Question

Which of the following is true of both paying with a check and paying with a debit card?

Answer 1

The correct option is A.
Both paying with a check and paying with a debit card is accepted by most business as means of payment. The two methods allows you to draw money from your account to settle your funds needs.
Although, both means can be used to pay for purchases, there are some basic differences between the two method. For instance, a PIN is needed for you to utilize your debit card, but check does not required this. Also, an overdraft check can be drawn from a bank, but with debit card, you can only spend the money you have in your account.

Answer 2

 

Option C is correct. The statement when used, both take money directly out of a bank account is true of both paying with a check and paying with a debit card

Further Explanation:

Debit card:

The debit card is the card issued by the banks to transact the money in and out from the bank account of the individual. The individual saves their income in the bank account when he needs money for an emergency takes it from the bank account by using the debit card.

Checks:

Checks are the method of withdrawn the money from the personal bank account. The individual saves their income in the bank account when he needs money for an emergency takes it from the bank account by using the checks.

In both debit cards and checks, the money can take out from the bank account directly.

Justification for the correct and incorrect answer:

A.

Both are accepted by most people and most businesses: This option is incorrect.

Not all people easily accept the checks; most of the people prefer cash instead of checks as checks take three days for the change it into cash. Most businesses also do not accept the checks because sometimes they need instant cash for production purposes.  

B.

A personal identification number must be anytime debit cards or checks are used: This option is incorrect.

Checks cannot be used anytime because,inthe night, banks are not opened. Checks can be used between the timings of banks to withdraw the money.

C.

When used, both take money directly out of a bank account: This option is correct.

In both methods, the money can be withdrawn directly out of a bank account, as explained above.

D.

Both work like a loan from your bank that you can pay back later: This option is incorrect.

Checks and debit cards are issued to those people who have saved in the bank account. This statement is not true; it is not a loan. The individual can take out their own money. The individual does not take any loan.

Learn more:

1. Learn more about credit card

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2. Learn more about loan types

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3. Learn more about the federal reserve bank

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Answer details:

Grade: Middle School

Subject: Accounting

Chapter: Money and Banking

Keywords:paying with check, debit card, most people, personal identification number, individual, saves, income, emergency, money directly, taken.