Asked by Ruben Martinez on May 12, 2024
Verified
A debit card is more similar to a credit card than to a check.
Debit Card
A payment card that deducts money directly from a consumer’s checking account to pay for a purchase, unlike credit cards that borrow funds that need to be repaid.
Credit Card
A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them later.
- Understand the roles of money, encompassing its use as a unit of account, medium of exchange, and store of value.
Verified Answer
BK
Brittany KleinMay 14, 2024
Final Answer :
False
Explanation :
A debit card draws money directly from your checking account when you make a purchase, similar to how a check works, whereas a credit card borrows money from the issuing bank that you must pay back.
Learning Objectives
- Understand the roles of money, encompassing its use as a unit of account, medium of exchange, and store of value.
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