cards and banks?
All credit cards and banks offer the same interest rates and fees.
Different credit cards and banks offer varying interest rates and fees, which can save you money.
Shopping around is unnecessary because all financial institutions are regulated.
It is only important if you plan to use a credit card frequently.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does your credit history affect your ability to make purchases?
It has no effect on your purchasing power.
A good credit history can help you qualify for better interest rates and loan terms.
A poor credit history will automatically prevent you from making any purchases.
Credit history only affects large purchases like homes and cars.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if you do not pay your credit card balance in full by the due date?
You will not incur any additional charges.
You may be charged interest on the remaining balance.
Your credit card will be automatically canceled.
You will receive a reward for partial payment.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of maintaining a good credit score?
It guarantees you will never be denied a loan.
It helps you qualify for lower interest rates and better loan terms.
It allows you to avoid paying taxes.
It ensures you will receive a credit card with no fees.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a lower interest rate on the total amount paid for a loan?
You pay more money in total.
You pay less money in total.
It has no effect on the total amount paid.
It only affects the monthly payment amount.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is FALSE regarding credit card payments?
Paying the minimum payment waives the interest on the remaining balance.
Late payments may incur a fee.
Paying the full statement balance by the due date avoids interest and fees.
Making only the minimum payment can lead to higher interest costs over time.
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