ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit
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Debit
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Either A or B
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None of the above
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Detailed explanation-1: -Credits are added to your account each time you make a payment. A credit might be added when you return something you bought with your credit card. Credits can also be added to your account because of rewards you have earned or because of a mistake in a prior bill.
Detailed explanation-2: -What is a Credit Account? A credit account is an open account that a buyer has with a supplier or store, under which the buyer can make purchases and pay for them at a later date. This is essentially a no-interest accounts receivable arrangement.
Detailed explanation-3: -A bank account is debited when a transaction is made, usually with a debit card, billpayer system, or a check. When a debit card is swiped or processed for an online transaction, the first step is that the bank is notified electronically.
Detailed explanation-4: -At a quick glance debit and credit cards are visually similar-same shape and size and all that. But card issuers make it easy to differentiate your credit cards from debit cards. The latter will clearly state “debit” somewhere on the card (almost always the front).