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- Multiple ChoicePlease save your changes before editing any questions.
An example of a financial institution is:
A department store
A bank
A school
An ATM machine
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Who uses financial institutions?
Adults
College graduates
Almost everyone who maintains a savings or checking account, uses debit or credit cards, or needs a loan
Account holders with lots of cash
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Online banking is an electronic way to view account activity and pay bills via the internet and an institution's website.
True
False
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A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account.
True
False
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A debit card is essentially a paper check but doesn't require the processing time a check does.
True
False
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A debit card is handy in an emergency when you don't have the money to spend.
True
False
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A debit card is a buy-now, pay-later payment type with a grace period for payments.
True
False
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Lenders use credit agencies to determine:
An applicant's credit score
An applicant's credit history
Whether an applicant has any outstanding debt or defaults
All of the above
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Which is a disadvantage of a credit card?
Credit cards are buy-now, pay later
Credit cards provide preapproved credit
Credit cards charge interest
Credit cards are the best way to pay for something online, because you can dispute a the charge
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A bank is a not-for-profit financial institution.
True
False
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You order your favorite sandwich with chips and a drink using your debit card. The total comes to $5.68. Your online statement shows a charge of $40.68. The extra amount is an overdraft fee.
True
False
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A credit card provides preapproved credit.
True
False
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Internet banking means using a bank branch to make deposits and withdrawals.
True
False
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The lower an applicant's credit score, the lower the risk to the lender.
True
False
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Identity theft is a threat to anyone with a good credit rating.
True
False