8 Questions
What is the consequence of spending more money than is in your account when using a debit card?
The bank will charge you a fee
What is the payment method for debit card purchases?
Buy now, pay now
What happens if the balance on a credit card is not paid within 30 days?
Interest will be charged
What is the impact on the total amount of money when people use cash?
The total amount of money is reduced
What is the consequence of spending more money than is in your account when using a debit card?
The bank will charge you a fee
How are debit card purchases characterized?
Buy now, pay now
What happens when people use cash for payments?
The total amount of money they have is reduced
What occurs if the balance on a credit card is not paid within 30 days?
Interest will be charged
Study Notes
Debit Cards
- Spending more money than in your account when using a debit card results in overdraft or insufficient funds.
- Debit card purchases are paid directly from the available balance in your checking account.
Credit Cards
- Failing to pay the credit card balance within 30 days may result in interest charges and late fees.
Cash Payments
- Using cash for payments does not affect the total amount of money.
- Cash payments do not incur interest or late fees.
Characterization of Debit Card Purchases
- Debit card purchases are characterized as direct deductions from the available balance in your checking account.
Test your knowledge about debit card usage and safety with this quiz. Learn about the importance of keeping your PIN number confidential, the "buy now, pay now" nature of debit card purchases, and the importance of maintaining sufficient funds in your account. See how much you know about managing your transactions and staying financially secure with your debit card.
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